The “First Social Currency Network” this coin was a Counterparty token that aimed to monetize social messaging. It was a rebranded Telegram messaging app with a crypto wallet integrated.
The scammer developers – Daniel Peled, Chen Eilat, David Allen – crowdfunded 2,633 BTC ($780K at the time) and they claimed the funds would be disbursed in phases after specific milestones were reached. They never reached the final development milestone: building a working “Attention Economy”. However, they exit scammed by releasing all the funds anyway in May of 2016 and promptly abandoned the project in October of the same year.
Additionally, the app had a built-in feature to cash out 1000 GEMZ for a $10 gift card to various merchants, such as Amazon. This was the only way to redeem the tokens for something of real-world value and theoretically would have set a floor on the USD value of the token. However, this feature was never working at any time in the application. It was always ‘temporarily out-of-service’.
Is GetGems a Scam?
Disclaimer: GetGems Cryptocurrency | GetGems ICO
GetGems is a cryptocurrency project that issued GetGems tokens to its community. Scams in the cryptocurrency space take form in many ways, including exit scams or undedicated project developments.
Is GetGems a Scam ICO?
Data on whether GetGems conducted a scam ICO, a scam mining operation, or a scam masternode project is cited above from external sources and CoinCurb does not take responsibility for claims against GetGems or in support of GetGems. The data is only an aggregation of claims cited against GetGems.
The above claims about GetGems (ICO), GetGems’s token, or GetGems’s team are externally sourced. They may claim that:
– GetGems did an ICO and then exit scammed
– GetGems has an undedicated project development after the GetGems ICO
– GetGems token got pumped and dumped by the GetGems team
– GetGems is a dead project with a worthless GetGems token
However, external claims about GetGems project, GetGems token, GetGems team, or even GetGems advisors may not be supported by accusers of GetGems ecosystem and thus individuals seeking to learn more GetGems team or about the GetGems cryptocurrency are recommended to directly contact GetGems team members or GetGems token investors.
CoinCurb does not itself decide if a project is a scam and thus does not claim GetGems is an exit scam or that GetGems is any other type of scam, nor does CoinCurb insinuate that GetGems (or GetGems token) team are scammers or that GetGems (or GetGems token) advisors are scammers. CoinCurb allows viewers to reference sources related to GetGems development, GetGems token trading, and/or GetGems team as an uncertain reference when deciding if GetGems is a scam or GetGems is not a scam.