The moniker "New year, new me" does not seem to apply to
world of cryptocurrency, as suspects, scam projects are popping up all
above the place with unbridled intensity. The last project that has been exposed
for his shady deals and his behavior is one called Apollo (APL).
Everything culminated when a Reddit user took a dip
this "all-in-one cryptocurrency" that promised to provide features like
smart contracts, sharing and privacy never seen before. RozzyPoffle user
he began his deconstruction of Apollo explaining that none of those characteristics
they are implemented at this time, adding that it seriously doubts the projects
inexperienced developers are even able to provide them. He also exhibits
a rather strange thing about the project: apparently they created the Apollo site
via Wix.com, a platform designed to help people with zero coding experience
establish their online presence.
It goes beyond the technical insufficiency of the project
citing the fact that Apollo is nothing but a fork of another cryptocurrency
called NXT with a couple of turns on lines of code that do not actually change
anything of note (except to reduce the blocking time to 2 seconds). He also has
mentions how the Apollo team is aggressively launching and popping up their project
while at the same time pouring their APL into the naive market. It seems to us
be a tangible proof of this accusation, like a
Thread Reddit three months ago he shows an APL address (presumably
team membership) engaging in a consistent token dumping.
Rozzy then continues to exhibit the active brigade of the project
and police of their social media. While any project has an absolute right to
to moderate what is shared in their chat rooms, it seems that Apollo actively suppresses
all users who ask questions about the technology / code base of the project or suggest
but it's a good idea to sell your APL tokens after they're up 700%
in a week.
In the end he turns to the main man in the project, Steve McCullah.
The founder of Apollo is apparently involved in some shady dealings
the past. From being tied to a $ 29,000 kickstarter scam in which he claimed to be
raise money for a documentary expedition to the Congo in search of life
dinosaurs for the development of sudden skills in areas such as biology and cryptocurrency,
the man has a beautiful resume about him. It also provides evidence of McCullah that requires the
brigade community people who are critical of Apollo, whose effects
can be seen in the answers to the tweet below.
McCullah seems like an individual determined to blow
hot air in the faces of his community, as their promotional efforts rarely seem
to match real reality. Rozzy summarizes 4 main points that McCullah uses
divert criticism from Apollo:
- "" Third-generation cryptocurrency "
(as if the NXT fork in 2018 magically made this project better than everyone else
- Maximum privacy (guess what? It is not private
at all! They use a token in the wallet – something for which it exists
bitcoin, ethereum and many other coins – and they say that this makes their currency
have the maximum privacy of any currency ever,
- Decentralized file archiving (we all know it
storing files on the blockchain itself is essentially impossible,
especially with NXT technology – not having produced any product for this
claim anyway. Do not worry, it's "coming soon" though)
- Their "Forging System" currency –
something already implemented by NXT to which they gave a new name
Others have highlighted further problems with McCullah / Apollo, including no real development of updates, focusing on the rising price of the project as a reason to invest, finding themselves in Russia far from SEC, and having an army of devout shed who have little idea about crypto (including a slightly more experienced and popular one called John McAfee).
The main man of Apollo has since responded to the statements,
arguing that what seem to be legitimate are the criticisms supported by the evidence
nothing more than FUD of people who "have a grudge" against the project e
His complete answer can be found in this article written by journeyto100k. Explain that the development of the project is ongoing, with the infrastructure set up to support the problematic 2-second block intervals of Apollo. Several members of the community questioned these developments, claiming to bring strong elements of centralization into Apollo.
He also denounces brigading charges on social media and also adds why he would not jeopardize the growth of the Apollo currency by selling his OTC chits. Interestingly, he was not able to offer a good explanation of the address that downloaded APL tokens on the market, simply saying that he was not "able to investigate at the moment". Just to give a bit of momentum to the project, adds the following zinger:
"As I said before,
there is no reason why anyone is involved with the Apollo Foundation on which to sell
any exchange because we receive constant OTC offers from investors who buy amounts
too big for exchanges ".
Furthermore, he offered a fragile excuse regarding his precedent
activities related to dinosaurs, which make it look rather naive / naive. Finally him
explains his false degree of biology as nothing but a misunderstanding about him
McCullah's explanation does not seem to work so well, like
The Apollo currency is currently down 37% on the daily basis. This sharp decline indicates
that it is a serious part of the community has lost trust in Apollo, or in the principal
honchos simply realized that the jig is over, he gave up pumping their bags further
and downloaded everything on the market.
If this fiasco of Apollo has some lessons for the larger crypt
market, is that you should always do a thorough investigation of the projects
where you want to invest. Also, reserve a double check for projects deleted by
McAfee and never give your money to someone who believes that dinosaurs still exist.
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The opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com