CRYPTO OR CORRUPTION: You Decide!

TEAM MCAFEE | Aug 29, 2018
Bit-Z Exchange vs. Simmitri

The Story: The Bit-Z exchange advertised a voting contest for listing coins on their exchange, and claimed that "only 2000 people needed to vote" for a coin to "win" and be listed. After making contact with the Simmitri project, claiming to have 1M active users on their platform despite SimilarWeb showing 540k total visits in 6 months, with a 41% bounce rate no less.

Soon more details emerged, with Bit-Z referring them to the "contest" terms (below). These terms did not mention the fact, shared by the Bit-Z representative, that Simmitri was expected to pay 1 BTC ($10k at the time) to be listed for the vote. Simmitri paid (see receiving wallet) and was placed on the voting platform.

The process for "voting" was that community members had to buy Bit-Z's DKKT tokens, with which they then had to buy VTC tokens, which they could spend on voting for SIM. 2,000,000 VTC tokens needed to be purchased to win. At the time, VTC was about $.23, so ultimately they wanted $460k from the Simmitri community in order for the coin to be listed. This in addition to the 1 BTC already paid by the project. According to their representative, they also wanted another 4 BTC upon "winning" and an additional $200k worth of SIM tokens.

In the end, Simmitri did not receive the paid "votes" needed. As if shedding a great burden of pretense, Bit-Z informed the Simmitri representative that if they would just pay $750k, that would cover the listing. Clearly, the entire procedure is just a play to have the community pay for a coin to be listed.



TEAM MCAFEE CEO WEIGHS IN

Bit-Z lured the Simmitri Team in by saying they only needed 2000 people to vote for SIM to win. Well true, if two thousand people purchased 1000 VTC using DKKT, their other token, to buy them. In other words, the "community vote" would cost $460k.

I wonder how many would play the voting scheme if Bit-Z told the truth: In order to be listed on Bit-Z exchange you would need to convince people to purchase two million VTC tokens, play the voting game and spend the VTC token on SIM. The VTC token was $.23 so why not just ask Simmitri for $460K? Why charge $460K if you can wait until they lose and out of desperation their community pays an additional $750K! The Simmitri following is not stupid and if the exchange would have studied the token they would have realized math tricks are for kids.

Crypto or Corruption? You Decide!

JIMMY WATSON

CEO | TEAM MCAFEE


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