10 Reasons Why ELASTOS Cryptocurrency is a SCAM.
10 Reasons Why ELASTOS Cryptocurrency is a SCAM.
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Elastos Foundation $ELA is a China based Cryptocurrency Project spearheaded by Rong Chen an Ex Microsoft Employee and Feng Han a Beijing business man . Elastos [earlier Kortide Ltd]was originally founded back in early 2000 by Rong Chen with the objective of developing an Operating System, but it never came to fruition even after 18 years of development and the project was languishing in the dark .
Then came the revolutionary concept of Bitcoin followed by numerous copycat Cryptocurrencies and blockchain based utility tokens. Elastos too jumped on board on August 2017 and issued its own token and raised $47 million USD in BTC [approx 4000 BTC] . Shortly afterwards there developed a difference of opinion between the Angel Investors and Elastos Foundation which eventually resulted in premature release of “locked” tokens of angel investors and them dumping it on uninformed public investors who were kept in the dark by Elastos Foundation.
Elastos Foundation never made any timely disclosure to public regarding the inside dealings they made with Angel investors to release their locked tokens prematurely due to disagreement, until the damage in terms of token price is already done.
The main reason for disagreement was that Elastos Foundation sold $ELA token to Angel Investors at 1 ELA @ $3 on August 2017 and Public sale price was 1 ELA @ $13 on February 2018. BTC was falling hard during that time so angels demanded 2 million more ELA tokens to make up for their loss due to bitcoins falling price. Elastos Foundation initially opposed but finally granted their wish and released 2 million ELA tokens to angels.
- THESE ARE IMPORTANT PIECES OF INFORMATION THAT NEW WAVE OF UNINFORMED INVESTORS SHOULD REALLY HEED BEFORE MAKING A DECISION **
1, Elastos Foundation in its less than 2 years of existence have burned though more than half of 4000 BTC raised. And the project is no where near completion.This project will be officially DEAD if they cant come up with a finished product and commercial partnerships, which is very unlikely to happen in a short period of time.
2, Below is an excerpt from Elastos Roadmap 2018 which they failed to meet along with many other milestones, all record of this is now removed from their site and replaced with new milestones for 2019.This is the reason i find it necessary to help the public to not get duped by Elastos Team. This was an outright lie.
July 2018
Large-scale applications and projects which dock financial big data services and medical insurance will begin.
3, Elastos fraudulently declared in its original white paper that they had received 200 million RMB from the FOXCONN GROUP . This was one of the FIRST -on your face -lies told by Elastos Team to deceive investors.
May 2013
Foxconn makes investments in the Elastos operating system open-source software project.
4, Elastos frequently came up with “partnership announcements ” to cheer up the community ,obviously this was all LIES with the objective to gather people around Elastos and to create baseless HYPE so that they can dump their useless ELA tokens. Here’s a compilation of such announcements
META Union Alliance
5, Zapya,& Elastos TV BOX . This is the ongoing HYPE and held as a matter of pride among Elastos community members . But the TRUTH is there is no ELASTOS TV BOX or Shijiu TV BOX .There is no Peer to Peer (P2P) connection on these TV boxes as wrongly publicized by Elastos hired shills on twitter and youtube. Shijiu is said to be a chinese electronics manufacturer and they agreed to use elastos software to run a part of their hardware which is a part of the TV box which is sold under multiple brand name or no brand at all, that’s all . The 1 million TV boxes sold [if that was true, who knows?]are not branded as shijiu or elastos TV boxes ,you cannot find it anywhere on internet. And the usage of TV boxes don’t create demand for ELA tokens. So this has Zero Relevance. Same Goes to millions of users of Zapya App . None of this will create scarcity or demand for elastos token. The main purpose of Elastos is to create an internet operating system which they failed to accomplish and is beyond their capabilities.
- *MarcinPress on twitter is one of the SHILLS on Elastos Payroll along with ChicoCrypto & Brad_Laurie among many others . Just like Bitconnect, Elastos is mainly advertised to public by hiring small YouTubers and Twitter personalities. These Shills are regularly invited to cover Elastos events on a fully paid trip by Elastos Foundation.**
6, IoEX & OTHER ECOSYSTEM AIRDROP ANNOUNCEMENTS :
The lies continues .. Elastos suddenly decided not to continue with the airdrop plan so they scrubbed the announcement from their website with no further explanation. Is there a word for “transparency” in chinese? Nobody cares anymore because everyone with a working brain already left the camp .Elastos is a lost cause.
7. Elastos Ecosystem Fund with Co-Founders of Bitmain, Huobi, Newton, and Elastos . Following is the Official Announcement But NOTHING FOLLOWED THEREAFTER just another lie to the dumb community
To Our Community,
I have recently reached an oral agreement on a fund that has been in discussion for several months. At this point, the fund is still in an exploratory phase, however, I wanted to update everyone on what is being planned so that our community can clearly understand the good news that is ahead for the development of Elastos. At this point, Jihan Wu of Bitmain, CEO of Huobi Lin Li, former NEO Co-Founder Tao Rongqi, and Newton project founder Xu Jizhe, have all agreed to pledge ELA to this fund that aims to support DApp development projects for Elastos.
To be absolutely clear, this fund is being carefully planned to ensure that no ELA is sold as the funds are used for development projects. Our plan is to have investors pledge ELA that will be held for a time period of three years while an equal amount of USDT is used for the actual funding. After this time period, investors can expect a return on their investment. This process shows the deep faith in the success of ELA while also responsibly funding the success of the infrastructure without selling any ELA in the process. We even plan on allowing the public to participate in this fund with the same terms.
As this fund develops and more information is available, I will update the community with all information available. Currently, nothing has been funded and all agreements are still exploratory, but everyone involved is thrilled to be part of the success of Elastos and its DApp development. This fund expresses the confidence of the investment community and the belief in our ever-growing global project.
Thank you all for your support,
Feng Han
8, G3 ALLIANCE OF CHINA — HOLY TRINITY ELASTOS BITMAIN & NEO
This is another falsehood that circulated in the community. There was no G3 Alliance. Elastos made a false assertion and only admitted there was no G3 Alliance a year later. Because NEO and Bitmain were doing so well and don’t want incompetent Elastos management to ride on their coattails.
9, [a] Fun Fact :Elastos “Locked” tokens are not actually locked with smart contracts , Viewchain.Org was caught selling their supposedly “Locked” ELA tokens and later apologized for it. The circulating supply of elastos is equal to it’s Total Supply (33 million+) , the “locked” tokens are merely a personal guarantee , these coins could hit market anytime unannounced.
9, [b] Fun Fact : Elastos Flagship project the “Cyber Republic ” was never envisioned by the founders, their original plan was to airdrop 16.5million ELA[now reserved for Cyber Republic] to all BTC holders.
9, [c] Fun Fact : Elastos hired an internet shill Roshan Ghadamian and paid him $60000 USD worth of ELA ie about 30000 ELA !!! [@$2/ELA]to get more views on youtube. To put that into perspective, 30000ELA made him one of the richest Top 50 ELA wallet Holder.
9, [d] Fun Fact : Elastos Private sale price was $2/ELA , Crowd Sale Price was $14/ELA and All Time High was $80/ELA ,and All time Low was $1.8/ELA
9,[e] Fun Fact : Elastos founder Rong Chen proudly announced to the community that he haven’t sold a single ELA in the bear market . But the fact is he paid himself lavishly 100’s of BTC from initial seed funding as “Management Fee” for his services , which includes flying around the world marketing an unfinished product that he refuses to list on any major exchanges.
9,[f] Fun Fact : Elastos Foundation is being sued for a whopping $200 Million by an early investor based in New York who alleges the company of fraud and mismanagement
9, [g] Fun Fact : Elastos will never be listed on Binance
9, [i] Fun Fact : Elastos main blockchain code Distributed Networks Architecture Blockchain (DNA) is copied/pasted from Ontology $ONT
10, ELASTOS — BITMAIN MERGED MINING PARTNERSHIP : This might come as a shocker for many casual investors ..Are you ready ?
9,[h] Fun Fact : Elastos official wallet called "Elephant wallet" is only a copy of popular "Bread Wallet" . Elastos raised nearly $100 million in it's ICO and squandered it , whereas Bread raised only $20 millionWhile we almost never say anything bad about any project, we don't list projects that spread rumors or trash talk about us. A basic level of respect and humility is expected. We find arrogant projects usually don't do well in the long run anyway.— CZ Binance (@cz_binance) January 15, 2019
9, [i] Fun Fact : Elastos main blockchain code Distributed Networks Architecture Blockchain (DNA) is copied/pasted from Ontology $ONT
10, ELASTOS — BITMAIN MERGED MINING PARTNERSHIP : This might come as a shocker for many casual investors ..Are you ready ?
Elastos is actually merge mined with Bitcoin that is carried out at Bitmain. There is NO legally binding contractual agreement between Elastos & Bitmain. Bitmain can say NO to Elastos anytime without any repercussion. The much touted “Partnership” is simply a mutual understanding based on the personal relationship between Rong Chen and Bitmain CEO Jihan Wu. Now that Jihan has left his position at Bitmain , the future of merge mining with BTC.com (owned by bitmain.com) is hanging in the air.
11, You still not convinced Elastos is a scam ? seriously :) well then your portfolio is going to turn into ELA-TOAST
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