Hi Steemers,
Crypto's biggest problem
Deception within the Crypto community has been very problematic. Recently, a fair share of cryptocurrencies that have been accused of misleading the multitudes. Some have even been accused of fraud. Centra's 3rd co-founder has just been prosecuted - because they never intended to deliver the product. It's not a look to say the least.
So what about NCASH?
So what about NCASH?
What did they do?
What were they accused of?
On Twitter (the source of all truth and FUD), @CryptoHades put forth the accusation. He accused them of falsified partnerships and put out some accompanying screenshots to act as supporting evidence. Tommy Hilfiger and Nautica apparently denied any affiliation to NCASH though present on the website.
My initial response
"Ahhhhhh!!!!!! Another good Crypto gone bad. Stressssssss!!!!!" (Or something like that).
The evidence was compelling. The situation was annoying. And the price of NCASH plummeted following a very bullish period for them. It wasn't great news. They had just joined a long list of coins I wouldn't touch with dirty pole let alone my money. I then heard they just dropped a vague, weak, uncorroborated post on Medium. Give me a break.... You've been made!
A proper critique
After this, I started to see the odd rebuttal. I was also sceptical because NCASH's price didn't plummet to the ground, it held somewhat stable after the initial dump. It didn't fully recover, neither did it crumble completely. I also started hearing about them claiming that more partnerships were soon to be announced. So this made me review the evidence again.
And what were my findings in a nutshell?
Well, for starters, they never removed Tommy Hilfiger from their website. They could just be playing a risky game here but its more likely you'd destroy the evidence once you've been made. This make me think NCASH really didn't care.
Secondly, it isn't clear from their website initially what kind of affiliation they share. That said, they could do better to clarify. But, that means that they didn't claim they were "partners" either.
Finally, @CryptoHades had quite a few inconsistencies, grammatical errors and spelling mistakes within his screenshots. That wasn't to be expected from such big companies.
If you want more details, I am a bit more thorough on the matter in my latest video:
That said, I think the accusations themselves were fraudulent. I think the evidence was falsified. He probably just wanted more followers, which I'm sure he got. But at the expense of a good company's name - and indirectly - a community's reputation. This is a shame.
Hopefully, in due course, the prevalence of fraud and FUD will dissipate and the crypto community will grow accordingly.
Thanks for reading,
CryptoCrayze
Who am I?
So I'm new to the platform but not completely new to crypto. So now I'm trying to share knowledge, lessons and personal thoughts via various social media platforms. My stuff isn't perfect nor is it financial advice, but it's a direct peek into my mind. If you're interested in joining me on this journey, then share / follow / subscribe to my channels:
YouTube:
https://www.youtube.com/channel/UC5sms2vrJ0iham6X8i_uydA
Twitter:
https://twitter.com/CrytpoCurrently?s=09
Oh yeah, you can follow me here too and I'll most likely follow you back too!
All the best!
CryptoCrayze