Topic: [SCAM ALERT] Elastic Project - The Decentralized Supercomputer - page 3. (Read 13508 times)

Protection if dev runs away before releasing a working coin/wallet, malicious code found in wallets, or dev decides things are going horribly wrong and decides to end things themselves. It varies depending on what is entailed in their starting plan.

As for premines vs ICOs... it's all the same thing. Every dev is taking some coins somehow ... be it hidden premines, known premines, or ICOs. ICOs aren't necessarily worse, it's all the same thing, really. Just that ICOs can be more lucrative for devs, and investors (sometimes). ICO = dev holding a lot of his own coin, so incentive to raise price (to sell) + dev holding a lot of BTC so a means to raise that price. Then it just comes down to holders knowing when is the best time to get off the ride. If you want to call that a scam, so be it --  if using an outsider's perspective, every crypto is a scam, including btc. Market manipulation alone turns crypto into scam-land.

By now you must realize that nobody here (or barely anyone) has it in their mind they are playing the crypto game for any other reason than to make money. I am talking about investors, not devs -- they don't care if a coin has a purpose. They don't have this weird notion that such and such coin will really replace btc (which is barely used in the first place). Most don't care if the dev has an unusually large amount of his or her own coins. It's not a great idea for a coin's longterm health, but longterm here is like 3-6 months.

It's about watching whales move the charts and trying not to get killed in the process. It's all a game, and if you view it in any other way, you are really wasting your time here.

I agree that does sound fishy and believable with out checking the topic myself.
Even though you say much of it was deleted.. YES a big red-flag.

When guys start a coin then delete their own comments or have it *vigorously* self-moderated
or have strange users popping up on day one as experts doing all the talking yeah be worried.

But i am curious since i never pay attention to ICO's
How does the ICO escrow work ?
Would users get their money back if the dev does not fulfill the starting plan ?
What kind of timing is involved ?

Back in my day (i am an old crypto coot now)
We had what was called "premines"
You all might have heard of them..
they were from back in the day when us old-timers used to do this this called "mining"
Anyway
We would have some coin for example that came out sometimes with a 1 or 2% premine etc.
Then the dev's would say they would use that for various bounties or services or maintenance / code work etc

And guess what happened ?
All of crypto screamed SCAM !
On ALL coins.. ALL the time (that had a premine)

So.. explain to me how the fuck a coin that has 100% of the coins premined is not 90x worse ?

I use to say with premines we needed to keep the dev's feet to the fire.
This rarely happened though and the dev's knew it.
Coins have always gone through a popularity cycle..
So these cloners knew damn well if they waited long enough or trickle dumped the coins
..no one would ever know.
And often they would just dump them and who cares if anyone seen it.
OR.. make up excuses.

But it's all about co-opting the majority.
As long as everyone gets a slice of the pie you can run around driving a sledge hammer in old ladies faces
or give kittens aid's.. or make "Rape Coin"

If Berni Madoff made a coin you would all buy it.
And since it would get popular all exchanges would add it to get their cut of the fee's etc.

What is the point ? Care ? Of course not.. but yes i will tell you anyway.
To make a coin that beats Bitcoin and takes over for where it left off.
So.. f the project / coin etc has no reasonable chance in doing that then..

SCAM

.

I haven't kept track of Elastic in some time, but I posted early on in their threads asking questions. There were always a ton of red flags... I can deal with some red flags, but it was like my red flag meter was on overload.

Getting answers to things like the dev team, or a real plan, was like pulling teeth. And yeah, EK would answer until he was blue in the face as to why escrow was a bad idea (to him) -- yet the whole time we are wondering why this random guy was the one doing the answering and not the supposed dev of the coin (Lionel).

Either extreme mismanagement, like on the brain-dead scale, or scammy behavior. The worst thing were the answers I got via PM from EK, in regard to Lannister ... supposedly he's just some random guy,  who EK didn't even know ... yet for some odd reason he hands the coin over to him to manage, along with one of the main keys to the ICO funds. No idea why EK thought that info would make me feel any better about investing over there.

@OrsonJ
Well said.. lets warn users here !

Reminds me of BlockNET that helped kick start the ICO scammery into high gear.

Users LOVE Ponzi schemes for profit, it's just that they want to join a scam
..that is run by someone who is competent !

You profiteer dregs counting your pennies want a PRO scam  
..like that makes any difference LOL

Obvious Scam is obvious.

Agreed this is one of the clearest examples of a scam I've seen in recent times. Well done for trying to warn people about it. It started with a newbie account whose real-life name was supposedly "Lionel Keys" posting as ElasticCoin. Immediately a few of us pressed for some kind of info to verify his identity (given it was an ICO without escrow), which he said would be coming soon. In the mean time I began finding Evil-Knievel's behaviour in the thread extremely suspicious. He wasn't (publicly) in charge of the probject at this point but from the start was shilling hard (talking about how much he'd invested) and answering the bulk of the questions that were intended for the dev. It was obvious to me he was involved with the project whilst pretending not to be.

Every post from the ElasticCoin account was subsequently deleted from that thread (presumably when they realized they'd messed up and that there was no way to hide how shady the whole thing was), Lionel Keys disappeared (abandoning a project he'd supposedly spent months working on and preparing) and Evil-Knievel suddenly emerged as project lead.

I haven't enough time to dig through it, but here's the original thread. Evil-Knievel has also deleted every single post he made in that thread, though enough of his and ElasticCoin's original posts have been preserved in quotes in replies to show you what's going on here.

Deleted original ANN:
https://bitcointalksearch.org/topic/relaunched-completely-1362006

Quote from: Evil-Knievel on February 19, 2016, 09:46:04 AM

A very clear scam.

Of course these guys have puppets and *other* projects.
You think they are simply going to leave the free money machine ?

Fuck no.. roll out more scammy ICO garbage and cry FUD for bucks $$$

..rinse & repeat

Take My Money Now ?

Really get back to work. Go and fork another coin (mirror).

Also, EK's sockpuppets:

ICOcountdown.com
xxxgoodgirls
Lannister

Why do you care about such trolls? Back to coding!

What you do? Don't act as if you would do something here.
Sorry, you do nothing!


You see? You are even too stupid to realize anything, let alone understand any code. You are just a little noone who needs his five seconds in the spotlight.
And because you are unable to get it with brilliant achievements, you try to do it with trolling.

SCAM ALERT ?



I think you mean PROFIT ALERT !

In case you didn't figure it out yet these profiteer kidiots LOVE scams big time !
They get a hard little pecker and then dive on them chanting TAKE MY MONEY NOW !1!11!

Want to warn users ?
Declare it the most legit project in crypto.. that will keep the investors dregs away LOL

OMG look at this! Sent feedback (seems like he does not really like what I do): https://bitcointalk.org/index.php?action=trust;u=159191



EDIT: Sent you some feedback.

This 'coin' is simply a NXT fork: https://bitcointalksearch.org/topic/warning-elastic-project-likely-a-scam-no-code-wallet-simply-a-copy-of-nxt-1530312

I know that you keep claiming that over and over again. Everyone here can actually check himself that you are nothing more than a simple liar.

For those of you who are interested, check the commit history:
https://github.com/OrdinaryDude/elastic-reference-client/commits/master
Every day (almost every day) tens to hundreds of lines of code are commited. This fucktard here has been told multiple times, yet he keeps ignoring the facts and still claims that there is no code and just one contribution has been made.

What a shameful, lying nobody this guy is! Obviously lacking intelligence, and not even creative in his constant trolling. All he says is "Bump bump bump" ... not that anyone would care even the slightest shit about what this guy writes 

You (actually the old owner of the account) made just one contribution. Just one! This is so fucking meaningless.

Bud this topic ain't bout me. I've made a statement about this project claiming it's a scam. Even not just claimed, I also argued it. This is called free speech. See that?


Birth control on niggers is a good thing. Israel knows it: http://www.independent.co.uk/news/world/middle-east/israel-gave-birth-control-to-ethiopian-jews-without-their-consent-8468800.html
No sanctions from USA for this because the US like it and wish they could have done this too but it's too late since the country's already black.
... but in Trump We Trust...

I can't even believe that you take this dude serious at all ... even for a second.

His posting history is full of posts demanding "birthcontrol for niggers" as he calls afro-american people (check here) and the "deportation of other multi-cultured people".

I am wondering why people come here and listen to this guy at all.

In the same way he defames other people, he regularily defames projects here on BCT. One thing for sure, he got my red feedback and I will strongly advise Lannister to file a legal complaint with whatever agency would be responsible for him.

@ Greedy So crazy how this community is judge, jury and executioner with out contributing one key stroke of meaningful code. Instead of yelling SCAM! Develop your own shit and try to get community support. Oh yeah, they'll just call your idea a scam too.

Well, I spend the last months contributing my thoughts and my time to help developing that project. And when I say "the last month" then I mean up to 6 hours daily, after I came home from my regular job. Before, I occasionally got involved in the Bitcoin Core development as these change logs show: https://github.com/bitcoin/bitcoin/blob/master/doc/release-notes/release-notes-0.10.1.md

Although I am just programming that thing, I will not reveal my identity whatsoever. Never did when I developed for bitcoin, and will not do that here or in any other projects that I get involved in the future.

Depite the immense amount of time I invest into developing crypto projects, I have to spend a great deal of time dealing with idiots, trolls, fucktards and sockpuppets as well. No matter what you do, you do it wrong. The user who created this low-quality thread (which seems to attract almost nobody due to the amount of dumbness and stupidity with which it was created) tried to force me into "proving" all sorts of things (that I really worked for Bitcoin and did not hack the changelog, that I still hold some BTC addresses from back then).

Not gonna do any of this shit either. If at all, I only look into this thread when I am taking a "longer" shit and need some entertainment in between. I don't take this guy serious at all. So should you!

Bitcoin is quite obviously not a scam, and the slock it debacle was a clusterfucks, not a scam. Tell me, what is a good reason to hide ones identy in this case (beiing a developer of an altcoin)? Why would some one do that? And has it ever worked, that is, has an anon dev project come to serious fruition?

I'm not knocking the coin, I don't know or really care about it. I'm just saying there is absolutely no good reason for a dev to hide their identity in this space. Point period blank.

Why do you seem personally invested in this concept? I seek not to diminish you, yet you react as attacked.

So Bitcoin is poison fruit as well, because Satoshi did not reveal his identity? Did I get you right? Or is this "a different story"?
Also, slock.it guys revealed their identity? Did it make things better?

Not that well-thought that is, is it?

Yes, contempt for hiding their identities in a world where you can barely start a business without revealing your whole identity. If being a hero is being a realist, please had me my cape.

Why hide ones face from something one has invested time and energy into? Either they are afraid if the fruits of their labor, or there is a nothing but poison fruit.