Home / Coin Payment / 7 fish things we noticed observing the data Laida coin

7 fish things we noticed observing the data Laida coin

7 fish things we noticed observing the data Laida coin

by Ellia Pikri
27 August 2018

LaVida coin is the last ICO launched by Datuk Seri Hasmiza Othman or better known as Dato & Vida, beauty magnate and a division figure in Malaysia.

Perhaps because of the reputation of Dato & # 39; Vida as a successful business woman, LaVida's currency has attracted the attention of those who might not otherwise consider investing in cryptocurrency. I am worried that some Malaysians, seeing the success of the sudden bitcoin millionaires in 2017, consider LaVida's currency an opportunity to join a cryptocurrency in advance for a future explosion of value.

The magnate plans to raise a staggering $ 1.5 billion from the attempt. According to the website, the funds raised will be divided as follows:

  • an online entertainment channel focused on the entrepreneur ($ 1 billion)
  • development of a LavidaPay payment gateway ($ 100 million)
  • construction of a mosque, described as non-profit ($ 400 million)

Many crypto-experts would agree that this is not a healthy enough mentality to have at this point in the history of cryptocurrency.

I do not intend to launch any sprinkling on Dato & Vida or his intentions, but when we examined the coin, we noticed some fish things on the whole effort that would have lifted the handcuffs of any seasoned cryptocurrant.

1. No appeal for if the project is underfunded

How many of the 3 projects will be completed will depend on how much the team will increase by the end of the ICO, according to the white paper. The white paper also indicates that no concrete measures are in place in case the project is underfunded.

2. Token sold as a currency

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After a superficial look at the discussions on social media, it seems that the public considers the LaVida currency a coin, even if it is actually a token, and these are two different beasts.

To simplify things, think of a coin as a currency. The coins have characteristics similar to a traditional currency and can be used to buy and sell goods and services until the merchants accept it as tender.

In the meantime, think about buying in a token how to buy shares: you are investing money in the company and projects in the hope that it will succeed. The tokens purchased could be a utility token (in which the currency is exchanged for products and services within a specific platform) or a token of securities (generally, a token representing shares of a company).

For more information on coins compared to tokens, this post media outlines things in a simple and concise way.

Page 8 of the white paper calls the LaVida token as a utility token and intended to be used in all three projects as a means of buying and selling. Despite this, there are very few details about the token economy and how both these functions will be combined.

3. No mention of legal entity

As a general protipist, every aspiring cryptor-investor dealing with ICO should avoid white papers that do not mention the legal entity (for Malaysian companies, look for Sdn. Bhd.s or Ltd.s).

Update: it was purchased to our attention that a previous version of the website mentions a legal entity, DSV Galaxier Ltd based in London. However, this was not reflected in the published white paper and has since been removed from the latest version of the website.

4. No mention of the network on this crypt

When it comes to tokens, broadcasters usually enter them into the Ethereum network, where they will be subject to the Ether protocols or will develop their own network.

If it is on the Ethereum network, the white paper will mention it and, if it is on its own network, the issuer should go into details about what the protocols of this network are.

None of these details is available in the LaVida Coin white paper.

5. No team member listed

In addition to Dato & # 39; Vida in person, there is absolutely no mention of the team behind the ICO, nor the organizations or people who will develop one of the 3 projects listed.

Many ICOs will list the team members for the most demanding investors to examine the team to determine if they have the ribs to work on the task assigned to them.

6. Vague roadmap for the completion of the project

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The roadmap is on the website, but not in the white paper.

Among the projects outlined, in addition to an expected completion date, very few details are available to justify the large sums requested.

Of the three key projects outlined:

Entertainment channel

"At this time, the entertainment platform is being launched and there is no overall strategy on the types of programming it will broadcast and the demographics of the exact viewers it will be based on. These tasks will be completed during the initial development phase. , once development funding has been guaranteed. "

Complex of the Muslim community

LaVida's currency has aspirations towards the construction of a community complex of the likes of which has never been seen in Malaysia, where LaVida's currency can be used internally as an accepted currency and probably the lowest priority project of the three listed.

Besides the fact that there will be a mosque at the center of everything, it will be put up for completion and that is a "one-stop shop, a place to meet and gather inside a Muslim community", c & # 39; is very little information about what is supposedly a massive $ 400 million effort.

There are some voices in the sector who have expressed concern that the team is using religion as a marketing gimmick to target the majority Muslim population in Malaysia.

However, it is worth noting that this type of project is not off-brand for Dato & # 39; Vida, which has already delighted in mosque-based projects.

Road sign

According to the white paper, the payment gateway is destined to compete with the likes of Paypal, Skrill, Alipay and Neteller, where LaVida money can be used with "authorized independent dealers and sellers who accept LaVida Coin" or the ; issuer yes.

Generally, payment gateways for fiat and cryptocurrency are separate, because while they are intended for the same purposes, they have very different underlying technologies behind them.

If the LaVida currency is intended as a utility token, it is not mentioned whether it will be used as an internal currency for the platform, in exchange for products, discounts or other Data & # 39; Vida functions.

7. Guaranteed returns?

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While many Ico will project for the success of their ICO, the quotes on Utusan Malaysia will apparently register Data "Vida" to guarantee it. This is often a cause of alarm.

Freely translated from the Malay, it was reported that Vida di Dato had said buy now, because the token is cheap and you can resell it by Christmas since the price of this cryptocurrency (described as mata wang) should rise at that time.

As we said before, anyone who guarantees returns for any investment is a huge no cryptocurrency, because the scene is volatile and nascent for such statements.

You do not even have to take this on our own. A screenshot depicting David Low, country manager of Luno Malaysia, circulated the Internet with the following words:

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The project lacks crucial information.

It is possible that the deficiencies result from a lack of experience in producing a white paper, but what is clear from our immersion is that even if this project is produced with the best intentions, it is too blurry and too vague to be a good investment. .

With a timeline and tangible results that will change and change based on how much money they've collected, we feel like the whole three-layer project is unconvinced on the part of the team, as it seems insecure that it can reach its own targets. Separately, all three related projects appear to be at an early stage not yet ready to raise funds.

This vagueness can not be positive for the final value of LaVida money.

We would not make a fuss if this was just another crowdfunding project, but branding this project as a cryptocurrency and seemingly promising returns for investors, we are concerned that this project will overshadow the Malaysian ICO and devalue other projects if it does end up falling through

Perhaps sharing our concerns, the Securities Commission has announced that they are reviewing LaVida's currency for the possible violation of the law on guarantees.

Featured Image Credit: Linda Alatiff on Facebook.

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