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Scam projects will often make bold claims about their product even though said project offers nothing new or disruptive. It’s not likely that storiqa.com blockchain platform or cryptocurrency will end poverty, fix global warming or replace AMAZON . This can also be truth for how they expect the community or markets to respond to the product. https://crowdsale.storiqa.com/ ALMOST claims their cryptocurrency will replace Bitcoin, get a disproportionate amount of users, or increase by 100x in the price charts, you can add that project to the scam list.
If the STORIQA project does have that potential, professional developers will never make such promises. They will let you know about the potential of their project and that’s it. No serious team will ever make a price prediction about their token or claim it can fix the world.
STORIQA Presentation Sounds great, right? (Not really) Well, maybe I’m not as good as some scam artists are but that’s the gist of it. Buzzword salads look good but when you actually sit down to digest them, they taste like vague claims and empty promises. If you read through a paragraph and have learnt nothing new by the end, then there is probably nothing to learn.
Some people may have a tendency to use buzzwords as a means to turn a boring text or announcement into something exciting. However, these will have a certain amount of information on it, even if you have to filter out some of the nonsense. Still, if a project like STORIQA needs to do this, then the project is likely to be as boring as watching paint dry.
Beware of STORIQA ICO , take into consideration that all ICOs are unregulated ,and do not provide protection to investors ,in case of fraud or loss.
ICO — the hottest craze in cryptocurrencies — is an ‘absolute scam,’ Wikipedia Founder Jimmy Wales says .
Victim of an ICO Scam ? You sent them money and now cannot withdraw it ? If you want your money back from the ICO you invested in , contact us at [email protected] , our criminal investigators will contact them and take back your money . We are here to help all ICO victims !
Do you have financial information to share about STORIQA ICO ? Please email it to us at [email protected] , we will publish it , in a 100% anonymous way . We pay 1 Bitcoin for serious information about criminal activities and inside trading reports .
We looked the team up. We did not limit ourselves to Facebook and LinkedIn profiles, and tried to find more social activity from them. We runned a full background check on every person involved in STORIQA ICO .
There is no trace of discussions, participation in any groups or projects — it is a red flag. We invite you to Investigate the core team behind the project. Find out if the team members actually exist , who they really are , what they have done till those days , when they opened their LinkedIn accounts , etc… Do they have a track record or experience that is relevant to the project that is verifiable? In the STORIQA ICO case , the answer is negative .
Are you confident that the team has the ability to deliver versus what is promised and are the goals achievable? The Answer is NO !!
We investigated the legal side. Look up at the website domain , the real registration address, their offices location — we even sent an offline mail to the office mentioned .
We even googled the cell number and e-mails that are connected to the STORIQA ICO team — and found traces of previous activities in the far corners of the web, that told us a lot about the team members .
You can also easily check if they are a real member of the Bitcoin community through a very handy feature on Bitcointalk, the most popular cryptocurrency forum out there where this projects are usually announced.
Speaking about the STORIQA ICO theme, or their business concept, we really do not think there’s a market for that kind of product and even if there is , there are stong rivals in the field already . Scam can be seen by an over optimistic or too general description and this is what happened with STORIQA ICO .
After SEC & MAS reports, everybody knows one can’t just issue ‘randomcoins’. So if a token is not supported by anything (i.e bonuses, ecosystem, company share etc), its issuer might be a scam. So how the STORIQA ICO tokens are actually backed up ? Good Question indeed !
Be sure to check the past track record of the team and learn about any of the completed projects that are available to you.
For the more technically inclined, check whether the project’s code is open for scrutiny on github.
The STORIQA ICO project’s code appears to be cloned from another token/app , this means it is likely to be a scam.
Before investing in STORIQA ICO : Put questions towards the project team and draw conclusions from the types of responses you receive or discussions you read in these forms.
Are the project developers open to dialogue?
Are they forthcoming or are they evasive? ( Check by yourself ….you will not like what you hear )
Are responses specific or do the parties involved speak in generalities? ( Generalities from what we found out )
Do they come off as overly optimistic? YES , they are !
Good question you must ask yourself before buying their STORIQA tokens are :
“Could this project be accomplished using a token that is already in existence, such as Ether?
“Is the creation of a new token necessary?”
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According to our analysts the STORIQA project will not be able to acquire a share of the market space , with their product innovation or services.
How long has the STORIQA project been in development? Nobody really knows .
The STORIQA project has no substantial record of progress over several months and has only recently appeared, this is a sign to be very cautious.
Is the token supported or projected to be supported on more than one exchange now or in the near future? Very Difficult to answer in STORIQA case .
How will the tokens be used, by whom and are there any indications of support coming from the market? We do not know !!
We have a lot of unanswered question regarding the STORIQA ICO :
Will there a cap on the maximum amount of coins that will ever be produced, like bitcoin, or will there be a steady increases in the number of tokens issued over time that could effect the value of all tokens in the future?
How will the token be used in the network and is it even necessary?
From what we read online the STORIQA ICO , often makes bold claims about their product even though said project offers nothing new or disruptive.
No serious team will ever make a price prediction about their token or claim it can fix the world. But the STORIQA ICO team did exactly that on their website . AGAIN RED FLAG .
The STORIQA ICO whitepaper is a real Buzzword salads , looks good , but when you actually sit down to digest it, this ICO taste like vague claims and empty promises.
You do not only want to see a very thorough whitepaper, but also look for a variety of complementary resources such as SWOT analysis, financial model, wallet design, competitor analysis, institutional studies, and more
We anayzed the matter and there is NOT astrong business case for STORIQA technology.
When evaluating the STORIQA ICO, the good first question to ask is: “Do they need a blockchain or a native token for this project?” The answer is no to both, chances are the ICO project is an example of solutionism — crypto for crypto’s sake — or a scam.
ICOs will usually have an escrow to hold user’s funds during the ICO and after. So keep an eye out for the Escrow participants and the escrow conditions. This may save you some money. We do not think that the X startup is using the top Escrow service . And if it’s not, it can be a good indicator about the ICO being a non-authentic one.
Ask them the right questions before investing even one single dollar in the STORIQA ICO .
While there are definitely some companies building innovative things on top of blockchains (and in the crypto space generally), there are many fraudulent groups who are looking for a quick cash grab. The field can be even more confusing to navigate when malicious groups get celebrity endorsements. Surely a trusted face would vet whoever they support?
Realize that even if a blockchain startup passes all of these tests, it doesn’t mean for certain that they aren’t trying to scam investors out of their money.
One thing that you should not forget to check on is what people are talking about the STORIQA ICO which you are interested. If you have any doubt, you can simply put an open ended question on the forum asking people their opinions.
All the discussions here will be a great indicator about the STORIQA ICO being an authentic one.
You can go to Bitcoin Talk or Reddit for such information.
And no matter how alert you remain, there will be a few people in coming times who will con even the smartest of you but as the market matures, the probability of an ICO being a fraudulent one will decrease and ultimately reach a null value.
REMEMBER : If something seems like a scam, it probably is.
So maybe you saw the STORIQA buzzword salad we just talked about but hoped to find something completely different in the Whitepaper. This can be true, as developers may try to simplify or hype up their product on the announcement or website and detail the actual tech behind it on the whitepaper. However, if the whitepaper is full of these same buzzwords with no clear meaning, no actual tech is discussed and only high-level descriptions are given, then this is definitely a scam.
No Code Repository
This is what matters. Like someone said before “Code is law”. Even if the project announcement and whitepaper are complete trash, you can always count on Github or Sourceforge to put an end to all doubts. If the project provides no link to the code at all or if the project is nothing more than a clone with a few changed lines of code, then it’s not worth your time nor money.
Who is behind the STORIQA project? Is the team made up of well-known members of the cryptocurrency community? Are they known in other areas? Have they been involved in previous projects? If the answer is yes, then this may be an interesting opportunity. Just remember to check if the person is actually aware of the project as scammers may use famous names just to get people interested even though these are not part of the team.Often times, team members are neither anonymous nor well-known. While most serious projects often have at least one known face in their team, not being a famous crypto community member does not mean the team member is part of a conspiracy. In this case, you’ll need to vet the team members carefully. Are they known in other areas? Can you find anything about them that is not related to the project? If not, then you may want to stay away from this one.
STORIQA Escrow ? This is basically a service that holds coins for their customers until a certain deal is completed. For example, I sell you a book for x bitcoins. If I send you the book first, you may never send me my btc and if you send the btc first, I may never send the book. An Escrow service fixes this situation by holding the btc until the book is received. If the book is received, the escrow can release the payment. If not, the coins are returned to the buyer.
ICOs will usually have an escrow to hold user’s funds during the ICO and after. These escrows are usually multisig wallets in which the multisig key owners are two or more trusted members of the community and one project team member. In a scenario where a project member has one key and two community members have two keys of a 2-out-of-3 multisig wallet, the team member requires permission from the one of the other key holders in order to move the funds. This is why it’s important that at least two of the escrow members are known community members and have confirmed their intent to be an escrow.
THOSE ARE PART OF THE EMAILS WE RECEIVED FROM STORIQA VICTIMS !
ANOTHER EMAIL : You were right about Storiqa – their ICO is currently running – I transferred ETH to my Storiqa account two days ago and the account says “deposit funds to buy coins”. I’ve asked them a few times what is going on and they told me their “payment processor” coinpayments.net was down and there are many transactions in their queue.
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Realize that even if a blockchain startup like STORIQA passes all of these tests, it doesn’t mean for certain that they aren’t trying to scam investors out of their money.
It also definitely doesn’t mean that they will be successful; blockchain is still a risky space with lots of technical challenges, so no one is a guaranteed success. But if you are the bullish type who is looking for the next Bitcoin, make sure to check all your bases for you make your investment.
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