NovaChain - daily metrics; 09-Nov-18

Today I have decided to share with steemit my thoughts on a platform called Novachain.

First off I am not recommending anyone invest in this platform. I merely want to try and document what happens on the platform and then provide some ongoing metrics of the platform which I will try and post on a daily basis via Steemit.

The Novachain platform makes claims to use arbitrage opportunities to in grow the value of their own token called Nova.

However there are some red flags that show up when you look closer:

• Anonymous team - the CEO is called Jasson from Germany but he doesn't provide his surname or his linked in profile so you cant verify his real identity and background.

• Very little provided in the way of verifying the profits they have claimed to make thus far.

• This is not a public blockchain solution that allows the investors to verify each transaction. This is a what I would call a classic "Black Box" solution.

• Not possible to review code used on Novachain

Therefore it entirely possible that it could be a ponzi scheme or a "partial ponzi" scheme where profits are inflated through the recruitment of new members rather than through arbitrage profits.

However on the flipside it is possible that this is a real platform and maybe Jasson works in the finance industry and therefore wants to keep a low profile until later on or to protect his job or his intellectual property. There could be many reasons why. But it's not a good signal to investors on the face of it.

They claim that they have been successfully using a forex Arbitrage bot for many years already and they have adapted this bot called Rex to work in the crypto space.

This could be another possible reason why the team may want to keep a low profile.

The old adage - if it sounds too good to be true then it probably is.

I can see in some ways the team could build a platform that in turn provides extra funds to launch the arbitrage bot. However a counter argument would be that a well made arbitrage bot with verifiable results could easily attract private funding.

On the basis that there are some real unknowns here I have decided to post some daily / close to daily metrics.

The key one here is membership numbers. Rising numbers of new entrants onto the platform mean good times for all before them. But if new members dry up then that is where the problems will begin if it turns out that this platform was relying on new entrants to the platform.

The other metrics provided relate to trading volume and the amount of Nova and Eth staked on their novabox platform. Novabox is presumably used by the team to fund the arbitrage trading that goes on.

Whatever way Novachain goes, these metrics will be useful in an historical context !

• Please note that I am manually pulling off these numbers and they are the numbers provided by the platform itself. So I cannot verify if they are true and they shouldn't be used as the basis for investment or trading purposes.

My referral link is here; https://novachain.cc/register?ref=MADO

Overtime I hope to provide some graphs from the data as well as a link to the google sheet itself.