Sketchy Crypto Projects & Biased Supporters

I’ve talked a lot about crypto scams and sketchy projects in the past, but what I didn’t cover were the communities around them and their supporters. I’d like to address this now in this video while going through some examples of sketchy projects.

The 4 main projects I’m going to look at to cover a few different categories are Hex, Theta.TV, SoMee, and Whaleshares.

This is my video previously talking about Theta.Tv – https://lbry.tv/@ScottCBusiness:4/Why-I-Don%E2%80%99t-Recommend-The-Theta-Network-1:e

In summary, the Theta node owners are benefiting off the adoption and publicity from the streamers and people using Theta.TV while at the users’ expense.

This is my video talking about high value not equating to legitimacy – https://lbry.tv/@ScottCBusiness:4/scams:5

This is my breakdown of why I believe Hex is sketchy and don’t recommend it – https://read.cash/@scottcbusiness/why-i-sold-all-my-hex-8b609671

In summary, there’s a plethora of information about why you should avoid this but in one sentence, it can and has been manipulated, their partner at StakeHex.com shut it down and said he couldn’t go on with a clean conscience, and Hex is designed as a zero sum game that benefits Richard Schueller, the creator.

This is my video going through many platforms including SoMee and Whaleshares in the past – https://lbry.tv/@ScottCBusiness:4/Blockchain-Social-Platforms-You-Should-Really-Avoid:7

In summary, SoMee is sketchy to me because they misrepresent the value of their cryptocurrency and only allow you to withdraw your earnings or deposited funds from the platform after you pay to certify. *Correction: In the video, I said Paypal is used to certify on SoMee when actually they use Square. Also, I want to be clear, that if you certify you can withdraw your SoMee from the platform, but otherwise you cannot. Also, to clarify you can do whatever you want with ONG outside of SoMee.*

Whaleshares previously scammed users and thus has a history of scamming, so should we trust that they are done with it?

This is the statement I received from SoMee:

"Scott, thank you for your insightful video, and thank you for watching out for the crypto community as a whole - it's important to realize that even projects with the BEST of intentions can sometimes seem to be slow to adopt or adapt to changes in the market, and to some, that can make them look sketchy or like a scam. To address a few minor points in your video about SoMee: What you earn on the platform is pegged to the price of ONG, so as that price changes, the value of what you earn changes as well. And, as is required by national and international law, before you can withdraw your points to ONG (crypto), you must go through verification. It's a single step verification that verifies your identity; once that passes, you can swap to ONG without issue, and do whatever you want with your crypto. We put the price at around $99 without buying a power up package because it stops scammers, and prevents them from profiting on our system. We will be implementing alternative ways to pay for the KYC (such as with crypto, SoMee points, and ONG) in the near future.  Please do keep up with SoMee at our official development blog: https://ongsocial.atlassian.net/wiki/spaces/SP/overview and continue to keep the community informed about your experience with crypto projects :)"

What do you think though? Are any of these scams? Am I wrong about anything I covered here? Is there something you’d like to see me cover? Let me know your thoughts in the comment below and don’t forget to like, share, and subscribe!

What do you think though? Are any of these scams? Am I wrong about anything I covered here? Is there something you’d like to see me cover? Let me know your thoughts in the comment below and don’t forget to like, share, and subscribe!