I was rather alarmed to read an article on IOL.co.za about an African cryptocurrency called SAFCOIN which is now in ICO. I went to check it out and I can assure you alarm bells are ringing in my head.
Image Credit
From the website.....
Now here is the thing.
- No White Paper
- No Mining Method except a vague promise it will be coming so 5.5 Million pre-mined
- No personnel information anywhere to establish their credentials.
- R70 ($5.2) per Token giving themselves a market cap of R385 Million ($28 Million) with no product
- No description of the blockchain platform it will run on. Is it an ERC20 token? Wave token? Propriety blockchain?
- Wallet? Where do I store my tokens? Oh yes, the wallet is coming ....
This is the extent of their Team description ...
Again from there website ..
SAFCOIN TEAM
SAFCOIN was created by a group of South African crypto enthusiasts and entrepreneurs with incredible market knowledge of the technical world in programming, networking, online trading and exchange.
Let's get real. If anyone parts with their money just based on this website they deserve to lose their money. They go a little bit further with insinuations of huge profits to be made, detailing Bitcoins rise to $19700 ###
The last one "How will I make money" is a classic red flag for me. Not How will I utilize/use the token but the classic appealing to the greedy "Let's make a quick buck" mentality.
So let us look at their roadmap...and do not expect a Github repository to be mentioned... a bitcointalk.org announcement would be far too much to ask for as well
I did use their 'Contact Us' to ask some pointed questions so will follow up in the 'comments' section of this post with their response...which I really do not expect to get.
I am saddened to see that they have actually sold 24300 tokens already to, in my opinion, some rather gullible people...
I will be fully prepared to post an apology and a retractment of this post should someone from SAFCoin contacts me and convinces me this is a valid, viable project with good intentions and is not a scam coin
Thanks for reading and be safe out there.
Namaste
