Yoyow on Bitfinex, where is Steem?

In-case you are unfamiliar with the matter, Yoyow is an offshoot project by some of the cn community to build a DSM platform serving the Chinese audience. At it's core, it is a a place which rewards content creators in much the same way as Steemit, except their system employs what they call Proof of Taste instead of the Proof of Brain on Steemit - semantically they probably mean the same thing; Stake Weight based voting , attention economy blah blah, we've heard it before already.

ERC20 token?

So, it's an ERC20 token but the platform isn't utilising the ETH blockchain?
We have a demo website released, and a pretty looking website with an equally pretty looking whitepaper with fancy gobbledeegook. Sound familiar?

So let me ask Yoyow these questions on behalf of all the people dumbfounded by the listing on Bitfinex.

• Aside from a web wallet to hold the ERC20 tokens you have issued, what actual tangible working product distinguishing it from just a token have you released?
• What problems are you attempting to solve? Or, it a case of trying to fit a solution into something that isn't really a problem?
• Is the fact that your target audience is Chinese going to be a problem? The government does not like censorship resistant platforms (duh!) and they also don't like public chain crypto-coins.
• Given the above, would it not be a lesson learned from Steemit that the Chinese market is not conducive to this kind of product?

It all boils down to a couple of things. Yoyow is essentially a redesign of Steemit that doesn't really provide too many new or different innovations. It is at most, a makeover of an existing product. I say makeover and realise that there isn't actually any working beta of Yoyow, nor proof there is one.

So we've established a couple of things.

• Yoyow has no working product beyond a wallet (I can cobble an ERC20 web wallet together in less than day)
• By induction it has few end users or rather, none at all.
• Target market is becoming increasingly distanced from crypto.

Also;

• None of the developers are known blockchain architects.
• None of the developers are known full stop.
• The roadmap doesn't extend beyond a listing at Bitfinex?

Bitfinex adding random ERC20 tokens, is it random or is it calculated fraud.

About 2 years ago, the larger exchanges started throwing 'AML/KYC', regulation around and began selectively adding coins to their exchanges. They knew that adding coins with a large user interest would generate a lot of volume and thus revenue.

However, Yoyow has no end users, just a few speculators and no end product. It doesn't satisfy as a project with "significant user interest", certainly not comparable to a website with tens of thousands of active users daily such as Steemit.

The exchanges quickly realised that they could make even more money, if they became the market makers for the markets they list! This allows them to inflate volumes as much as they want because the fee's go back into their own pocket, and as the exchange, they see everything.. Who's orders belong to who, where the conditional orders are, the stops, the incoming deposits.. everything. It's a market maker's dream.

The last thing the exchange requires is a large control of the supply because to "pump" any coin, there can't be perfect unilateral distribution, markets are too hard to control otherwise. Therefore, the only logical explanation is that the Yoyow team has struck a deal with Bitfinex giving the exchange a large control of the stake.

Bitfinex are stake holders of Yoyow token

• Bitfinex now has incentive to list Yoyow and make the market.
• Yoyow team sign nda + agreement to not dump their coins for a given amount of time.
• BFX creates liquidity through market making yoyow and drawing attention to the market by pumping the price.

And there we have it, the real reason why an unproven project with literally no end users, no real organic interest can suddenly be listed on bitfinex. We all have hunches about Bitfinex and their crooked operations but the listing of Yoyow has all but confirmed them.

The market listing had it's usual spike and then return to mean. The noise I expect the market to make will be several magnitudes larger than what we've seen so far. The price should make headlines and cause a scurry. This has not happened so far and thus it is the best time to start accumulating. Just don't expect the project to have much longevity because fundamentally it is run by a bunch of amateurs. Take your profit and walk away.

Steemit will have it's day, and it won't rely on a fraudulent exchange pumping a fraudulent coin, with fraudulent money.