Javvy Wallet/ICO is most likely a SCAM

Source: me on reddit

I don’t normally waste my time on such matters.  The thing of it is, that I received an email from upwork a few months ago about this ‘gig’ to be a product evangilist AKA a shill for this Javvy outfit.  I got a good laugh from reading it (keep in mind if you have a job listing that comes off even the slightest bit legit, I wouldn’t repost it.  I’ve done so for different ads where it clearly comes off as someone attempting to scam others or perhaps they’re grossly misinformed.

Just stumbled across this thread… We’re not looking for spammers like so many other projects that have hired people to post everywhere (looking at you CloudberryLabs lol, even though I did actually purchase their software before they spammed Reddit!).

In fact, we want those who are genuinely into crypto and know a thing-or-two about the headaches we are working to overcome. This would be an avid crypto user and someone able to thoroughly beta test our wallet prototype, etc. It’s nice to see the feedback in here wasn’t all bad! Ciao!

I sort of knew they were up to trouble based on their “we’d never spam…unlike THOSE guys”…. that’s pretty low-brow if you ask me.  No one cares about what your competition does… you don’t badmouth them when talking from an official capacity…. anyhow, I took a few moments to look through OPs comment history and found out that they intend to raise an ICO…. now I had my doubts about their ‘most usable cryptowallet’ but this cements those doubts I had.  I went on to voice my criticisms:

Your idea is trying to be Bitsquare and Shapeshift.io using a mechanism similar to Ripple….

I’d like to see if you can decipher what I just said and explain precisely how your Finally JUST WORKS! wallet is anything better.

Also you point out coinbase – but I’d argue that coinbase isnt an exchange…it’s a broker – meaning they charge a spread and do hold onto coin…you’re right it’s a counterparty risk for sure to be holding a bunch of crypto to sell…..actual exchanges charge based on the fees yeilded from trade which is why there is no issue listing coins.

Here’s your problem…. no one with common sense would help you beta test some software that could potentially contain malware that would steal coin…so that means you need to have a web wallet (no software)…but at that point the same common consensus is ‘dont waste your time with a web wallet as you do not control your own private keys OR someone else has acess to them and can steal your funds’… that means your remaining group is not really intersted in helping you test an actual wallet, it’s just shills to help you promote this ‘thing’.

>What our patent pending 62558597 does is to define an intermediary conversion layer, using a coin/token (the Javvy token in our case), to automatically convert between the national currency to the desired cryptocurrency, seamlessly to the user, using a third-party.

I’m not trying to rain on your parade…I just feel that you massively underestimated the amount of research necessary to determine if this idea was viable… let’s pretend you did develop a reasonable mvp that requires a 3rd party token to as a layer under…how does that token derive value? More importantly, how do you preserve the derived value so that it is actually pegged to a stronger underlying asset? A worthless 3rd party token makes a poor conduit for transfer as no one trusts to utilize it.

Fnally, if you managed to magically figure out the notes above, you still have the issue of onboarding a large enough user base to utilize your product and provide liquidity (see: bitsquare). I say all this on the basis of a FOSS level product that does not form a company to seek profit…. By you using upwork to hire product evangelists AND setting up an ICO…it’s very clear here that your intention is to ultimately profit from this javy wallet….Do you really plan to attempt to race to the bottom in fees so that you appear to be more profitable than bitfinex, bitterex, poloniex, wex, kraken, gdax, gemini…. LOL yeah… what’s your rebuttal to all that?

 

To which I had been greeted with belittlement and handwaving.  As I told them there, I would have just left this alone had they not done that, but now I feel empowered to inform the community at large.

 

Why did I use /r/buttcoin?

For laughs.  I take enjoyment out of pointing out what seems to scamming on /r/buttcoin, because they’re banned on /r/bitcoin, /r/btc (I feel) might think I’m only placing them there becasuse it’s not on /r/bitcoin (when in fact it doesnt really belong there either), and I take to /r/cryptocurrency only after I realize that it’s something that may end up becoming a serious problem down the line.

 

Why is Javvy Wallet/ICO a scam?

 

Hallmarks of ICOs:  Large board of directors… a 15 day fundraising window (with a larger 1 month prelaunch fundraising window)… an ICO itself AFTER attempting to recruit shills (that original buttcoin post).  The large amount of funds attempting to be raised for a product/platform that has already been attempted in multiple forms.  I’m not against their underlying vision (a decentralized fiat-crypto exchange that is simple) but it appears that these  guys are indeed pursuing this like a cash grab based on the lack of actual technical materials on how things would work.

I could not locate their patent pending.  (patent pending 62558597).  Admittedly I only know to look on the USPTO database…maybe they filed this patent someplace that isn’t the USA. I google the number itself and get no meaningful results.  On the other hand, It did just stumble upon and learn of IRLP! (that is pretty neat!!!)  I would love to have a detailed debate on the letigamacy of Javvy so if you work there or were hired to shill for them after all, feel free to leave some comments so we can begin the debate!

 

image header source: themerkle
SEC image source: reddit

Post Author: Frankenmint

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