Thought this only happened in my country where different ICO pumps up promising outrageous returns even when they're not yet tradable in exchange like presale to mainsale. The difference with this project been discussed here and some I have seen getting hyped in my country is that atleast those can be traded on decentralized platform and some on centralized exchange probably been controlled by the projects themselves.
But nevertheless, irrespective of how they can be traded or price manipulated, they still fall under the same category. They're all scam and I won't trust them. Never invested nor traded any and I know I won't be doing that anytime soon.
Topic: Would you trust a controlled ICO? XIAN COIN in particular... (Read 470 times)
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I posted it in Trading Discussion as I want to know the side of traders in trading per se, as you might be recommending this to be moved on AltDisc.
Recently, I've come up to this doubt in what factors do we need to consider in trusting an ICO (Initial Coin Offering)? But this is the issue why I've been thinking if I should lend a trust and invest or not:
Here's some facts about the XNC:
Hence, I was shocked in how would they earn nor make its price grow from 40Php on Pre-Sale and 50Php on their ICO without even making it on the open market? Yes, many Filipinos might be investing on this ICO as it promises so much (and us Filipinos are too lazy to search for what is a crypto and what is an ICO hence as long as they think they'll earn, they/we invest...), but if presale would be available in any countries that has connections with the XNC Founder, how can it even influx the price for 20% increase? I only think this would be possible if they managed to exchange the supported countries' fiat to each other.
What I doubt more is that just this day, some Chinese POGO owner bought almost 500,000 (0.6667%) of 75M Total Supply of XNC, in which ONLY COSTS 18PHP, yet if a normal person would buy, it costs twice. Then it scares me as if such amount would be sold by almost 25Php (half) upon ICO release, then it would dump the price and such investments of 40Php would be somehow gone..
Am I getting the logic here right? The Crypto Open Market makes a price bigger, and so the re-sellers of a certain coin as well, depending on many factors such as the volume etc. But then not releasing such ICO on the crypto market, how would it even increase it's price??
Important Notes and Updates (will edit):
I know some users might not reach this end of thread nor read replies or the others, so I made thisself moderated (i'll just disregard them) to delete unnecessary arguments.
Recently, I've come up to this doubt in what factors do we need to consider in trusting an ICO (Initial Coin Offering)? But this is the issue why I've been thinking if I should lend a trust and invest or not:
Quote from: http://carefund.net/xiancoin/
XIAN COIN is a centralized digital currency powered by the Ethereum blockchain and it is not open for public trading on any cryptocurrency platforms. XNC is owned and issued by a virtual central bank where you can exchange your Xian Coin to Colombian peso, Mexican peso, Brazilian real, Peruvian sol and Philippine peso.
The currency was founded and created by an infamous convicted white-collar criminal, the National Scammer of the Philippines, Christian Albert Gaza aka Xian Gaza.
The primary use of Xian Coin is to establish a non-regulated and untraceable financial system for the notorious business partners of Xian Gaza in Latin America. It will also be used as an anonymous payment system in the Philippine e-commerce and other underground industries.
The value of Xian Coin shall be very stable and safe from the high volatility of the cryptocurrency market because it is independently controlled by the virtual central bank of Xian Gaza with a limited global supply of 75 million XNC.
It is projected conservatively that its value will increase between 300% to 400% by 2021 due to the expected influx of investments from the notorious Latinos and from thousands of Filipinos. It will be the digital currency that will connect the underground business worlds of Latin America and Southeast Asia.
The currency was founded and created by an infamous convicted white-collar criminal, the National Scammer of the Philippines, Christian Albert Gaza aka Xian Gaza.
The primary use of Xian Coin is to establish a non-regulated and untraceable financial system for the notorious business partners of Xian Gaza in Latin America. It will also be used as an anonymous payment system in the Philippine e-commerce and other underground industries.
The value of Xian Coin shall be very stable and safe from the high volatility of the cryptocurrency market because it is independently controlled by the virtual central bank of Xian Gaza with a limited global supply of 75 million XNC.
It is projected conservatively that its value will increase between 300% to 400% by 2021 due to the expected influx of investments from the notorious Latinos and from thousands of Filipinos. It will be the digital currency that will connect the underground business worlds of Latin America and Southeast Asia.
Here's some facts about the XNC:
- So basically, it wouldn't be listed on any cryptocurrency exchanges, nor be in any open markets, but rather in direct p2p exchange using MEW and any possible forms of transaction.
- It's presale price is 40Php (Philippine Peso) to 50Php in September 1's ICO release.
- It would be used especially as a payment system on illegal activities.
- 100Php is the transaction fee per buy and 1000PHP or 25XNC is the minimum you can buy.
- You'll use MEW as the wallet.
- NO WHITE PAPER NOR ANY LEGAL DOCUMENTATION.. because its purpose is for illegals.. lol
Hence, I was shocked in how would they earn nor make its price grow from 40Php on Pre-Sale and 50Php on their ICO without even making it on the open market? Yes, many Filipinos might be investing on this ICO as it promises so much (and us Filipinos are too lazy to search for what is a crypto and what is an ICO hence as long as they think they'll earn, they/we invest...), but if presale would be available in any countries that has connections with the XNC Founder, how can it even influx the price for 20% increase? I only think this would be possible if they managed to exchange the supported countries' fiat to each other.
What I doubt more is that just this day, some Chinese POGO owner bought almost 500,000 (0.6667%) of 75M Total Supply of XNC, in which ONLY COSTS 18PHP, yet if a normal person would buy, it costs twice. Then it scares me as if such amount would be sold by almost 25Php (half) upon ICO release, then it would dump the price and such investments of 40Php would be somehow gone..
Am I getting the logic here right? The Crypto Open Market makes a price bigger, and so the re-sellers of a certain coin as well, depending on many factors such as the volume etc. But then not releasing such ICO on the crypto market, how would it even increase it's price??
Important Notes and Updates (will edit):
I know some users might not reach this end of thread nor read replies or the others, so I made this
To be honest, I’m not really a fan of Xian Gaza. I never followed any of his posts despite that he had so many followers and dubbing himself as “Pambansang Scammer ng Pilipinas” (National Scammer of the Philippines). A close friend of mine told me about him when he was still not yet involved in crypto, he was good in motivating people in some networking seminars. Despite that, I wouldn’t trust him and may not gonna invest in his coin.
Starting an ICO in the Philippines is tough and needs to comply with lots of legal requirements from Bangko Sentral ng Pilipinas, CEZA (Cagayan Economic Zone Authority) and SEC Philippines.
I wouldn’t bet on his project, even as a fellow kababayan. I rather go bullish on BTC, ETH, NWC, XLM, ADA, LINK, TRX, VET and OMG. Just my two sats.
In fact, problems with ICO appeared due to the fact that scammers practically stole investment funds, deceiving investors. At the same time, no one could return their investments or at least sue the team of the fraudulent project. It seems to me that if there is a certain control in order to prevent fraud, then ICO projects will again be able to interest investors in the cryptocurrency market.
If I am having a money, I will not invest in this thing, especially that this coin is about almost 1$ each with a large supply in the market, I do not know the whole mission of this project as well, Mr. Gaza is a good businessman but the thing is, there is a difference in crypto market projects and some businesses that are not in the web, I rather choose to invest in XRP, it is a lot cheaper than that coin, and it is a well-known coin and in the top exchanges as well, I would rather with some ICO or IEO that has their own product before going to crypto industry.
Once a scammer, will always be a scammer.
Only fool people will enter in his investment as we know that he is well-known scammer.
Too bad that these people who will invest into this coin are going to find themselves crying once this owner starts to run away with their money.Only fool people will enter in his investment as we know that he is well-known scammer.
There are still a bunch of gullible people that believes with every such word an owner says. They have to understand what crypto really is.
There are still people who believes that there's an easy access to earned a lot, people who keep trying to
engage and participate blindly they only after with quick benefits.
We will not be surprise anymore about those crying investor after the coin collapse and the owner / team
are no where to find.
For now the only help is to keep alerting them that the project can do harmed and there's a big potential
in losing there money instead of gaining from it.
But in the end of it, they will only see the frustration due to the scams like this. I won't be surprised if there will be threads like this from a victim and telling the story how they've ended up scammed by the owner.
The Crypto Open Market makes a price bigger, and so the re-sellers of a certain coin as well, depending on many factors such as the volume etc. But then not releasing such ICO on the crypto market, how would it even increase it's price??
It is exactly as you say it is. This ICO is obviously not an ICO there is not public involved, in fact the only people involved are those who are on it from the beginning. There's no real reason for the token price to increase since as you say it there's no listing on any exchange so the only way an increase in token price comes about is from artificial inflation and manipulation.
The standards of an ICO don't change, and that's no matter what token or which continent you are releasing the token. Investors won't get into it without a whitepaper or any sort of document to show how the idea will make them money.
If this one is created by a previous or known scammer then its no brainer that you cant trust this one up.How a coin would increase its price to 300% .For the government of said country,
wouldnt they trying to watch out for this mans activity?
Would they let that they would ran an another possible scam investment? It is really just hard to believe that they are still letting this man even if he's already known or do had
some background or fooling or scamming people.
Xian coin was created from a scam and what do you buy it for? Most of the investors here are not underground people and the service of Xian coin is meaningless to us. Currently, underworld components still use bitcoin normally and the demand is so high, why should they use Xian coin? I do not see any potential from this idea at all, it is not suitable for the present time.
It really makes no sense that you would buy a specific coin that you could exchange for a fiat currency of limited numbers.
I mean if you have bitcoin be sure that you could exchange that to fiat anytime you want, any fiat at any country you want, bitcoin is a wanted thing in every nation and when you offer like 5% discount you can sell it all over the world without any trouble. Hell I went to vacation to a whole another country and I had no money left (well not the fiat of that nation, I still had money in my own nations fiat) so I sold some bitcoin there and got their own money, it was incredibly simple, they showed me a QR code and I showed my phone that and paid them and they gave me cash right there, I think they got it 3% cheaper so I was out only 3% which is a lot if you want to constantly do it but nothing in that scenario.
I mean if you have bitcoin be sure that you could exchange that to fiat anytime you want, any fiat at any country you want, bitcoin is a wanted thing in every nation and when you offer like 5% discount you can sell it all over the world without any trouble. Hell I went to vacation to a whole another country and I had no money left (well not the fiat of that nation, I still had money in my own nations fiat) so I sold some bitcoin there and got their own money, it was incredibly simple, they showed me a QR code and I showed my phone that and paid them and they gave me cash right there, I think they got it 3% cheaper so I was out only 3% which is a lot if you want to constantly do it but nothing in that scenario.
The Crypto Open Market makes a price bigger, and so the re-sellers of a certain coin as well, depending on many factors such as the volume etc. But then not releasing such ICO on the crypto market, how would it even increase it's price??
It is exactly as you say it is. This ICO is obviously not an ICO there is not public involved, in fact the only people involved are those who are on it from the beginning. There's no real reason for the token price to increase since as you say it there's no listing on any exchange so the only way an increase in token price comes about is from artificial inflation and manipulation.
The standards of an ICO don't change, and that's no matter what token or which continent you are releasing the token. Investors won't get into it without a whitepaper or any sort of document to show how the idea will make them money.
Once a scammer, will always be a scammer.
Only fool people will enter in his investment as we know that he is well-known scammer.
Too bad that these people who will invest into this coin are going to find themselves crying once this owner starts to run away with their money.Only fool people will enter in his investment as we know that he is well-known scammer.
There are still a bunch of gullible people that believes with every such word an owner says. They have to understand what crypto really is.
The target of the founder is those who didn't know anything about crypto. He is known scammer yet too good in getting people's attention as if favoring in him. He's totally good in scamming and using bitcoin as marketing. Hopefully this sale will stop, we're all waiting for the sec to release a notification to let the people know it's a scam it's too hard to explain in Facebook that it was scam as if they are really willing to get scam since they dont6study whats it all about, a easy scam plan from the founder.
Once a scammer, will always be a scammer.
Only fool people will enter in his investment as we know that he is well-known scammer.
Too bad that these people who will invest into this coin are going to find themselves crying once this owner starts to run away with their money.Only fool people will enter in his investment as we know that he is well-known scammer.
There are still a bunch of gullible people that believes with every such word an owner says. They have to understand what crypto really is.
There are still people who believes that there's an easy access to earned a lot, people who keep trying to
engage and participate blindly they only after with quick benefits.
We will not be surprise anymore about those crying investor after the coin collapse and the owner / team
are no where to find.
For now the only help is to keep alerting them that the project can do harmed and there's a big potential
in losing there money instead of gaining from it.
(...)
I'm pretty sure that the Philippines SEC will give a warning if not going to kill this project before it takes off. (....) For sure this will be the start of another level of ponzi schemes in Philippines, using cryptocurrencies. It's just sad for people from Philippines that don't have much knowledge and just want an easy money.
Once a scammer, will always be a scammer.
Only fool people will enter in his investment as we know that he is well-known scammer.
Too bad that these people who will invest into this coin are going to find themselves crying once this owner starts to run away with their money.Only fool people will enter in his investment as we know that he is well-known scammer.
There are still a bunch of gullible people that believes with every such word an owner says. They have to understand what crypto really is.
The team and their minions are hyping the coin at all PH forums, small or not, and social media groups. That alone is enough reason for me not to support the coin.
And the truth is, no way I will support any ICO/IEO that was started by a Filipino even the owner, devs and the team itself don't have a bad track history. Sad truth but most of PH organized project like this is more of hype.
Maybe my "kababayan" will goes mad at my statement but wake up please. There's no such thing that a project will know that their expected value in the future will be huge. XIAN COIN minions are confident they will surpass bitcoin's dominance.
And the truth is, no way I will support any ICO/IEO that was started by a Filipino even the owner, devs and the team itself don't have a bad track history. Sad truth but most of PH organized project like this is more of hype.
Maybe my "kababayan" will goes mad at my statement but wake up please. There's no such thing that a project will know that their expected value in the future will be huge. XIAN COIN minions are confident they will surpass bitcoin's dominance.
This is just a ordinary tokens so there is no way this one can surpass bitcoins maybe in their dreams . They are confident because they are doing scam before, so even this one they created turn to be scam they already know what to do we need to understand that justice in ph is not serve for every one so even how many times he do it you are free as long as you have the money.
But that token can surpass the other tokens if the team can works until the project reach their goals one by one.
We hope that people who invest in that tokens knows what they did, and they need to prepare themselves if somehow, the project fails to reach their target in the future.
We don't know how the team can increase the price, but we can let them do what they need to do.
Meanwhile, we can leave the token as it, and it is better to search for the other potential coins/tokens.
The team and their minions are hyping the coin at all PH forums, small or not, and social media groups. That alone is enough reason for me not to support the coin.
I have a relative that are not really aware of cryptocurrency. To my shock he did pm me about xnc or xian coin. He is working in Dubai and told me that there are some of his co worker interested/and already invested. It seems social media power is boundless. But I told him, the precautions and explained to him anything that could pursuade him to be aware of the consequence. Well, Im not in the position to stop him but only to inform and educate him right? Still his judgement based on my inputs.And the truth is, no way I will support any ICO/IEO that was started by a Filipino even the owner, devs and the team itself don't have a bad track history. Sad truth but most of PH organized project like this is more of hype.
Cant blame you though with the past history of Philippines ICO/IEO projects held by our own countrymen. But be proud that there is one legit from Philippines that Im sure its legit and gonna work fine and be succesful more in the future. Swipe project that are partnered with Binance is a Filipino product made by our own countrymen. This project is really high valuation so for me, its one of the succesful project ever contributed by the Philippines.Xnc coin can be hyped but Im sure loopholes will slowly come out and eventually turn this project down.
The team and their minions are hyping the coin at all PH forums, small or not, and social media groups. That alone is enough reason for me not to support the coin.
And the truth is, no way I will support any ICO/IEO that was started by a Filipino even the owner, devs and the team itself don't have a bad track history. Sad truth but most of PH organized project like this is more of hype.
Maybe my "kababayan" will goes mad at my statement but wake up please. There's no such thing that a project will know that their expected value in the future will be huge. XIAN COIN minions are confident they will surpass bitcoin's dominance.
And the truth is, no way I will support any ICO/IEO that was started by a Filipino even the owner, devs and the team itself don't have a bad track history. Sad truth but most of PH organized project like this is more of hype.
Maybe my "kababayan" will goes mad at my statement but wake up please. There's no such thing that a project will know that their expected value in the future will be huge. XIAN COIN minions are confident they will surpass bitcoin's dominance.
This is just a ordinary tokens so there is no way this one can surpass bitcoins maybe in their dreams . They are confident because they are doing scam before, so even this one they created turn to be scam they already know what to do we need to understand that justice in ph is not serve for every one so even how many times he do it you are free as long as you have the money.
- Would you still trust a convicted criminal running an obvious fake project?
Obviously not, it is hard to repeat the same mistakes again and trust issues really matters right now.
I don't care about the sales talk that he did just to make other people understand cryptocurrency. Many people are really interested when it comes to an easy money, but they should understand that cryptocurrency is not like that. This project will probably benefit him, and not the people who invested to it. It really takes a lot of time for this new coin to gain a lot of reputation and it takes more than 5 to 10 years to see its full potential.
I'm pretty sure that the Philippines SEC will give a warning if not going to kill this project before it takes off. The Philippines is very welcome with regards to bitcoin and the rest of the crypto market, they have their own exchange coins.ph. So pretty much the government will or have this scammers on their radar and could be one day put down for good.
In Philippines, I will just stay in using bitcoin because of the reputation it has in the market instead of risking another investment with a coin that comes from a convicted criminal who scammed a lot of people before.
The team and their minions are hyping the coin at all PH forums, small or not, and social media groups. That alone is enough reason for me not to support the coin.
And the truth is, no way I will support any ICO/IEO that was started by a Filipino even the owner, devs and the team itself don't have a bad track history. Sad truth but most of PH organized project like this is more of hype.
Maybe my "kababayan" will goes mad at my statement but wake up please. There's no such thing that a project will know that their expected value in the future will be huge. XIAN COIN minions are confident they will surpass bitcoin's dominance.
And the truth is, no way I will support any ICO/IEO that was started by a Filipino even the owner, devs and the team itself don't have a bad track history. Sad truth but most of PH organized project like this is more of hype.
Maybe my "kababayan" will goes mad at my statement but wake up please. There's no such thing that a project will know that their expected value in the future will be huge. XIAN COIN minions are confident they will surpass bitcoin's dominance.
Once a scammer, will always be a scammer.
Only fool people will enter in his investment as we know that he is well-known scammer. If there is a credibility that I see to him, that is when he exposed other scam investment such as Kapa. However, it would never remove my doubt that he only run this coin for the sake of himself. I don`t know why there are still people willing to invest to a scammer. They really thinking that this man has concerns after all.
Only fool people will enter in his investment as we know that he is well-known scammer. If there is a credibility that I see to him, that is when he exposed other scam investment such as Kapa. However, it would never remove my doubt that he only run this coin for the sake of himself. I don`t know why there are still people willing to invest to a scammer. They really thinking that this man has concerns after all.
The centralization is enough for me to avoid participating.
So, he controls the "virtual central bank"? Meaning he alone (and maybe few others) make the decision and can do whenever he/they want with the central bank?
Well, I don't think this even qualify as a true cryptocurrency. It breaks lot of the basic standards of a true crypto.
He did. So, he controls the "virtual central bank"? Meaning he alone (and maybe few others) make the decision and can do whenever he/they want with the central bank?
Well, I don't think this even qualify as a true cryptocurrency. It breaks lot of the basic standards of a true crypto.
And by all means, people are blindly following him and are too eager and excited with the claims that the coin will be worth blah blah blah in the future.
Scams like this make a lot of people look to crypto as a bad place to invest.
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