WhitePaper Review : BitStation
White Paper Review
BitStation
Today, we will review the WhitePaper of BitStation, issued in February 2018.
BitStation aims to be a DApp on the Ethereum Network with the noble goal of creating a new platform - it won’t be an exchange (think of Tradingview, Coingy for the cryptoworld but more like Metatrader for those who know this extremely popular Forex-trading platform) with some extra features.
The directors
John Gu (CEO / CTO)
Presented on the site as a "seasoned Wall Street trader, fund manager and innovative technologist". Unfortunately, as no information could be found on Google, this man remains a mistery.
Wayne Wei Dai (COO)
Said to be "a Silicon Valley High-Tech industry veteran with wide range of talents". Again no information could be found on Google but I think his name was taken to entertain the confusion with Wei Dai – a well-known persona in the cryptoworld – in the minds of people. But it’s not him, no doubt about that. They don’t pretend it, but not many people do thorough search and might think so.
The genesis of an ambitious project
The project claims to be linked with FxTrek.com but no proof is provided, as the directors seem to have no link with this company (except in their biography) and the list of top employees of FxTrek could not be found rendering it impossible to cross-name it with the BitStation’s team.
A lot of achievements done by FxTrek (that seems to be their main argument to prove their seriousness, or the main reason why you're encouraged to believe they’re not con artists – ICO incoming, claiming they got experience developing this type of platform) seem largely overstated.
There’s no trace of any Joint Venture with FXCM as claimed, nor with Gain Capital. They claim those joint ventures have been listed on the New York Stock Exchange, but with no names and no trace of those ventures, hard to verify these informations.
"Soon after full release of our product toolkits, including FXTrek.com, IntelliChart, and IntelliScript, became the products with high popularity in the industry and remain so till even now."
This is just wrong (let's call it a lie), as FxTrek, IntelliChart and IntelliScript are no names in the trading sector.
IntelliChart is supposed to have received multiple awards, but once again.... you guessed it, no trace of it.
FxTrek is no reference and is in fact a relatively small company (while they claim it has more than 5000 clients – individuals and global institutions). And once again they put the emphasis on this FxTrek site while providing no tangible proof of any kind of link between BitStation and this little company in Stamford, USA. No need to say more, but I think these little screenshots of the FxTrek.com website should tell us all we need to know.
Products and services
There will be 2 main products :
IntelliChart : a desktop charting program / interface with more than 80 indicators, draw lines, bla bla… you see the point. And in addition to that, brace yourself, a "5-day artificial neural network forecast and analysis of each digital currency based on machine learning on large range of historical data" (nicely called IntelliForecast). No need to point out that neural networks are a branch of Deep Learning and not Machine Learning. And that predicting market prices is a bit more difficult than building a little neural network tinkered with bits of tutorials collected on Google and feeding it collected data. You need to think of the different time frames, of the time needed to run such an algorithm on a large amount of data (and the cost of renting - or buying - GPU-servers to accomplish this kind of endeavour).
IntelliScript : a proprietary language to develop trading strategies, trading signals and automated trading. Like MQL for Metatrader. FxTrek already has that. But wait ! No trace of it.
Conclusion
The WhitePaper goes on and on about this fantastic project, but I think there’s no need to tell more.
This is not financial advice, but I wouldn’t touch this stinking shit with a 60-foot pole.
Signing out !
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I really like your analysis! You help to expose scams in the crypto industry. Thanks to you, public and private investors can think better for themselves hence less likely to get conned. Well done! Have you heard of the Telegram ICO scam?
Thanks !
Are you talking about the fake company who registered in the UK to make a fake ICO for those confounding the real Telegram ICO and theirs ?
Yeah I heard, and now we see the trend in Twitter with false official accounts and giveaways. Scammers will be there if there's a remote possibility they can dishonestly make money on ill-informed people.
But it's just the law of survival of the fittest in the crypto space.