Quote from: patrickrn32 on June 04, 2018, 05:54:55 PM

u/XRballer on Reddit

Quote
Quark is trash.

There is a new Chinese ICO hustle. Instead of having a regular ICO where 60-70% of the coin is sold in ICO/Presale and somewhat widely distributed these coins just have small little ICOs where they sell 5-20%. They then instantly spend 5 million on a Binance listing with the ICO proceeds. This allows them to generate hype and boost the price of the coin rapidly while also creating massive initial liquidity on Binance. Once the coin lists on Binance the devs can unload their supply at 10x what they would have sold for at ICO. Done this way the team can make double the money while only selling half of the coins versus just holding a regular ICO. Plus they get the additional exposure benefits, etc. of Binance. Most respectable ICOs in the past wouldn't feel right in spending so much money on an exchange listing but now we see it is a savy and cutthroat business decision. IOTEX literally just pulled this exact same move (and look at the post listing dump as the IOTEX team continually dumped the price back under 600 sats)

In QuarkChain's case they only sold 20% with 16% locked up. That means only 4% of the supply is currently on the market. Yet they are simultaneously listing on many exchanges including Binance. Binance even had to delay listing because of this. Who do you think is going to be selling and providing liquidity once Binance opens up? Of course it will be the QKC team themselves selling most of the tokens. This initial supply constriction also makes it much easier to boost the price of their coin (I mean the devs are literally buying their own coins on IDEX pumping this to the sky) both naturally and through manipulation - look at what happened with Bytecoin and that absurd pump when a small part of the supply was isolated for trading.

QCK is a noname team of Chinese opportunists who saw Zilliqa had a great idea and they blatantly ripped them off while adding exaggerations and embellishments to their white paper (1,000,000 TPS guys!!! but our testnet is only 5 nodes and does 2k TPS). IOTEX is kinda shady but you are FAR BETTER OFF buying IOTEX than this Quarkchain scam.

You have been warned. Anyone telling you otherwise has tiny ICO bags and wants to dump them for max (just look at their telegram and all the people celebrating the money they are about to make dumping on Binance with the devs - noone is thrilled about holding this long term and seeing what happens).

This is the newest ICO hustle

I see that and this is why there will be a lot of people will be getting trapped. Quark is a bullshit coin. That makes me surprised to see that the QKY has paid 5 million dollars to be listed on the binance. 5 nodes with 2k TPS and I smell a bullshit. CS can do even better than it.