ICO Alert — magos — Potential Red Flags
Though I did not want to spend lot of time on this ICO but I felt I should share some of my thoughts on this ICO and alert others why I see some potential red flags.
First Magos ICO website can be found below, they plan to build a fund based on Neural Network and Edge Seeking Oralces and generate profit by sports betting and prediction markets. And they also have shared a blue paper.
Now question is why red-flags. One big issue is when they explain that they use Neural Networks they were not forthcoming how they were being used in their system. In their group chat while asking questions on what AI framework was used and what kind of neural network framework they used they said the code is closed source and its IP. Another issue with the team is that while the team has a page but they do not have even a single linkedin profile for their profiles.
Also the idea behind Magos is much like Beth.jp which itself was labelled a scam.
And then going by their Blue paper one could not find any value in the magos tokens as its only by Token holders to receive dividends from all the fund operations, and can use the token voting mechanism to change various parameters within MAGOS, including profit distribution.
And finally based on my question on if their code was open sourced, this is what I got to hear.
Is there any open source code for your models??
Hello! The project like Magos would not be possible if it was open-sourced. That said, Implementation of Oraculum portal in 2019 will allow access to the limited usage rights, but the code will still remain closed. In theory, it will be possible for the token holders to vote on such drastic core changes, but it seems unlikely that the majority would support the open-source idea.
So why the heck should one invest in a useless token. Any noob investor my advice to stay clear of this ICO.
