I’m going to start posting the red flags I see while researching crypto tokens. The one I ran into is Soap Coin. (http://soap-coin.com) not sure if I should post their under-construction site but I decided to do it since I’m accusing them of being a scam so you might as well know who they are and do your own research and decide if I’m right or wrong.
So here is my honest review of this coin and if you don’t want to read the entire review my verdict is that it’s a scam. (Please don’t forget to reward the wok please – thank you it keeps funding my research effort).
WHAT IS THE REAL WORLD USE OF SOAP COIN?
What do I mean by real world use? Like for example STEEM has this amazing social platform, or GameCredits aims at supporting games etc.. That is what I mean by real world use. So what do they claim at SoapCoin for real world use? Here’s what they wrote:
“Soap Coin is visualized to be a way of paying commissaries for people in jail when the government would recognize cryptocurrencies. The coin would be a go-between the commissary companies and the inmates and their respective families”
Lets analyze this sentence:
“government would recognize”. Do I even need to comment on that one?
“go-between the commissary companies and the inmates and their respective families”?
Well there are a few other “prison” coins that have the same claim for years now, and how many prison commissaries are using the other coins? HOW ABOUT 0? So what makes SoapCoin think they will be able to pull off this extraordinary claim? Let me say this, extraordinary claims require extraordinary proof. I’ll leave it at that.
So my verdict is that there is no real world use. So what is left? Speculation! Basically what I think the dev is trying to do (and correct me if I’m wrong) is this:
- COPY THE CODE. He takes the open source from one of the established coins and re-brands it.
- PREMINE SOAP COIN. He takes say a million or a few million SoapCoins for himself. I don’t have a problem with this if there would be a real world use for this coin other then taking advantage of people who will loose their money for 99.99% sure. Just to explain look at Satoshi he per-mined Bitcoin, but he didn't do with a purpose of taking money knowing 100% there is no value, this is what this guy is doing, he knows from other prison coins that there is no value and is doing it on purpose that is what makes it a scam.
- GET OTHERS TO MINE SOAP COIN. These guys get on the game to get the coin going and will be dumping their mined SoapCoins later on the “bag holders”.
- CREATE HYPE. Get some hype going to attract “bag holders”. Like posting Soap to the moon and other Hype BS posts etc… I’ll analyze this as I learn more about these scams. I’m still learning crypto, but once I understand the stammers better, I’ll post here more details about how they steal money from the bag-holders.
- START DUMPING. I’m not sure 100% how they strategize in this process by my guess is they dump slow to keep it stable not to scare of new bag holders until they bad holders dry up then the go wild collapse the coin and move to the next one. I might be wrong and will find out more about this dumping process later.
- FIND A NEW CON COIN AND REPEAT! I have already discovered that some Devs have done this type of scam multiple times and have made a living for years doing this to bag-holders. To me this is not moral, but it seams there people are devil likers who don’t care about morals.
So that is my verdict don’t get into this coin unless you want to take a HUUUUUUGGGGGEEEEEE risk of becoming a bag-holder.
THE AUDACITY TO NAME IT SOAP COIN!
And finally the Dev has the audacity to make fun of his future victims by calling this “Soap Coin”. So bend over and pick up your soap … You get the idea. It’s like this wicket little person is making fun of the victims he is trying to take advantage of in the future. I guess this dev just bothers me to try something like this instead of using his talent for good and not to scam people.
Please let me know if I’m wrong here in my analysis. If you agree and want me to keep researching and exposing scammers on Steemit, please consider supporting me. I have published my addresses on my Exodus wallet and have already received donations (thank you very much):
Also if you suspect some new scam coin, you want me to take a look at, please post down in the comment area and I’ll jump on it.
Thank you for all your support and your feedback.