We proud ourselves of spending exorbitant amount of time in researching projects and bringing them to our QRIP group without charging anything. We truly believe in the crypto spirit of sharing, growing and prospering together.
Alas, as the saying goes “no good deed…”
Titanium, the latest episode in the crypto land scam series reminds us all of why it is even more important to be vigilant.
They were not as blatant as Bitconnect
The reason we fell for these scams are because the ideas were not stupid like 40% interest per month or 1000x in a year claims. The ideas seemed legitimate, profiles verifiable and partnerships disclosed.
We at QRIP group have a cardinal rule. We never review a project that doesn’t list the team profiles.
First, Monkey Capital had a platinum rating in the ICOs, first one ever to get such a rating. The partnerships were verifiable and all profiles were LinkedIn proofed. The concept was solid and if successful, it would have changed the crypto world for better.
However, we learned that anything can be brought for the right price, ratings, YouTube shillers and even article in Forbes.
Monkey Capital still maintains its website and has been posting videos, not much useful ones, but still they have not vanished from the face of the earth. We would like to label them as scam until they prove us wrong by actions and not by fluffy claims.
Moving onto Titanium, the profiles were solid. We understand now that profiles may have been embellished (?).
Look at the SEC indictment that lists the partnerships that were presented in the ICO pitch. It is easy to see why someone would believe in the project.
SEC claims that the creator of Titanium, Michael Stollery (Michael Stollaire’s real name), has used “create and inflate” scheme using the two companies under his control.
That is not all, Titanium had Better Business Bureau rating and DUNS & BRADSTREET rating. No other project in the crypto space had these credentials, in addition to the client list above. Their website is being updated as recent as 4/27/2018 with new team addition updates.
What’s the point?
These two projects combined proved to be costly mistakes for us, personally. We had a choice to dwell on the loss or we could categorize it as an expensive business lesson. We choose to do the later.
Again, we have to wait for the verdict. We cannot and do not label these projects as scams until they are declared so in the court of law. We assume that they will get a fair share to counter these allegations and we will see what the verdict will be.
We have been saying these points from the get go but they deserve reminding.
- Do your own research
- Put in amounts that you are comfortable to lose
- Understand that there are no guarantees
- Do not believe in hype
Even an impeccable team resume, as we learned from these examples, can be tailored to lure gullible investors.
Crypto space is very volatile, don’t invest more than what you can afford to lose. Opinion, not an advice.