This article is written by The Concourse Open Community, we are not responsible for the content of the article.
The Concourse Open Community keeps scouring the ICO space and publishing its findings at ConcourseQ. As always, we’re here to share the most terrible ICOs with the community on Terrible Token Tuesday! And don’t forget — anybody can contribute research!
We’re also #buidling several interesting (non-terrible, we hope) projects in the space. Check out our Discord for more on our very active community.
The most terrible projects for this TTT are:
Cannabium — https://concourseq.io/Q/Cannabium
If you think Paragon and its recent SEC trouble was bad, think again! Aside from concerns about the token (ridiculous use case — backed by cannabis extracts), production partner (obscure company says its a verified supplier in Colombia, where drug-related corruption is unheard of ?), and regulatory approach, we’ve no clue how its founder can drive the startup to success while juggling 8 jobs on 3 continents. The project’s best decision was the recent postponement of its ICO. Congratulations on that!
Stackr — https://concourseq.io/Q/Stackr
Stackr’s team is filled with part-timers — some work on multiple projects, others have unverifiable work experience. Also, this project looks a lot like a needless blockchainized version of the founder’s other project, “Sanlam Global Investment Solutions,” which you’ve never heard of. But we’re most struck by the question of how a tech startup with 13 advisors can succeed without a single full-time engineer with verifiable experience. Pretty sure we know the answer.
Instantsponsor — https://concourseq.io/Q/instantsponsor
Instantsponsor appears to’ve been around since as early as 2010 without having made meaningful traction. So who can blame them for a little blockchain rebranding? We can. The project’s value proposition and whitepaper seem positioned toward big corporations and brands, yet Instantsponsor’s holding a public ICO open to retail investors with no use for the tokens being sold. Not that anybody has a real use for these tokens — they can be bypassed by fiat on the platform.
AvailCom — https://concourseq.io/Q/AvailCom
AvailCom is offering some misleading (or maybe just false) metrics. The project claims to have raised more than $400K, but the total value received by the contract address is a lot closer to zero. That’s hardly surprising, though — the team has no experience in relevant markets, their supposed prototype is barely more than a slideshow, and the project’s GitHub is almost completely empty. At least . . . never mind.
Aidus — https://concourseq.io/Q/AIDUS
AIDUS is seriously contemplating a $1 Billion post-ICO valuation for a fund that offers — instead of any real substance or investment thesis — some algorithmic quant mumbo jumbo and promises of huge yields it says were certified by some obscure law firm (there’s even a “CERTIFIED” stamp!). Even if any of this were acceptable, we’d still have serious doubts about a project whose team is bloated by needless employees and advisors, including a “leadership team” whose members don’t even mention the project on LinkedIn.
Alluma — https://concourseq.io/Q/Alluma
Alluma might get the prize for Worst Exchange Ever. Of course, building any exchange at all seems like a huge stretch for a team that can’t even create a price banner that updates with correct crypto prices. Still, we registered an account to try to give them a second chance. That’ll be hard to do, though — they never sent us a confirmation email!
Announcement: ?? TRADE or DAI Preseason is live! ??
TRADE or DAI is a free, fun, and simple social trading competition that lives on Settle. Preseason started yesterday + runs for a week; it’s kind of a public beta where we hope to get some good feedback — especially from our r/ethtrader family — to perfect the game and gear up for Season 1. There’s never real money at risk, but Season 1 will involve actual cash (i.e., Dai) prizes. TRADE or DAI’s all about friendly competition and strengthening our Ethereum community! https://www.tradeordai.com/
The Concourse Open Community is building a lot of cool stuff. Join us on Discord — https://discord.gg/22E3YvP — to find out about our projects and how you can get involved!
And now some previously featured really terrible projects:
Stein Coin — https://concourseq.io/Q/Stein_Coin
There isn’t much about Stein Coin that seems genuine. Not only did they plagiarize another crappy project, but the team was also called out on Bitcointalk for being fake. It wasn’t surprising that Stein Coin deleted its internet presence, leaving behind nothing but a cached copy of their whitepaper. We saved the link in our diligence report if you wanna check it out; it’s really bad!
B21 wants you to think that developing a simple crypto wallet requires a token sale even though lots of teams have already shipped great wallets for free. Even worse, B21’s app is completely closed source. So they want you to blindly trust not only that this little-known team can write hacker-proof code, but also that they won’t steal your crypto themselves!
United Fans — https://concourseq.io/Q/UnitedFans
⚽ + blockchain is always a winning combo, right? No. With United Fans, token holders create proposals for their favourite football clubs and stake tokens to “vote” for the proposals. Problem is, the proposals aren’t binding; they’re just presented to the clubs for consideration. Isn’t this use case already covered by online petition sites like change.org? Of course, leaving the job to online petitions wouldn’t line the pockets of the United Fans founders, would it?
We never found any evidence supporting Delta X’s claim that its token sale was registered with the SEC. Though it does seem that selling a token purporting to “share” 100% of profits with holders would be a security offering. But none of that really matters now, because depending on what URL you click on, Delta X either took down its website or became an ecommerce site offering Italian sunglasses. ?
Borser — https://concourseq.io/Q/B%C3%B6rser
The Borser project reeks of amateurism. Its presentation decks are ill-formatted, full of errors, and provide little information to investors. It claims to’ve invested in companies whose websites are suspended. As for the team, between the lack of social profiles and badly photoshopped images, we couldn’t verify any of their identities. All we can say is good luck trying to raise that $30M!
ChainZilla — https://concourseq.io/Q/ChainZilla
We’re not sure what ChainZilla’s trying to achieve, but they’ll surely have a hard time competing with giants like Microsoft and IBM in the blockchain-as-a-service space. We tried to give them a break, but their whitepaper isn’t promising and they have little development (apart from a wallet that doesn’t do much). Plus, hiding five out of eight team members behind hooded hacker avatars doesn’t improve a project’s credibility.
The ConcourseQ team would like to thank everybody that helped on these DDs and all the others! If you want to join our community, meet us on our Discord: https://discord.gg/22E3YvP
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