This was pointed out by another person in Slack (hat tip and SBD to Raul) when we noticed that the Corion.io USD ticker has not changed in the last 24hrs, not by a single USD. The reason why it hasn't changed is that Corion hardcodes the USD amount raised onto their ICO page. Have they raised any money or is this an illusion to make people think they should invest? The USD, the # of contributors, and the the number of tokens issued are HARDcoded onto their website and may be fake. Be careful out there.
People who know me know that I use the word "scam" very judiciously. Corion makes me nervous. Here are some other Corion Concerns.
Corion touts affiliate marketing as a way of selling their ICO. Similar to ADA Coin/Cardano and OneCoin.
Stablecoins are a crowded space and many have spent years in development, so they are behind the competition. The pre-eminent stablecoin today is Maker, whose members post often on Steemit, and it is about to release its initial simple stablecoin called SAI.
Corion is launching on a chain, ETC, which does not have scaling plans that can match what Corion would need in the long term. Steem scales much better today that ETC will. Scaling is the holy grail for all chains so it's a decision that stands out, although tech gets betters and maybe a scaling solution that meets their needs will materialize on ETC with enough time. Today ETC lacks the security of Ethereum, the scaling of Steem, and the mindshare of Bitcoin. It's a choice that may disadvantage Corion's investors.
There have been several scam ICOs run on ETC. The first ETC ICO was BorgDAO and that was an exit scam where people lost all their money. DaemonDAO was another scam on ETC. ETCwin was an ICO that happened but this is the activity now. The ETC community hasn't demonstrated the depth or the size to properly vet ICOs -- this is the extent of what public discussion there has been about the first ETC ICO in 9 months.
Update: A helpful Redditor did a lot more digging than I did and raised more, deeper red flags.
Off-topic: My mascot has an eeks on his head.
Is that new? Eek is a cat, eek is a mouse, eek is a Mayan god of death, eeks is many.
Like Ygramul the Many, from the Neverending Story
Wow, good pull!
Corion is more or less fixed to 1USD, so the limited fluctuation should not be surprising. Too many people shout scam nowadays , some by design some by ignorance.
Thanks for pointing that out. Wow yet another one. At this rate it wont be governments that kill cryptos, it will be fraudsters.
Thank you for sharing this. You just might have stopped someone in loosing a lot of money! I give you my Upvote.
Another one? I'll be broke soon!
Great information.... many scams are in the works....people need to be careful
From : "With great power comes great responsibility"
To : "With no regulations comes no protection." (but great possibilities!!)
Thank you for posting this. With all the ICO madness out there people are just throwing money at anything that pops up. We all need to be more critical of the companies we invest in.
All these ICO's got people in a frenzy FOMO, and it's my guess that many invest without doing the necessary research.
So thanks for bringing this out in the light.
Be careful with your money folks :)
Very true and it will get worse before it gets better. How can people protect themselves? Do extensive research before investing.
Good looking out @eeks! Thanks for the warning.
OMG....i already bought CORION........
So did I. Let's see how it pans out... :-/
First, you should ask your concerns and not to write fud about other people's hard work! As Corion Platform is not on the blockchain yet, we can not give live data to the our site, so we update it a few times a day. Our referal link has a maximum of 4% Onecoin has 60% affiliate reward! Its not comparable! 2. If we behind the competition that is not a concern that maybe or maybe not a fact. How you can tell if we are behind or not? 3. Time told otherwise, ETH has a huge problem now, so scalability is in question here, as ETC has only a few tokens on it, so our project has a room to grow! 3. If there was scams on ETC that means all the future tokes are scams too? That doesnt make any sense at all! Please read our whitepaper carefully, join our lslack, do your in-depth research and then inform others about us!
Not a great response. It might be worth just building your project and proving me wrong that way rather than trying to win an argument with me on points. You scored pretty badly here.
You are very likely behind the competition. If you have a critique on Maker and why you're better, I would love to see it.
I don't think you understand the scaling dynamics. If your project works at all, ETC will not be able to scale with it given their roadmap. Current TX costs matter very little and are not a bottleneck worth considering.
[sic] It makes it more likely and there are reasons that there have been more scams, %wise, on ETC than other platforms.
SCAM is a tough word and to declare something a scam implies enormous resposibility at the speaker’s end. You know why? Because if you are wrong and judge the people on the other end improperly, you can easily destroy these people who are working very hard even at this moment, and their thousands of hours hard work.
There is nothing wrong with being sceptical, it is part of our life especially nowadays in an ICO-abundant environment. I encourage you to be sceptical, because many are on alert to catch you when you are not wide awake.
CORION is not one of them.
To state something as SCAM even if you use this word very carefully just because the displayed amount is hardcoded is very inexpert, to say the least. Would you feel better if there was a database link coded? Based on your approach I suppose so. Who do you think the database where the values originate from is operated by?
I would refrain from asking the question: if we wanted to manipulate in any way, how come we still have not raised at least $20 million?
I repeat: be sceptic but give us the opportunity to prove we are benevolent, honest and our system is transparent, before you irresponsibly damage other people’s hard work, dreams and lives.
Find our source code here:
https://github.com/CORIONplatform
We are more than happy to answer your questions here:
https://join.slack.com/corionplatform/shared_invite/MTk5NTI5NDUzNzk0LTE0OTc4MDIxNDItNzk2OGMwOWM1Yw
This needs to stop
I agree scam is a bit too harsh, but clearly there are red flags. The chief one is the extended ICO date, a VERY bad signal for the investors. This extension was never satisfactorily explained, despite many questions. This in the real world equals to a breach of contract, which is ironic as Corion is supposed to run on consensus.