So here i am writing my first blog article. It goes like this, I was evaulating potential icos to invest in 2018, and i came across BeeToken which brings on Air BnB sort of Peer-to-Peer concept for property owners to share their homes and earn rewards and payment in form of BeeTokens.
Therefore, i joined their telegram channel. I wanted to invest in pre-sale, however they had a very strict criteria of investor credibility and 50 ETH as minimum purchase. Hence i have to wait to contribute in bee token after 31st Jan 2018 where they open the sale to everyone else with minimum purchase of 0.1 ETH.
I was happy i got this time to research further and that is when i came across Lockchain.co.
Lockchain.co that had completed its tokensale back in Nov 2017, and their marketplace is already live.
Lockchain.co was developed long before beetoken site even existed.
http://web.archive.org/web/*/Beetoken.com. A quick check shows that their site was launched after Lockchain.co tokensale
Beetoken apart from copying most of Lockchain whitepaper script, have stolen their SLOGAN as well.
Upon inquiring this with bee token, i was harshly bashed that i should go and invest in LOCKCHAIN and hang out with them followed by an instantaneous BLOCK from their telegram channel.
I had even sent several messages to admin with no response to "why have they copied / stolen someone else's idea", and what is their stance about it.
Beetoken claim they are "the first" which means they are practically lying their investors as well as giving 60% - 100% bonus to friends, family, advisors. This by all means is an unfair practice since all other icos do not go beyond threshold of 30% rewarding bonus for the team. This is certainly a scheme where the techies in the firm want to get rich, and small investors would get burn who contribute in the project starting 31st Jan 2018.
Proof from BeeToken's Telegram Channel:
Piece of Advice:
Guys be watch full of this token as the team is arrogant, and most likely they will be sued by Lockchain.co and eventually lose in legal battle to them, and people who have invested would lose their life long saving as a result.
Scornfully, Bee token that is ONLY allowing accredited investors to invest in their token are themselves not complying with being honest and credible.
Look below the response to make a conclusion for your self.
BeeToken's Creativity Score : Well a Big Zero !!
What i found even more funnier, was the profile of BeeToken CEO ..Like Seriously ???
Will leave it open for audience to comprehend and use their head to determine if this ICO is worth investing in.
Updates: (02/01/2018). The more I dig on the CEO's profile, the more comforting it gets for me that i was saved from investing in this ICO. I was searching more about Johnathan Chou profile, and i came across his interesting posts on Quora.com where as per his comments his designation in Uber was of a Software Engineer back in Aug 2016. I find it strange that he now heads BeeToken as a CEO. !!
Link:
https://www.quora.com/profile/Jonathan-Chou-8
Proof:
Lastly:
My BeeToken ICO Review: https://steemit.com/hype/@raheal.akh/beetoken-ico-review-based-on-logic
Interesting
HEY, thank you for your fair article!
IT IS really important to stop the SCAM with ICOs , because they are making a bad name for the Blockchain economy.
I AM GLAD , that I am not the only one who noticed some fishy stuffs about the BEE ICO...
I have also some screenshots who are exposing BEE ICO may be a big SCAM, or at least something is wrong with it...
They all are very arrogant, untransparent with deleting every second question and even changed their slogan hours after beeing exposed... FOR ME : DEF. NO
If you need this all matterial as aprovement to post it here , please contact me :)
Best Regards
Thank you for your comment. Please forward the material to [email protected] along with a brief incident that happened with you.
Noting that i will post it up giving you credits for it to be fair and square, mentioning the content came from you
I made an article also about it :)
also am new to steem and will take a bit longer , but I will send all you need soon :)
Dont forget about rentberry. But crypto world is tough and full of competition so we will see who is gonna survive.
yes crypto world is tough ... hard to grasp for a normal investor due to it being decentralized. The chances of small investor getting their investment burnt is very high as a result. Crypto world is full of tech bots trying to read market signal and thus triggering automatic buy/sell order based on market dynamics.
This also makes the entire space highly volatile, and one should not invest more than 10-20% of his total savings in crypto at least in my opinion, funds he/she will not be requiring for alteast a year.
Additionally, you are always in risk of losing funds as a result of hacked exchanges, which is becoming quite common, or end up losing your funds from private wallet being victimized of losing your private key to phishing sites.
This is all true. With great risk comes great reward. However I believe it is the future.
indeed it solves issues that have caused with non-existent governments, communication barriers between countries, institutions down playing on customers, lack of transparency, legitimacy, etc. It certainly serves a purpose and this is something that should have been discovered much earlier. :P
Hi, what about Rentberry? Is there anything wrong about their Project? Thanks
Thanks for the Info!!! The project hyped so much and it is very important that the potential investors have the complete overview on potential risks. Will take a look on lockchain...
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Thanks for this post. I was really wanting to invest but after reading this I think I’ll do some more research first.
I appreciate the heads up!
If interested Look in investing with LOCKCHAIN. They are the pioneers in this have a ready product and will be adding 100K properties within a month span. 600+ properties already listed on their portal.
Glad I found this article. Saw the mess that went down with Bee token yesterday and am really glad I had nothing to do with it. Will look into Lockchain as it seems like a great project.
LockChain certainly is as it plans on disrupting both booking.com alike and Aribnb. Have a Solid team answering the granular details about the project and already have a working alpha product (alpha.lockchain.co) with about 600+ properties and 100,000 properties to be listed in Month of Feb 2018.
Please read this post
https://altcoinkingdom.com/scam-alert-bee-token-could-be-a-dump-ico-of-the-year.html
thanks for sharing, I believe this article further supports what i had written 3 weeks ago.
Great article I was going to invest on their ICO. Got their KYC email last night. I thought I was gonna do it. Keep up the great articles!
They might have copied the idea of Lockchain but they also developed it further. They take the decentralization aspect one level further. Dispute resolution, review system profile and authentication is done in a decentralized manner. As one can see from the image Lockchain only uses the blockchain for the listings and the payment.
I'm a great fan of the Origin Protocol (originprotocol.com), which provides a library for developers to create decentralized market places. Beetoken is built on top of it and benefits from other decentralized economies, since they have one common reputation system.
I would not argue over something, i have not done my research about i.e originprotocol.
However, fewer people know that LockChain Engine automatically Buy/sells Fiat into LOC at the time of order placement, incase the buyer does not have LOC. This is a unique model in itself, where people still prefer to make payments using cards and the trend will continue until majority of customers fill up their accounts with LOC.
At this moment the concern is in BeeToken's team's capability of delivering what they are promising. So far they are not truthful either with the investors by rewarding unfairly at an unprecedented levels, and spending investors money lavishly on creating media hype. I see them soon be joining among the list of Bitconnect, TRX unless they change their strategy.
It's sad to hear but indeed it did happen, BeeToken got badly hacked as well as their official telegram channel, and 700 ETH worth tokens are gone as we speak. All customer data who shared their details as part of KYC is out open. Risky stuff. But then i did inform all people to avoid this SCAM coin. Question: How did Jonathan CEO's Security background helped in saving them from being hacked. Ironic But Rest in Peace Bee whatever for now !
Airdrops are also a big hype: https://crypto-airdrops.de