Topic: SCAM??? VICE ICO PRESALE (Read 557 times)

I really wanted to invest in this ICO.

But IF this post was truly the CEO of VIT I will not be investing. Infact I have no way to determine if this is the CEO but I will take this as the red flag that made me run.

If this person, 'CEO' was offended it could have been said in 1 sly insult. But this person had to keep going time and time again. Reminds me of the personality of the CEO of Groupon.

I get the fact that the SEC will require you to register (can restrict USA and Canada investors) if you claim your investors will make a profit, SO some ICO will try to play word games and not call it an ICO and also RUN when/if folks ask if they will make a profit or will it 'be listed on an exchange'.

The professional response is "we cannont comment on the expected actions of exchanges or other corporations." And when a prospective investor asks that question 100 times your response is the same. This is not fun but if you have ever been to court you will see this often. Ask the same question 100 ways and the response should be the same. I know it is not a fun way to WASTE time but when you stick to the law and act professionally it can be dull and seem like a waste of time.

I AM PASSING ON THIS crowdsource/ICO.

EIGHT Insults, an adult would make one direct and maybe a implication and then attempt to show credit. But instead this 'CEO' is trying to say, "IF you talk about that we will be in violation of SEC requirements for not registering as a secruity."

IF they were smart enough to say this in a legal and professional manner i would be sending ETH today. But that failed to happen. PASS

I am not in but MOST ICOs and CROWDSALES won't give you Tokens until the END of the Crowdsale. You know that, right?

First you said you paid .1 for whitelisting and 1 eth for the 2nd transaction. Then you screamed that you paid 2 ETH for reservation. You just confused me. .1 + 1 = 1.1ETH not 2ETH.

 Read their white paper and roadmap BEFORE participating in any ICO or Crowdsale. And if you still don't understand, keep your Ether in your wallet and keep walking. Don't just pay without knowing what you are paying for and how the process works. I don't think you should have paid until you had clarity.



#QueenWiki

I am not involved with Vice Token. I did a Google search and ended up here.

But I DO know about ICOs vs Crowdsales and why MOST REAL crowd-sale companies strictly prohibit contributors or purchasers of their utility tokens from talking about or inquiring about exchanges and prices.

CASHAA does this and they will boot your arse out of their Telegram group so fast.  And so does many others.

So let me throw down some education.

1. The process of being listed and traded in exchanges is an arduous process. Coin developers are prohibited from talking about the date of listing, etc. Why do you think that is so? Because anyone who has advanced knowledge of the details can become engaged in insider trader and price manipulation. The exchanges will quickly discard the application and not allow the coin. Remember Compliance folks. It is HERE TO STAY!

2. When we start talking about price of the coin and "when moon" or "when lambo! when lambo!", you are treading the line. A utility token is to be used within the ecosystem. It's primary goal isn't to make you massive profits ... well... at least they can't say stuff like that.  Remember Compliance folks! Is the token/coin a utility or a speculative security. If speculative security, then you ain't gonna be doing any crowd-sale, yo! It is getting even tougher now particularly  in the USA. The SEC says you can't even EVER list the coin on ANY exchange. Not official yet ... but .... Come on guys! PLAY THE DARN GAME RIGHT instead of WHINING! It's towards YOUR Advantage.

3. For the person who asked how will they know which person paid since he sees thousands of people who paid to the same ether account... Well typically ICOs will ask you for your ERC20 compliant ETHER wallet address. So when they get that from you, that is where your tokens will go at end of ICO. Just USE AN ERC-20 Compliant wallet ALWAYS WHEN PARTICIPATING IN ICOs. Not coinbase. Not abc ether wallet, etc. Use MyEtherWallet (MEW) or imToken. I recommend MEW.

One of the things I hear online is "scam" this ... "scam" that. We need to improve our vocabulary. We need to start politely asking questions.

If you go into a group and they have RULES, then abide by them. If you don't like them, then leave THEIR HOUSE. The best approach is to pull someone aside privately and ASK WHY can't we talk about exchanges or speculate on price, etc. That makes for a more intelligent conversation

Finally ... to the person who says there is no contact information on the contact page, I am not sure what else you are looking for. It looks like a contact page to me. And not only that, if you click on Team, you will see their management team and advisory board. So you can perform your due diligence on those people.  AND AGAIN STOP ASKING ABOUT EXCHANGES in ICO TELEGRAM GROUPS! Cuz you got banned doesn't make it a ... uhhh... here comes that 4 letter word ... 'scam'. Just call it an "I don't understand"

I am not in their telegram group neither. Now back to my research on these guys. I believe the ICO starts today or already started.


#QueenWiki http://facebook.com/groups/cryptocurrencyeducation http://queenwiki.com

Vice Token is a big scam Token based on Ethereum, these guys should be taken to jail, they have no ground, website with almost nothing in the contact page,

i know multiple people ask if the token will be exchange they got banned from telegram, and they are today doing the crowdsake for vicetoken / vice token

i recommend everyone to not got into this scam, it will have a value, because of enough unaware people of the industry and what crypto is, they just go by rumours and pumpers.


good luck, i got banned for asking only 1 question, will this coin be on exchange or not.

look at there contact page, look at the photos of the members, one of them has took a selfie and put his photo on the site, maybe these persons are not even involved or photo does not reflect the real persons, they say penthouse and other porn industry are in it, non of these state it on there website.

Vice Token is a huge red flag. It's a convoluted process to buy tokens that aren't even tokens and I can't even work out if it's an ICO. When I went to Telegram and asked some questions they kept referring me to their rules that stated I wasn't allowed to ask about that. I wanted to know if the tokens would be tradable off the Vice exchange and they kept telling me I wasn't allowed to ask that question. They eventually replied that they wouldn't speculate on that. So if they consider that speculation then I'd say the answer is no. I pushed the point and they banned me within minutes. I don't like the whole process so I'll be staying away.

Please clarify Vice! I also paid 2 ETH for reservation? I didn't know that's for reservation it where mentioned as reservation purchase so I assumed it will get counted as purchase for the coins.

All these trolls should just clean up their room!

Thanks for doing their homework though. And mine to some extent.
_______________________________________________________________________________ _________________________________________________

@VITCEO, your message was translated and communicated in the Dutch Vice Industry Token thread.

still waiting for some one where the hell my 1 eth went ..

first transaction 000.1 for pre sale white list

2nd transaction 1 eth for token sale

still waiting for an answer where is my tokens

5 emails (no answer)!!!!!!

Hey, I'm in on Vice through their token presale and did a lot of research into it and the team.  I recently saw this scam stuff circulating out - and such allegations are happening with lots of new tokens - and want to address the supposed red flag you're raising. 

First off, the coin is a Utility token and already has had a massive portion of content owners and web operators in the adult industry coming on board.  Many content industries are turning to blockchain because it solves issues of piracy, solves issues of assigning royalties to rights holders of content through smart contracts, etc.  It makes perfect sense that a consortium would come together to launch a smart media token specifically for this humongous market that particularly would benefit from blockchain, and it appears like this is tip of the iceberg for adoption of it.  So in that sense, this seems fully legit and the team involved is legit.  I've also heard chatter of others behind the scenes who are heavy hitters, but just keeping to publicly available fact and not rumors, the CEO, Stuart Duncan, hardly needs to pull a fly by night as he's already very wealthy and wouldn't want to risk what he already has. 

In terms of the issues of labeling of ICOs, having looked into recent SEC statements about ICOs and other regulatory discussions out there both in the US, Canada, and around the world, it makes perfect sense that more and more the term "crowdsale" or "token presale" would be used over ICO, partly because when you talk utility tokens, you may in fact be able to sidestep additional regulatory scrutiny in initial stages by not classifying it in anyways as equivalent to a security but more equivalent to something like carnival tickets, and you'd do that for a variety of very sensible and smart reasons.  In a sense, launching as a closed sandbox is better than as a straight off ICO, which subjects you to further securities laws on initial public offerings, including things like rules regarding accredited investors. 

You're better off converting the token after the fact to public exchanges, as the rules involving reclassification are far more advantageous.

I was on the Vice Telegram and yes, they've banned or threatened to ban anyone who partakes in currency speculation on there.  It's pretty simple and logical why they'd do that.  If you indulge in creating a Vice sponsored forum that involves speculation, you're suddenly falling into potential legal pitfalls regarding the coin being an investment vehicle/security and rules involving speculative promotion of investments.

Straight from the SEC's mouth... "Tokens and offerings that incorporate features and marketing efforts that emphasize the potential for profits based on the entrepreneurial or managerial efforts of others continue to contain the hallmarks of a security under U.S. law."  Whereas also within SEC proclamations, they leave open the fact that utility tokens that do not partake in any promotion based on speculative investment prospects may not count as securities under legal guidelines. 

By not using the term ICO, doing it as a crowdsale, and initially launching on it's own exchange within the same utility ecosystem, you're very much in the clear on a lot of additional regulatory burden that frankly could hinder who you can offer the tokens to should they be deemed securities right out of the gate.  Soon after crowdsale, then they can move to other exchanges and redefine the Vice Token as basically an investment vehicle without as many issues. 

Remember, a lot of this regulatory scrutiny is in the last year, so when you're talking the way past ICOs were marketed and discussed and how future "coin sales" (aka ICOs) will be marketed, it's going to be very different. 

Now of course, Vice itself can't go out and say all that without then being in hot water, nor could they publicly say, "we're going to be on a ton of exchanges, and here's which ones" or they'd handcuff themselves with regulatory burdens.  If you're a utility coin like this, you don't want to get classified as a security unless you absolutely have to.  It also seems to me that even if they were to be reclassified tomorrow due to a regulatory notice or what not: a) They're probably in the clear to begin with, b) They don't seem like they're doing much outside of legal bounds of security laws and anything that might not perfectly conform to the strictest interpretation of security laws is minor and wouldn't result in significant penalty, but why go there?   

This one isn't appearing to be any form of pump and dump, fly by night, or scam whatsoever.  If anything, they're being very intelligent in how they roll this out within the current regulator framework. 

Hi. I’m VITCEO

I’m here to tell you all that our project is currently engaged in a crowdsale. We accept US residents into our crowdsale.

Notwithstanding we have an open forum for Vice Industry Token on Telegram, we have made it abundantly clear from the outset we do not allow any actions, dialog or speculation that would threaten our crowdsale.

While you may find enjoyment in denigrating our excellent team, the industry we are in and the value we are bringing to our community and to Steem, I can not emphasize more than I have that WE WILL NOT ENGAGE OR PROMOTE USELESS, LOOSE UNEDUCATED CHATTER CONCERNING ANY TYPES OF SPECULATION AND DISCUSSION OF EXCHANGES AS THIS WOULD HARM OUR CROWDSALE.

Rather than act like petulant children with a desire to do harm and whatever you please to anyone you please, and ignoring our regulatory constraints, why don’t you take the time to educate yourselves on the limitations of a crowdsale. If you can help yourselves and collectively stop,engaging in a shared lack of common sense, please try to act like adults and not gossiping children who may or may not like the fact they were banned from Telegram because - again - you refused to educate yourselves and instead chose to childishly spread rumors, untruths an innuendo.

Carry on.

VITCEO

I would not advise to contact the project porn companies . If you do not take the moral side of the question, the probability of a Scam is very high.

hey, just tried that, those cunts banned me almost immediately!

scam all the way

I just mentioned the same "Found out that VIT will never be on exchanges" and got banned instantly!

Be aware Coin is only usable on their platform and will never tradeable on exchanges!

Try for your self.

Aaaand finally. I asked exactly this "so will VIT (vice industry token) be tradeable outside of the vice platform?"

And was banned immediately.

So yes. its basically a huge legal crowdfunding scam.

They are going to award you VIT based on the ERC 20 tokens you own as well as sell the 2 billion they own over the 4 months period if I had to guess.. and then the token will be useless once the platform launches.

basically the VIT you get will be a credit token on just the vice platform...... its a huge money grab.

Alright so despite my own concerns about exchanging the platform token back into the ERC20 token and the telegram rep telling me that we wont be able to..(edit: the telegram basically just admitted she has no idea about these fine details. I suppose thats to be expected from a community rep thats placed there to mostly answer the same stuff in the pinned post over and over and over...)

I pulled this from the whitepaper.

"The Vice Industry Token offers immediate liquidity by offering two
conversion methods. The first is through a decentralized exchange as
part of the Vice Industry Token Protocol utilizing automated market
makers to standardize the value of tokens relative to other currencies
(both crypto and fiat). This allows users to have a real-time sense of
the value of their tokens, and the ability to convert them on demand.
The second method is through existing exchange markets, where
bids and asks are done by human participants, enabling transactions
of tokens for conversion to other currencies"


So it sounds like they will essentially make a mini exchange on the platform where people decide how much the non ERC20 token is worth.

So. They are denying that its an ICO. They are selling us ERC 20 "proxy" tokens that we can then exchange for tokens on the porn website platforms. But other than that they are completely useless.

We cannot reverse this process and exchange the tokens on the platform back into the ERC 20 proxy tokens that will be on exchanges.

Basically right now due to hype the coin is getting massive attention and funding reservations. And has a potential hard cap around 120Mill.

So its possible as of right now the largest ICO funding ever could be done for something thats not actually an ICO and has no actual value other than to exchange for basically porn credits on various porn websites.

Oh also all reservation fees are just that. Fees that they keep. Including the 5% fee if your investing over $50,000 USD worth.

Ok so on the plus side i guess.. for the first 4 months you can get a full refund (minus your fee of course)

This is hilarious.

I think that by investing in a project that deals with such a situation, one should expect the same from such a project! We say that you will reap what you sow!)

Did you enter your eth address at any point in the whitelist?

I do not think its a scam. It is a viable solution to filter investors interested in investing.

   
SCAM??? VICE ICO PRESALE
Today at 11:14:38 PM
 #1
Hello all,

I have been watching VICE token for months, it (supposedly) was initiated by Penthouse and other large porn companies. Today I joined the whitelist (presale) and noticed something courious. I registerd, entered my name, email and amount i would like to invest. I clicked next and they asked me to deposit 0.0005 eth for verification.

I payed the 0.0005 eth. later on Etheriumscan i saw that thousands of people paid to the same account.


How in hell would VICE know that i payed to that account, just by filling in the form.

This sound to me like me to a big red flag: https://etherscan.io/address/0x7f0d52c707cade2666bca774140440eaae121160

https://vicetoken.com/whitelist

Please tell me what you think.

(if this is not the right channel to post, sorrry)