Ten months on, Shitcoinoffering decides to see whether our expectations about the “revolutionary startup” proved correct. This was like opening a real can of worms. A new sale is coming soon and we have a lot more questions for the project than they provide answers.
Ten months ago, we wrote about Papyrus Global. We drew your attention to the fact that the idea behind the project wasn’t new, the website design was pinched from another ICO and the accents in the promo video would rape your ears. The team of Russian nobodies with a startup registered in Singapore didn’t inspire much confidence either, nor did the very weak sale ($500k out of $5m). Best-case scenario, they got back their marketing costs.
Since then, the guys have released MVP. GitHub shows that work is still continuing. You can test what they’ve got so far for yourself. We can’t really understand how THAT could possibly kickstart the promised revolution in digital advertising. For the moment, it looks like a budget project by a budget dev from Peshawar.
By the way, a quarter of the money received from investors during the first phase of the ICO was supposed to go towards product development.
And now the boys are arranging a grand second sale for 17.5 million dollars.
There will be a third one too. If, of course, the project will still be around by then 🙂
Nothing is said about where investments from the second and third sales will go. They’ve limited themselves to a rough breakdown, and even there we can see some unreal levels of crazy. 17.5 million bucks is only 30% of the tokens. Everything else will go fuck knows where. The token exchange is particularly hilarious, but we’ll get to that later.
By the way, the website is full of shit. They didn’t raise 1.5 million during the sale, but 3 times less. They said it themselves.
The Telegram channel is bullshit too.
So let’s get back to those tokens. The creators changed the token’s exchange rate (the first, PPR, was sold at the first sale, but now only the second, PRP, will be on offer) by almost 100%. Just because they wanted to.
Oh, right. It turns out it’s a sneaky ruse. Loyalty is a plus.
They’re only going to distribute the tokens in November. So here loyalty is a minus.
It’s just a strange situation all round. We’ll turn up out of nowhere, announce a small (by today’s ICO standards) target, raise 10 times less and sell one kind of tokens. Then as a smokescreen, we’ll make a sorry excuse for a product that even the CEO’s grandma won’t use, sell a second kind of token and exchange them at a decent rate. But we’ll pay everyone in November, right? What about exchanges, the trading game and all that? Bearing in mind that for a couple of months after the first sale our boys went into shutdown mode and barely wrote anything on their blog or social media pages. They came out of the woodwork again closer to the second sale and all hell broke loose.
It just so happens that the team has a founder who never made an appearance in the whitepaper or Medium blog.
In both those places, this guy was the top dog:
Incidentally, Papyrus is rarely mentioned on his Facebook profile. In the past, that was all he talked about. Maybe Vitalik sued him for posting photos of them together without consent? 😀
Or Eric Benz, our favorite shit-advisor.
Nevertheless, as soon as the boss cast off his invisibility cloak, he immediately started to communicate with the plebs.
Here he is, in the flesh. He worked at Mail.ru, a major Russian corporation, for quite a while. He says that’s why he didn’t make a song and dance about his involvement in the project.
Indeed, many members of the Papyrus team have a background in this company. Thoughts even start to creep in that it could be the real driving force behind the startup. Or the guys just got tired of the daily grind and decided to make a quick buck.
Obviously. The long-term project even has stickers on Telegram. Shame there’s no Lambo 🙂
And popular social media pages. Just the way we like it: genuine SMM and constructive dialogue.
The team also went to Consensus-2018, although we couldn’t find them there 🙂
In fact, there’s nothing new about repeated ICOs (it’s now fashionable to call them the “second phase”). The scam miners from Kazakhstan known as Ice Rock Mining (if you want, we’ll write about them some time: there’ll be war-era bunkers, gifts in Bitcoin and other Midwest fairy tales) also held a second ICO after their first only raised $300k. They also sold a second type of token. The boys from one shady enterprise decided to go all the way and periodically release more and more new tokens (first ACE, then GOAL, then DICK) in an infinite conveyor belt of sales. Let’s be honest, the concept is a crock of shit that devalues the very idea of an ICO.
Although what else can you expect from a team that fucked off their own roadmap.
There’s no sign of the partners, schmartners, offices and other bliss that was promised. Or, like the founder, they just forgot to stick it into the old whitepaper. While the tokens have been frozen for almost a year and the product is coming together very slowly, the team has already released a second whitepaper. Well what can you say – even pretending to work is still work.
Lastly, let’s have a look at the Papyrus Global website. The Russian startuppers from Singapore talk about Switzerland, but hide their real location.
As long as they don’t end up on an Egyptian beach in the autumn drinking the awful local beer. On the other hand, people have been talking about that possibility for a long time.
To sum up, we only recommend investing in Papyrus if you have a spare 30 million dollars in BTC lying around and an overwhelming desire to grab the headlines as “sucker of the year”. Otherwise, avoid this project like the plague. In evidence we have a year-long token freeze, multiple sales, strange goings-on in the team and, most importantly, the absence of the revolutionary product that everything was supposed to be built around.
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Tell us what you think about our investigations in the comments. If they still aren’t enough for you, we can always do some research on an ICO that has caught your eye. For free, honestly and from the heart. Together we will prevail!
In blockchain we trust!
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