When our beget Tristan Greene thoroughly dismantled a relatively small cryptocurrency venture, labeling it a scam in progress, we anticipated pushback. We anticipated offended, threatening emails. We anticipated intimidation tactics hinting at lawsuits. And we positively anticipated a rebuttal from the corporate making an are trying to shed doubt on our reporting.
What we got change into critical better.
At present time, Skycoin (SKY) founder “Synth” emailed TNW claiming our fragment change into unsuitable and demanded an update that mirrored the reality. The truth, in step with Synth, change into that we were duped; Skycoin COO Bradford Stephens — whom we interviewed for the story — below no circumstances if truth be told labored for the corporate.
Here is the e-mail, sent from an e-mail address matching that of Skycoin’s founder, in its entirety:
Hey, you printed an article about Skycoin. I’m one in every of the founders of Skycoin and you were scammed.
The person you interviewed has nothing to assassinate with Skycoin and is a known scammer. The COO of Skycoin is Sam.
- Bradford change into claiming to be COO of Skycoin and change into making an are trying to scam merchants.
- Bradford Stevenson [sic] is rarely any longer COO of Skycoin. Sam has been the CoO [sic] for four years.
- Bradford does no longer symbolize Skycoin.
- Bradford below no circumstances had an employment contract with Skycoin.
- Bradford did the NextWeb interview to scam merchants (to acquire them to send him Bitcoin).
- Bradford’s consulting company change into employed to assassinate the Skycoin web residence and he then started making an are trying to portray himself as Skycoin COO and to scam of us out of Bitcoin.
Please update the article to portray that Bradford change into below no circumstances Skycoin COO and has no employment contract and change into no longer a member of the Skycoin personnel.
It took all of 30 seconds and a Google search to conceal Synth’s claims counterfeit. If truth be told, Skycoin did most of the work for us. We love you.
For starters, Stephens didn’t unbiased accelerate out of the woodwork and strive to con of us; Skycoin’s public relatives personnel presented us to him, as the corporate’s COO, when we reached out for an interview.
It gets even weirder from there. The corporate COO is now “Sam,” a man with out a final name. Abnormal, since all other Skycoin people — with the exception of those utilizing pseudonyms savor Synth — beget a surname on the residence, but no longer damning by itself. Maybe Sam is the cryptocurrency model of Cher, or Madonna. We are in a position to’t be definite.
What we are in a position to also be definite of, on the different hand, is that Sam hasn’t been the corporate’s COO for four years, unless he shared the realm with Stephenson. And as critical as I’d select to enlighten we all know this due to our abilities as online tremendous sleuths, we don’t; the corporate gave itself away when making an are trying to disprove TNW’s normal findings with a rebuttal on Medium.
For an organization that tries to quilt its tracks by claiming Stephenson change into below no circumstances affiliated with the corporate, nor change into he its COO, SKY didn’t exactly bother to quilt up proof proving otherwise. Purchase this snippet, from the aforementioned Medium rebuttal (which is quiet dwell as of this writing):
There’s additionally a tweet, from Skycoin’s official Twitter sage (as linked on its webpage) to promo an upcoming speech by its “no longer” COO Bradford Stephens (additionally dwell, as of this writing).
Nonetheless why struggle thru the effort?
For answers, we are in a position to any other time gape to the post on Medium.
The hypothesis is that folk will line up to purchase a mining apparatus for coins that were pre-mined — which implies, Skycoin owns the total circulating provide, minus those it has already sold or given away. To incentivize merchants, its founders are offering a ninety 9 percent refund of the unique take label (one bitcoin).
The intention offers no longer no longer up to 2 most likely systems to make the most of unwitting merchants.
On the front end, the venture earns by promoting $600 mining hardware for one bitcoin (about $10,000 currently).
Secondly, hardware purchases will beget merchants unwittingly propping up the price of the underlying asset. By changing one cryptocurrency (BTC) into one other (SKY) merchants are transferring the price of the market. With one entity defending a majority of the circulating coin provide, it obtained’t dwell propped up for prolonged sooner than you birth hearing the words exit scam.
Update: Following our coverage, Skycoin has quietly edited its Medium post to enlighten that Stephens – who they in the beginning claimed below no circumstances labored for the corporate – change into their “Marketing Director.”
As viewed in the screenshots above, the post previously insisted Stephens served as Skycoin’s COO.