Bitjob (STU token): A team filled with greed and deceit.
I have been an advocate of block chain development, but the fact is block chain technology doesnot need the input of some teams i.e many projects out there has no block chain application . They are just out to raise fund, and do whatever they wanted with it, such a team is Bitjob, the team behind Student token (STU). The team has no knowledge of block chain, neither do they have community management strategies. Attending block chain conferences or posting team picture with Vitalik Buterin are not indicator of knowledge or success.
I came across an allegation about the team on twitter/ reddit https://twitter.com/ZeeecoMan/status/933668720471404544 which summarises the team conduct towards the community. Since I was a member of the community (I was banned for raising the allegation), I decided to investigate these allegations some of which I found to be truth based on my current search.
- Allegation that the team are not responsive to all questions: This is true. The moderators are selective of questions they answer and most questions are always said to be forwarded to the team but none ever came out with response.
- Allegation that the team are greedy: This is also true. In the white paper which was released to public clearly states that the 64 % of token will be allotted to the token holders but the team could only sell 4% of STU in circulation which is 9 million tokens during ICO. The community has been asking questions regarding the distribution. The team had been using delaying tactics claiming they were busy with travels bla bla. It took more than 50 days after ICO before the team responded with answers that left post ICO investors with no option than to sell their position and leave. The team decided to inflate the supply by giving each ICO contributors addition 150% including those that dump the token (https://medium.com/bitjob/stu-airdrop-update-750bdbb628ac, https://twitter.com/BitJob_Team/status/933951136868044801). This action will only bring the supply to around 10 -12 % and of course a further drop in the token value. In fact I have found new revelations which was not know before. The team has displayed high level of incompetence and greed.
- Changing goal post in the middle of the game: This is also true.The team later claimed they want to use the remaining token for bounty and affiliate program which was not stated earlier. I understand fully what has been happening. I will state this in my findings.
- Token burn ruled out: The team also ruled out out token burn for reasons best known to them. Evidence here, I will cover this in my findings https://medium.com/bitjob/an-in-depth-explainer-on-the-unsold-stu-liquidation-process-post-ico-c95416ffc2b5
Revelation of greed and deceit
- Circulating Supply: The actual token in circulation is not 9 million it is about 45 million. Meaning the team has been dumping token (token still transferred in the last 16 days from creators account) to raise fund which they did not make during ICO. Perhaps they intend to be doing this on regular interval. After the creation of the smart contract, contract address https://etherscan.io/address/0x0371a82e4a9d0a4312f3ee2ac9c6958512891372, the contract creator (0x7ca63aa7bf5bd6f51cb5a5c28aef6ac94e16be2a) still holds 154 million tokens as at the time of writing which they refused to explain why this is so despite saying they will not hold any token.
2. Creators account has been dumping: God blessing to block chain ledger that makes every information available for free, evidence of dumping here (https://etherscan.io/token/0x0371a82e4a9d0a4312f3ee2ac9c6958512891372?a=0x7ca63aa7bf5bd6f51cb5a5c28aef6ac94e16be2a), transaction still happened last 16 days. Token holders will never have any short or long term gains as the team will only inflate supply and are all out to raise money as much as they can.
3. The Team does not want criticism: The team wants a kick-and-follow community that does not question them or make their own finding. The only thing the team respond to is critism, other thing are non issues to them, other things are forwarded but got no response. They are all out to suppressed the truth. I shared a finding, I was asked to delete it through a private message from one of the moderators. Alot of messages that raised concern are deleted by the moderators.
SCAM: I could not establish at this moment if it is a scam project or not but I was able to established over whelming greed, deceit, agreement renege from the team.
What I intend to do.
I will sell all my position at loss and stay away before we see the value at 1 sat. I will not want to deal with a team that does not respect agreement and promises in its own white paper.
What post ICO or other investors should do.
Do you own research!