Re: GetGemz was it a 1.2 Million USD ICO scam? or is there some hope for gg owners?

There was rumours that the getgemz app was getting huge mobile app downloads, it seems it was completely faked however.

Yeah makes you wonder. I mean essentially the investors paid 1.6 million dollars for ....well ..not much.

Seems that funding was diverted off to his own private project. I'm hoping that becomes a large success so there is a big incentive for legal measures to be taken against them.

Another reason ALL ico funds should be held by escrows and released to them gradually as milestones are reached.

Escrow is definately needed, we need more people to vet the projects. I try my best, general rule I have now is that it is not to be trusted if it's not on my site.

hahahaha, good rule Alex. I met the guy about a year ago what he told me is that they are "pivoting" into paykey so i think the entity that controls, or received the coins, is still connected to the original supporters. But it kinda sucks that he went dark like that. I find it ironic though that anonymity is so prized until shit goes down and then everyone wants to know who you are. There are a core group of guys that are now putting out some really good ICO rating briefs that are really helpful, and it seems like there is a standard model being organically formulated. I for one would like to see vesting, and some sort of "social contract" with the investors so there is more incentive to see a project through or be transparent with the reporting. I think people are ok when things don't work out. They just wanna be kepp in the loop and not dodged.