Shitcoin of the week: Bunny Token

chekohler (70)in #cryptocurrency • 6 years ago (edited)

If you've so much as Google'd anything related to cryptocurrency and ended up on Youtube in the last few months then you've probably been served with a host of ICO ads. One such ad or rather ad campaigns you may have seen is bunny token. An aggressively marketed scamcoin. If you've done your research like myself on an ICO or previous ICO's then its probably second nature to you flagging the warning signs and knowing to stay away.

How this company has apparently raised 9,348 ETH is beyond me, but it needs to stop!

For those of you who will not read further into this post, here's the short answer: STAY AWAY! DO NOT INVEST IN BUNNY TOKEN.

Tangent alert - I thought Google said they were going to ban ICO ads? Yet here we are!

Now if you're still reading you either generally interested in what scam flags in ICO's are or you think im FUD'ing this Initial Crap Offering. If you do think i'm FUD'ing prove me wrong and double down on your investment, yeah really stick it to me and post it in the comments below.

Dismantling Bunny Token

If you don't know what Bunny Token in its a useless ERC-20 token that anyone with a PC and an internet connection can create and slap together with a basic website filled with stock photos and some videos they ordered from a random freelancer they met on 5ver or Upwork, well that's my opinion.

Their opinion is BunnyToken is a standard payment solution which will unify the online adult industry based on the blockchain technology.

Now let the hmmmmmmmmmming begin? 🤔🤔🤔🤔🤔🤔🤔🤔 Hmmm?

The website

The company behind BunnyToken is Bunny Software Ltd., registered in Seychelles (East Africa) but has now been changed to Panama. Hardly places renowned for cutting-edge anything nevermind blockchain technology. What is also weird is that basically, everyone featured on the site is Eastern European. This may not be the biggest 🤔 Hmmm but it's one none the less!

The whitepaper

The white paper is almost a parody of what a real whitepaper should be and makes insane claims of success with large returns almost immediately. But as you dig further into the paper for details on this revolutionary business model it begins to get rather vague in explaining how it will work.

They also slap in a few shots of porn actresses and porn sites for good measure, because a financial company document really needs that!

Read the Whitepaper here

The team

No developers

So you're a cryptocurrency doing high tech blockchain smart contracts that should be capable of scale in your proposed 103 billion dollars a year market but you don't have a single developer listed on your website? Who is doing your coding? Someone from Upwork or People Per Hour? Hardly a comforting thought seeing a tech company have no technical experience to show.

Current staff

No one has ever heard of these co-founders EVER, they have 0 experience in tech or blockchain according to the website and there are no personal accounts attached to these people like LinkedIn. Which is strange because all the advisors to Bunny Token have personal accounts attached to them, so why wouldn't a CTO, CEO and a COO?

All advisors are actresses

Seriously no offence to these ladies but what value do they bring to the businesses? if it's for branding wouldn't you rather opt for someone Like Mia Khalifa or Stormy Daniels who actually have a following? Not some unknown Eastern Europeans who can barely make it through the English script they were forced to read off of in the videos? Hardly inspiring when your best influencer only has 20k followers on Instagram

Fake staff removed

There have also been reports from cryptonews of recent updates to the website where fake stuff were removed from the site after complaints about their legitimacy appeared on social media. Were they paid models or stock photo models? You decide!

One reddit user points out:
"I checked some of the CVs. One of them states that the guy worked in two different companies I used to work during the >same time! Such a person never existed in those companies.”
(source: https://www.reddit.com/r/BunnyToken/comments/86zhel/absolute_scam/)

The use case

The bunny token is not the only cryptocurrency looking to dive into the adult market with Vice and Spankchain which I also see failing miserably so nothing personally against Bunny coin apart from their blatant lies and interrupting my Youtubing.

Ok, let's take their argument for a test run! Say I want to subscribe to a porn or dating site, I need to buy Bitcoin or Ethereum go to some exchange, trade it for bunny token (lose out on money during the trade) then send it to the site I want to use for payment. Hello anyone with a blockchain explorer can see what I did there it's not really private. If I were to do a private exchange I could use Verge or Monero and still hide behind the fact its accepted in other industries or I'm hodling it as an investment. Sooo no! You had one job Bunny Token, one job!

Also adult sites of this nature work on a subscription model which normally debits to your credit card each month since they have your initial permissions. Cryptocurrency is peer to peer so you will need to authorize the payment every month, hardly makes it more convenient now does it?

XVG already in and functioning

Verge (XVG) which is marketed as a privacy token has already secured a partnership with PornHub and its subsidiary sites as well as their ad network traffic Junky and its done sweet nothing to the coin price so what makes you think Bunny is going anywhere? In fact, the coin price dropped after the announcement.

For more on XVG's PornHub partnership check out my posts here:

The market cap

This is one of my favourite arguments ICO's make oh the market cap of this industry is 103 billion dollars a year and we're going to disrupt that even if we take 1% of the market that's 1 Billion dollars! That doesn't mean anything. The coffee retail industry is worth billions just because I can make a mean cup of java and own a store doesn't mean my share price is going to the moon.

So ICO's can we please stop using this argument in general? Please!!!!

The marketing

Aggressive YouTube campaign

The only reason I was remotely motivated to take this coin apart was because of its annoying Youtube campaigns. I've painfully gone through some of them and not one mentions the technical aspect of how the coin works its just I have a coin, i have an industry, we going to the moon!

Bunny Token Youtube Channel

Rebranding

Bunny has already majorly rebranded their site, probably after realizing that calling themselves part of the "Adult Industry" would get all their ads banned and reported (at least on sites like YouTube). As a result, they are now lying and calling themselves the "Entertainment Industry Token", which is rather insulting to the actual entertainment industry that doesn't rely on self-abuse for revenue

False claims

They make claims that from Pre-sale the price of the coin will increase by 1% compound every day. Guaranteed returns? How would my boy Carlos Matos put it? "Yeah, that's a scam".

Referral Program

While many ICO's use referral programs to get the word out and help attract investors not many of them opt for the Bitconnect style referral system also commonly referred to as a Ponzi scheme. The referral program offers each person who buys tokens a referral link that "For every referral who buys the Token a bonus will be offered to the link owner.

The bonus will consist of an addition of tokens to the owner’s account which amount to 10% of the invested tokens his/ her referrals buy.” - bunny token white paper

That is classic pyramid scheme action right there.

Partnerships

Bunny Token claims to have partnered with some pretty exciting brands in the adult industry and here are a few featured on their website. Look at those reputable companies right there wow, we've got some big names right there.

Screen Shot 2018-05-15 at 08.39.33.png

They also make claims that they will be partnering with large adult sites and mention Pornhub, many of the adult sites in the partnerships are registered in the United States, where BunnyToken is currently banned. Moreover, the Goldnude.com website is no longer operational because it has no valid payment method for registration.

I'm not the only one

If you think I'm the only one with a vendetta against Bunny token and I'm just salty I didn't get in on the presale then check out posts by fellow Steemians.

Google it

A simple Google of Bunny token reveals

Bunny token scam

Still not convinced?

If this isn't evidenced enough for you please do yourself a favour and chat to the admins on Telegram or social media they are the most clueless community managers i've ever spoken to in my life.

Shit/Scamcoin of the week rating

All things considered, I have to give Bunny Token a 💩💩💩💩💩 - 5/5 poop rating

Better ways to give away your money

If you were considering investing in Bunny Token before reading this post you clearly have money you feel you can lose so why not do something more constructive with it, like give it to charity or buy yourself a kick scooter and hopefully get a wrap around the ankle for not giving that money to a good cause! You're an adult why would you need a kick scooter?

Have your say

What do you think of bunny token? Are you tired of all these shitcoins/scamcoins popping up every single week? When will it end? Is their a coin you feel should be featured on Shitcoin of the week? Let me know in the comments

Resteem this post spread the word on these projects that are ruining the crypto industry and the reputation we're trying to build