Now it’s the time to talk about KiboLotto.
Many have heard about this hi-tech lotto platform based on Ethereum. This is my second post about Kibo, first is here. Enjoy.
So, what’s so wrong about it?
- It’s a multi-level MLM project, similar to MMM, Avon, Herbalife and so on. Their main feature is that only the organizers and their close associates are the ones who actually earn something.
- Reputation of the Miller brothers (https://www.facebook.com/sibdicont) who had organized the venture was somewhat tarnished at the moment of the project’s announcement. There is some information linking them to OneCoin, a project currently under investigation of the Scotland Yard.
- Participating in the project requires spending $130 on a platform, and $1,300 more on tokens. It’s quite weird for a project seeking to conquer the international lotto market.
- There are no mentions as to development of mobile apps, which, considering the project’s specificity and target audience, is quite strange. Easy money is most attractive to those aspiring to stand on a higher stair of the social stairway. Authors of Budgets Are Sexy, a blog on personal finance, claim that lotteries are taxes for the poor. U.S.-based households with the lowest revenues spend around 9 per cent of their entire revenue. (http://www.budgetsaresexy.com/2012/02/is-lottery-a-tax-on-poor-and-stupid)
- Personal account there is just copypasted from a Finnish project, i.e. it’s stolen. Here’s a link to the Finnish lotto: https://www.veikkaus.fi/fi/lotto and here is the footage of the platform’s demonstration
- Token distribution schemes also raise some questions. Out of 350 million tokens issued overall, only 100 million are actually participating in the ICO, while others are reserved for the platform’s owners.
- The project’s smart-contract posted on GitHub is poorly executed and has critical vulnerabilities allowing dishonest players to fake the results of their games.
- I haven’t seen any praise of or neutral information on Kibo in the media. Everything is sponsored.
- There are numerous confirmations of deleting Reddit comments and Slack banning for ‘uncomfortable’ questions like requests to confirm the specified numbers.
- The platform is technically overestimated. After the crowdsale, assuming that all tokens have been sold out, the platform’s price would comprise $26 million. That’s right, for 25% of tokens. See details here:
- Over the course of the platform’s preparation for the ICO, the ‘partner conditions’ changed several times. It’s not quite clear how many levels does their referral program have. There are seven of those in the personal account, whereas their white paper talks about only three. The percentage you get when your referral wins is either five or ten per cent.
- The very white paper is full of bad grammars and errors of style. In particular, there are as much as four versions of spelling ‘smart contract’ in two languages, which suggests the author is not really good at what they’re writing about. One may assume that it’s their translator’s problem, but I have analyzed the Russian version of the white paper (Russian is their mother language), and, after all, if you plan a multi-million project, you could make sure everything was fine. Apparently, this isn’t of too much importance to the project.
Белая книга means White Book, not White Paper - Most experts in decentralized projects’ ICO agree the project’s future is vague. In particular, the guys from Cyber.fund have removed info on Kibo from their site to avoid misguiding their users.
- Kibo is Japanese for ‘hope’. Each has their own hope, but the organizers seem to have fulfilled it. The platform has already attracted as much as $2 million, even though there were some tokens to the tune of nearly $1 million prior to the ICO.
The community has to know their heroes.
Here are a few links to the immediate organizers of Kibo:
Head of Kibo: Alexey Miller https://www.facebook.com/sibdicont
PR: Filipp Voronov https://www.facebook.com/profile.php?id=100009296715714
Official SteemIt account @kibolotto
Other stuff:
Oleg Belskiy https://www.facebook.com/belskiy7
Alex Romanoff https://www.facebook.com/1alexlucky
Dmitrii Koshechkin https://www.facebook.com/Kisan01011900
Evgeny Efirov https://www.vk.com/evgenyefer
Maxim Bumarskov https://www.vk.com/mbumarskov
Dallas Biz https://www.vk.com/first_krsk and https://www.instagram.com/p/BKxf4nDAZRm/
Our thanks to Alex @icocountdown for the initial review of the project.
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While there's a lot of problems here, number one is a cheap shot. Multilevel marketing is NOT ponzi nor does it ONLY reward the people at the top. Elon Musk is using MLM to push his panels out at Solar City because it's actually the fastest way to get them out there - neighbours selling to neighbours and taking a cut. Your first one actually discredits your later more valid points.
And you need to provide proof of a connection to Onecoin rather than just providing hearsay.
Typos are not enough to nail them to the cross. Nor is their lack of mobile strategy. Plagiarizing the Finns is really the main problem here and well worth a deeper look and an answer from them.
If you think you are doing 'Due Dilligence' here, you are not, there are huge holes in your own analysis. I hate fucking hit pieces that are not rock solid. This is gravel at best. I am not saying Kibo is bad or good, I just think this attack itself has holes.
https://themerkle.com/kibbo-lotto-to-repay-investor-faith-with-13-mln-distribution-plan/