It has come to our attention that CoinMarketCap.com, the Number 1 website in the crypto-currency industry, is showing immensely fraudulent and scam information (on purpose) to its users. As a site that is used frequently for reference points by many news organisations, trading outlets, companies, informational sites and individuals, we thought it would be in the best interest of the community to write about what has been really going on with this “trusted resource”.
Please note, our research indicates that multiple attempts to fix information by many coins on CoinMarketCap.com through contacting them through their support requests or online social media sites such as BitcoinTalk.org, reddit.com and other places has gone unanswered, ignored and/or explicitly overlooked/denied. By explicitly overlooked/denied, we mean that after contacting their support with up-to date and obviously correct information, they refuse to update the data. Many hundreds of coins on CMC are affected very negatively (or positively) by this. A lot of them have given up trying to get CMC to put correct data on their site, and have made sticky posts in their own respective forums as to this issue instead.
We also believe that there is massive insider going on with the employees, owners and others involved with CoinMarketCap. Our research, including talking to multiple coin creators, shows anomalous buying of coins between times that the coin creators asked CMC to list their coin (through their google form) and between when it actually gets listed on the site. This could mean that CMC insiders know that certain coins will pump, and go on a buying spree to front-run the listing of the coin and the public market sentiment. This can be seen over and over again when analysing the action on coins when being listed.
Pump and dumps are also being actively allowed and managed by the team at CMC without the knowledge of the coin creators or coin communities themselves. This can be seen by the direct manipulation of the circulating supply of some coins. CMC puts the circulating supply as very high at certain points (increasing the market cap), then drops it down to a much lower number later (lowering the market cap). This moves these coins up or down their numbered list causing massive buys and sell offs at the whim of CMC. Luckily this fraud can only be made to happen once or twice with each coin as the public outcry from the coin communities (sometimes) usually puts an end to it one way or other.
There is also evidence of CoinMarketCap effectively “killing” off coins as it sees fit. How does it “kill” a coin? Well it removes it’s circulating supply to “?” or a very low number arbitrarily, and keeps it there for a prolonged period. As the coin goes lower and lower in the rankings, daily volume on the coin dies off until such a time that it is zero (even though the teams behind the coins are still active and growing their ecosystems). This leads to exchanges delisting the coin, and the ecosystem being entirely dead after a period of time. There is plenty of evidence of coin communities complaining and coin creators “begging” CMC to update their information with no luck. CMC literally decides which coin lives or dies with it’s own agendas. In defence of CMC, some coins do lose their circulating supply due to faults of the coins (the data end-points for circulating supply stop working on the servers provided initially by the coins), but many are brought down even with the objections and outcry of the coin creators and communities behind them.
Also of concern is the possible bribery of CMC officials and other nefarious behaviors that could very obviously be extrapolated from their current actions. What if one coin paid a handsome sum to CMC to make sure a “competitor” would have lower market cap? How do you make them have a lower market cap? Easy, refuse to update the circulating supply to what the real numbers are and instead show an arbitrary number of their choosing. This can also be seen on many of the coins listed on CMC. There is ample evidence of coins complaining publicly on many forums yet CMC taking it’s own numbers without any explanation or acknowledgement.
Another area of concern is the outdated/incorrect information of many of the coins listed on CMC. Official coin links being broken or unresponsive, including the main websites, wrong daily volumes (not updated in days or weeks), and hugely different circulating supplies (from those you can officially see on the respective blockchains of the coins themselves) are just some of the additional problems that ring alarm bells with us.
Because of these issues, (and many others including the pseudonymous nature of the founders and team members) we believe it is in the best interest of the entire community to get behind this initiative and make big noise until such a time that CoinMarketCap updates their site to show correct information, or another resource is created/promoted that shows correct and up-to date data on their website. Number 1 can go down to Number 0 very quickly in the space with the right community backlash.
Some may say that these issues may be due to incompetence of the team at CMC or them having limited resources. One of the parts of our analysis will take a much closer look at what kind of income CoinMarketCap really makes. You would be surprised. CMC is one of the most profitable businesses in the entire industry. The user is the product. The ads are the money maker. There are backroom deals, and much more happening beyond the scenes that the public does not know.
Most people here are concerned about centralised cartels, hardware producers, banks, governments, regulators and/or core developers being points of issues in this industry. We strongly believe that none of those come even close to comparing to the obvious fraud that has been going on at CoinMarketCap for many years.
The volume of money that is traded on information taken from CMC alone pales every other issue into oblivion. If traders are making buys and sells according to falsified data on CoinMarketCap.com, then they are being manipulated and lied to in one of the biggest frauds in the entire -currency space.
We’re not just shocked at the level of incompetence, negligence, fraud, and outright lying that CMC perpetuates, but at the lack of information about this so far in this industry. For a community that prides itself on self-regulation through transparency and openness, it should be ashamed at not having blown this massive fraud into the public eye much sooner.
We owe it to the community to make sure resources (especially the Number 1 site in the industry) are not being placed in positions to freely commit fraud on this scale ever again.
Because of the importance of this topic, we are not just going to make comments, we will provide proof. Please wait on the follow up posts for more information. This has been a very intense effort in data gathering, reporting and analysis, so we will provide irrefutable proof of at least some of the fraudulent actions of CoinMarketCap in follow up articles.
Thanks for reading and stay tuned for some eye-opening information. We hope this series of posts gets the attention that it deserves. Only then will CMC clean up their act. We hope.
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was originally published in on Medium, where people are continuing the conversation by highlighting and responding to this story.
Overview
Elastos is one of the most, if not the most undervalued coin, I’ve stumbled upon since I began my journey in this emerging market, but I seriously doubt this will last for a lot longer. They keep closing partnerships left and right, and they just stablished an office in Silicon Valley and they are meeting nonstop with heavy hitters. Here is my review on ELA:
Elastos is the world’s first Internet operating system focusing on re-decentralizing Internet with blockchain to secure identity. Elastos aims to create a new kind of Internet, powered by blockchain technology. The design philosophy of Elastos originated from Rong Chen, he wants to create a platform in which applications and services are not allowed to access the Internet directly. Without access to the network, malware would not be able to steal user data or attack other services on the Internet. Users can access articles, movies and games directly, without going through a media player or another platform intermediary, this way they don’t need to depend upon the third parties to use the services. Even when Elastos apps are running on operating systems such as iOS, Android and Windows, the local OS won’t be able to sabotage the property rights of digital assets.
Elastos has been in the making for over 17 years and is open-source software and it has over ten million lines of source code published in Github, including four million lines of original source code.
Elastos is a platform for decentralized applications (Dapps) that runs on a peer-to-peer network with no centralized control. People can access these Dapps via their mobile phones, without changing their operating system. The old Internet is a Web of information. If you click a URL, you get data. Elastos is creating a Web of apps. When you click a URL, you get code.
Elastos blockchain works as a trust zone for the entire network operating system that applies main and sidechain solutions to facilitate the smart economy and a healthy decentralized application environment. This means that every application built on Elastos can create individual sidechains that is thoroughly customizable, allowing clients to pick a different consensus method depending on the use case. The structure of main chain and side chain avoids main chain being overloaded and leads to easy routing and flexible extension, increasing the possibility for Elastos to be largely scalable.
Elastos also make acquiring rights for digital products immensely secure and easy. Rights and contracts will be transferred using the blockchain as its backbone. Essentially turning digital information into an asset.
In 2017, blockchain technology was integrated into Chen’s vision, enabling development of the Elastos Smart Web.
BRIEF SUMMARY
Here is a quick summary of the unique Benefits of bitcoin, Ethereum and Elastos:
• bitcoin = Trustworthy Ledger
• Ethereum = Trustworthy Ledger + Smart Contracts
• Elastos = Trustworthy Ledger + Smart Contracts + Monetizable Dapps and Digital Assets.
Elastos Runtime
A Secure, General Purpose Operating System Elastos OS that is based on a respect for security. It is an operating system made to address the needs of the Internet of Things (IoT). With respect to security, Elastos OS prohibits direct process creation and does not allow direct interaction with TCP/IP, depending instead upon the system to automatically spawn and determine the location of local, proximate, and distant (or cloud-based) microservices. The system will automatically generate remote procedure (RPC) calls and provide event-based responses, thereby evading possible malicious actions on the part of either the application or the remote service and recusing itself from relaying viruses further on.
It provides an intrinsic and improved decentralized support system for applications being developed, making it easy to interface with Elastos Carrier for the obtainment of the foundational services, and to interface with Elastos Chain to obtain services related to credit and exchange. The resulting Dapps may blithely and simultaneously handle Elastos transactions and other types of digital assets, including: source code, data, e-books, video, and gaming items. They might be handling copyrights, transactions, and circulation, among other things.
Elastos Runtime runs on the OS of customers’ mobile devices. Apps are free to run and their performance is comparable to existing mobile apps. Elastos supports traditional programming languages, making it relatively easy to write code. Elastos also supports popular programming frameworks.
The whole concept of Elastos RT is to get dapps to work securely, it’s going to be the OS on your phone in simplest terms and the whole concept is to get decentralized apps off of main blockchains so Elastos team understands that we don’t want to have apps on the blockchain because it’s not going to be scalable what Elastos is doing is making these Dapps be on your phone. They got a working alpha right now, so you can put this OS on your phone right now.
Elastos OS works as a container sandbox, it prohibits any App from directly creating any process, doesn’t allow Apps to directly acces TPC/IP, isolating any virus/malware transmission route.
Elastos Carrier
Elastos Carrier is a decentralized peer-to-peer platform that takes over all network traffic between virtual machines and conveys information on applications’ behalf.
Features:
· Decentralized and Encrypted:
— ID Authentication step is required before information is transferred, which prevents DDoS attack from happening.
— Peer-to-peer (P2P) secures the communication: no central server, no content leaking or man-in-the-middle (MITM) attack.
· UDP-based NAT traversal for node network connection
· Efficient data transfer between distributed nodes, such as video and audio streaming or text messaging.
The idea of Elastos is being that every machine on earth can run C, which makes its use superior to Java for smart home or IoT where many devices on the network are ‘dumb’ (e.g. a smart fridge) and can’t run Java. Pair this with the virtual machine set up forcing these DApps to never connect directly with the internet and only interact with the Elastos runtime (which i turn connects with the internet being a middle layer) and you’ve essentially got a system that’s 90% more secure than the way IoT or smart devices currently work.
Today if I have 50 smart devices in my home, they all interact with the internet, I need to worry about 50 security threats. With Elastos all I need to worry about is 1 threat, an attack on the Elastos runtime itself, this is a 10x better set-up and applies to IoT or frankly any device, with the beauty being its code written in C++ so any device can run it, even your fridge, and its open source, so any developer can make whatever DApps they want
Utilities of ELA(currency for Elastos)
credits to
The Elastos blockchain really only serves one function, being the ID system needed to connect into the Elastos intranet. The blockchain doesn’t need to scale as it’s just storing simple IDs. This is important as unlike other platform blockchains like ETH etc. Dapps are incentivized to use the Elastos operating system/P2P infrastructure and using its blockchain for decentralized IDs is a requirement to use that.
Other use cases are as follows:
· Elastos ecosystem collaboration projects (Dapps built on Elastos in collaboration with Elastos) have to lock no less than 2–5% of their project tokens published for converting into ELA. 20% of the project tokens (converted to ELA) will be used for Elastos foundation development. 80% of the actual project tokens will be rewards shared by all ELA holders. Eg. If a DAPP decides to create 10 billion of tokenX, at least 200 million will be distributed. Out of these 200 million, 40 million will be converted to ELA and given to the Elastos foundation. The rest 160 million will be distributed to all ELA holders. So, if you are holding 300 ELA and the supply of all ELA holders adds up to 10 million(locked and unlocked ELA both), you’ll get approximately 4800 of tokenX airdropped to you for free.
· Users can use ELA to register an ID in Elastos and use this ID to purchase items such as Dapps, cloud storage and many other resources, including other digital products and so on.
· ELA will be the main currency that will be used to reward developers for creating Dapps on the Elastos platform.
· Support applications about evidence, traceability to source, ID verification, etc. through trustful storage.
· Support point-to-point business through decentralized payment.
· Elastos promotes the property rights of digital content. Elastos has the capability to issue tokens for digital assets or applications and to establish the ownership of digital content through smart contracts.
· Users can participate in token sale projects and products with ELA within Elastos.
Merged Mining
The Elastos blockchain utilizes merged mining with bitcoin, the process by which consensus is reached on both chains simultaneously. In this case, the bitcoin blockchain works as the parent blockchain to Elastos, with the Elastos chain as its auxiliary blockchain. Energy consumption does not increase with merged mining and will be equal to the energy consumed for mining either alone. The consensus mechanism for Elastos is AuxPoW+DPoS where the mining reward distribution is 35% for AuxPoW, 35% for DPoS, 20% for Ecosystem Application Reward and 10% for Foundation Running and Development.
Smart Contracts
Elastos main chain limits smart contracts usage and delegates them to sidechains. Each sidechain can design smart contract functionality independently, similar to how NeoContract supports the NEO blockchain.
The new smart contract runs only on the nodes of the relevant side chain agreed and authorized party thereby improving the verification efficiency and being compatible with the legal digital currency.
PARTNERSHIPS
· NEO — Da Hongfei of NEO and Jihan Wu of Bitmain are both early investors and advisors to Elastos. Jihan Wu has committed to redirecting hashing power from bitcoin mining to Elastos. G3 is a co-operation between NEO, Elastos and Bitmain who share a vision of a decentralized economy and smart web.
· Foxconn Technology Group, is a multinational electronics contract manufacturing company headquartered in Taiwan. It’s the world’s largest contract electronics manufacturer and the fourth-largest information technology company by revenue. The company is the largest private employer in China and one of the largest employers worldwide. Revenue 131.82 b$ 2016
· SAIC Motor — is a Chinese state-owned design and manufacturing company headquartered in Shanghai, China, with multinational operations. A Fortune Global 100 company and one of the “Big Four” state-owned Chinese, the company had the largest production volume of any Chinese automaker in 2014. They have officially partnered with Elastos to use its blockchain technology in the development of autonomous driving technology/smart cars. The smart car market is projected to be worth trillions of dollars in China within the next 5 years. Revenue: 101.7 b$ 2014
· ZAPYA (p2p file transferring) is the world’s first cross-platform sharing application that facilitates high-speed mass data transmission between smartphone users. Currently the number of users has surpassed 570 million in 178 countries and regions.
· Reactor (Decentralised Gaming platform) The Reactor console does not have the 1.8 Teraflop hardware of a PS4 and with Elastos it does not need it. With Elastos, a data center handling a cloud computing that can handle video games that EXCEED the quality of the best video games available on the market today. All with a $50 console and Elastos.
· Origin Agritech Limited (Nasdaq public company), founded in 1997 is China’s leading agricultural biotechnology company, specializing in crop seed breeding and genetic improvement. Origin Agritech’s phytase corn was the first transgenic corn to receive the Bio-Safety Certificate from China’s Ministry of Agriculture.
· Ulink: A residential financial service company, specializes in leasing services, covering over 400k active users and currently leasing over 1 million properties.
ROADMAP
TL;DR and my thoughts:
As you could begin to imagine, this is a really hard project to do a brief review/summary because it so many things going on. I’m really BULLISH on this one, it’s one of my biggest bags at the moment and I don’t see that changing in short term. It’s one of the most unique projects in the crypto sphere, and if they manage to do what they are trying to do (they are halfway there) it will change everything for the better, the impact of Elastos would be huge if they succeed.
Right now, is at its lowest BTC/ETH price since crowd sale, so if you are looking for a project to invest in mid/long term and after doing your DD you think like me that they are destined for big things I recommend starting to accumulate ELA.
The only “problem” (if you think short term) I see right now with the project is the marketing they have (since our token holder POV & short term), because at the moment they are focusing into creating partnerships and spreading the word to big institutions, for example, they are targeting heavy hitters in Silicon Valley, and they just opened an office there. A few weeks ago they put an Ad in NY Times Square, in the end this is good for us as well in mid/long term as the project will have more support from big entities. And don’t forget the amount of Dapps that are coming in the next months and the continuous airdrops token holders will be getting because of those Dapps.
“People may not know how the blockchain, metadata or OS systems work, but they know what they want: an Internet with honesty and without virus attacks” “The need is there, the demand is there. The system is broken and the technology to fix it is here now. The blockchain in combination with Elastos has the potential to revolutioniza our relationship with the Internet and between ourselves”.
** Reminder: This is NOT financial advice, this is a personal opinion. Always make your Due Diligence before making a decision and be completely sure and convinced before performing any trade**
The day everyone has been looking forward to has finally come.
Here’s all you need to know about the public sale:
Q1. When does it starts and ends?
A1. Public sale period: 12pm SGT (UTC +8) 30 March 2018 to 12pm SGT (UTC +8) 30 April 2018
Q2. How much allocation is available to the public sale?
A2. We sold out US$12 million in Pre-sale. US$18 million is available for public sale.
Q3. At what price and conversions?
A3. To thank our community for their great support so far, we have pegged ETH/USD exchange rate to US$540 (way above the current price of ETH) for the public sale. In short, 1 ETH = 1800 MOO Token.
Q4. What are the buying limits?
A4. Minimum contribution amount: 0.2 ETH ; Maximum contribution amount: 20 ETH
Q5. What amount of gas should I use?
A5. Please refer to for the live recommended gas price.
Q6. What are the bonuses?
A6. First 10,000,000 MOO Tokens: 10% bonus
10,000,001–20,000,000 MOO Tokens sold: 7.5% bonus
20,000,001–30,000,000 MOO Tokens sold 5% bonus
No bonus for all remaining MOO Tokens to be sold.
Q7. I wish to contribute more than what I indicated during KYC submission. Can I?
A7. You may contribute a different amount from what you indicated on the KYC portal.
Q8. If there’s ONE thing I must note, what is it?
A8. DO NOT SEND ANY ETH FROM YOUR EXCHANGE WALLET. Your MOO Tokens will be lost! If you wish to change your ETH address, please email us at tokensale@cloudmoolah.io using the email address that you have indicated for your KYC submission. We will NOT be held responsible for any lost ETH due to an oversight on this matter.
Q9. How will I know the address of the smart contract for contribution?
A9. IMPORTANT: For all who have whitelisted, you should be receiving an email with a video of our Chief Operating Officer, Mr. Jonathon Sze, confirming the Funding Address and holding up the same hand-written AND typed ETH address. Please note that if there is only ONE ETH address in the video instead of TWO, it is a scam. The Funding Address will not be communicated via any other means. Any different address should be considered fraudulent.
Q10. I’m feeling unsure. What do I do?
A10. A basic rule of thumb, whenever you are unsure, email us at tokensale@cloudmoolah.io. We will not be responding to nor sending out private messages on Telegram to minimise the chances of scams. Please be careful with your funds, there are scammers out there, and we would hate for you not to receive your MOO Tokens.
Q11. How do I know the progress of the funds raised?
A11. All our workforce and resources will focus on completing the KYC process for all new submissions. We will only be updating the progress bar on the website every 1–2 days.
Q12. I’ve just submitted my KYC details. What’s next?
A12. We seek to complete each KYC submission within 48 hours. Once it is approved, you will receive an email from tokensale@cloudmoolah.io for the next step (with all the details). Read that email very carefully. Always check the smart contract address against the official video with our COO in it.
The best way to keep yourself informed is our Telegram Group.
Useful links:
Website:
Facebook:
Twitter:
Telegram:
Bitcointalk ANN:
Reddit:
Whitepaper:
Email: tokensale@cloudmoolah.io
Last month, Rakesh Kirpalani, a Dubai-based businessman and investor, joined the company Taklimakan Network as an adviser. Taklimakan is a mobile- and web-based blockchain solution that was developed as a training tool for investors, traders, and enthusiasts with any level of crypto experience and who want to learn how to make informed choices about the cryptocurrency market. In this interview with Mr. Kirpalani, we discuss his background in investing and advising startups, along with his thoughts on blockchain technology and conducting ICOs.
Thank you for agreeing to chat with us today. You’ve recently joined the advisory board of Taklimakan Network, but before we talk about that, could you tell us a bit about your business background?
RK: Thank you. My name is Rakesh Kirpalani, and I have been a business professional since 1994 when I started as a partner with a Dubai-based company called IMTC. I continue to this day as a partner. We deal mainly with the consumer electronics market, distributing major brands like Sony, Yamaha, GE, and Toshiba, among others. We have offices in Kazakhstan, Uzbekistan, Azerbaijan, and Georgia. I also hold the exclusive distribution rights in India for a company called Mobile Outfitters. It is a US-based company that designs custom scratch-resistant cases for mobile devices. I also invest in various companies. I am a shareholder in a company called Rassino Herbs Pharmaceutical Products, and I also hold shares in a company called Concept Shapers, which designs electronics systems for Indian military defense and industry.
Taklimakan is about to start its public in a couple of weeks. What drew you to the world of ICOs and technology?
RK: I first learned about bitcoin a number of years ago when I watched a documentary about it on Netflix. And then I started talking about cryptocurrency with colleagues, but most people were not even aware of what it was. Eventually, I found some people who were also interested in the idea and who knew a bit more about it. They got me reading lots of blogs and articles, and I learned as much as I could on my own. Since then I’ve been involved with a couple of ICOs that were for KYC [Know Your Customer]. Then I met this wonderful group of people at Taklimakan through a common friend who knew that I was interested in working with blockchain companies.
Why were you so drawn to the Taklimakan team?
RK: Taklimakan is very, very special on a personal level because when I started learning about , it was so difficult to find people who knew about the technology. I struggled to find even basic information, and it took me over a year to get a grasp of what I needed to know on a professional business level. So, I recognized immediately that Taklimakan is filling a void for people who want good information on the technology and on crypto. Taklimakan is like a special station where you can find the answer to any question; it’s one central place where you can discuss everything, and people there are so experienced. It’s welcoming, and they are there to guide you. Everything you need is under one umbrella.
Based on your business background, what led you to decide to become an adviser for the company?
RK: As a shareholder in thriving companies, I understand that investors need to have information at their fingertips all the time. I also know there are a lot of people involved in speculation, and they need to have professional guidance 24/7 in the market. You can’t have an expert who waits to respond later today or tomorrow. Taklimakan is one place where you find the answers you need straight away. It’s a tool for global investors and traders who need instant information. Taklimakan Network’s mission is also to increase the knowledge of crypto for the public. It’s a unique platform that helps people from beginning to end. It is a resource that I recognized I had been searching for, and I want to lend my knowledge to ensure the project is as successful as possible.
You have a lot of experience working in UAE and Dubai especially; do you think Taklimakan will be popular there?
RK: I believe the platform will be very popular here. I know from my own experience living here, I could not find many sources to learn from. There are a lot of people here who want to trade and work in crypto, but they don’t have any guidance. Taklimakan delivers the resources people are interested in and gives them the tools they need to operate successfully in the crypto market. So yes, I believe it will be successful not only in Dubai, but around the world. Taklimakan is simple and elegant and is easy to use.
The Taklimakan Network’s public ICO is slated to begin on April 9, 2018. Their ERC20 standard TKLN is priced at USD 0.05 per 1 TKLN. They offer ten bonus levels for bulk purchases. For more information on Taklimakan Network, visit their website at taklimakan.io.
on and
was originally published in on Medium, where people are continuing the conversation by highlighting and responding to this story.
