For those that want to skip the personal sentiments and go straight to the actual claims being made, the detailed reddit post can be found here: https://www.reddit.com/r/BitShares/comments/7r69lv/due_diligence_a_primer_by_example
A decentralized bank coming with a lot of beautiful promises... Using Bitshares as one (of many) ledgers to bring this ICO forth as a revolutionary and legitimate business. Well, after seeing so much I have concluded for myself it to be nothing more but a scam. And that while I was thinking of investing into it. From the start I had some doubts though, about the way they were handling things there seemed to be some unprofessionalism in their work. Countless retweets being on their Twitter page endorsing ARISE, with no real contents of value. People calling it out to be a scam harrased and answered with childish responds, there being some serious accusations. Somehow talking their way out of any claim made, calling it all out to the good ol' FUD. One announcement made after the other, while each of them fail to prove their legitimacy in the end. And one of the most damaging things of all in my opinion, the lack of due diligence when it comes to key figures like 
The biggest doubt that withheld me in the first place was the functionality of their minted eACO, which is a vanishing coin version of the AriseCoin. The question being what it is to be used for. If it is created to disappear, where is the value in it?
Now luckily there have been some real active members looking into ARISE, especially in the Bitshares community. So with no further redue, have a look for yourself towards the claims being made.
https://www.reddit.com/r/BitShares/comments/7r69lv/due_diligence_a_primer_by_example