For those who don't know about SONM its basically decentralized worldwide supercomputer for general computing similar to golem. I was very excited reading about the technology which but with these many red flags the risk factor has increased to a level that its almost impossible for me to invest in this.
I agree with the credibility of the tech involved but without a good level of professionalism a company is bound to fail if not today, in a year or two.
Here are the red flags for the SONM project:
Frequently changing terms
SONM has changed its important terms for investment like its some joke for eg. The dividend percentage, which is something that should be decided very carefully and shouldn't change at least after pre ico, imo. That's what a reliable company would do. SONM did not.
Quoting a pre ico investor from reddit thread:
"Pre-ico investors invested on a term of a 100% bonus compared to the normal ico participants. So they raised 10k ethereum and now its around the ico time and instead of the 100% promised they get a reduction of 15% compared to the ico investors"
link of reddit thread
After changing the dividend terms they changed the percentage again, this is something which I think is highly unprofessional and any company which is serious about their goals wouldn't do.NO ESCROW
Not only they decided not to have an escrow but did not inform Sebastian who was supposed to be the escrow. They decided to have multi sign contracts which would be held by the team themselves.
link of text by Sebastian descriing whole situationSeveral fishy things done by the team
As described by an ex-team member on bitcoin talk who wasn't paid for the work he did:Server www sonm.io illegally transferred from initial team to some impostors team just few days before launch of preICO. MARKETERS for project don't get PAYMENT. CO-FOUNDERS are being snatched by new fresh team without legit establishing of new team.No proper answers to potential investor questions
Their reddit threads, telegram talks and almost every platform where they communicate with the users and investors is filled with unanswered or vaguely answered questions which adds more to the bad PR.
reddit link
In addition to this:
Please check with the ICO's website for deposit address when investing
Someone posted on SONM's reddit about the SONM's ICO running just before it was live with their address and it had 30 eth (8k$) deposited in his/her wallet.
Here is the link
Verdict
The crypto market is very similar to the stock market guys. The competitiveness, commitment and reliability of a crypto based company plays a crucial role in its coin's performance in the market. I cannot say if SONM is a scam but by seeing the careless attitude and bad PR its a bad investment in my opinion.
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