Topic: Would you trust a controlled ICO? XIAN COIN in particular... - page 2. (Read 470 times)

Even though Xian coin can provide large profits, if the purpose of making an ICO project is only for illegal activities, of course I will not
support ICO projects such as Xian coin. Because I am looking for profit, I don't want to go through illegal channels, surely many will wonder
why Xian coin can increase the value. Even though there is no whitepaper or legal documentation. In the crypto world, it can happen if there is
a lot of demand for Xian coin. Due to the increase in crypto prices based on supply and demand, I suggest looking for sustenance in the right way.
Don't get profit through Xian coin, because if you invest in Xian coin you are indirectly supporting illegal activities.

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.

I am an active follower of the CEO of this coin and I idolize the scam schemes he exposed on his vlogs but as an educated cryptocurrency user I don't really recommend giving my trust and support in this. It's obvious on what is his intension about launching this coin, Having no whitepaper at least is one sign of a scam attempt. It's just ironic because he is exposing scams all over the Philippines but now he's doing a scam scheme. I've seen too much shilling on his page, People who invested and asking others to invest too, Just a disappointing thing to see.

It is a problem everywhere.

This pandemic has hit hard and made people desperately want to earn money. And with by means of everything, they'll get in even if they don't understand as long as they hear that they can earn money from it without any explanations.

They just want to hear it, "hey you'll make x1000 after several months or xx years on this if you invest now."

ICOs that are considered good today are those backed by big personalities and big exchanges. It's not just about the utility anymore.

What if the founder himself or his co-conpirator is just manipulating the "token sale"?

This will burn a lot of investors money.

Investors who are hopeful with that coin doesn't have any particular knowledge about cryptocurrencies. ICOs are not viable anymore if they don't know it and with those points of having no whitepaper or so.

If the investors insist that they'll make money on it as what it says in the description with a 300%+ increase, that's a crazy promise.

The huge purchase is just for a show to attract more lack of knowledge investors.

Well, yeah... It's kind of an oddity how a government that's so authoritarian on illegal transactions lets such wrong doings fly with crypto crypto and related pyramid schemes. Makes you wonder how corrupt officials might be. Potentially they're even directly benefiting directly with bribes from such schemes for such matters to fly under the government's radar. 

This topic has been discussed here.

I believed no one will trust this project, unless if the investors didn't know the founder of this project but if you have to conduct a background check you will find out how huge money he has been scammed.

I don't even understand what makes useful this project, everything is under control by the founder and anytime he will exit and run away the investor's money. He will might be laugh those who been fooled with him.

Just a tip, don't be a brave fool trying to invest even you know already the founder just because of greed, a brave fool was still a fool.

The founder Is a known scammer, he's good in talking and uses Facebook as he's market. It was posted there he got someone who invested in this project personally during these presale. The target of these project are the newbie who didn't know anything about cryptocurrency. He puts high hope in the people,. His website looks bluffing but why there people buying his coin, they should be notified that it's a pure scam and will only benefit the owner. It should be reported fast in the government.

Lol I read the thread from beginning to the end. Anyway, I also don’t understand how the project is going to work when they are not going to make it available on any exchange. And another thing I’d like say is that investing in a token or coin that is owned by someone that has bad records doesn’t seem like a good idea.

I don’t know for you all though, but for me, that would be a bad idea. And what makes them so sure that the value will increase up to 400% in the year 2021? They can’t be so sure about that or can they? I don’t think so. Everything about this project doesn’t seem right to me, I would rather invest/buy coins that I can understand what it’s all about.

Thanks for saving up me some time on reading it all and you have summarized all of they key words.

Do still people havent learned specially in Philippines for those who get victimized by Xian Gaza on previous ponzi schemes? and having that National scammer name tagged?
Only fools would still trust this man.

Virtual bank bullshitness all the way.. Its clear that this guy is really just making an another erc20 shitcoin to make himself rich when people got fooled and do pretend that
the coin price had depleted just because huge number of people had sell out without even realizing that he owns a large partition.

It would be the next scam for sure.

^ I really do not trust a digital asset without white paper or any legal documents, and for the record, even me is Amazed How an ICO grows more supporter and even reaches the end date of the presale and collects a huge amount of money.
Here is a fact also. the new trend as of these days, investors do believe that if an ICO, creates a bounty campaign they think that it will possibly dump after the end of I.C.O because it gives free coin (Bounty)(thinks that the coin is not valuable). and the worst part is the shiller, they will hire shiller, and those shenanigans will hype the group so that investors think that the community is alive and so good to be true.
That is where Ethereum is useful.

This is the first time I'm hearing about the project and reading through the thread, I didn't see any reason why I would probably want to participate in their token sale / ICO. The project proposition is laughable too. This is like saying "we're a public entity for facilitating illegal transactions, invest in us". Well, here's a couple of reasons why I wouldn't participate in the sale even though I had free money to do so:

1. Like you said, Its a "controlled" ICO so a no, no decision for me.
2. Not being able to trade it openly on crypto exchanges is a big turn off for me. I've had my fair share of ICOs that didn't get a chance to be listed on exchanges and I know how it turned out.
3. The price would be heavily manipulated.
4. Possible scam. Most shady ICO schemes in the past like this don't always end up well. Usually leaves people hanging or in tears.

7days after that shitcoin started he already collected more than 280,000$ which is literally low if you are going to compare it the other ICO that failed and success. The hype is only for Philippines and I am still sure that XNC will fail and a lot of people are going to lose money in Philippines. And in addition the 9M PHP that he posted can be fake, so yeah, it's totally a scam and the only thing that people are buying it is because of the hype.

There are still good ICOs out there that only had less clients and investors due to the past accidents that changed the image of bounties and ICO projects. Not to promote the Founder, but that criminal already "were trying" to change his life and was helping a lot of those whom in need... but usually trolls on the social media with his wealth lol (it's somewhat funny tho if you're a Filipino )

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Nah, the Founder isn't even on the Philippines nor allowed to go back in the country as well, and he wouldn't launch the ICO on the country of course. Everything would only happen online. If you would read his posts in his personal Facebook account (I'm too busy to look it up sorry), he managed to escape the country's airports security despite his pending cases, kinda rude that he literally posted every step he took (like on the movies lol), yet kinda funny as it portrays the poor management of the government with such matters. But still, SEC can only warn their fellow Filipinos, but even them had already see crypto in general as a scam due to many local scams that used it.

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Will try to do this tomorrow and simply make a long posts about the facts and why not to trust such then use that post as my reference in reporting it on SEC as well. Many had invested and this would take a hard time.. but I will try! Thanks!

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And the funny thing here is that it only costs 18per coin which must be 40. Also, he didn't mentioned the transaction fee's dependencies such as the higher the buy the higher the fee, yet I think no matter how huge your investment (hopefully no one would..), the fee would only be approx 2$.

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I've already mentioned that they will use the XNC as their "bitcoin" for their transactions and payment system throughout their illegal activities. Hence, there's no wonder that there would still people who would invest in it, particularly those that are have illegal connections with the founder.

Without white paper we won't know what is the idea behind this coin/token, We completely don't know about it's plans, etc. It's a big NO How will investors get interested in something they have no clue what it is all about? This sounds like a ponzi they are promising that your money gets x2 or more, all about money not cryptocurrency and blockchain technology. They have the confidence to run an ICO without proper documents, it is surely a sh*tcoin, pump and dump if it gets listed.

Nah , I will never invest any money for a known scammers they even telling us what is his background before so its very dangerous to trust this man . besides ,they start investing in illegal activity already which is another red flag do you really have idea where they plan to use the money they want to raised from that crowd funding?

The 9m investment from pogo is I think his way to make it more legitimate that he is trusted by a big group of company. Scammer is scammers and it will never change.

Right now, I didn't see any notification about the SEC about the action of this XIAN coin but still, there are some people makes an investment on this coin because they know the founder of this coin and some of them are taking already a prediction that this coin will become profitable and comes up the market value into one (1) dollar per Xian coin. I think the SEC will take immediately takes an action regarding this coin.

We all know that most of the people knows a new ICO they made an investment because they think its looks like bitcoin that will gives to them a good marker profit soon.

SEC Philippines will have hard time to take this down again, especially it is under cryptocurrency. All SEC Philippines can do will make advisories just like what happened in Forsage.
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.

Besides, no good investor still participate in ICO, only the less knowledgeable Filipinos investors would still participate in this fraudulent project. I see a very big crash in this, failing the rules of cryptocurrency presale system. Isn't it exchange increases the price of coins? How could a stable coin could rise up to 300%-400% by 2021. They know nothing about cryptocurrency since their purpose is for a criminal and illegal acts.
Attacking and stopping this project at it fresh start would be pretty good so they never invade and scam so many Filipino investors, as this will tarnish the image of crypto usage in the country, dealing something with fraudsters is a mistake ever taking cause at last same user will be scammed as well, so best way to report it to Philippines SEC if any exist.