To start this off I want to say I am not a financial adviser and you should do your own research.
So recently, I was looking to get into Pillar on EtherDelta. I went to etherdelta, scrolled down to PRL, and spent a couple Eth worth to buy it, then transferred it to my wallet. A day later I realized something dramatic, Pillars symbol is PLR (Pillar) not PRL(Oyster Pearl).
At that point I started freaking out as the price was ridiculously cheap. I looked at Coin Market Cap to see that the price is .007 cents and Market Cap is less then $200,000.
Looking at the price I'm thinking to myself I got into a scam and will never be able to sell all my tokens that I just bought. "Makes sense why I got them so cheap" I think to myself. Because I'm already in the project I look into it and find out that the premise of the project is not that bad.
See the video at "https://oyster.ws/" to get a general description of the project.
But as I'm looking through the project I notice a few red flags.
- They only have 3 people listed in the team
- The founder doesn't have a linked in page
- A lot of their social media (Besides Twitter and Telegram) haven't been updated for a month. Twitter and Telegram seem to be fairly active
- Their GitHub Code doesn't have a lot of comments on it. When looking at a project, it is good to see a lot of comments.
- The coin isn't listed in EtherScan and has a Neutral Rating "https://etherscan.io/address/0x1844b21593262668b7248d0f57a220caaba46ab9"
- There are similar platforms already in the works that do parts of what Oyster Pearl is offering
- This could be a scam
With all these red flags I thought, well I'm screwed... But after a little bit of scouring I find this.
- The code is designed in a way where it seems they at least are proficient in coding
- They are active in Twitter, Bitcoin Talk (https://bitcointalk.org/index.php?topic=2222507.500), and Telegram
-----I was able to see discussions of them talking - The system itself integrates IOTA and Ethereum
- The Market Cap is insanely low. The reason why it is so low is they released a bug bounty during their ICO (supposedly) and crashed the price. This can be seen as a bad thing, but if the project shows progress I can see the price going 100x
5)From my Research so far I haven't see anyone scammed
Conclusion
I am not a Millionaire and can either take a steep loss and get some crypto back, or leave it in PRL and potentially get a high return. My thinking is this, if this isn't a scam and they aren't incompetent then this could be a Diamond in the rough (a big IF).
Again, do your own research. I am not a financial adviser. If you are into gambling, this may be a good idea to do some research into this
:-)
Made the same kinda mistake myself.was trying to buy DGD(DigixDAO),and bought Dash instead.
Kinda glad I made that mistake! Just wish I had got ETH at the time too,as they were both at 5.50 range..
;-)
Hope you have as good of luck,fortune.
Namaste
Crypto is booming so much that it doesn't really matter what you bought, everything has gone up. It's pretty much a win win situtation.
This should have got my vote, except the title is misleading.
thanks for your post! I often think about buying some crypto, but never have the money for it and don't want to spend my last money on it haha :)) hope to have soon some steem :) thanks and maybe u would like to follow me too! thanks <3