Twogap: A Food Truck Owner Teaches Us about Blockchain
These dudes screwed up their business, hired shitadvisers, botched together a whitepaper full of mistakes and a subpar prototype – oh, and they want 30 million dollars for it. The long-awaited continuation of our beloved Reader Requests section.
After smashing the scam projects Ubex and Hoqu, we decided to learn from our mistakes and research cryptocurrency startups before the start of their sales. It’s always fun to read about other people’s fuck-ups, but first and foremost we should warn our readers about the dangers of investing in any old crap.
Thanks to one of them for asking us about Twogap. We hadn’t even heard about it before. A few hours of reading and analysis were enough to convince us it’s a fucking scam. Now we’ll go over it in excruciating detail, because we want to.
Let’s start with the idea. Aha, cryptobonds. Sounds familiar. Oh yes, there was a little company called Kryptobonds ICO. This is what they were offering… How did we miss this opportunity to win a few Lambos each?!
The boys wanted to raise 40 million bucks. Here’s a nice investigation about their main man. By the way, he and his partners have since deleted their LinkedIn profiles. The project itself died out for good in the early spring. This is what their Telegram channel looks like now – a Flying Dutchman cresting the waves of the internet.
Six months passed and Twogap turned up. No casinos and prize draws here yet, but the idea is exactly the same: blockchain bonds. Imagine that Tim Cook loses all of Apple’s money in Vegas and needs to present a new iPhone in six months. So he issues blockchain bonds without banks and other fiat-currency bureaucratic bullshit. We all amicably pitch in some Bitcoins and in return he gives us some tokens that he’s obliged to buy back at a later date. With interest, of course. Instead of an ICO, we get an IBO.
Twogap wants to become the new USDT and True USD. Just a bit cooler. In short, a stable cryptocurrency that will help investors to make stop-loss orders and not lose all of their money due to market fluctuations. Unlike USDT and TrueUSD, Twogap will be backed by bonds, not the dollar. Which means it will be able to make money off the interest rate. Not exactly the Jamaica Accords, eh, uncle Ben Franklin.
Check out this pirate scheme for making money. Davy Jones and Henry Morgan would be jealous 🙂
As we continue, we sail into more serious problems. The guys write that they’re aware of the existing issues and know how to solve them. But, fuck me, that’s literally all they say! All right, I can tell you right now that I’ll teach you all to only invest in profitable projects. Come on, send me your money, then go away and close your eyes.
Twogap’s verbal diarrhoea drips through the entire whitepaper. Any minute now, they’re going to start working with governments, rating agencies and the Big Four. Is this really supposed to be a serious document or is it the script for a new Netflix series?
Oh! Look at the prototype. It’s a revolutionary device! Now we know what the boys will take with them when they meet Kim Jong-un and Merkel. It truly takes your breath away. Just fucking tell me how many of you could do that? And how long would it take you? It looks like the work of a 16-year-old would-be coder.
But it seems to be enough for them – their Github is as dead as Nixon.
Meanwhile, the talking points continue to make us smile. Hey, marketing tycoons, did you know that your profession is all about finding world-class professionals to work with customer complains (sic)? Here, the style and grammar remind me of my 10-year-old brother.
Next, we have a story about Cambridge Analitica straight from a magazine for housewives. Justin Bieber would be strangling Peppa Pig on the cover.
After rolling around on the floor laughing for a few hours, we finally get to the economic side of the token. There are two main things to notice: the hodler gets discounts on transactions using the aforementioned ingenius platform and the Huobi exchange gets a prize for the worst name ever 🙂
Also, the TGT tokens have passed the Howey Test and aren’t afraid of the SEC anymore. That’s what the founders say anyway.
With this sort of calculations, it’s not surprising. As far as I know, dealing with complete idiots isn’t one of the SEC’s duties.
There isn’t a word more about the finances. Or why they need 30 million dollars, or why the token will grow in value. Absolutely nothing.
By the way, the sale has been pushed back by a couple of months for some reason. The action isn’t starting until 30 October. Let’s see what they can get done by then. My humble prediction – fuck all.
Thanks to giveaways, bounties and other bollocks, the boys have managed to whip up rather large groups on Telegram and Facebook.
Reddit didn’t work out though.
Finally, we get to the team. Here’s an interview with their CEO. The paragraph about scams is particularly enjoyable.
Get this link to his LinkedIn profile. Asian Napoleon, ahaha.
He used to have a food delivery business.
It must have gone belly up, because it’s not possible to find a website or any other information. Interestingly, the CTO of this company was a Mr. Nguyen. The Twogap team has as many as four people with this surname.
One of them is a cofounder and, judging by his appearance, is the same person from the Asian Napoleon’s previous project. His Facebook page doesn’t load either, although he does at least have a pseudonym taken from a legendary drummer. Where’s Pamela Anderson?
The third cofounder is some sort of hikikomori. The life of a cryptocurrency startupper is a sad thing.
The most hilarious member of the gang is Posful Duong, aka Hung Duong, who is responsible for finance and DApps. Would you trust a kid in a vest to manage your money? Although he can be forgiven for having supported Hillary Clinton heheh 🙂
On LinkedIn, the media expert, blockchain developer, mentor and designer do not mention Twogap. Which is strange, because startuppers are usually proud of their work. The AI specialist even has his own project – a decentralised bank. You’ve got it – the first rule of Fight Club is… You do not talk about Fight Club!
The advisers, on the other hand, aren’t hiding anything. Simon Cocking (took part in the scams Bitindia, Bonafi and Swachcoin – those are just the ones we’ve looked at), Amarpreet Singh (MediChain, Whyral), Nikolay Shkilev (Whyral, EtherInc), Navlin Kapoor (Swiss Alps Mining, Securix) and Vladimir Nikitin (PokerSports). Having only one shitadviser on a project is a red flag and here a whole bunch of them have got together. Boardwalk Empire LMAO.
- A flimsy idea that isn’t backed up by a solution
- The lack of a reasonable product or work on one
- Childlike mistakes in the whitepaper
- Disregard for the roadmap
- No economic info about the token or use of funds
- Founders with no successful blockchain or business experience
- No mention of the startup on team members’ LinkedIn pages
- An entire galaxy of shitadvisers on board
This is an awfully shitty project by crooks who want to raise 30 million fucking dollars out of thin air. Don’t fall for the large community. In this case, it was built through giveaways, bounties and airdrops. It’s impossible for Twogap to bring any real profit in the short or long term.
Keep sending in ICOs for our consideration. Together we’ll clear out this bloody pigsty. And save blockchain, of course.
To be continued.
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