https://safcoin.co.za/

Tman*

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Jul 18, 2012
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2,267
#1
Saw this article punting Safcoin few days ago: https://www.iol.co.za/personal-fina...ryptocurrency-investor-with-just-r70-16192747

I am no expert, but after scanning through the white paper, all that it says is:

1. This is a African coin for "Africans" - They go on to use the word "Africa" 78 times over the 18 page document.
2. No real product, technology, service or further info given on anything making it unique other than point nr 1 above.
3. There is a referral program of sorts (can I get a Bitconeeeeeeect)

Am I missing something, of is safcoin just another ICO wannabe LOLcoin that will disappear as soon as the owners sells R35m worth of coins?
 

acidrain

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Jan 7, 2007
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#2
I have a friend that was part of the whatsapp group and when asking some questions, eventually got kicked out.

https://ibb.co/idNxOo

That aside, the fact they operate out of a whatsapp group doesn't sit well with me.
 

Tim_vb

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Nov 7, 2008
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282
#3
I'm always fascinated by how these scams turn out. Last night I was looking up Kipi / Pipcoin and it seems most of their content has been scrubbed off the internet then all of a sudden we have Safcoin launched.

I'll admit their site is pretty slick though :)
 

acidrain

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Jan 7, 2007
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#5
Thought I'd read their whitepaper. Looks like your average "this coin will change your life" whitepaper.

No coin distribution other than the 500k pre-ico sale. Then there's some statement about only 5mil coins will be available worldwide with no mention of how these coins will get into the market, so I can only assume 4.5mil coins will be pre-mined.

They state listed on major exchanges but no names.

No mention of PoS/PoW/Masternode.

This will be a very HARD pass.
 

Temujin

Executive Member
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Apr 18, 2015
Messages
5,300
#6
Of coarse its a scam... may as well have a white paper saying you've inherited $500bil from a prince but requires you to purchase 'safcoin'... then they will put price up and you can cash out your inheritance so tax man can't get it
 

ICE3X

Active Member
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Mar 9, 2018
Messages
47
#8
This looks super sketchy.
The 'white paper' has nothing of any substance, and they keep referring to bitcoin and how it has increased in value, as if that is what will happen to this coin.
 

saor

Honorary Master
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Feb 3, 2012
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19,320
#9
Hmmm...I know someone at i-pay.
Will see if they know anything about this.
 

Phaim

New Member
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Jul 26, 2018
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1
#10
Hard pass. Nothing of substance besides "pay R70 for pre-ICO coin purchase". FHM (pty) ltd doesnt bring up any results either...me smells a fish here
 

Tman*

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Jul 18, 2012
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#11
Hard pass. Nothing of substance besides "pay R70 for pre-ICO coin purchase". FHM (pty) ltd doesnt bring up any results either...me smells a fish here
I wonder is FHM is associated with the magazine in any way?

Been doing more research on this, and its pretty much like Bitconnect or BTC global 2.0

http://justonelap.libsyn.com/318-safcoin-stay-away

Safcoin - stay away
I first saw them on my Google news feed, a promoted story on IOL.

Safcoin, not illegal but going to end in tears. That I guarantee. They're pre-selling 500,000 in an ICO at R70, then there are another 5million. In short the market will be flooded with these coins that have no use and sellers will drive the price to zero. Stay away.

Read their white paper and then compare it to the white paper for Ripple or Ethereum. This white paper is just marketing material.
Where does the money from the ICO go? A white paper should detail expenses etc. With Safcoin we can only assume that the R35million (500k coins at R70) goes to the founder (Neil Ferreira).

What of the other 5million coins? Who holds them? Again I assume Neil Ferreira. What I also don't know is are the initial 500k ICO coins included in the 5million or added on top?

How do I mine them?

Who is the team behind Safcoin? On Twitter Neil Ferreira said they had a team of 12, but no mention of who this team is and typically one trumpets your team for their expertise.

Who are the auditors? On Twitter Neil Ferreira said they were SmartDec Moscow Russia but we have no confirmation of this, have asked them on Twitter, as yet no reply.

Coin limit is apparently 5.5million, but when you check the website he used to create them (yip not their own code even though they claim 12 people involved) it says 222billion coins. That's about US$1trillion! Heck out government should start a coin and clear our national debt.

Ask you self what problem does this new coin solve? If it is not solving a problem then why will anybody want to buy it? No buyers equals over supply and price crash.

Consider the fact that over half of new ICOs fail, and this is a conservative estimate. I have seen stats that suggest less than 10% of ICOs ever get to market.

Scams, Scoundrels And Multimillion-Dollar Frauds: How To Check An ICO Isn't A Con

They mention they will list on local exchanges. Which?

Smarter people then me asked on twitter (with no answers);

What mining algorithm does your blockchain use?
What is the consensus algorithm used by the project and how was it picked?
Where do the tokens fall on the Howey Test?
You get paid a 5% referral fee if you send people. Referrals always bother me, they smack of pyramid schemes.

As I said up front, not illegal. But before you rush off with your hard earned money, do some homework and 5 minutes on this coins offering and it is not going to make anybody a single cent - except for Neil Ferreira. On listing Neil Ferreira could use his income from ICO sales to be an active buyer pushing the price higher, but this never works for long as eventually one runs out of money and real demand reverts to what it really is - and here it likely is zero.

I could go on and on with the issues about this new coin. Short version remains - stay away.

Another local crypto scam, this time called Safcoin

/ 500k offered at R70 = R35m (nice work if you can get it)
/ After ICO 5m will flood market
/ No details on how I can mine
/ Paying referrals (always dodge)
/ Lots of paid copy (such as link below)https://t.co/PqoZyHyIsq

— Simon Brown (@SimonPB) July 24, 2018


Read more at http://justonelap.libsyn.com/318-safcoin-stay-away#gccdTYSfU1OeQAZa.99
 
Last edited:

saor

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Feb 3, 2012
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#12
Thought I'd read their whitepaper. Looks like your average "this coin will change your life" whitepaper.
No mention of PoS/PoW/Masternode.
It seems all they're doing is creating an ERC20 with low supply and that's it. There's no actual development or token utility - it's just a token that hopefully gains some value if/when it hits the markets. Nice school project, but it's no different to the 100 new ERC20 projects popping up every week over at bitcointalk forums.
 

blackguyza

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Joined
Mar 6, 2009
Messages
440
#13
Wow. I have already bought 7 tokens. I believed in this so called South African crypto-currency until I read this article. I did not read the white paper but the 5 million coins which will be maid available worldwide worries me a lot. I think I will back off from this and I thinking losing the R490 will teach me a lesson.
 

saor

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Feb 3, 2012
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#14
Wow. I have already bought 7 tokens. I believed in this so called South African crypto-currency until I read this article. I did not read the white paper but the 5 million coins which will be maid available worldwide worries me a lot. I think I will back off from this and I thinking losing the R490 will teach me a lesson.
Max supply seems to only be 500 000. Don't worry tho, we've all been there - buying some crypto thing we regret 10 minutes later :p.
 

blackguyza

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Mar 6, 2009
Messages
440
#15
Max supply seems to only be 500 000. Don't worry tho, we've all been there - buying some crypto thing we regret 10 minutes later :p.
I wanted to sell my tokens and I don't even know how to use the damn wallet. Can I even sell before the launch?
 

saor

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Feb 3, 2012
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19,320
#16
I wanted to sell my tokens and I don't even know how to use the damn wallet. Can I even sell before the launch?
Doubt it.

Once ICO is over they distribute your tokens.
Then it gets listed on an exchange at which point you can send your tokens to the exchange and start trading / sell for bitcoin etc.
 

blackguyza

Well-Known Member
Joined
Mar 6, 2009
Messages
440
#17
Doubt it.

Once ICO is over they distribute your tokens.
Then it gets listed on an exchange at which point you can send your tokens to the exchange and start trading / sell for bitcoin etc.
I don't think that it will get to that point.
 

ronald911

Expert Member
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Jun 1, 2007
Messages
1,460
#18
Dang they didn't even bother to switch Debug mode off before launching...

Request Method: GET
Request URL: https://safcoin.co.za/register
Using the URLconf defined in ico.urls, Django tried these URL patterns, in this order:

[name='homepage']
createUser/ [name='create_user']
createUser/<string> [name='create_user']
forgotPass/ [name='forgot_pass']
user/resetPass/ [name='reset_pass']
<intpk>/userDetails/ [name='user_details']
logout/ [name='user_logout']
check_authentication/ [name='check_auth']
updateProfile [name='update_profile']
emailSupport [name='email_support']
listOrder [name='list_order']
edit/ [name='user_edit']
auto_load/ [name='auto_load']
admin/
accounts/login/ [name='login']
accounts/logout/
accounts/profile/
buy-token/ [name='Step1']
check-otp/ [name='check_otp']
payment-redirect/ [name='payment_redirect']
^static\/(?P<path>.*)$
^media\/(?P<path>.*)$
The current path, register, didn't match any of these.

You're seeing this error because you have DEBUG = True in your Django settings file. Change that to False, and Django will display a standard 404 page.
 

Roxyrox

New Member
Joined
Jul 31, 2018
Messages
2
#19
Tman, haha I love how the guy who you quoted here above now likes the safcoin page on fb. Probably when he realised that they are in fact listed. I bought 2 of those pre-tokens and to be Frank I am willing to miss out on x2 king steers burgers this week for an opportunity.
 

Roxyrox

New Member
Joined
Jul 31, 2018
Messages
2
#20
I have a friend that was part of the whatsapp group and when asking some questions, eventually got kicked out.

https://ibb.co/idNxOo

That aside, the fact they operate out of a whatsapp group doesn't sit well with me.
Woweeee acid rain your friend must have very special privilege to be invited to such a whatsapp group. Sounds rather bogus to me. Wonder why I was not added to that group
 
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