https://safcoin.co.za/

Rubberpigg

Expert Member
Joined
Dec 7, 2005
Messages
2,159
#41
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.

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.

JSE Direct with Simon Brown Podcast
Jul 25, 2018



http://justonelap.libsyn.com/318-safcoin-stay-away?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+MaudeStreetOnlineRadio-Jsedirectfull+(JSEDirect+on+JustOneLap.com+with+Simon+Brown)&utm_content=FeedBurner
 

saor

Honorary Master
Joined
Feb 3, 2012
Messages
19,210
#42
thanks for your input, now we can scrutinise your scam even further. :laugh:
It's a pity that thread got removed.

Just proved everyone's point that they've got no real development happening and didn't even respond to actual issues brought up, they just joined to say: "We're not a scam".

@safcoin: People aren't calling you scam because you're stealing, they're calling you scam because all you seem to have done is created an ERC20 and aren't doing any further development. You're just hoping people buy safcoin on exchanges to drive up the price so you can make some money. Go spend a day on bitcointalk and marvel at the ocean of shitcoins with big promises, amazing websites and technical whitepapers that are nothing but a way to hopefully make a quick buck.
 
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BitcoinZAR

Active Member
Joined
Feb 11, 2016
Messages
42
#43
Most ICOs have proven to be scams, and the ones that are not have a really bad reputation as many of them fail or shut down. There is no real incentive to continue with development if the company has already got all the money beforehand. If the people behind the ICO had an actual business model that could generate revenue, they would not need to ICO.
 

dsj

Active Member
Joined
Jun 10, 2015
Messages
48
#44
Hi everyone most probably this SAF coin has been discussed a few times.I just wanted to know if its Legit? thank you
 

Tman*

Expert Member
Joined
Jul 18, 2012
Messages
2,231
#47
Screen Shot 2018-12-04 at 14.13.41.png

I see the official launch date has been moved to 13 Dec. Their website only has a landing page. Seems as if this failed even before It began?
 

John Tempus

Expert Member
Joined
Aug 8, 2017
Messages
1,390
#48
As I commented on their twitter feed.

This is essentially hyped up like Bitconnect however with less foresight if thats even possible.

Lets call it Africonnect.

One funny thing is that these guys are operating out of a popup shop in Hartenbos so if anyone live there go pop in and record questions asked, should be a good laugh. :)
 

John Tempus

Expert Member
Joined
Aug 8, 2017
Messages
1,390
#49
Safcoin - stay away
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.
I will do you one better, this is straight up illegal under our financial laws.

You simply cannot launch this without a financial license so my best guess is that these guys will try to reach the ICO sale limit or close to it and then run out of the country to some non extradition country.

1. They will never be able to deliver on the project and the funds they receive.
2. They will never pay all the money back that they collected for a straight up dud.
3. They will get prosecuted in South Africa either by the government or brought to court by collective of poor souls doing class action lawsuit again them.

The only outcome for this project if they manage to collect the projected funds (I doubt they got even 1% of that target) , their exit plan will have to be to leave the country and hide somewhere.
 

blackguyza

Well-Known Member
Joined
Mar 6, 2009
Messages
440
#50
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.
It is at this stage now. You can actually sell the SAF for R88 and make R18 profit from R70 you used to buy it in the beginning. Will they sustain this? If only we were also using SAF for some transactions, etc; maybe then it would be sustained.
 

John Tempus

Expert Member
Joined
Aug 8, 2017
Messages
1,390
#51
It is at this stage now. You can actually sell the SAF for R88 and make R18 profit from R70 you used to buy it in the beginning. Will they sustain this? If only we were also using SAF for some transactions, etc; maybe then it would be sustained.
Kidding right ? Do you honestly need an answer the your question ? Magically selling it at exact R88.88 , dont you smell the obvious redflags?

This is clearly intended to get stupid people to deposit boatloads of money on their blackhole exchange as a promotional means to scam even more users. Expect that mythical price per SAFcoin to suddenly drop and their explaination will be its due to supply/demand.

There is ZERO demand for SAFcoin so for the price to go to R88.88(LMAO, super lucky number for chinese) there would need to be real demand for this shitcoin.

All smoke and mirrors to implode eventually however I suspect it might take quite some time due to the only people involved in this bs is the owners so they can juggle things around much longer than actual participating market such as bitconnect operated.
 
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saor

Honorary Master
Joined
Feb 3, 2012
Messages
19,210
#52
You can actually sell the SAF for R88 and make R18 profit from R70 you used to buy it in the beginning.
Sell it where? Even if it was listed on some exchange safcoin created there would be close to zero demand for it & any facade at liquidity will be them selling to themselves - the order book used as part of the ruse.
 

John Tempus

Expert Member
Joined
Aug 8, 2017
Messages
1,390
#53
Just registered on safcoin to check out the exchange and I am near certain every trade on there is simply washtrading.

They have SAF/ZAR market with 57 SAF 24hr volume. ~R5500 worth if you go by "average" value.
They have SAF/BTC market with 0 SAF 24hr volume.
They have BTC/ZAR market with R337 24hr volume.

Looks like they simply used the opensource rubykube exchange software and likely have no clue on extensive security patching that might be required over time. I bet it is even an outdated release. Rubykube/Peatio is not a bad piece of software but anyone intending on using it better have their own proper security team managing it since the software is opensource and any medium to high level hacker could go through the code to look for exploits before they get patched.

This is hilarious, washtrading by owners only I bet not a single penny of any so called coin buyers touched the trading volume.
 
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blackguyza

Well-Known Member
Joined
Mar 6, 2009
Messages
440
#54
On the SAFCOIN website there is an Exchange link. You can exchange between ZAR, SAF and BTC. I sold my SAF at R88,50 each and I am now trying to withdraw cash (ZAR) to my bank account, will tell you what happens.
 

blackguyza

Well-Known Member
Joined
Mar 6, 2009
Messages
440
#55
On the SAFCOIN website there is an Exchange link. You can exchange between ZAR, SAF and BTC. I sold my SAF at R88,50 each and I am now trying to withdraw cash (ZAR) to my bank account, will tell you what happens.
Done. I am just waiting for money to reflect on my bank account.
 

blackguyza

Well-Known Member
Joined
Mar 6, 2009
Messages
440
#56
Just registered on safcoin to check out the exchange and I am near certain every trade on there is simply washtrading.

They have SAF/ZAR market with 57 SAF 24hr volume. ~R5500 worth if you go by "average" value.
They have SAF/BTC market with 0 SAF 24hr volume.
They have BTC/ZAR market with R337 24hr volume.

Looks like they simply used the opensource rubykube exchange software and likely have no clue on extensive security patching that might be required over time. I bet it is even an outdated release. Rubykube/Peatio is not a bad piece of software but anyone intending on using it better have their own proper security team managing it since the software is opensource and any medium to high level hacker could go through the code to look for exploits before they get patched.

This is hilarious, washtrading by owners only I bet not a single penny of any so called coin buyers touched the trading volume.
I bought 7 SAF at R70 and just sold all now at R88,50 each because you guys are scaring me and am expecting the funds to reflect in my bank account within 3 days. Will report what happens. That system works like charm although security maybe an issue as you pointed out.

They got Google Authentication thingy that seems to work like a charm as well. I don't know much about security and protection against hacking but i am impressed. I hope i will not cry 10 years from now when 1 SAF = R 100 000. LOL.
 
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airborne

Executive Member
Joined
Jul 13, 2007
Messages
8,853
#58
What is the point of this coin if it can't be used to purchase anything?

And how did they peg the price at R70?
Are these coins even legitimately hashed? Suppose even if they are the ledger will be so small you could hash one in a nanosec.
 
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saor

Honorary Master
Joined
Feb 3, 2012
Messages
19,210
#59
What is the point of ti's coin if it can't be used to purchase anything?
Same as most generic ERC20's - to create something to speculate on and hopefully drive the price up so the creators can eventually sell their tokens for some profit. They serve zero utility.
Are these coins even legitimately hashed? Suppose even if they are the ledger will be so small you could hash one in a nanosec.
Afaik they are just ERC20's.
 

blackguyza

Well-Known Member
Joined
Mar 6, 2009
Messages
440
#60
What is the point of ti's coin if it can't be used to purchase anything?

And how did they peg the price at R70?
Are these coins even legitimately hashed? Suppose even if they are the ledger will be so small you could hash one in a nanosec.
The security and trustworthiness of the coin will make us use it to transect on anything in South Africa, across the continent and the world without a middleman.
 
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