Welcome to another episode of the Crypto Basic Podcast! Today the gang is doing a self-reflective session on our predictions and critique of various coins and projects throughout the time the podcast has been active. How did we do in making judgments and assumption on projects such as Substratum, Kucoin, Bitcoin Hex, Tether, Divi, Dragonchain and others? Did our scam callouts turn out to be scams? All of the above and more on today's episode of the Crypto Basic Podcast.
Coins CryptoBasic called out on previous shows, how did they end up?
- Substratum
- Episode 1
- Episode 2
- Our position on the? VERY hard scam. We had 3 full episodes and talked a lot of shit with their community.
- Subreddit has been dead since 9 months ago.
- Highest price point AFTER the 2017 bubble - $.82 in May of 2018. For reference we released the first episode warning listeners of the scam in November of 2018.
- They raised $13M in ICO funds and delivered nada.
- They announced that they were seeking private funding in September of 2019, and now it is a completely dead project.
- Verdict - WE WERE RIGHT
- Kucoin
- Episode where we first mentioned Kucoin
- Our position on them? Lukewarm. Mike really liked them, but I didn't like their pyramid style marketing. I also had some issues with their interface. I never went so far as to call them a scam, but never trusted them with a single cent. We did pull the referral bonus from the shownotes. We called the flags "offwhite"
- Hilariously shitty MLM style video.
- They're still operational, subreddit is booming, and they're one of the exchanges with name recognition.
- Storytime about Kucoin. My first troll.
- We did cover some of the red flags over the course of the time after we talked about them. They had some issues with where their location was and they got
- Highest price point after the 2017 bubble - $4.99 May 2018
- Current price as of recording - $.81
- Verdict - We were basically wrong here. More risk than a high end exchange, but they're ranked just below Gemini.
- Cryptopia
- Our position on the scam: I wouldn't put my money on the site. Didn't call them an outright scam.
- Went down on July 3, 2019.
- They're still in liquidation.
- People will not be made whole.
- Bitcoin Hex
- This is an ongoing scam - I want to do a red flags episode which we'll record next week on Bitcoin hex.
- Right now, they're still kicking.
- What I remember is that Trevon James, a previous Bitconnect shill, was shilling it.
- I went to his Youtube. HO LEE SHIT
- Some great fucking titles
- "5 steps to turn $200 into $200,000 with Cryptocurrency"
- Vitalik Sent me $600,000 worth of HEX
- How to Make Money with Crypto (holding up stacks of USD cash)
- Why HEX can EASILY reach $1
- Hex is up 315% what a scam right?
- Verdict - Episode next week.
- Tether
- Our position - Tether is a scam. It is not backed, and you cannot trust it.
- Price - $1
- Price - $1
- Stop using Tether
- Tell Story about how easy DAI is
- Divi
- Episode on the Divi Project
- This was a coin we did a 101 on and Karim and Mike definitely disagreed on the evaluation. Karim didn't call it a scam, he just didn't like the project. Here's what I remember about Karim's negative thoughts - this was the only coin that ever had one of their team members have a rational response to it.
- Coin Market cap doesn't have data that far back, oddly, but the earliest they have the price was $.009. per coin b ack in November of 2018.
- Today's price - $.04 - a 440% increase
- Verdict - Wrong for now, probably eat crow.
- 79th in Market Cap
- Dragonchain
- Our positoin - Lukewarm again. Karim didn't say it was scam, he just didn't really like it. This was a project that was essentially making itself turnkey ICO launchers. Well ICOs aren't really a think anymore and their first ICO's didn't go well.
- The subreddit isn't VERY active but it is actiev.
- Post 2017 bubble highest price - May 2018 $1.35
- Current price $.089
- Verdict - Right to be skeptical of the project, certainly not a scam yet.
- FCoin
- Our stance - we released an episode called "Is Fcoin a scam" our answer was fucking yes it was.
- If you go there on coinmarketcap - it says "we have received reported of impeded withdrawls due to insolvency"
- They shutdown around February 2020 and blamed "poor auditing" for the shutdown, as they were transferring out tons of money from their cold wallets.