PlexCoin is the next decentralized worldwide cryptocurrency, based on the Ethereum structure. Its mission is to broaden the possibilities of uses and to increase the number of users by simplifying the process of managing cryptocurrency to the maximum. But is it a fake ?
Before we jump to any conclusions let us first look at the bold statements made by the company. Let us start with what is a PlexCoin and who created it ?
PlexCoin is the creation of PlexCorp Tech - http://plexcorps.com/ - a company currently shrouded in mystery they describe themselves as a "Decentralized Visionary Team" and state - PlexCorps is a group of cryptocurrency specialists, programmers, engineers, etc., that work towards the same goal: Improving the accessibility to crypto-services by simplifying their management process.
Making heavy use of social media their company facebook page can be reached here https://www.facebook.com/plexcorps with the coin page here https://www.facebook.com/plexcoin/ and twitter account here https://twitter.com/PlexCoinICO, their email address is shown as info@plexcorps.com.
So what is PlexCoin ? PlexCorp describe the currency as follows: "The PlexCoin is a cryptocurrency (private internet currency), that has a value based on the current market. In other words, PlexCoin is an entirely decentralized open source worldwide currency, without any central authority. This means that your transactions will not be managed or verified by any traditional banking institution. Users can now control their own finances privately.In comparison to Bitcoin (45 minutes), the transactions (deposit, withdrawal, purchase, sale, transfer) of PlexCoin are confirmed faster (30 seconds) and they have increased storage efficiency.The PlexCoin’s new revolutionary operating structure is safer and much easier to use than any other current cryptocurrency."
In their description PlexCorp state "With PlexCoin, you will be able to undertake regular transactions and spend money with your PlexCard anywhere around the world. You will also have the option to send or receive funds from anyone, in a totally private way.With PlexWallet, you may exchange your PlexCoin for Bitcoins, Ethereum, Litecoin, or even buy and sell your PlexCoin for CAD, USD or EUR currency.
One of the many features of PlexBank will be to secure your cryptocurrency from market variation, which is highly volatile, and invest your money in a place where you can get interesting guaranteed returns. PlexBank – The first private cryptobank."
The company states "Plexcoin's mission is to make cryptocurrency accessible to everyone by being easy to use and to understand, safer than standard currency and much more private."
So why PlexCoin ? PlexCorp are happy to indulge us with their view on why it will be a success:There are many advantages to buying and using PlexCoin. You can now use your money without leaving any trace. Plexcoin will meet your expectations, thanks to its efficiency. Here are some non-negligible advantages that diferenciates PlexCoin from other cryptocurrencies:
The company then breaks this down further citing six areas of gain as follows:PlexCoin repurchase
The PlexWallet application will offer you the possibility to purchase or sell your PlexCoin (-5%) as needed and to transfer your money in standard CAD, USD or EUR currency quickly and easily. Unlike other cryptocurrencies, PlexCoin do not need to go through a secondary market before people can have access to their cash value.
Stability
The PlexCoin is based on Ethereum's structure, which makes the cryptocurrency work the same way it was programmed, without any possibility of downtime, censorship, fraud or third-party interference. Cash can be stolen or lost, but PlexCoin will always remain safe.
Fluency
Plexcoin and its related services (PlexWallet, PlexCard and PlexBank) are being developed to revolutionize the use of cryptocurrency and to make it accessible to everyone. We have brought together four products under one banner, all interconnected and working together so that you can use your PlexCoin according to your needs. The first of its kind in the world.
Services
You will have access to your PlexWallet, with which you may manage your money. You will also receive a PlexCard so that you can spend your money anywhere in the world in a safe and private way. Not to mention PlexBank, which will offer you the possibility to secure and invest your cryptocurrency.
Bonus
During the PlexCoin pre-sale, we will offer a 5% bonus to the referrer and 5% to the referred person on every PlexCoin purchased. PlexCard will also offer a cash return up to 10%, depending on the chosen card type, on all your purchases made anytime, anywhere in the world.
Multi-Currency
Your PlexWallet will make it possible for you to exchange your PlexCoin in a vast range of currencies and you will also be able to purchase your PlexCoin with these same currencies in a simple and fast way. You may use available ATMs anywhere in the world to cash out your PlexCoin. After all, it is your money.One of the reasons PlexCorp have come under fire was initially not releasing a whitepaper about the currency, something they have now done here (you can see the entire 57 page WhitePaper at the bottom of this document) and additionally the reluctance to show who the team behind the currency is. They were also then taken to court in Canada where headlines stated
"Virtual Currency - Orders issued against PlexCorps, PlexCoin, DL Innov inc., Gestio inc. and Dominic Lacroix"
Montréal – On July 20, 2017, at the request of the Autorité des marchés financiers (the “AMF”), the Financial Markets Administrative Tribunal (the “Tribunal”) issued various ex parte orders against PlexCorps, PlexCoin, DL Innov inc., Gestio inc. and Dominic Lacroix in connection with their activities relating to an investment in the purchase of PlexCoin, a virtual currency.
More specifically, the Tribunal prohibited PlexCorps, PlexCoin, DL Innov inc., Gestio inc. and Dominic Lacroix from engaging in activities for the purpose of directly or indirectly trading in any form of investment described in section 1 of the Securities Act, including the solicitation of investors in Québec and the solicitation, from Québec, of investors outside the province.
The Tribunal also ordered PlexCorps, PlexCoin, DL Innov inc., Gestio inc. and Dominic Lacroix to withdraw any advertisement or solicitation made on an Internet forum or elsewhere relating to securities or any forms of investment, published or distributed by them directly or indirectly on the Internet or elsewhere.
In addition, the Tribunal ordered PlexCorps, PlexCoin, DL Innov inc., Gestio inc. and Dominic Lacroix to close websites www.plexcorps.com and www.plexcoin.com as well as any similar website that is published or distributed by them directly or indirectly or failing which, to make the sites inaccessible to any IP address in Québec so that Québec residents are unable to consult the sites.
The Tribunal also ordered them to post its order on the sites’ home pages.Lastly, the Tribunal ordered Facebook Canada Ltd. to close the Facebook accounts of PlexCorps and PlexCoin. DL Innov inc. and Dominic Lacroix are also subject to orders issued by the Tribunal on June 13, 2017.The Autorité des marchés financiers (the “AMF”) is the regulatory and oversight body for Québec’s financial sector.
On the back of this action the Facebook page was pulled and SidePay - the mechanism for exchanging World Traded Currency (GBP/ USD etc) was pulled - meaning the only way to purchase Plex was via a conversion mechanism from Ethereum or BTC.
On the Facebook Plex Coin discussion page one user went to great lengths to describe the process whilst also adding in his own Plex link which gets the new user (and himself) an extra 5% Plex:
STEP 1. First you need to go to www.coinbase.com and register an account with them.
STEP 2. Once you register with coinbase you should go to the following link and open a new account with plexcoin: https://www.plexcoin.tech/?ref=Q98se3VGx7Use the link above to register a new account with plexcoin so that you can get 5% extra coins once you purchase plexcoin.
STEP 3. After this go back to www.coinbase.com and select buy bitcoin option.Using your credit/debit card purchase whatever amount of bitcoin you wish to buy. For example you can buy bitcoin worth $400
STEP 4. Once you have bought bitcoin go back to your plexcoin account and login. Click on buy plexcoin. Choose the payment method BTC which stands for bitcoin. At the bottom of the page you will see a unique link with the heading "Address of my private wallet" Copy the unique link and proceed as follows:
STEP 5. Go back to www.coinbase.com and log into your account. Go to your Bitcoin wallet which holds the $400 you had earlier purchased and transfer the desired amount to the address you had copied from plexcoin.tech.
So lets recap here a second, we have a new coin offering who has been sued before the presale window closes, their payment mechanism removed and their social media account closed.
This sounds like it could be game over from the start - but no, with decent traction across social media with people believing in the currency - example groups here https://www.facebook.com/plexcoin/ and in addition PlexCorp state "all PlexCoin purchased by credit card, debit card or PayPal have been distributed! Even before the deadline of 45 days has been reached. You should therefore have a green check to the right of all your transactions." this can also be validated on Etherscan.Etherscan is the leading BlockExplorer for the Ethereum Blockchain.
A BlockExplorer is basically a search engine that allows users to easily lookup, confirm and validate transactions that have taken place on the Ethereum Blockchain. We are independently operated and developed by a team of individuals who are truly passionate and excited about the kinds of decentralized information and infrastructure applications that Ethereum makes possible.
We can see these transactions here https://etherscan.io/address/0xb3203DB25a01fa7950a860B42b899Ad7Da52DDD6.If the Wallet is released in Q4 as stated by PlexCorp this will make it much easier to track your investment.
We also note their plans for Plex Card - with highly glossy cards on show and a much shorter transaction time than bitcoin we can see the attraction, PlexCorp state:
Actual cryptocurrencies are hard to understand and complicated to buy, especially for unexperienced people, and even more so when it comes to selling your cryptocurrency and spending your money.
PlexCard can be used anywhere in the world and will be connected directly to your PlexWallet. It will give you the opportunity to spend your money in a totally confidential way. Buy yourself a trip or a new smartphone, book a flight or buy an item on eBay. Your PlexCard will follow you wherever you go and you will moreover receive a discount of up to 10% (depending on the type of card you choose) in PlexCoin on all of your purchases.
Every purchase you make with your PlexCard will guarantee you a perfect interbank exchange rate without fees. You will never have to worry about exchange rates, you will always get the best current rate. An incredible advantage and a profitable peace of mind!
"Live the PlexCard experience. More than a credit card, it represents peace of mind, absolute anonymity and ease of use."
Why was the launch missed ? Apparently PlexCorp stated significant member problems with 2FA as the reason for the delay ?
In their words "Good Friday to everyone, as you might have noticed, we did not finish our list of things we had to do before launching the PlexCoin on the market.
In addition to have not completing the list yet, we have also added another item to the list this week.
- Unlock all members who are locked out of their PlexCoin account after activating 2FA security.
These people did not follow our instructions properly and they are currently unable to access their account. So, it would be unfair to launch the PlexCoin on the market while these people cannot do anything.
One of the most important points on the list also is the distribution of the 10% bonus that will be given to everyone. If we launch on the market today and we distribute the bonuses next week, that would create a high number of additional PlexCoin available on the market, thus making the value of PlexCoin drop (which we want to avoid).
We also have to finish the refund claims that were made during the ICO.
We have had many issues during the presale, now we have to make sure to place all things in order to have a successful launch. It's in the best interests of everyone that the launch takes place at the right time so that the value of your purchase increases.
Please note that customer service will now only answer to people who have difficulty or have issues related to their accounts (on Facebook, email or chat). We received more than 25,000 emails and messages in the last 24 hours, 90% of which ask the same question. It is currently impossible to answer to all of you.
All updates and news will be posted on this page as well as on the "PlexCorps live updates" channel on TELEGRAM at this address: https://t.me/plex_live
Thanks for your understanding."
Really - that's jolly nice of them wouldn't you say - will they ensure everyone can access their account before deciding to proceed ? They also took a 3 day holiday before the launch - this never happens before a big project and you would always aim for an MVP.
They also released this statement the same day
"Good news for the week end! Our todo list is going well. We can immediately inform you that we have changed the functioning of the double security 2FA activation and that 100% of our members will be able to reconnect to their client access before the launch of the PlexCoin on the market. We will inform you about this in the coming days.
We also confirm that next Wednesday, each member will be able to transfer or sell their PlexCoin among the current members from their client access. You will also be able to transfer your PlexCoin to external wallets. A detailed procedure will be provided for those who do not know how to proceed!
We assure you that we work as quickly and efficiently as possible in order to have a smooth market launch.
We are talking here about a currency with a lot of potential, we are trying to meet the deadlines but we can not foresee the unexpected.
Thanks for your understanding and have a nice weekend."
A bit of a joke talking about a smooth market launch when that date has come and gone - only time will tell and this will either fly or die, if you are holding good luck and enjoy the ride but I hope you haven't be the house on this one.