Topic: XSPEC Spectrecoin - IS THIS 100% scam or what? AVOID (Read 1850 times)

XSPEC is not a scam and I believe that any thinking individual can see this. If you are a newbie or don't know where to invest, do you own due diligence and do not listen to random people with their own agenda.
XSPEC has a solid team and there is no dissent in the ranks and we will release the new version when it's ready.

I'll copy what I said in another post:
"Just to clear up a few things. (I'm @mandica, the founder of XSPEC and still here for anyone new to this)

All the discussions about code snippets and code cloning and implementation of protocols is a bit stagnate. This is the nature of open source development. There is no secret (and never was) that XSPEC was build on SDC. XSPEC never claimed to be proprietary code and is based on Bitcoin in the end as many others are. This point has been laboured ad nauseam and if your objection to a crypto is based on it's Bitcoin / SDC / Monero code provenance then you will seek out other projects. The fact that XSPEC is open source and based on other open source code is not a basis on which to claim a scam if you are a thinking person.

@jbg and Bryce are working on the code and as you all know, not every update is shown on GitHub immediately. GitHub is a not a live window to follow updates. Nobody as forced anyone out and in fact Spectre has very dedicated community and in fact, I would suggest that a dedicated community is what will succeed in driving this forward. XSPEC now also have steady development funding and will hire. The community will make sure that XSPEC will last for years to come and with a solid dev fund we will have the resources to develop the project. The team is together and strong and nobody has left for anything else. I am working on something auxiliary that will benefit XSPEC in the long run but can't say anything right now.

XSPEC is not a scam, we are just trying to provide a quality functional privacy focused cryptocurrency against a tide of FUD and shit and we will succeed. I have nothing more to say and there is nothing to discuss. Adversity brings out the best in us. Discard XSPEC at your peril."

Another unbacked scam accusation fuelled by a rage of insecurity.

I also see you just made a thread accusing Ethereum as a 'scam' based on your 'logic' that it was a 'get rich quick scheme'  

https://bitcointalksearch.org/topic/is-eth-a-scam-2759202

Where do you people come from?

I could travel the world now for a year, buy a porsche, lambo... or even a nice house by the beach... and i only started a few months ago with almost nothing.

Thats because I buy cheap and sell high. Verge. Tron. And others.

YOU shill the spectre scam and spam these boards all day.... But there is so many people in spectrecoin who bought it for 1 cent who will cash out before you can ever make a $.

So yes 808 is the better investment because its still at just $1m market cap.

Will it go to 1 billion ? 2 billion ? explode like verge ? for *1000 profits ? Probably not.

But its still the better investment than spectre because if a coin gets SPAMMED TO DEATH on bitcointalk everyone knows to stay away.

NO one is being funded for bitcointalk posts whatsoever. This is strictly grassroots marketing based on an enthusiastic community. Yes, the community believes this much in this currency.

There are ~21 million Spectrecoins in circulation at ~$4, if people were getting paid 'millions' of Spectrecoins to 'Spam' than a small group of enthusiasts would be millionaires turning a much better profit than '808 coin' by writing on this forum.

And thank you for the worst investment advice of 2018.

Yeah its a scam they get millions of spectre coins for spamming bitcointalk

buy 808 coin instead you will probably *50 your money LOL

EXACTLY, and this is a very good question. What people don't realize is that stealth addresses are on route to becoming the default staking addresses. So we will know the amount in circulation but will have no idea where the supply is coming from. For all we will know one address could be staking 99% of the coins. This feature is not on our roadmap, but the cryptography behind this has been confirmed and will be implemented in Q1 2018. No other cryptocurrency has done this. Please come into slack and ask @jbg this exact question. It is a very significant concept that is tough to wrap your head around.

How do you dole out staking rewards and maintain privacy? That seems like an impossible trick.

Not a scam...
the community donated some money to the developer recently, to work on his project full time
the team are nice people, you can join the slack/forum and see that yourself

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A reply of yours, quoted below, was deleted by the starter of a self-moderated topic. There are no rules of self-moderation, so this deletion cannot be appealed. Do not continue posting in this topic if the topic-starter has requested that you leave.

You can create a new topic if you are unsatisfied with this one. If the topic-starter is scamming, post about it in Scam Accusations.

Quote
The argument was between the OP and myself. I apologise to the Spectre community for having caused this person enough anger to have posted this.

Simply put,

It is very safe to say this is NOT a scam, seeing as the developer has ALREADY released the update by which NO other Cryptocurrency has yet to do with the TOR OBFS4 update.

Spectrecoin is a product that literally cannot be a ripoff of anything because its one of its own.

Where is the loss?

Can you list how many coins/ico's have promised something that has yet to be released? You better start working on more scam accusations.

Of course you don't want to take responsibility for your childish actions. The boy who cried wolf didn't take responsibility for his actions either, but he still got eaten by a pack of wolves.

I no longer care about this project I have seen far worse projects scamming far harder.

Although because you do not grasp my assertion mean that it is unfounded. It simply means you do not understand.

It is simple - you can not go from a state that requires trust (ie that a handful of persons will not collude and market make perhaps even be in a position to perform attacks based on owning such a large share (this last one may not apply to xspec)  to a state of trust.

Anyway I lock this thread now since I have no more time for xspec right now. It seems less of a probable scam than many others although I stick to my ASSERTION that this is in the top 5 of most narrowly distributed  projects of all time on this board.  If narrow distribution is not a problem for you then go with it but it can never truly be called a decentralised trustless project now.

Then again neither can most of the ico project here either.

I can't have the thread littered with false information and nonsense from people holding this coin. The search box will bring up the thread if people are researching it and they will have to do their own research and make up their own mind.

I missed the ICO by several months, and was still able to pick up a generous supply of XSPEC at ridiculously undervalued prices.  The coin has undergone two major price surges since then, and even though it is currently off its recent highs (like most of the cryptocurrency sector), my investment in this coin has proven to be a winner so far.  Add to that the fact that this coin has an honest, dedicated, and focused dev and management team, who have overcome a series of obstacles to keep on steadily developing this coin according to the roadmap, and you are going to have a real hard time convincing me that it's a scam.

If there were any credible evidence of this being anything other than a serious and honest effort to develop a superior anon coin and peer-to-peer trading platform, I would sell my coins, right now, at a handsome profit.  But there is no such evidence at all, cryptohunter's completely unfounded and unsupported assertion that "it will never attain a trustless/decentralised status" notwithstanding.

Weakest and most transparent FUD attempt ever.

For me, this is the most reliable community and the project because anyone can communicate with the creator and programmers, solve problems and you all participate in the development.
We have a dialogue that is very important !!!

Not a scam, i am following their progress and they are working and community even raised more funds lately to pay the developer to keep working on it more...

I can tell you that there were 63 entries for the ICO and not 6 or 8. Yes, I know 63 is a small number, but that was largely due to endless FUD and scam allegations. At this stage I believe that we have proved that we are moving away what SDC was trying to achieve and as SDC is dead in either case that really doesn't matter anymore. Most coins are clones of other coins but this has been debated ad nauseam. We are moving towards the release of Spectre 1.4 and with updated cryptography, improved ring signatures and a new GUI and other bug fixes we are carving out a path of our own. We have managed to raise funding and hired programmers and we will develop this project further. We are as transparent as we can be and this is clearly not a scam.

ED: Also, there have been more than 2000 downloads of the wallet from GitHub, I'll get the exact number, so distribution is happening slowly and the coins are spreading. It will take some time but it will happen. I do not think that you can shout scam due to a narrow distribution only when we are doing serious work on the code.

Sorry Mate.

Let me make it more simple for you in terms of round easy to understand numbers that may illustrate the problem.

What is more decentralised distribute to 50000 people or 5 people - which would lead to more obvious collusion market making?

LOL at the 5% because the only people that get these are the people that already have the tokens. So how does that even help??

I am not bitter about your SDC clone just with the most narrow distribution of any of the tokens on here.

Here is another challenge to you other than understanding the elementary math which I have provided here.

Show me 5 other projects that have a more terrible/narrow initial distribution than xspec? this is a challenge. Bring me them here.

I mean if you can even bring me 3 others I will be impressed.

If you can not ..then you clearly have illustrated this is one of the most narrow and terrible distributions of ALL the projects here. It will never attain a trustless/decentralised status.

I'll await your list.

Bitcoin is a highly centralised operation especially in terms of the mining of new coins - ask Roger Ver and the rest of the Bitcoin Cash team!

From a manipulation point of view we have already witnessed such things happening with Bitcoin Cash due to a huge number of coins being in the hands of a few whales. Roger Ver already pretty much admitted to this on reddit!

How are the coins fully distributed if there is an inflation rate of 5% year on year?

FYI the ICO ran for 30 days not 5 seconds lol.

Sorry mate but you clearly have no idea about how markets work and its clear that you are bitter that you missed out on this project like so many others because you did not see the potential. Don't worry man I know how you feel, I missed out on Bitcoin in 2011 as well...

I'm sorry but this is the strangest comment I have ever seen. Your post is flawed on so many levels I don;t know where to start.

How can you compare bitcoins initial distribution (which is not even fully distributed after many years to thousands and thousands of people to one distributed fully in 5 seconds to a handful of people. Both are narrow? what is this logic you talk about??

This initial distribution you are obviously not comprehending. Means fully distributed initially the entire minting ... of course the initial coins or tokens have to go to someone in any form of distribution even POW.

LOL year the 5% pos will stop them manipulating the market at making 1000's of %

Pump and dump POW coin?? like btc you mean lol

Delete your account and save yourself the shame of reading this once you have even an elementary understanding of what a trustless decentralised currency should entail.

Going by your logic then I guess we must also conclude that every other coin which has yet to hit a market cap of circa > 50 million must also be exposed to potential collusion and market making.

There is no single coin on CMC (including bitcoin) which has not started with an initially very narrow distribution.

Furthermore, Spectre is proof of stake, which therefore incentivises Spectre investors to hold their coins for the long term which inevitably leads to long term price stability and potential uptrend thus attracting more hodlers as a result.

This is not a get rich quick pump and dump POW coin, this is a long term project that has and will continue to try to produce some of the best innovation in privacy that crypto has even seen. It's a shame that you won't be a part of it.

A sensible reply.

Okay so let me respond.

I have said that all projects with a narrow inital distribution are very prone to collusion and manipulation.

This coin has one of the most narrow distributions ever - check it out.

The point you make about ethereum - now to compare. Eth was widely distributed for an ico  also it has a large pow phase.

The price of ethereum was for many months not far from ico prices. That is what you would expect to see.

WIth market making and collusion like this and Iota you will see the price never goes near ico prices it will immediately go to 25x then 100x and stay there.

On top of this when I am telling them that their main issue is the narrowly distributed start they start deleting my posts. Then i said why do that it looks like you have something to hide. Next they said we didnt delete it because of the content they did it because they dont like requotes in their thread (lol nobody else has ever had an issue with requoting what you are replying too)
Then i removed the requotes and reposted and they still deleted it.
They (the whales that own it all and those that control the thread) that there was a terribly narrow initial distribution for 80sats and they now after a few tweaks on a copy and paste of sdc want to ransom it off for 100x or 200x for what they paid for it.

the only person here defending it are holders of that coin.

there is nothing to defend I am simply stating what happened.... they like all scams like this try to pretend it is a personal issue.

start realising you can not make it a personal issue because I am stating exactly what has happened and those are observable events.

does not matter why the initial distribution was tiny - it leads to collusion and a centralised project.

Another stupid argument they put forth like other scams have said before. If you can distribute to all 9 billion person on earth then what does it matter if you distribute to 3 people or 3000.

Well obviously it is possible to get collusion between 3 than 3000 people.

I hear there is a new version of CMC coming out that will look and rate initial distribution because obviously that is the  key here to stoping insider manipulation.

See how fun it is to delete people....

I have left replies that don't try to pass this off as a personal issue.

Now then anyone wishing to refute the points in the OP without making it about 1 person are free to do so.

My point is you can not have such a narrow initial distriubution without it leading to market making and collusion.

You can not have those same people who are colluding deleting factual points referring to real observable events that took place

You can not have them say there were deleted not to hide this but only because it uses to much space requoting posts you are replying to.

Then when you remove the requotes they still delete it.

Narrow initial distribution is the key thing you need  to stamp out.

People suggesting it is because one person missed the ico is laughable.

I am against all narrowly distributed projects because they are open to gross manipulation and collusion.

this is but one of them.

The only people trying to say this is not true are the people that own that coin.

The fact I have seen that they are trying to hide this fact and then make up lies that they delete posts because of some dislike for requoting posts you are replying to is very telling.