CryptoPay playing at ICO - Exposing the Truth PART 2
Ohh shiiiiit! Cryptoplay are about to do an ICO with services the competition already have… at the exact point that Cryptoplay’s ability to provide debit cards is in doubt.
So, it turns out they use WaveCrest, the same card issuer that most other bitcoin debit card providers are using right now. The same provider that’s come out and said that they will be stopping all services outside the EU from Oct 15.
So Cryptoplay announced ICO for September. Before the October cut-off of their card provider. Smart, or con?
What the fuck they playing at?
Maybe they need the ICO funds to buy into the big-boy circles and get a better card issuer… it sure is bending the truth, but then again this could take months of sourcing, negotiation, integration. And no guarantee for our money.
Roll the dice Cryptoplay. I’m guessing it's more likely you’ll be closing up shop by 2019,if not before. Unless you get more gambling merchant partners. Why not right? Cash in while you can.
In your whitepaper you claim to have 53 employees.
LinkedIn only shows 25. Are the rest part-time freelancers or fantasy for the future much like your services?
With current Chinese regulatory uncertainty it’s just an unfair time to run an ICO for genuine investors. That’s just a side-note, but as an ICO investor myself I am very hesitant to touch anything that looks like financial service ICOs at this time.
Better for investors to stick with other areas like Jesus Coin. Seriously, I would invest in Jesus coin before investing in “Cryptoplay”.
And even if you can pull a rabbit out your hats and somehow save your company by buying into a larger card issuer provider, or perhaps doing a secret closed-door deal with a more established bitcoin card provider like Xapo or Wirex.
But let’s get to a few nuts and bolts about your ICO offer
Where’s your infrastructure ?
Where’s the innovation?
What sets you apart from the established players?
This thing? - CPSTransfers.com ? (a half-baked site started in 2013 that’s not even mentioned in the whitepaper…)
Cards, bank accounts, trading platform? Your whitepaper is certainly nice and easy to read. But it’s about as sophisticated as making cereal for breakfast.
Page 3: ‘to manage the transfer of funds between physical and virtual platforms’.
Yawn… that’s not innovative, it’s old.
Page 4: ‘the following lines of products already exist or are to be offered’
Well which is it? Do they exist? Any of them at all? Even your debit card offer is highly questionable due to the October 15th cut-off. This is an issue for all Bitcoin cards and you don't provide any evidence of your solution.
Why the fuck are you jumping on gullible ICO investors hard earned money without any real detail, road-map or innovation. In your plan it’s all old stuff that is already implemented by your competitors?
Check out this list of reasons you give for doing an ICO:
- “A great marketing opportunity”. No kidding. Don’t you mean a great money making opportunity? A better one than gambling maybe eh?
- “Create a community of backers” - erm yes, and?
- “Token sales are cost effective for raising funds” - yyep, so again, why should anyone invest? Those reasons are all about you, you, you.
- “Token sales are an opportunity to engage with community and build products in consultation”. - yeh, why not just do a survey to your existing customers? Cost you $30 to use a survey tool. Just sayin'.
And that’s literally it. Buzzwords and no real reasons for doing an ICO?
Then on page 11 for the crowdfunded milestones.:
You want 15 million dollars to launch a trading platform that allows crypto investors to buy traditional stocks and shares?!
Do you actually think that crypto enthusiasts care about that? For real?
Did you not do any market research at all to discover that other companies are already doing that for their traditional investor customers? Here’s one example of many.
We want to move away from the old traditional economy as much as possible. We hedge our crypto by trading other cryptos. We don’t want to buy USD shares in Google with our bitcoin thanks very much. We believe in bitcoin and crypto.
And your next milestone of 35 million dollars to open a banking institution? Really, it costs that much? I can’t imagine the cocaine and hooker parties you expect to have with banks in order to need 35 mills of ICO investor money for that.
Seriously now
Playing the ICO card just one month before the global ban is bit too convenient and it’s leaving a bad taste in my mouth. I just can’t shake off the feeling that Cryptoplay ain’t sticking around. It reads scam all over it.
C’mon guys, with an emerging market of ICOs and altcoins with incredible potential - let’s throw some real ideas (and prototypes) onto the table. Stop talking shit.
NOTE:
“Everybody is a genius investor in a bull market.”
There are so many people who are acting as investment gurus because they were simply lucky to get on the right train(s).
Remember that NO ONE in this world is able to predict markets accurately. I’m not here to tell you to invest in something because I did so - this isn’t what it’s all about.
I’m just trying to tell you guys to open your eyes and do your due diligence.
You'd be a fool not to care and show considerations when you're playing in the most volatile and risky markets in the world.
What we truly want from ICOs:
- Do something that could truly revolutionize the world.
- Help bring adoption to bitcoin and cryptocurrencies. That’s what’s all about!
- Don’t just sit there, writing fancy words on a piece of paper and expect to get paid! We want ACTIONS, we want INNOVATION.
- Okay, planning is one thing, but why RUSH to get funds when all you have is an IDEA? The road from IDEA to PRODUCT is a very long one. Sometimes, it’s achievable, of course. But how many years would it take? What knowledge and experience do you have to make it reality? Have you done your planning properly?
- ICOs will become a problem when all these projects don’t deliver what they promised. That’s a guarantee!
I’ve already covered a few points on bitcoin debit card companies and related ICOs yesterday.
If you’ve missed it, you can find PART 1 here: Crypto Debit Cards - Exposing the truth PART 1
Knowledge of what is does not open the door directly to what should be.
- Albert Einstein
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@Cryptothug
We used to do business with Wavecrest, but we haven’t worked with them for some time. Users can receive and use our cards even if they live outside the European territory. All of our cards issued after August 25 ,2017, reflect this. Order a card, and see for yourself. We’d love to have you as a client.
We’ve been offering financial services for the crypto community for nearly four years now. While financial services may not be seen as innovative, we are allowing users an ability utilize the money they’ve gained through cryptocurrencies in a practical way. The traditional financial world and the crypto world are growing closer each day. No matter how badly “crypto-idealists” want it, scrapping the current financial system simply isn’t plausible. Our system bridges the gap between the two worlds and our ICO will further integrate them. Despite what you think, investors in digital currencies do desire to hedge their new found wealth in traditional assets. We’ve responded to market demands time and time again, and we are continuing to do so.