The Scam Train Arrives in – Meet “Starflow”
ICO scams can take many forms. There are phishing scams, perpetrated by impostors. There are the straight-up take-your-money-and-run exit scams. And there are the pointless ICO scams which will rob investors by failing to deliver a viable working product or shipping vaporware. In the long run, these are every bit as pernicious, for not only will they deprive investors of their money, but they’ll also cost them their time. This week the ICO Scam Express stopped off in Sweden and Slovenia courtesy of Starflow and Futourist. Both projects look almost certain to fail.
Another Day, Another Pointless ICO
Pointless ICOs aren’t the exception – they’re the rule. By any reckoning, less than 10% of all startups are worth investing in, and only around half of those are a long-term hold. should fare even worse. They are only good for a quick flip (if you happen to get in early and timely) before the token dies a slow death or the platform fails to materialize. Every country produces its share of pointless ICOs, so Sweden and Slovenia are certainly not alone in that respect. They take a starring role this week however thanks to the arrival of Futourist and Starflow.
The ICO Scam Train Arrives in SwedenIt is the latter project that is the most egregious. On first glance, Starflow looks legitimate enough. There’s nothing glaringly wrong with the website, which outlines plans for a platform where brands and creators can monetize their content. The white paper is slick and comprehensive. It’s also a load of rubbish. Prefaced by a four-page disclaimer, it features wishful statements such as the following:
StarCoin will function as loyalty token, strengthening relationships in between all participants and ensuring long term activities on the platform. It will also ensure that Starflow will be valued and appreciated based on our own performance rather than that of others.
This, unfortunately, is wishful thinking. Users aren’t loyal to app tokens.
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Such a true quote by GC. I never though I was capable of so much...until I made a little, then a little more and more...eventually it started to add up. Eventually you realize you’re capable of almost anything. Money doesn’t fall out of trees...You have to cultivate it and grow it. Some people take the time, effort and sacrifice to grow their wealth and others think it just happens by showing up. Work hard with purpose and then save as much as you can. Then let your money work for you. Wealthy people aren’t lucky they are purposeful and focused. Anyone can make a better life for themselves, but only if they want it bad enough. Do you want it bad enough?
Daily News 🇷🇺 Russia's Finance Minister Anton Siluanov told President Putin the creation of a centralized cryptocurrency seems impossible.
via Bitcoin.com 🇮🇷 Iran's central bank is developing a cryptocurrency that would be administered by the government.
via coindesk 🇫🇷 France's stock market regulator released two statements—one on initial coin offerings (ICO) and another on cryptocurrency-tied derivatives.
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