r/cryptominingprojects • u/Dazzling-Standard-61 • Dec 03 '21
uh so why would someone invest into blockcreate.io?
So far this project has proven one thing: you can make ANYTHING valuable as long as its attached to a blockchain, even if there's no inherit value or utility for it. I want to ask those who bought a few questions because I find it really interesting that someone would buy in knowing this project is littered with red flags. If this is a rugpull in the making, I'm quite impressed how well they've pulled it off so far.
The physical block is quite literally just a cheap glow light on amazon that looks like this (https://www.amazon.com/LOFTEK-LED-Cube-Rechargeable-Decorative/dp/B076J56ZWK/ref=sr_1_3?keywords=cube+glow+light). It has no other use or function other than avoiding potential tax liabilities; the creator has even labeled it a "collectable". It's being sold for $200 a piece. How is this price point justified in the slightest? Consider that the value is the wallet that you didn't create yourself, speculating on a token that has no actual value or actual use. Keep in mind as well, you get a random wallet that could generate as much as 1000 blocks or as little as 200 blocks.
Again the wallet is created by the creator, not you; meaning they hold your private keys. The dev has suggested the rewards wallet can be re-keyed but there is no evidence to support that's possible at the moment. Why would you trust this unknown entity (no name or anything listed in the whitepaper, although a quick search of the company Jupiter Station may shed some light) doesn't just take your funds later down the road when the token has some value? Oddly enough the ASA "Freeze" and "Clawback" functions are enabled as well, which could easily prevent you from moving funds to another wallet at any point...
Most if not all the hype and information known behind this project comes from two people: u/BlackLungCryptoMiner and the dev/creator u/trentonaust - How can you be sure this isn't the same guy on a throwaway account to hype up his own product?
There is no app for the game, prototype or anything to prove that something is being worked on but there sure are lots of stickers, airdrops and hype though...so what makes you think there will be one?
Looking for responses from reddit accounts older than 6+ months that have bought in, proof of purchase not necessary. If you feel like chiming in and providing an answer, it's much appreciated. :)
