Topic: Would you trust a controlled ICO? XIAN COIN in particular... - page 3. (Read 480 times)

I already don't trust ICOs in any way but especially if it's an ICO from Asia it makes me even more careful. And before anyone says anything I'm Asian myself, so I know how these things work and how they go. We're very very good at marketing, and sometimes you can get a sense from the marketing, whether it is just talk or if there will be a lot of action? And this one doesn't have the good vibe. Not saying it has a bad vibe though. But you can't launch this project in Philippines without approval, so I wouldn't get myself trapped there.

I'd never see a reason why we pushed ourselves to invest in this project knowing that it is for illegal purposes. We are cleaning the market from scam/fake projects and that it brought attention to the authorities since the growth of the same scheme is very rampant.

I don't think that it will catch the attention of the community but probably just being ignored.
maybe we have to report this to the authorities so they will take action in regards. And this also help to retain the trust of the people toward crypto which is once has been called a scam.

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.

The better questions:
- Would you still trust an ICO?
- Would you still trust a convicted criminal running an obvious fake project?

The founder looks like trolling to me and the token will be used to make the industry a laughing stock. If the country regulators won't put an end to this quickly, they should all be fired.

Virtual central bank? What the hell is that 
The price shall be stable but projected to increase 300% to 400% by 2021? 

Did I even mentioned anything political and social issues about the country? What's Philistines btw lol. I haven't even stated anything related to such matters...


Nah, crypto already had a bad image in the Philippines, as many had used it as a front to scam fellow Filipinos (immoral right?) by saying they can double investments through BTC while showing fraudulent proofs such as images of money then the rest follows. I don't think that many FIlipinos that still haven't seen XNC Founder's page, would even invest in here as they don't have any legal documentation nor registered in any government financial and trading related departments. Yet if the popularity grows drastic, then I might post and warn everyone with this probable scam..

Didn't Philistines have a president who himself encouraged citizens to go out and murder addicts in cold blood?
I can't imagine how there hasn't been a crackdown for a coin with the explicit goal of supporting illegal transactions. If this isn't shut down fast it has the potential to stain the image of crypto in the entire country, which is already pretty conservative leaning from what I can see. Hopefully this bad apple doesn't spoil the bunch.

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:

• 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
  

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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??

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Important Notes and Updates (will edit):

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I know some users might not reach this end of thread nor read replies or the others, so I made this self moderated (i'll just disregard them) to delete unnecessary arguments.