Hey all,
I just wanted to share my experience so far I am minimum cap buyer of Fire Lotto ICO.
Disclaimer - I am a total crypto noob an about 40% down from my wise decision to buy into the market in January so take anything I have to say in light of that.
I first saw Fire Lotto on icobench with a rating of 4.1 (https://icobench.com/ico/fire-lotto)
I read their white paper (https://firelotto.io/whitepaper_en.pdf) it looks professionally put together and compares themselves to their competitors. It talked about what they saw as their competitive advantages –:
Trust – random draw and results on the block chain
Value – ticket price vs better probability of winning and how much
So Fire Lotto's value proposition is simple a global lottery accessible to all that builds trust in the player by putting the random draw and pay outs on the Etherium block chain. The total cap was 100 000 000 tokens for a total market cap of 30 - 50 million and all token holders receive 10% commission on lotto ticket sales.
It sounds good so I put in just over the minimum purchase 500 FLOT at $0.38 pre-sale and I see they are recorded when you log in under the investor tab and will be released post ico I think.
So I keep looking into them to see if I would like to increase my position 1st red flag was from a youtuber - Phil Davis posted a short clip saying that when you enter there lotto draw they requested a private key
(
So they responded on twitter with this "As was the community's request, @FireLottery removed solution to buy lottery tickets through a private KEY. Now, to purchase a ticket, you need to make a payment directly to the contract. In 2 days will be added the second payment method METAMASK (
)https://twitter.com/FireLotteryInfo/status/953146347179229184
- FireLotteryInfo
I feel that was a soft response and a rookie error for a tech company they should have seen that coming.
So doing more research there team seems capable of doing what they say that will do but being so multinational with my limited experience it’s hard to call. I found a link through telegram to the initial market research into global lottery (https://firelotto.io/marketing_report.pdf ) this was done through a large research group and would of cost a fair bit, so that was reassuring and increased my opinion of their value potential.
Then I get this update email , I edited it to the intresting points:-
“FIRE LOTTO is the BEST investment in 2018!
New Fire Lotto team member.
He is HOT and very professional in lottery business.
Alexander Zasypkin
Business Development Director
General Director of STOLOTO (GOSLOTO).
Vice President of Ritzio Entertainment Group.
STOLOTO - a monopoly lottery company on Russian market
Dear friends! We are happy to announce that yesterday wallet number 0x9eb9533221c794d27eb42e469ac77d1666807650 won a JACKPOT at the amount of 9 ETH in the lottery 4 out 20!”
So there is a lot to unpack in just this first FYI update email.
- Best investment of 2018! (Really?)
- He is HOT and very professional in lottery business (lost in translation?)
- The rocket sticker (I’m having trouble taking this seriously)
- I tried to check the transaction through etherscan from the draw archive, but I couldn’t find it. I suspect this was more to do with my lack of expertise I did see that you can follow multiple ticket purchases and payouts. They have and article on medium (https://medium.com/@FireLottery/jackpot-for-4-of-20-fire-lotto-lottery-ce07f0b6ffe5?source=emailShare-f21a273f9209-1518660599)
Mixed feelings about this so more research!!!
I find that they are at the Paris Fintech, seems good what you would expect from a professional operation.
https://www.facebook.com/firelotto/videos/2058125044469738/
https://twitter.com/FireLottery/status/955730780319305730
- FireLottery
BUT on their Telegram I see lots of spamming of this little gem !!!
With more cowboy rocket riding coins and lots of “too the moon” general BS which give it a very scammy feel . Although the telegram was well administered with an admin on most of the time and responding appropriately to any genuine question.
Next I get another email …
Last CALL to join BEST Lottery ICO!
Most of it was what you expect talking about the product and their Paris event, but they still have that damn rocket cowboy to the moon and some of the wording seems a bit dodgy.
“FLOT IS HOT. RIGHT. NOW.
During the presale period, you’ll enjoy the best price on Fire Lotto Tokens (FLOT). Right now, they’re only $.38 each. After the presale, prices will increase by 30%. Purchase your FLOT now and give your investment even more impact.
Hurry! The SOFT CAP has already been REACHED.”
So I’m thinking the communications director probably doesn’t have English as a fist language and I’m new to all of this, maybe Rockets and Lambos are how you communicate to the investing public in the crypto world. The Presale is about to end I can get in on the main sale if I change my mind.
Then last night I get this shocker in my email.
“I WANT YOU TO F*CK THE LOTTERY INDUSTRY
LAST 24 HOURS TO JOIN THE BEST WORLDWIDE DECENTRALIZED LOTTERY PRE-SALE
Fire Lotto tokens are available for only $.38
till 15th of February 12:00 UTC
(that’s more then 30% off the ICO price)!
SOFT CAP already REACHED!”
In conclusion “Is it Legit?”
I don’t know what to say, they obviously put in a lot of ground work and invested heavily into the product and the market. They have working Lottery that is currently earning them and future investors’ money and the jackpots are growing well and are expected to increase as advertising and adoption are increased which should help grow the pool even larger. As for the team the tech stuff seems to work fine, they have experience in the market. It’s just that some of their public information sharing is good and some feels very shady.
So is it a scam? I don’t think so the main reason I come to this conclusion is that at 30 to 50 million ICO with their working product and future expansions in a market this size I think they could make more than that within a year in just the 10% commission payments if promoted effectively.
They just need to drop the Rockets and Lambos from their communications and employ a native English speaker that can polish their image so they can build trust in their investors and players.
Thanks very much for reading if you made it to the end.
If you are interested in purchasing Firelotto tokens FLOT. I would appreciate it if you could buy them through my referral link:
Direct link to the registration:
https://firelotto.io/account.html?ref=17139
No it doesn’t give you any further discounts; it just gives me 15% commission of your purchase.
I would be happy with any comments for research tips, opinions or general advice.