Ever heard of chain mail?
Well, those 90s things were not good either. However the real original was a type of armour. Let's say Cryptoninja.Guru also likes armour plated projects only. This will become the first crypto project review post on the blog of the same name (which this little distraction has me away from, again).
First, A Message From Our Sponsor:
Next thing to consider. There are about 15 really big and cool exchanges out there. Go find out who they are, make a post about them. Sign up for one, play around and trade some spare coins, and then look how to LIST SMOKE on them. You've got yourself a bunch of really cool blog posts to make there, and,
I am here for one reason - Smoke Network is a project with huge potential. It has my teams 5 Star rating. So before we get started, please try to trust me that listing on random belly-fluff-coin exchanges of which there are as many as there are shitcoins - and that an exchange can be setup by anyone to wash few million of volume everyday, it can actually create profits at the same time. In other words, a little exchange can appear just that, 'little', and supposedly set for growth. Or, they could be nicely cashing up just by trading the ICO fund, and use whatever dirty tricks to puff it up even more. Another strategy, is they'll continue the scam and take innocent people in. It's part of what they're doing here, they will get the benefit of other naive communities seeing all our tweets - about this super 'exchange'.
Let's go through the screens that you lot have had me awake until now doing; with the commentary, I hope you will let me know in the comments if I'm sounding rational. If not, I'm always happy to be educated.
Now the first of few things to consider:
Some information from bitcointalk.org forum - more follows
For starters, this exchange can only handle ERC20, if they can handle anything at all that is. Smoke is an implementation of Graphene and listed on BitShares. We aren't having an ERC20 swap. Someone like Binance can handle us, they have BitShares for example. That's not to say we can't give any exchange a cold storage wallet. (we can). However, so many of these exchanges (even big ones) can only handle or list Ether [sic] tokens. Because Etheruem in fact sucks 10000x worse than VHS did compared to Betamax.
We're killing it for a brand new cannabis blockchain project. Wait till they put Ganja Business Tokens tokens on here with an exchange and SMOKE as the core, imagine, like a mini-BitShares with the social network, for Cannabis industry? Don't you know we just need to focus on our own community for now ... (GBTs, I just made it up, I'm NOT an official rep of Smoke Network btw).
From the White-paper
So, something that I don't do just for fun. I'll hold on the coffee and spliff also because this often only takes a few. A white-paper can be identified as legit or fluff-brochure in a moment. This one, its all pretty graphics and no content.
Vague nonsense about AI and robots, and "Ether". Oh man. I'm done here! 30 pages of skim reading complete bollocks. If the white-paper sucks, it's a good sign you can stop wasting your time right there.
A quick reminder.
Talking of friends, always a barometer for a company or project. Does anyone care about their YouTube posts? Views here of the CEO presenting the new vision in cryptocurrency exchanges, isn't that popular really.
300 views on YouTube. Possibly paid for. I don't know how anyone can get so many otherwise.
If you actually read these white paper infographics, you find meaningless jumbles of words, posing as something you'll have to read in great detail later (So, don't bother with that before you hand over your ETH investment, ok?).
Onto the main trigger for ninja robot guru losing it over this stuff. You have to start looking for the wood through the Smoke. [sic]
It's a virus - feeding on its host. It has come to harvest effort from us. Can't you see it is a trap?
By sending all these tweets, we're (Smoke) looking desparate to be on this exchange. WHEN OUR OWN CMC LISTING IS WAY HIGHER.
CryptalDash is an ICO that raised a few million and now wants more, or has expenses on top and not even 10% liquidity of BitShares. Even better, it allows them to assure investors or attract new ones, by them showing how they have "a massive community". Even more scary, some of our own here might feel compelled or want to gamble a few ETH into a speculative investment. Happens all the time. Just HODL the SMOKE man, and ok, some BitShares, WhaleShares, some YOYOW, maybe some of that BTC/ETH ...... for trading :)
Now I have been watching for a few days, they do the same everyday. Trade between $2-4 M USD of their own pairs on their own wallets and exchange:
30 30 30 split, daily, creates an artificial volume from spot trades. AKA wash trading. Possibly for show, or for profits if they are doing arbitrage.
CMC (coinmarketcap.com) shows they have a coin listing and an exchange listing. The coin barely registers, Smoke is actually a far bigger coin, guys and gals.
Yes, an incredible 27 HODLS of their token on Etherscan
They are just sucking the communities, with carrot of exchange listing and stick they're posing it as own community to steal money from more people - 100%
Clean, no doubt. Pretty ..... spartan? For 11 million or whatever they
raided raised in the ICO. This is the end product .... I filled in some spaces, to show you that other things would fit in them..
So much space for my freedom. Good thing I threw 400 ETH in here.
It's just too empty, and too much like 100 other central exchanges we have seen. Standard bootstraps, templates, components, forkable projects on git, etc etc. It's all out there and free, for a developer with hours to spare. Spotting the fakes is easy, like the earlier website report - no team with any half decent devs would let that happen. Big red flag, just check the website with some YSlow and PageSpeed tools.
Run some tests using free online tool gtmetrix
Do you want me to talk about the quality of this website? Another ram-packed ICO type website full of extensive text that seems to make sense. However is actually so full of holes, I didn't spend long going into them. Let's not beat around the bush. That F and E rating doesn't translate to Freaking Excellent. It's so bad, they've tried really really hard to fill the site with flimsy information.
So far and not so good.
Now there is that 2.9 million in trade. But it's all within itself. If you raise 11 million in an ICO, you can also move 30% of it back and forth each day, making a small profit if you are careful. So, the real bottom of the pit is exposed.
Lastly, the most recent update from their CEO on Medium
It seems to consist of excuses.
Coinmarket cap 24 hour volume
Could be wash traded with my pet dogs crypto stash through what essentially looks like the centralized exchange they have built themselves. Just swap the investor capital they got from ICO between BTC and ETH all day, and you get this:
Ninja Early Verdict: SCAM. Huge holes. Red flags. Lack of technology and actual fact. Non-ICO now using crypto-space to harvest data. You have been warned.
** Disclaimer: This is for pure entertainment and is not investment advice. It is intended to help the reader learn about cryptocurrency.
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