Hey, I just want to put it out there for everyone just in case you come across it. The crypto project known as BlockDAG (https://blockdag.network) is a scam. They claim to be in early extremely stages of presales. They have gotten a few million dollars already from those interested in their project. They claim to be starting a new crypto with efficient miners based off of a “new” DAG algorithm similar to GhostDAG, where one can choose to get paid in their token or BTC or KAS through their pool [Edit Add they have now claimed to be operating on the SHA 256 Algorithm].
Their website was done up very well (they changed their interface today their website is now barely functional) They even had white papers, roadmaps. They went all out, as far as marketing, & web design. Their X page is well maintained, Discord had decent activity, and mods. Odd they had bots hyping up their discord chat. It seemed off, but they rationalized it through claiming super early stages and it would look worse if there was no chat activity. There was still alot of active chats aside from the hype bots. The tell all is their facebook page (which was buried pretty well). Through some digging you can find several links to failed or known scam projects in the past as well as some dead links.
I honestly feel a little bad about this one, because it was on my radar for a bit with some red flags (though I wasn’t sure at the time) I even defended it a bit in their discord. However, my defense was in response to a guy losing his mind because BTC and KAS are two different algorithms and their miner couldn’t mine them both.
It looks obvious now, however a few days ago this could, and probably did get a few of the more seasoned Crypto miners.
Yeaa, I accidentally invested 0.5 BNB into this because I read a lot of PR articles from somewhat reputable sites talking about this coin.
After digging more, I found out they were all sponsored/paid. They claim to have raised a few million which is really suspicious since they have a bot that posts every single buy transaction on their telegram and their sales went from 5 to 5.1 million within minutes yet i could only see < $1k of purchases during the same time period. The person they in their keynote is also just a paid actor you can easily find by image searching his face.
They also have posts that guarantee $100M liquidity and that they’ll be in top 50 on CMC and CoinGecko at launch which is just grossly misleading. Projects that are top 50 or top 200 even usually have the backing of big VCs or CEXs but theres no institutional investors backing this scam of a coin.
Hey brother! Keep on spreading the word! I keep getting some flack on the video I put up about it being a scam. I’m like y’all don’t have to listen to me, I’m just here to warn people
To answer your question a smart contract can achieve that. Investing your money into their project, when/if their project goes live, it would execute that contract. Basically a Place holder your $XX investment is worth YY of their token at the time of launch, regardless of launch price.
TBH at this point IDK. All their time frame related answers are 6 months (no definitive end to six months). They claim to be a smart contract system, their miners have a daily mining cap, yet they can mine BTC allegedly. They claim to pay out in their respective token, KAS, or BTC, but strictly operate on SHA-256 The issue is they also are a DAG system, which to my knowledge SHA-256 hasn’t successfully supported a DAG (Merkel DAG is a protocol not a true DAG IMO Fight ME). They have rotated wallets to receive funds from investors/presales. Many have tracked and proven exaggerated sales numbers. BlockDag will insta ban you if raise any concerns in discord or telegram. They were supposed to go live with mainnet after Batch 6 of miners were sold. They claim to be producing/selling batch 12 now. They finally stopped with the hype bots in their telegram, and discord. They officially “DOXXED” one of their DEVs in a release. Failed to name the DEV or give credentials (not even a picture), instead opting into hyping their project.
What’s crazy is with all of the red flags, all of them, this might actually be a viable project. I don’t think a single red flag was missed by their team. This might be the first horrendously marketed, successful project. Its possible their sales team are strictly sales and have no idea or knowledge of how cryptocurrency or mining works. I’m so conflicted about this project I have regretted making this post declaring it a scam. Every time I hear more about BlockDag I’m reassured its a scam. Then, I find something with redeeming quality that it may not be a scam.
The tell is their Facebook page? Really? I could create an “Official” BlockDag Facebook page and “market” their coin. Can you expand on any other reasons you think it’s a scam. It appears to be legit on Semrush. There are a few coin verification sites that show it’s a scam, but then again anyone can try to scam you with a fake wallet and claim it to be BlockDag. Honestly seems legit to me. I bought $1k worth of coins. Give me more evidence I was scammed before I put in another $1k.
Respectfully, Semrush is a business pay per click (SaaS) marketing kit. Its geared to increase business/site traffic on larger search engines. No where on its page does it describe any credential where its capable of verifying the validity of a crypto project.
If you want to invest another $1k, that’s your decision, I wish you the best. I put money into BlockDAG roughly in Nov.
I typed up a bunch of instances, with facts/events/timelines, and deleted it. I don’t think its worth the effort, this isn’t a hill I’m willing to die on. There is some pretty damning evidence on one hand, doesn’t take much to find. The other hand some redeeming qualities. Like I said I’m still conflicted the more I come across.
You don’t have to listen to me, but I wouldn’t feel right if no one heard me.
-Still hoping for the best, just being real about it.
This information you have is out of date. Dr. Herlihy is "rewriting " the white paper, they are going with Keccak 256 instead of Sha256, and opted for coin specific miners instead of opening up for anyone with a Sha256 miner. They are doing their 4th AMA on the 12th and have launched a testnet. Given all the work that has been done can you update your review? Can this be a legit project “although not started well”?
