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Auscoin ICO is an underwhelming fraud

Auscoin ICO review I want to give my fact based review on a upcoming Australian ICO https://www.auscoin.io/ Abstract: AUSCOIN plans to introduce 1200 atm's into the market over 12 months and release a cryptocurrency token that rewards holders of the token with cheaper ATM fees, with supplementary plans to roll this out to over 1000 merchants for POS use in a 12 month period. This ATM rollout has been widely touted in social media and the press as costing $15,000,000. They plan to fund this rollout by selling 50,000,000 tokens at $1 each.
The Auscoin token: I cannot justify a legitimate valid use for the token at this time. The Whitepaper focusses on the ATM business and virtually skips over the token and its uses. Notwithstanding a very underwhelming description of possible merchant adoption, token use is not mentioned at all in the latest whitepaper. The token creation seems to be a secondary effect of funding the ATM roll out, given almost all of the literature focusses on this side of the business. In addition, even though the ICO will fund the ATM businesses, this is a wholly separate business entity and the success of AUSCOIN ATM PTY. LTD. does not translate to the success of AUSCOIN the token. Even if AUSCOIN were to influence over 1000 retail businesses to adopt AUSCOIN merchant facilities, this represents a miniscule fraction of Australian retail businesses. This represents no significant gain over any other token in the market and we are worried about the security implications of using a token as a significant means of means of retail exchange. Further to this point retail statistics show retail spending is slumping to new lows and adoption of any new technology will be a hard sell in the current atmosphere.
Sub conclusion: With the significant capital raised ($50million) there enough budget to create a standalone block chain that could combine PoW and PoS. This would provide holders and miners significant rewards to secure the network. A coin with its own network would represent a sizable improvement on economics, security and fundamental use to both holders and retailers equally over AUSCOIN’s current choice of erc20 token.
Token Benefits: Reference for this section - Auscoin whitepaper(a) and Video explanation of token benefits(b)
a. https://www.auscoin.io/static/assets/documentation/AUSCOIN-Whitepaper.pdf
b. https://www.facebook.com/auscoinico/videos/240235636516652/
1. Merchant/Retail use: As formerly discussed I find this underwhelming. Lest we can begin to reach a level of adoption unheard of in the rest of the developed world, the AUSCOIN token will be useable in 1 in 10,000 stores at best. Until AUSCOIN can reach a level of adoption nearing 10%, it will remain a underutilized or unused asset for retail. Sections 2 through 4 reference(b) the AUSCOIN token video. This revolves around the claim 1% of all transactions will be put back into the AUSCOIN network.
2. “50% is put straight back into AUSCOIN and kept in an AUSCOIN secure wallet” This assertion is purposely misleading. There is no explanation if this is to purchase AUSCOIN tokens or to be kept in a wallet owned by AUSCOIN. If it is to purchase AUSCOIN tokens, this makes AUSCOIN a security and will not pass the tests put forward by ASIC. If it is to be kept in a bitcoin or other crypto wallet (non AUSCOIN network) than this is purposely misleading and deceiving advertising. https://www.accc.gov.au/consumers/misleading-claims-advertising/false-or-misleading-claims
3. HODL Club: 25% goes to fee reduction. To access rewards in the HODL club you need to hold a minimum of 10,000 tokens ($10,000 at ICO price). There is no specification on how much you will save, this is not documented anywhere nor has this question ever been answered by the team to our knowledge. There is estimated 7-8% of hidden fees attached to each transaction with wildly varying spot rates. We find the cost of AUSCOIN ATM BTC to not come close to major exchanges and the spreads to unfairly disadvantage sellers. There is no details of how much you will save and with a minimum $10,000 outlay to enter this club, the price of entry would greatly outweigh the savings over a year of buying for almost all users in the network.
4. 25% is reserved for gateway users and will be distributed among the users of the gateway. This is not described in the whitepaper. We have no idea what the gateway will actually enable due to the lack of any documentation, but if this rewards users tokens then again constitutes a security.
Tokenomics: Of the 100,000,000 Tokens generated by AUSCOIN, 50,000,000 are reserved for the ICO / seed rounds and 50,000,000 are locked up for 3 years to be used by AUSCOIN. The reservation of 50% of all tokens by the AUSCOIN ICO is outrageous. I find this very unfair to investors, but I also find this is poorly planned. To lock up 50% of all tokens for company use in 3 years and spare no tokens to be used for the network in the mean time AUSCOIN may find themselves in a untenable position in regards to supply. The HODL club seems to be the only real reward to the system where AUSCOIN owners need to hold a minimum of 10,000 tokens to benefit. With all of the tokens available for the first 3 years being sold to raise money, this gives AUSCOIN no method to reward businesses to use the token without dipping into their cash flow liquidity provided by the ATM network, in addition it gives them no headroom for error or allocation of AUSCOIN for any purpose without purchase until the future fund is unlocked. With a vast amount locked into HODL club members wallets permanently this will create a low circulating supply and extreme liquidity issues. This shows a lack of business strategy by the team and a lack of understanding of the metrics of distribution. Whether by greed or poor planning this is a massive red flag that cannot be addressed without breaking their contractual obligations laid out in the whitepaper if they succeed in selling all 50,000,000 tokens during the ICO phase.
Security: There is absolutely no mention of security in the latest whitepaper, this is disconcerting for the average person to not be given even a small amount of detail on the issue. The token is secured by the Ethereum network but I do not deem a token to be categorically secure enough for POS and retail exchange. This is more suitably the job for a purpose built coin & blockchain.
The AUSCOIN ATM Network: The majority of the business plan laid out in the whitepaper revolves around the ATM business that the ICO funds. It is an underwhelming amount of information and draw conclusions of scaled data from insufficient sources. Two ATM’s were used in the collection of AUSCOIN’s data, each of these were placed in owners of AUSCOIN’s businesses. First we can not be sure this data is reliable, but at the very least this is vastly insufficient to be able to scale the numbers out from 2 to 1200. Data sourced from the internet shows just how little demand there is right now for bitcoin ATM’s.
1.There are only 2,008 Bitcoin ATMs as of January 2018 globally. https://www.statista.com/statistics/343127/number-bitcoin-atms/ AUSCOIN plan on rolling out 1200 ATM's Australia wide within the year, while demand is growing, I find it hard to make a business case that Australia could have, based on the current numbers, the equivalent of 60% of all current Bitcoin ATM's in the world at this point in time by the end of 2018.
2. Extrapolating the data from two ATM’s that may have been tampered with given the access from owners is not a sound collection of data. The reports of 84 million dollars transacted on the network per week is inaccurate at best.
3. Having spoken to other ATM operators one major cost is the transport of currency to and from machines. There is a strong business case to provide a more expensive ATM machine that would require much less deliveries and pickup of currency. Some machines hold 3-5 times the amount of currency, which is a saving on cash provision of 300-500% https://bitcoinatm.com/
4. Fees are hidden, but they are comparing themselves only to to Coinspot which is the most expensive exchange in Australia. We would like some clarity on fees but from what we can find they are around 7-8%. AUSCOIN make most their money on the spread they offer.
5. What is AUSCOIN’s ability to maintain the ATM's liquidity during sharp corrections. Early reports relayed from the community insinuate the ATM in Chadstone has been out of service each time the market corrects. At 1200 ATM's, maintaining liquidity in a volatile market will be hard. If you can buy below market rate you need to buy bulk to service all the ATM's. What methods will AUSCOIN employ to keep their ATM’s in service during corrections. What business systems will AUSCOIN employ to protect their liquidity and reserves from corrections. These are all questions that should be answered in the whitepaper if the token really centers on the ATM network.
Team: The team itself is underwhelming, there seems to be only a single qualified developer on staff. Unfortunately we cannot follow up his qualifications as there is no Linkedin links for any staff or team members found anywhere online or within the whitepaper. The main team members seemed to not completely grasp the fundamentals of how a blockchain works even recently in their talks and AMA's. They had no idea their original concept of producing a token did not allow them to mine these tokens as demonstrated in version #1 of the whitepaper. There is multiple allegations of fraud and illegal behaviour with members of the team, while these require more evidence than I have currently been given access to, they are relevant to my reporting on the teams foundation. Some crypto community members have claimed team members and people associated with the team have threatened them for speaking out or asking questions.
Sam Karagiozis: Sam has no experience in blockchain at a greater level than purchasing and selling though localbitcoins. Sam runs a Souvlaki shop, this is to our understanding his only experience in business management. Sam claims to have been involved in bitcoin since 2012 but he has shown himself to be completely hopeless at understanding the complexities of Bitcoin, blockchain and cryptocurrencies. https://www.youtube.com/watch?v=nh91eftBZbU Sam mistakes bitcoin market cap with total supply and claims all bitcoins will be mined by mid 2020 when it is widely regarded to be around 2040. Sam is generally the face of AUSCOIN but conducts himself like a preschooler on social media. There is rumors circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Michael Slogget: Michael runs a successful group Crypto Calls Australia with over 30,000 members. Michaels past business experience is with Worldventures, a pyramid scheme to sell travel packages http://www.news.com.au/finance/business/travel/worldventures-multilevel-marketing-business-claims-to-have-10000-australian-members/news-story/139decd1762d3cfbdfc4114e696b049a. There is rumours circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Sean Harris: Sean is the only accomplished person on the team as far as the whitepaper resume goes, what he has accomplished is anybody's guess as we cannot research him without a Linkedin profile. I would like to see detail on his management qualifications as extensive searches of google cannot find anything.
Without links to actually search anybody else on the team we refuse to comment on the lacklustre team they have put together. There is not one mention of an actual project or company anybody has worked for. It is my assumption that the team either have no qualifications or very poor ones. AUSCOIN remarks on their Facebook page on Feb. 7th that the development team was finalized in November. The team seems in constant flux and the original developers parted ways in January. The team has scrubbed developers from the project as late as a few weeks ago after it was made public they had no prior experience aside from pushing trolleys. https://www.facebook.com/auscoinico/photos/a.220326521840897.1073741828.210692739470942/242907232916159/?type=3&theater
Funding: With the aim to raise close to $50,000,000 there is only $15,000,000 accounted for in the roll out of the ATM network. There is no public disclosure of where the rest of the funds are spent. We have plenty of questions regarding this. 1. How much is going towards the teams payroll. 2. How much is for upkeep of the business. 3. How much is going to be spent on marketing. 4. What is your level of contingency. 5. How much is set aside for AUSCOIN and how much is for the AUSCOIN ATM business. 6. How much has actually been accounted for in the business plan.
I have nothing but apprehension for the future of the money raised by investors and the AUSCOIN network. With the way the company structure is set out, this gives AUSCOIN ICO PTY. LTD the ability to pay and transfer assets to AUSCOIN GROUP PTY. LTD. or AUSCOIN ATM PTY. LTD. and limit the liability if the AUSCOIN token fails, retaining the ATM businesses and shareholders money.
Conclusion: 1 out of 5 * A Risky investment that will be almost certainly fail to provide a useful product in AUSCOIN. I hope they prove me wrong. The ATM business is an exciting venture that can only be good for Australian adoption, but there is probably a better way to fund this without potentially defrauding amateur investors. I find the ATM network an exciting venture but the planning to be a underwhelming endeavor. For a whitepaper that focuses mainly on Bitcoin ATM’s, there is very little detailed information on crypto ATM usage, no competitor analysis, or a SWOT analysis on the ATM business. The team is underwhelming, there is not a single allstar team member or anybody involved in the project that has verifiable experience in the ATM or Blockchain industry. The scope of the project and token has changed dramatically from version one of the whitepaper to version five, initial seed investors were originally promised an exchange and many other things to come in the near future. This does not fill me full of optimism when it comes to their ability to deliver on promises and business goals if the scope has changed so dramatically since the initial seed round. Further to this they did not offer these seed funders a refund based on the scopes drastic change and the initial promises they were sold before investing. While they are not legally obligated to do this, I find this to be extremely questionable behaviour.
submitted by CryptoKittyKiller to Auscoin [link] [comments]

Auscoin ICO is a scam targeting Mum and Dad investors in Australia

Auscoin ICO review I want to give my fact based review on a upcoming Australian ICO https://www.auscoin.io/ Abstract: AUSCOIN plans to introduce 1200 atm's into the market over 12 months and release a cryptocurrency token that rewards holders of the token with cheaper ATM fees, with supplementary plans to roll this out to over 1000 merchants for POS use in a 12 month period. This ATM rollout has been widely touted in social media and the press as costing $15,000,000. They plan to fund this rollout by selling 50,000,000 tokens at $1 each.
The Auscoin token: I cannot justify a legitimate valid use for the token at this time. The Whitepaper focusses on the ATM business and virtually skips over the token and its uses. Notwithstanding a very underwhelming description of possible merchant adoption, token use is not mentioned at all in the latest whitepaper. The token creation seems to be a secondary effect of funding the ATM roll out, given almost all of the literature focusses on this side of the business. In addition, even though the ICO will fund the ATM businesses, this is a wholly separate business entity and the success of AUSCOIN ATM PTY. LTD. does not translate to the success of AUSCOIN the token. Even if AUSCOIN were to influence over 1000 retail businesses to adopt AUSCOIN merchant facilities, this represents a miniscule fraction of Australian retail businesses. This represents no significant gain over any other token in the market and we are worried about the security implications of using a token as a significant means of means of retail exchange. Further to this point retail statistics show retail spending is slumping to new lows and adoption of any new technology will be a hard sell in the current atmosphere.
Sub conclusion: With the significant capital raised ($50million) there enough budget to create a standalone block chain that could combine PoW and PoS. This would provide holders and miners significant rewards to secure the network. A coin with its own network would represent a sizable improvement on economics, security and fundamental use to both holders and retailers equally over AUSCOIN’s current choice of erc20 token.
Token Benefits: Reference for this section - Auscoin whitepaper(a) and Video explanation of token benefits(b)
a. https://www.auscoin.io/static/assets/documentation/AUSCOIN-Whitepaper.pdf
b. https://www.facebook.com/auscoinico/videos/240235636516652/
1. Merchant/Retail use: As formerly discussed I find this underwhelming. Lest we can begin to reach a level of adoption unheard of in the rest of the developed world, the AUSCOIN token will be useable in 1 in 10,000 stores at best. Until AUSCOIN can reach a level of adoption nearing 10%, it will remain a underutilized or unused asset for retail. Sections 2 through 4 reference(b) the AUSCOIN token video. This revolves around the claim 1% of all transactions will be put back into the AUSCOIN network.
2. “50% is put straight back into AUSCOIN and kept in an AUSCOIN secure wallet” This assertion is purposely misleading. There is no explanation if this is to purchase AUSCOIN tokens or to be kept in a wallet owned by AUSCOIN. If it is to purchase AUSCOIN tokens, this makes AUSCOIN a security and will not pass the tests put forward by ASIC. If it is to be kept in a bitcoin or other crypto wallet (non AUSCOIN network) than this is purposely misleading and deceiving advertising. https://www.accc.gov.au/consumers/misleading-claims-advertising/false-or-misleading-claims
3. HODL Club: 25% goes to fee reduction. To access rewards in the HODL club you need to hold a minimum of 10,000 tokens ($10,000 at ICO price). There is no specification on how much you will save, this is not documented anywhere nor has this question ever been answered by the team to our knowledge. There is estimated 7-8% of hidden fees attached to each transaction with wildly varying spot rates. We find the cost of AUSCOIN ATM BTC to not come close to major exchanges and the spreads to unfairly disadvantage sellers. There is no details of how much you will save and with a minimum $10,000 outlay to enter this club, the price of entry would greatly outweigh the savings over a year of buying for almost all users in the network.
4. 25% is reserved for gateway users and will be distributed among the users of the gateway. This is not described in the whitepaper. We have no idea what the gateway will actually enable due to the lack of any documentation, but if this rewards users tokens then again constitutes a security.
Tokenomics: Of the 100,000,000 Tokens generated by AUSCOIN, 50,000,000 are reserved for the ICO / seed rounds and 50,000,000 are locked up for 3 years to be used by AUSCOIN. The reservation of 50% of all tokens by the AUSCOIN ICO is outrageous. I find this very unfair to investors, but I also find this is poorly planned. To lock up 50% of all tokens for company use in 3 years and spare no tokens to be used for the network in the mean time AUSCOIN may find themselves in a untenable position in regards to supply. The HODL club seems to be the only real reward to the system where AUSCOIN owners need to hold a minimum of 10,000 tokens to benefit. With all of the tokens available for the first 3 years being sold to raise money, this gives AUSCOIN no method to reward businesses to use the token without dipping into their cash flow liquidity provided by the ATM network, in addition it gives them no headroom for error or allocation of AUSCOIN for any purpose without purchase until the future fund is unlocked. With a vast amount locked into HODL club members wallets permanently this will create a low circulating supply and extreme liquidity issues. This shows a lack of business strategy by the team and a lack of understanding of the metrics of distribution. Whether by greed or poor planning this is a massive red flag that cannot be addressed without breaking their contractual obligations laid out in the whitepaper if they succeed in selling all 50,000,000 tokens during the ICO phase.
Security: There is absolutely no mention of security in the latest whitepaper, this is disconcerting for the average person to not be given even a small amount of detail on the issue. The token is secured by the Ethereum network but I do not deem a token to be categorically secure enough for POS and retail exchange. This is more suitably the job for a purpose built coin & blockchain.
The AUSCOIN ATM Network: The majority of the business plan laid out in the whitepaper revolves around the ATM business that the ICO funds. It is an underwhelming amount of information and draw conclusions of scaled data from insufficient sources. Two ATM’s were used in the collection of AUSCOIN’s data, each of these were placed in owners of AUSCOIN’s businesses. First we can not be sure this data is reliable, but at the very least this is vastly insufficient to be able to scale the numbers out from 2 to 1200. Data sourced from the internet shows just how little demand there is right now for bitcoin ATM’s.
1.There are only 2,008 Bitcoin ATMs as of January 2018 globally. https://www.statista.com/statistics/343127/number-bitcoin-atms/ AUSCOIN plan on rolling out 1200 ATM's Australia wide within the year, while demand is growing, I find it hard to make a business case that Australia could have, based on the current numbers, the equivalent of 60% of all current Bitcoin ATM's in the world at this point in time by the end of 2018.
2. Extrapolating the data from two ATM’s that may have been tampered with given the access from owners is not a sound collection of data. The reports of 84 million dollars transacted on the network per week is inaccurate at best.
3. Having spoken to other ATM operators one major cost is the transport of currency to and from machines. There is a strong business case to provide a more expensive ATM machine that would require much less deliveries and pickup of currency. Some machines hold 3-5 times the amount of currency, which is a saving on cash provision of 300-500% https://bitcoinatm.com/
4. Fees are hidden, but they are comparing themselves only to to Coinspot which is the most expensive exchange in Australia. We would like some clarity on fees but from what we can find they are around 7-8%. AUSCOIN make most their money on the spread they offer.
5. What is AUSCOIN’s ability to maintain the ATM's liquidity during sharp corrections. Early reports relayed from the community insinuate the ATM in Chadstone has been out of service each time the market corrects. At 1200 ATM's, maintaining liquidity in a volatile market will be hard. If you can buy below market rate you need to buy bulk to service all the ATM's. What methods will AUSCOIN employ to keep their ATM’s in service during corrections. What business systems will AUSCOIN employ to protect their liquidity and reserves from corrections. These are all questions that should be answered in the whitepaper if the token really centers on the ATM network.
Team: The team itself is underwhelming, there seems to be only a single qualified developer on staff. Unfortunately we cannot follow up his qualifications as there is no Linkedin links for any staff or team members found anywhere online or within the whitepaper. The main team members seemed to not completely grasp the fundamentals of how a blockchain works even recently in their talks and AMA's. They had no idea their original concept of producing a token did not allow them to mine these tokens as demonstrated in version #1 of the whitepaper. There is multiple allegations of fraud and illegal behaviour with members of the team, while these require more evidence than I have currently been given access to, they are relevant to my reporting on the teams foundation. Some crypto community members have claimed team members and people associated with the team have threatened them for speaking out or asking questions.
Sam K: Sam has no experience in blockchain at a greater level than purchasing and selling though localbitcoins. Sam runs a Souvlaki shop, this is to our understanding his only experience in business management. Sam claims to have been involved in bitcoin since 2012 but he has shown himself to be completely hopeless at understanding the complexities of Bitcoin, blockchain and cryptocurrencies. https://www.youtube.com/watch?v=nh91eftBZbU Sam mistakes bitcoin market cap with total supply and claims all bitcoins will be mined by mid 2020 when it is widely regarded to be around 2040. Sam is generally the face of AUSCOIN but conducts himself like a preschooler on social media. There is rumors circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Michael S: Michael runs a successful group Crypto Calls Australia with over 30,000 members. Michaels past business experience is with Worldventures, a pyramid scheme to sell travel packages http://www.news.com.au/finance/business/travel/worldventures-multilevel-marketing-business-claims-to-have-10000-australian-members/news-story/139decd1762d3cfbdfc4114e696b049a. There is rumours circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Sean H Sean is the only accomplished person on the team as far as the whitepaper resume goes, what he has accomplished is anybody's guess as we cannot research him without a Linkedin profile. I would like to see detail on his management qualifications as extensive searches of google cannot find anything.
Without links to actually search anybody else on the team we refuse to comment on the lacklustre team they have put together. There is not one mention of an actual project or company anybody has worked for. It is my assumption that the team either have no qualifications or very poor ones. AUSCOIN remarks on their Facebook page on Feb. 7th that the development team was finalized in November. The team seems in constant flux and the original developers parted ways in January. The team has scrubbed developers from the project as late as a few weeks ago after it was made public they had no prior experience aside from pushing trolleys. https://www.facebook.com/auscoinico/photos/a.220326521840897.1073741828.210692739470942/242907232916159/?type=3&theater
Funding: With the aim to raise close to $50,000,000 there is only $15,000,000 accounted for in the roll out of the ATM network. There is no public disclosure of where the rest of the funds are spent. We have plenty of questions regarding this. 1. How much is going towards the teams payroll. 2. How much is for upkeep of the business. 3. How much is going to be spent on marketing. 4. What is your level of contingency. 5. How much is set aside for AUSCOIN and how much is for the AUSCOIN ATM business. 6. How much has actually been accounted for in the business plan.
I have nothing but apprehension for the future of the money raised by investors and the AUSCOIN network. With the way the company structure is set out, this gives AUSCOIN ICO PTY. LTD the ability to pay and transfer assets to AUSCOIN GROUP PTY. LTD. or AUSCOIN ATM PTY. LTD. and limit the liability if the AUSCOIN token fails, retaining the ATM businesses and shareholders money.
Conclusion: 1 out of 5 * A Risky investment that will be almost certainly fail to provide a useful product in AUSCOIN. I hope they prove me wrong. The ATM business is an exciting venture that can only be good for Australian adoption, but there is probably a better way to fund this without potentially defrauding amateur investors. I find the ATM network an exciting venture but the planning to be a underwhelming endeavor. For a whitepaper that focuses mainly on Bitcoin ATM’s, there is very little detailed information on crypto ATM usage, no competitor analysis, or a SWOT analysis on the ATM business. The team is underwhelming, there is not a single allstar team member or anybody involved in the project that has verifiable experience in the ATM or Blockchain industry. The scope of the project and token has changed dramatically from version one of the whitepaper to version five, initial seed investors were originally promised an exchange and many other things to come in the near future. This does not fill me full of optimism when it comes to their ability to deliver on promises and business goals if the scope has changed so dramatically since the initial seed round. Further to this they did not offer these seed funders a refund based on the scopes drastic change and the initial promises they were sold before investing. While they are not legally obligated to do this, I find this to be extremely questionable behaviour.
submitted by CryptoKittyKiller to Scams [link] [comments]

In-depth review of Auscoin credits to /u/CryptoKittyKiller. A reminder to make sure that nobody loses money in this scam ICO

Auscoin ICO review I want to give my fact based review on a upcoming Australian ICO https://www.auscoin.io/ Abstract: AUSCOIN plans to introduce 1200 atm's into the market over 12 months and release a cryptocurrency token that rewards holders of the token with cheaper ATM fees, with supplementary plans to roll this out to over 1000 merchants for POS use in a 12 month period. This ATM rollout has been widely touted in social media and the press as costing $15,000,000. They plan to fund this rollout by selling 50,000,000 tokens at $1 each.
The Auscoin token: I cannot justify a legitimate valid use for the token at this time. The Whitepaper focusses on the ATM business and virtually skips over the token and its uses. Notwithstanding a very underwhelming description of possible merchant adoption, token use is not mentioned at all in the latest whitepaper. The token creation seems to be a secondary effect of funding the ATM roll out, given almost all of the literature focusses on this side of the business. In addition, even though the ICO will fund the ATM businesses, this is a wholly separate business entity and the success of AUSCOIN ATM PTY. LTD. does not translate to the success of AUSCOIN the token. Even if AUSCOIN were to influence over 1000 retail businesses to adopt AUSCOIN merchant facilities, this represents a miniscule fraction of Australian retail businesses. This represents no significant gain over any other token in the market and we are worried about the security implications of using a token as a significant means of means of retail exchange. Further to this point retail statistics show retail spending is slumping to new lows and adoption of any new technology will be a hard sell in the current atmosphere.
Sub conclusion: With the significant capital raised ($50million) there enough budget to create a standalone block chain that could combine PoW and PoS. This would provide holders and miners significant rewards to secure the network. A coin with its own network would represent a sizable improvement on economics, security and fundamental use to both holders and retailers equally over AUSCOIN’s current choice of erc20 token.
Token Benefits: Reference for this section - Auscoin whitepaper(a) and Video explanation of token benefits(b)
a. https://www.auscoin.io/static/assets/documentation/AUSCOIN-Whitepaper.pdf
b. https://www.facebook.com/auscoinico/videos/240235636516652/
1. Merchant/Retail use: As formerly discussed I find this underwhelming. Lest we can begin to reach a level of adoption unheard of in the rest of the developed world, the AUSCOIN token will be useable in 1 in 10,000 stores at best. Until AUSCOIN can reach a level of adoption nearing 10%, it will remain a underutilized or unused asset for retail. Sections 2 through 4 reference(b) the AUSCOIN token video. This revolves around the claim 1% of all transactions will be put back into the AUSCOIN network.
2. “50% is put straight back into AUSCOIN and kept in an AUSCOIN secure wallet” This assertion is purposely misleading. There is no explanation if this is to purchase AUSCOIN tokens or to be kept in a wallet owned by AUSCOIN. If it is to purchase AUSCOIN tokens, this makes AUSCOIN a security and will not pass the tests put forward by ASIC. If it is to be kept in a bitcoin or other crypto wallet (non AUSCOIN network) than this is purposely misleading and deceiving advertising. https://www.accc.gov.au/consumers/misleading-claims-advertising/false-or-misleading-claims
3. HODL Club: 25% goes to fee reduction. To access rewards in the HODL club you need to hold a minimum of 10,000 tokens ($10,000 at ICO price). There is no specification on how much you will save, this is not documented anywhere nor has this question ever been answered by the team to our knowledge. There is estimated 7-8% of hidden fees attached to each transaction with wildly varying spot rates. We find the cost of AUSCOIN ATM BTC to not come close to major exchanges and the spreads to unfairly disadvantage sellers. There is no details of how much you will save and with a minimum $10,000 outlay to enter this club, the price of entry would greatly outweigh the savings over a year of buying for almost all users in the network.
4. 25% is reserved for gateway users and will be distributed among the users of the gateway. This is not described in the whitepaper. We have no idea what the gateway will actually enable due to the lack of any documentation, but if this rewards users tokens then again constitutes a security.
Tokenomics: Of the 100,000,000 Tokens generated by AUSCOIN, 50,000,000 are reserved for the ICO / seed rounds and 50,000,000 are locked up for 3 years to be used by AUSCOIN. The reservation of 50% of all tokens by the AUSCOIN ICO is outrageous. I find this very unfair to investors, but I also find this is poorly planned. To lock up 50% of all tokens for company use in 3 years and spare no tokens to be used for the network in the mean time AUSCOIN may find themselves in a untenable position in regards to supply. The HODL club seems to be the only real reward to the system where AUSCOIN owners need to hold a minimum of 10,000 tokens to benefit. With all of the tokens available for the first 3 years being sold to raise money, this gives AUSCOIN no method to reward businesses to use the token without dipping into their cash flow liquidity provided by the ATM network, in addition it gives them no headroom for error or allocation of AUSCOIN for any purpose without purchase until the future fund is unlocked. With a vast amount locked into HODL club members wallets permanently this will create a low circulating supply and extreme liquidity issues. This shows a lack of business strategy by the team and a lack of understanding of the metrics of distribution. Whether by greed or poor planning this is a massive red flag that cannot be addressed without breaking their contractual obligations laid out in the whitepaper if they succeed in selling all 50,000,000 tokens during the ICO phase.
Security: There is absolutely no mention of security in the latest whitepaper, this is disconcerting for the average person to not be given even a small amount of detail on the issue. The token is secured by the Ethereum network but I do not deem a token to be categorically secure enough for POS and retail exchange. This is more suitably the job for a purpose built coin & blockchain.
The AUSCOIN ATM Network: The majority of the business plan laid out in the whitepaper revolves around the ATM business that the ICO funds. It is an underwhelming amount of information and draw conclusions of scaled data from insufficient sources. Two ATM’s were used in the collection of AUSCOIN’s data, each of these were placed in owners of AUSCOIN’s businesses. First we can not be sure this data is reliable, but at the very least this is vastly insufficient to be able to scale the numbers out from 2 to 1200. Data sourced from the internet shows just how little demand there is right now for bitcoin ATM’s.
1.There are only 2,008 Bitcoin ATMs as of January 2018 globally. https://www.statista.com/statistics/343127/number-bitcoin-atms/ AUSCOIN plan on rolling out 1200 ATM's Australia wide within the year, while demand is growing, I find it hard to make a business case that Australia could have, based on the current numbers, the equivalent of 60% of all current Bitcoin ATM's in the world at this point in time by the end of 2018.
2. Extrapolating the data from two ATM’s that may have been tampered with given the access from owners is not a sound collection of data. The reports of 84 million dollars transacted on the network per week is inaccurate at best.
3. Having spoken to other ATM operators one major cost is the transport of currency to and from machines. There is a strong business case to provide a more expensive ATM machine that would require much less deliveries and pickup of currency. Some machines hold 3-5 times the amount of currency, which is a saving on cash provision of 300-500% https://bitcoinatm.com/
4. Fees are hidden, but they are comparing themselves only to to Coinspot which is the most expensive exchange in Australia. We would like some clarity on fees but from what we can find they are around 7-8%. AUSCOIN make most their money on the spread they offer.
5. What is AUSCOIN’s ability to maintain the ATM's liquidity during sharp corrections. Early reports relayed from the community insinuate the ATM in Chadstone has been out of service each time the market corrects. At 1200 ATM's, maintaining liquidity in a volatile market will be hard. If you can buy below market rate you need to buy bulk to service all the ATM's. What methods will AUSCOIN employ to keep their ATM’s in service during corrections. What business systems will AUSCOIN employ to protect their liquidity and reserves from corrections. These are all questions that should be answered in the whitepaper if the token really centers on the ATM network.
Team: The team itself is underwhelming, there seems to be only a single qualified developer on staff. Unfortunately we cannot follow up his qualifications as there is no Linkedin links for any staff or team members found anywhere online or within the whitepaper. The main team members seemed to not completely grasp the fundamentals of how a blockchain works even recently in their talks and AMA's. They had no idea their original concept of producing a token did not allow them to mine these tokens as demonstrated in version #1 of the whitepaper. There is multiple allegations of fraud and illegal behaviour with members of the team, while these require more evidence than I have currently been given access to, they are relevant to my reporting on the teams foundation. Some crypto community members have claimed team members and people associated with the team have threatened them for speaking out or asking questions.
Sam Karagiozis: Sam has no experience in blockchain at a greater level than purchasing and selling though localbitcoins. Sam runs a Souvlaki shop, this is to our understanding his only experience in business management. Sam claims to have been involved in bitcoin since 2012 but he has shown himself to be completely hopeless at understanding the complexities of Bitcoin, blockchain and cryptocurrencies. https://www.youtube.com/watch?v=nh91eftBZbU Sam mistakes bitcoin market cap with total supply and claims all bitcoins will be mined by mid 2020 when it is widely regarded to be around 2040. Sam is generally the face of AUSCOIN but conducts himself like a preschooler on social media. There is rumors circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Michael Slogget: Michael runs a successful group Crypto Calls Australia with over 30,000 members. Michaels past business experience is with Worldventures, a pyramid scheme to sell travel packages http://www.news.com.au/finance/business/travel/worldventures-multilevel-marketing-business-claims-to-have-10000-australian-members/news-story/139decd1762d3cfbdfc4114e696b049a. There is rumours circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Sean Harris: Sean is the only accomplished person on the team as far as the whitepaper resume goes, what he has accomplished is anybody's guess as we cannot research him without a Linkedin profile. I would like to see detail on his management qualifications as extensive searches of google cannot find anything.
Without links to actually search anybody else on the team we refuse to comment on the lacklustre team they have put together. There is not one mention of an actual project or company anybody has worked for. It is my assumption that the team either have no qualifications or very poor ones. AUSCOIN remarks on their Facebook page on Feb. 7th that the development team was finalized in November. The team seems in constant flux and the original developers parted ways in January. The team has scrubbed developers from the project as late as a few weeks ago after it was made public they had no prior experience aside from pushing trolleys. https://www.facebook.com/auscoinico/photos/a.220326521840897.1073741828.210692739470942/242907232916159/?type=3&theater
Funding: With the aim to raise close to $50,000,000 there is only $15,000,000 accounted for in the roll out of the ATM network. There is no public disclosure of where the rest of the funds are spent. We have plenty of questions regarding this. 1. How much is going towards the teams payroll. 2. How much is for upkeep of the business. 3. How much is going to be spent on marketing. 4. What is your level of contingency. 5. How much is set aside for AUSCOIN and how much is for the AUSCOIN ATM business. 6. How much has actually been accounted for in the business plan.
I have nothing but apprehension for the future of the money raised by investors and the AUSCOIN network. With the way the company structure is set out, this gives AUSCOIN ICO PTY. LTD the ability to pay and transfer assets to AUSCOIN GROUP PTY. LTD. or AUSCOIN ATM PTY. LTD. and limit the liability if the AUSCOIN token fails, retaining the ATM businesses and shareholders money.
Conclusion: 1 out of 5 * A Risky investment that will be almost certainly fail to provide a useful product in AUSCOIN. I hope they prove me wrong. The ATM business is an exciting venture that can only be good for Australian adoption, but there is probably a better way to fund this without potentially defrauding amateur investors. I find the ATM network an exciting venture but the planning to be a underwhelming endeavor. For a whitepaper that focuses mainly on Bitcoin ATM’s, there is very little detailed information on crypto ATM usage, no competitor analysis, or a SWOT analysis on the ATM business. The team is underwhelming, there is not a single allstar team member or anybody involved in the project that has verifiable experience in the ATM or Blockchain industry. The scope of the project and token has changed dramatically from version one of the whitepaper to version five, initial seed investors were originally promised an exchange and many other things to come in the near future. This does not fill me full of optimism when it comes to their ability to deliver on promises and business goals if the scope has changed so dramatically since the initial seed round. Further to this they did not offer these seed funders a refund based on the scopes drastic change and the initial promises they were sold before investing. While they are not legally obligated to do this, I find this to be extremely questionable behaviour.
submitted by optmspotts to CryptoCurrency [link] [comments]

[UPDATED] * Auscoin ICO review * from Facebook

[UPDATED] * Auscoin ICO review * COPIED FROM ANON-
I want to give my fact-based review on an upcoming Australian ICO https://www.auscoin.io/ Abstract: AUSCOIN plans to introduce 1200 atm's into the market over 12 months and release a cryptocurrency token that rewards holders of the token with cheaper ATM fees, with supplementary plans to roll this out to over 1000 merchants for POS use in a 12 month period. This ATM rollout has been widely touted in social media and the press as costing $15,000,000. They plan to fund this rollout by selling 50,000,000 tokens at $1 each.
The Auscoin token: I cannot justify a legitimate valid use for the token at this time. The Whitepaper focusses on the ATM business and virtually skips over the token and its uses. Notwithstanding a very underwhelming description of possible merchant adoption, token use is not mentioned at all in the latest whitepaper. The token creation seems to be a secondary effect of funding the ATM roll out, given almost all of the literature focusses on this side of the business. In addition, even though the ICO will fund the ATM businesses, this is a wholly separate business entity and the success of AUSCOIN ATM PTY. LTD. does not translate to the success of AUSCOIN the token. Even if AUSCOIN were to influence over 1000 retail businesses to adopt AUSCOIN merchant facilities, this represents a miniscule fraction of Australian retail businesses. This represents no significant gain over any other token in the market and we are worried about the security implications of using a token as a significant means of means of retail exchange. Further to this point retail statistics show retail spending is slumping to new lows and adoption of any new technology will be a hard sell in the current atmosphere.
Sub conclusion: With the significant capital raised ($50million) there enough budget to create a standalone block chain that could combine PoW and PoS. This would provide holders and miners significant rewards to secure the network. A coin with its own network would represent a sizable improvement on economics, security and fundamental use to both holders and retailers equally over AUSCOIN’s current choice of erc20 token.
Token Benefits: Reference for this section - Auscoin whitepaper(a) and Video explanation of token benefits(b) a https://www.auscoin.io/…/documentati…/AUSCOIN-Whitepaper.pdf b. https://www.facebook.com/auscoinico/videos/240235636516652/ 1. Merchant/Retail use: As formerly discussed I find this underwhelming. Lest we can begin to reach a level of adoption unheard of in the rest of the developed world, the AUSCOIN token will be useable in 1 in 10,000 stores at best. Until AUSCOIN can reach a level of adoption nearing 10%, it will remain a underutilized or unused asset for retail. Sections 2 through 4 reference(b) the AUSCOIN token video. This revolves around the claim 1% of all transactions will be put back into the AUSCOIN network.
  1. “50% is put straight back into AUSCOIN and kept in an AUSCOIN secure wallet” This assertion is purposely misleading. There is no explanation if this is to purchase AUSCOIN tokens or to be kept in a wallet owned by AUSCOIN. If it is to purchase AUSCOIN tokens, this makes AUSCOIN a security and will not pass the tests put forward by ASIC. If it is to be kept in a bitcoin or other crypto wallet (non AUSCOIN network) than this is purposely misleading and deceiving advertising. https://www.accc.gov.au/…/mislea…/false-or-misleading-claims
  2. HODL Club: 25% goes to fee reduction. To access rewards in the HODL club you need to hold a minimum of 10,000 tokens ($10,000 at ICO price). There is no specification on how much you will save, this is not documented anywhere nor has this question ever been answered by the team to our knowledge. There is estimated 7-8% of hidden fees attached to each transaction with wildly varying spot rates. We find the cost of AUSCOIN ATM BTC to not come close to major exchanges and the spreads to unfairly disadvantage sellers. There is no details of how much you will save and with a minimum $10,000 outlay to enter this club, the price of entry would greatly outweigh the savings over a year of buying for almost all users in the network.
  3. 25% is reserved for gateway users and will be distributed among the users of the gateway. This is not described in the whitepaper. We have no idea what the gateway will actually enable due to the lack of any documentation, but if this rewards users tokens then again constitutes a security.
Tokenomics: Of the 100,000,000 Tokens generated by AUSCOIN, 50,000,000 are reserved for the ICO / seed rounds and 50,000,000 are locked up for 3 years to be used by AUSCOIN. The reservation of 50% of all tokens by the AUSCOIN ICO is outrageous. I find this very unfair to investors, but I also find this is poorly planned. To lock up 50% of all tokens for company use in 3 years and spare no tokens to be used for the network in the mean time AUSCOIN may find themselves in a untenable position in regards to supply. The HODL club seems to be the only real reward to the system where AUSCOIN owners need to hold a minimum of 10,000 tokens to benefit. With all of the tokens available for the first 3 years being sold to raise money, this gives AUSCOIN no method to reward businesses to use the token without dipping into their cash flow liquidity provided by the ATM network, in addition it gives them no headroom for error or allocation of AUSCOIN for any purpose without purchase until the future fund is unlocked. With a vast amount locked into HODL club members wallets permanently this will create a low circulating supply and extreme liquidity issues. This shows a lack of business strategy by the team and a lack of understanding of the metrics of distribution. Whether by greed or poor planning this is a massive red flag that cannot be addressed without breaking their contractual obligations laid out in the whitepaper if they succeed in selling all 50,000,000 tokens during the ICO phase.
Security: There is absolutely no mention of security in the latest whitepaper, this is disconcerting for the average person to not be given even a small amount of detail on the issue. The token is secured by the Ethereum network but I do not deem a token to be categorically secure enough for POS and retail exchange. This is more suitably the job for a purpose built coin & blockchain.
The AUSCOIN ATM Network: The majority of the business plan laid out in the whitepaper revolves around the ATM business that the ICO funds. It is an underwhelming amount of information and draw conclusions of scaled data from insufficient sources. Two ATM’s were used in the collection of AUSCOIN’s data, each of these were placed in owners of AUSCOIN’s businesses. First we can not be sure this data is reliable, but at the very least this is vastly insufficient to be able to scale the numbers out from 2 to 1200. Data sourced from the internet shows just how little demand there is right now for bitcoin ATM’s.
1.There are only 2,008 Bitcoin ATMs as of January 2018 globally. https://www.statista.com/statis…/343127/number-bitcoin-atms/ AUSCOIN plan on rolling out 1200 ATM's Australia wide within the year, while demand is growing, I find it hard to make a business case that Australia could have, based on the current numbers, the equivalent of 60% of all current Bitcoin ATM's in the world at this point in time by the end of 2018.
  1. Extrapolating the data from two ATM’s that may have been tampered with given the access from owners is not a sound collection of data. The reports of 84 million dollars transacted on the network per week is inaccurate at best.
  2. Having spoken to other ATM operators one major cost is the transport of currency to and from machines. There is a strong business case to provide a more expensive ATM machine that would require much less deliveries and pickup of currency. Some machines hold 3-5 times the amount of currency, which is a saving on cash provision of 300-500% https://bitcoinatm.com/
4.Fees are hidden, but they are comparing themselves only to to Coinspot which is the most expensive exchange in Australia. We would like some clarity on fees but from what we can find they are around 7-8%. AUSCOIN make most their money on the spread they offer.
  1. What is AUSCOIN’s ability to maintain the ATM's liquidity during sharp corrections. Early reports relayed from the community insinuate the ATM in Chadstone has been out of service each time the market corrects. At 1200 ATM's, maintaining liquidity in a volatile market will be hard. If you can buy below market rate you need to buy bulk to service all the ATM's. What methods will AUSCOIN employ to keep their ATM’s in service during corrections. What business systems will AUSCOIN employ to protect their liquidity and reserves from corrections. These are all questions that should be answered in the whitepaper if the token really centers on the ATM network.
Team: The team itself is underwhelming, there seems to be only a single qualified developer on staff. Unfortunately we cannot follow up his qualifications as there is no Linkedin links for any staff or team members found anywhere online or within the whitepaper. The main team members seemed to not completely grasp the fundamentals of how a blockchain works even recently in their talks and AMA's. They had no idea their original concept of producing a token did not allow them to mine these tokens as demonstrated in version #1 of the whitepaper. There is multiple allegations of fraud and illegal behaviour with members of the team, while these require more evidence than I have currently been given access to, they are relevant to my reporting on the teams foundation. Some crypto community members have claimed team members and people associated with the team have threatened them for speaking out or asking questions.
Sam Karagiozis: Sam has no experience in blockchain at a greater level than purchasing and selling though localbitcoins. Sam runs a Souvlaki shop, this is to our understanding his only experience in business management. Sam claims to have been involved in bitcoin since 2012 but he has shown himself to be completely hopeless at understanding the complexities of Bitcoin, blockchain and cryptocurrencies. https://www.youtube.com/watch?v=nh91eftBZbU Sam mistakes bitcoin market cap with total supply and and claims all bitcoins will be mined by mid 2020 when it is widely regarded to be around 2040. Sam is generally the face of AUSCOIN but conducts himself like a preschooler on social media. There is rumors circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Michael Slogget: Michael runs a successful group Crypto Calls Australia with over 30,000 members. Michaels past business experience is with Worldventures, a pyramid scheme to sell travel packages http://www.news.com.au/…/n…/139decd1762d3cfbdfc4114e696b049a. There is rumours circulating that he is alleged to run illegal investment funds, but they are unsubstantiated without more evidence.
Sean Harris: Sean is the only accomplished person on the team as far as the whitepaper resume goes, what he has accomplished is anybody's guess as we cannot research him without a Linkedin profile. I would like to see detail on his management qualifications as extensive searches of google cannot find anything.
Without links to actually search anybody else on the team we refuse to comment on the lacklustre team they have put together. There is not one mention of an actual project or company anybody has worked for. It is my assumption that the team either have no qualifications or very poor ones. AUSCOIN remarks on their Facebook page on Feb. 7th that the development team was finalized in November. The team seems in constant flux and the original developers parted ways in January. The team has scrubbed developers from the project as late as a few weeks ago after it was made public they had no prior experience aside from pushing trolleys. https://www.facebook.com/auscoinico/photos/a.220326521840897.1073741828.210692739470942/242907232916159/?type=3&theater Funding: With the aim to raise close to $50,000,000 there is only $15,000,000 accounted for in the roll out of the ATM network. There is no public disclosure of where the rest of the funds are spent. We have plenty of questions regarding this. 1. How much is going towards the teams payroll. 2. How much is for upkeep of the business. 3. How much is going to be spent on marketing. 4. What is your level of contingency. 5. How much is set aside for AUSCOIN and how much is for the AUSCOIN ATM business. 6. How much has actually been accounted for in the business plan.
I have nothing but apprehension for the future of the money raised by investors and the AUSCOIN network. With the way the company structure is set out, this gives AUSCOIN ICO PTY. LTD the ability to pay and transfer assets to AUSCOIN GROUP PTY. LTD. or AUSCOIN ATM PTY. LTD. and limit the liability if the AUSCOIN token fails, retaining the ATM businesses and shareholders money.
*Conclusion: 1 out of 5 * A Risky investment that will be almost certainly fail to provide a useful product in AUSCOIN. I hope they prove me wrong. The ATM business is an exciting venture that can only be good for Australian adoption, but there is probably a better way to fund this without potentially defrauding amateur investors. I find the ATM network an exciting venture but the planning to be a underwhelming endeavor. For a whitepaper that focuses mainly on Bitcoin ATM’s, there is very little detailed information on crypto ATM usage, no competitor analysis, or a SWOT analysis on the ATM business. The team is underwhelming, there is not a single allstar team member or anybody involved in the project that has verifiable experience in the ATM or Blockchain industry. The scope of the project and token has changed dramatically from version one of the whitepaper to version five, initial seed investors were originally promised an exchange and many other things to come in the near future. This does not fill me full of optimism when it comes to their ability to deliver on promises and business goals if the scope has changed so dramatically since the initial seed round. Further to this they did not offer these seed funders a refund based on the scopes drastic change and the initial promises they were sold before investing. While they are not legally obligated to do this, I find this to be extremely questionable behaviour.
submitted by satanzhand to Auscoin [link] [comments]

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