WorldCoin has changed hands several times, so the information previously presented here is not entirely reflective of it’s current state. Article has been redacted.
Exposing the WorldCoin Scam
WorldCoin has changed hands several times, so the information previously presented here is not entirely reflective of it’s current state. Article has been redacted.
Really intresting article. I was always doubtful about WDC and the clear connection with mcxnow/realsolid/coinhunter was never answered by the “foundation” Actually there were some posts in the forum asking for a clear statement but no answer. I remember that realsolid was indeed involved in correcting a 51% attack that supposedly happend on MCXnow involving double spending and withdrawl of BTC (how can he correct that ??? ), and closely “helped” the devs
Although, I’m really hoping this is not as bad as you describe…
I knew I was forgetting something… I’ll edit in a quick bit about that whole saga later tonight.
And not to mention the crappiest wallet ever, a quick look at the forum and you’ll see that users are begging for an update but nothing’s coming…
Dear hazard I like to get more info on how to make a new cryptocurrency coin
You’re forgetting the fun stuff like getting 51% attacked (like feathercoin) yet nobody seemed to care. For a coin that wants to be a master at e-commerce, being secure should be a thing, no?
Yes you are definately on the mark with WDC.
Any chance of a discussion on Ðogecoin next? Yes ok, perhaps it is a bit of a laugh, however, the launch was picture perfect (i.e. no scam) and there are a few Ð fans out there getting really into this thing.
After all, i suppose cryptocurrency is such a great experiment in the theory of subjective value it might just work….
I’d hardly call the launch perfect, it had bare minimum difficulty so it was instamined… Presumably by a few individuals because no one in their right mind would take this coin seriously.
I like jokecoins. I’ve made a few myself. But paying actual money for them is nothing short of retarded. The amount of children willing to buy this coin is going to dry up eventually. This is just a big game of hot potato.
Well doge-dice sould help redistributing a lot of the early coins.
Also all coins have this issue as Vitalic notes here RE: QRK
I don’t agree with anything in your article.
Realsolid is not a scammer.
Worldcoin wasn’t insta- or pre-mined.
Comparing yourself to a past and honest JP Morgan ain’t such a bad thing (;
Where did peoples’ faith in humanity go? What is wrong with being an early adopter, trying to get WDC to succeed? Is everyone involved in crypto out to make an easy buck? No. We want integrity in our money supply. Long live the crypto-cash.
Sorry, but all your points are provably false. Try again.
Your claims may be provable or disprovable.
I couldn’t find any evidence in the article, so
I would be especially interested in getting information how much and exactly who has restocked the WDC. How did you get this exchange – proprietary information??
As far as I can tell none of the exchanges are disclosing this.
A combination of having talked to someone who was on the inside, and filling in the gaps. What they do is extremely transparent.
This article will provide some nice points of entry into worldcoin i guess.
Hahaha. This guy is hilarious. He is a Digitialcoin supporter who is always “at war” with Worldcoin because he is afraid of Worldcoin’s growing potential. Almost everything that he claims is invalid. Worldcoin was never pre-mined. If you are capable of reading charts, you can clearly see that Worldcoin was mined 46 hours after it was released. Some coins were mined in the initial hour. Worldcoin was created the same day it was announced. Therefore, it was never premined lol. Also, you fail to realize that the dev team is completely different from the current one. Thus, your angry arguments are all invalid. This guy is a perfect example of a troll that is trying to drive Worldcoin away from its’ great path to success.
If you were capable of reading charts, you’d understand that the coin wasn’t launched until hour 47, by which point 200k coins were already mined. The hours only begin from when the first block was mined, not when the coin was officially launched. By relating the supply charts and hashrate charts, it’s very easy to see that a big premine occurred. Why you would try to argue against these simple facts is beyond me, as all this data is pulled straight from the blockchain.
The dev team has not changed, clint is still at the helm, and his cronies are no doubt still a part of it.
You are a perfect example of a paid shill who found his way here from the worldcoin forums.
Lol. You mad bro? So much hate. This is the exact reason why I quit supporting Digitalcoin. Because the community talks trash on competing crypto-currencies and are angry assholes.
Has anyone bothered to review old Bitcointalk or Worldcoin forum posts to see just how many coins were given away in the early days for spiffs, promotions, giveaways, faucets, shit like that?
I was around in the early days and saw many coins given away to promote it. I myself won over 5000 just in various chat room Lottos. They were making it rain all over the place.
I’m not agreeing or disagreeing with the data Hazard presents. As he says the block chain doesn’t lie. However I can attest that back in the beginning a shit load of coins were given away to average Joes like me.
This article is a just a smear on a very transparent project currency. The road isn’t easy, especially one untraveled and I believe WDC is large enough to be out of the control of a few “boardroom conspirators.” Your prose is compelling but I feel that more so evidences your ability to write than the series of events you have manipulated to throw the WDC foundation under the bus. Risk is but a variable, do not articulate it as a scam.
You are entitled to your beliefs, but that doesn’t make them true. Developers have near absolute control over the price direction of a coin, especially when they’re pushing obvious shams like UNOCS and Scharmbeck.
The true about Mcxnow (REALSOLID) : http://www.coindesk.com/mcxnow-cryptoexchange-suspends-trading/
I would like to make an official response to this post. I will quickly rebuttal a few things you bring up. Number one there are many people involved in Worldcoin. This means that if we were in fact going to premine, then 400k would not even be close to a suitable level. Let’s keep in mind there are 35 million coins. 400k divided by 10+ early adopters would mean but 40k, or less, each. This is a nice part of being an early adopter but it is certainly no premine or an unfair release. All coins have much easier difficulty in that beginning period, but once again it was a fair release on all ends. There are no “whales” holding more then 1% of WDC unless they have done so fairly. Secondly our connection to Real Solid was that of a bug fix. He did help us fix a 51% attack but we otherwise have no connection. We are also in the midst of releasing a fix to stop 51% attacks completely. Furthermore we do not support Real Solid or any action he has taken as of late. Lastly I would like to clarify the UNOCS issue. UNOCS was a failed business attempt but certainly not a scam. No one came out on top during it, it just did not come to fruition as intended. Many people lost money during it’s collapse but I must reassure everyone that we are NOT UNOCS. Yes Worldcoin was involved but no that is not the direction we are taking with this. Scharmbeck is real and about to enter beta, with a huge media release. It is not a failed attempt as it is already fully working. For more and CORRECT information on UNOCS please look here. http://www.coindesk.com/unocs-altcoin-partnership-dismantled-following-feathercoin-pullout/
Hazard if you would like to speak to us officially about any of these matters do not hesitate to contact me at [email protected]
I would rather reassure you and speak normally then see our name be defamed with harsh and false statements. As always Worldcoin is a currency with a very transparent development and we’d like to offer that open invite to you.
Thank you for the consideration
1) 400k is far from chump change, considering ONE person (clint) originally launched this coin. Where did you pull this random number of 10 from?
2) All coins do not have low difficulty on launch, only shitty ones that don’t plan ahead. Saying worldcoin was fairly launched is provably false, as I have demonstrated with launchtime graphs.
3) Your connection to RealSolid was much deeper. WDC was the premiere coin of MCXNOW, and a personal pump and dump toy of his. And when the network was 51% attacked, you rolled back the block chain in his favor, at the expense of everybody else. Don’t even try to downplay that fact.
4) UNOCS was in no way a business attempt. Who are you trying to fool?
5) I’ll believe it when I see it. Worldcoin is about as far from transparent as possible.
Hazard, I read this article with great attention and I do believe you have great insight into crypto world in general; however if you’re confident of your findings you should really pick up the glove and contact WorldCoin Foundation via official channels and not bark on them anonymously.
WorldCoin has given you opportunity to do that. Leaving it alone like this looks like you’re not really sure/confident in all the statements in your article.
When there are two sides to a story only a good discussion can give both sides a chance to state their view on what’s going on (even considering they will most likely not end up in agreement – public can make mind on they’re own based on the statements provided).
Simply writing a short article on a blog smearing the whole thing doesn’t seem to be the way to go.
I’m watching WDC and up to date I have no reason why I would doubt in anything WorldCoin Foundation said. They deliver services as promised, they went with full disclosure, went on live radio show and expressed same, consistent vision for future of WDC.
Most of the negatives I hear on the web are people saying “it’s scam” but there is not much merit behind all of that.
Everyone is entitled to their own opinion (this is what we have brains for!) and having all the “for” and “against” alongside I’m more in favor of WDC and what the WorldCoin Foundation is doing.
It’s also difficult to believe (for me at least) someone would go public with full disclosure planning biggest scam in the world of cryptos we’ve seen in the long time. It simply doesn’t add up.
There’s zero point in me contacting them. I already know about all the shit they’ve been involved with. I don’t need to be fed lines of bullshit from them. If scharmbeck turns out not to be a scam, then good for them. But their track record is horrible, they’ve been involved in TONS of shady shit already, and that doesn’t exactly inspire confidence.
As for it being “difficult to believe that they’d go public with full disclosure planning the biggest scam”, you clearly weren’t around for the whole pirateat40 fiasco.
I disagree with your take on this matter but at the same time I respect your opinion.
As for the pirateat40 case I think is actually more a “for” example than “against”. In the end the guy has been charged by SEC proving you can’t just scam people, even in crypt world. Who would be stupid enough to follow the same route?
Thanks for getting back to me,
It was a scam. You were so right. Unbelievable!
Tell us your source please.
How you did the launchtime graphs? We believe it’s a paint graphs, no source.
The true about : UNOCS : http://www.coindesk.com/unocs-altcoin-partnership-dismantled-following-feathercoin-pullout.
Feathercoin go out of project and Phenixcoin have change something. Where aw the problem about UNOCS with Worldcoin??
Graphs are pulled from http://cryptometer.org
When you say : Pre mine, it that : 4064 and 2400 WDC : one and two hours??
Where yours 400k?
During hours 45-47. You can tell the coin wasn’t publicly launched at this point because of how low the hashrate was.
So basically what you’re saying is all these “facts” amount to nothing more than your own ability to interpret whether or not a coin was fairly launched by looking at the hashrate. :\
They are facts. All data is pulled straight from the blockchain, and blockchain data does not lie.
I think the overwhelmingly negative responses to this post should be taken as evidence against WDC.
Great work, Hazard!
Sorry to my questions. I don’t understand. How you say, there was pre-mine During hours 45-47.?
Hours 45 : 64 WDC
Hours 46 : 25024 WDC
Hours 47 : 163808 WDC
Total : 188896 WDC.
Where are the 400k ?
I don’t understand.
Well this is coming from a dedicated WorldCoin suppoter so here we go. Today, Dec 20th, Scharmbeck was supposed to enter beta. However, the website was still the same landing page as of 9:00am. I took to the WorldCoin IRC chat in order to voice my concern over this. My logic was, shouldn’t the homepage of Scharmbeck have at least one headline up top about “beta testing starts today!” or anything to that nature? Nerdcustoms, 2nd in command, then told me it didn’t matter. I replied to him “it matters to me, and therefore by association it matters to an appreciable amount of other people who just don’t come here to say it.” With that, I was kicked from chat by Nerdcustoms… it seems if you say anything he doesn’t like he will just kick you instead of giving it proper consideration like most professional representatives of companies or organizations would. I posted about it in WorldCoin forums, to which I received a reply that I shouldn’t be creating posts about WorldCoin members in the forum and I should only msg him in private and that my thread had been closed. So now I’m here to make sure at least some people are aware of his attitude and actions.
I still love WorldCoin as a coin. Gudmunsn and Safegit are awesome. To Nerdcustoms: You’re 2nd in command… start acting like it.
You mutt Morgan! You’re afraid that kriptovalyuta destroy your business!
Thanks for this article, very interesting.
Those claims are seem valid enpigj amd I have also been skeptic about WDC with various of incidents, especially the link to realsolid.
The absolute base of a coin is a wallet, and WDC wallet is terrible and broken for months and it seems no one even cares to fix it.
Yet, every single coin in cryptocurrency including bitcoin has been mined with early adopters, premines and other issues so I hardly think this is WDC only case.
Also for anyone that ‘invested’ and bought ‘shares’ of MCXFee’s or scharmbeck’s , good luck with that.
Have you looked into the team? who is running the show? what skills do the team members have? whats the foresight and revenue predictions? Why aren’t dev team, CEO etc listed on the website?
This is all VERY VERY shady and for WDC guys, if you trying as much as possible to ‘clear’ your name, put a profile of the company leaders, background experience, photos, etc. It shouldn’t take long.
Very interesting read. I guess we will find out for sure in a month or two. First things first, if they want to show they are here to stay they really need to fix that joke of a wallet. Especially the OS X version.
I would like to mention one thing about Scharmbeck Company in questions related to Worldcoin. If this company is as legit as it seems, then why would their address be a MailBox at a UPS Store in Chandler Arizona ? Hmmmm. One would think that a company with market leverage as big as their claims would have a real address and a real office.
If you don’t believe me, google map it yourself. Google street view will show that suite 7 is the “Next Salon” and Suite 5 is “Fast Frame”.
Furthermore, at the time of this reply, the address 2875 West Ray Road #6-133, chandler, Arizona…. Supposedly Scharmbeck’s Mailing address is also :
2875 W Ray Rd
Chandler, AZ 85224
A little worrisome if you ask me, and i implore The Worldcoin Foundation to explain these findings. I am not looking to discredit anybody in anyway, just looking for some truth amidst these clouds of doubt.
This coin is all scam. If one goes to freenode worldcoin chats, the mods do no answer nor field any questions pertaining to these address, licensing (state by state), approval (fincen – this scam is merely registered not approved), and anything to do with pump and dumps. They will outright ban you if you ask too many questions.
The amount of pre-mine is NOT negligible. Not even close to 20% of bounties were given out. Any amount of pumpndump coins sold at a height of a pump and dump is 100000+% profit for the devs, remember this! “They” create the coin, market, and subsequent profits off of hype, disinformation, misinformation, lies, and pathetic business/promotional techniques. Working with exchanges, devs can pay them huge lump sums to host their coins. While a valid technique, this allows shady/semi-legit exchanges to be host to pump and dumps & subsequent scandals. Why do you pay exchange fees? Tx fees? W/d fees? Controlled spread trades? All for some Doge, World, Cat or Sirios coins? Go take a walk, smell some flowers, torture some squirrels (or feed them). Really, do something ELSE!
As far as launch, If you want to create a coin proper, PLEASE: don’t conceal launch dates, don’t pre-mine without absolute bounties set, and have pride in your work.
Seriously, as if money wasn’t convoluted and stupid enough, we have script kiddies & hype mongers cashing in on ignorance while crypto-currencies are struggling to claim legitimacy within the world infrastructure.
SATOSHI NAKAMOTO IS DEAD
LONG LIVE SATOSHI NAKAMOTO!!
Look at their website, i bet its running a retarded noob shared host at 5$ a month. Very professional.
No way it is legit, and if it is legit, this is done by complete amateurs.
Scharmbeck works. I got my beta account hooked up to my checking account just like Coinbase and everything goes smoothly. I think Hazard may have been very wrong about Worldcoin.
Good work Hazard. It was a pump and dump. WDC has been dealt a mortal blow by Scharmbeck and some members of its board. The people who did this have created a lot of enemies. Karma has a way of biting you in the ass when you least expect. I really did like the name though, Worldcoin. Only common thieves and idiots could have made it fail.
Where can I read some more of your work? What do you think of CEX.io?
Boy, were you right!
Worldcoins4Barter.com worldcoins largest merchant banned from the community just for asking about the scam. Detail on their website www.worldcoins4barter.com
you’re right !
The cycle is over and the coin is still alive. I imagine all of the original scammers and pumpers are long gone now. I’m sure they’ve moved on to greener pastures with all of the new scam coins hitting the market. the fact being is worldcoin still has a very strong community and supporters that really care about the coin. if this coin can survive such adversity that has to have something to say about it.