Crypto Haystack combs through the plethora of crypto projects that for one reason or another have flown under the radar, picking out the good, the bad, and the insane. This week’s collection features private jets on demand, a Dogecoin-infused Monero fork, and an alleged payments coin that almost defies explanation.
Pahoo
First out of the crypto haystack is the brilliantly named Pahoo, which sounds like it should be a rude word, but is in fact the name of a brand new cryptocurrency for gaming and betting sites. Despite having seemingly been around since 2018 it still doesn’t have a website, so it’s quite hard to really analyze its offering… or so you’d think.
The only information about the project is available from the its Bitcointalk page, and even then it raises more questions than answers. We are only informed that it offers ‘unique payments’, that it is a ‘real token for real life’ and that it also offers ‘efficient and exciting payments’. We are then treated to a huge number of tiles with titles like ‘Pahoo Lovely’, ‘Pahoo Valuable’, Pahoo Special’, and ‘Pahoo The Creator’, short followed by short descriptions filled with buzzwords and make little to no sense, as we can see below:
#foundico #Trackico #Icoradar pic.twitter.com/idZgjT4z5k
— Pahoo (@Pahoocoin) March 12, 2019
Talking of the Twitter feed, it has about ten posts, half of which are memes, logos or confusing photoshops with no context. To cap it off, the token is sold as a utility token but features the following description underneath, ironically, the ‘Pahoo Trust’ label:
Your trust power us ico and our ico will make you money
Verdict: This project has more red flags than a bullfighting contest. Pahoo Avoid.
Wownero
Yes, it’s the Waluigi version of Monero with a Dogecoin vibe and some pretty colors. Wownero is, you’ll be surprised to hear, a Monero fork, that comes with two major changes – a coin creation cap to eliminate infinite mining, and “10x the coin for 10x the wow”. If you’re worried the team aren’t taking this project seriously, you just need to look at the stellar team of advisors on board:
You don’t get better than that in the blockchain world – fact. Want to know more about Wownero? Tough – the whitepaper is literally just some white paper, and the roadmap is a map of Sacramento and surrounding areas. Minimal is the word you would use to describe their approach, it has to be said, although they do profess to have an Android wallet as well as their own light wallet for Windows and Mac.
Verdict: Wownero actually celebrated its first birthday last week, and people are still mining it. The irony is that as a Monero fork with very few changes its going to be pretty damned solid with all the privacy benefits Monero will get you (up until March 2018). This project needs to stay alive if only for the Twitter feed.
Tapjets
Tapjets, founded in 2015, claims to be the world’s first truly on-demand private jet app, and who am I to argue? They’re not the only horse at the rodeo, that’s for sure, but they are the only one looking to raise money through a crypto STO, and that’s all I care about. Their app allows you to book a last minute flight to a number of locations using cryptocurrency payments should you wish, without the hassle of going through a third party.
This company is clearly catering to a select clientele here, despite their attempts to convince you otherwise – an example they give is parents using their app to get to a child’s graduation at the last minute, which begs all sorts of questions about this family’s planning and communication skills.
On the plus side, the company has a working product, which is more than most ICOs/STOs, but the potential investor really has to convince themselves how viable last minute, private jet travel is going to be, and if Tapjets is going to corner the market. They must have a market however or they wouldn’t still be going, although it would be nice to know more about their revenue prior to investing, which is something interested parties should enquire about before parting with their cash.
Tapjets is selling 30% of its 6 million tokens through an STO, allowing investors the chance to own a share of the company through the blockchain and hopefully reap the rewards. The STO is live now and ends on June 15, with a 1.5 million minimum cap.
Verdict: Tapjets is a nice idea, but potential investors will have to research the viability of the company than the token in this case. If they can corner the ‘Uber for aircraft’ market then they might have a shot, but just how big is that market? Tapjets also state proudly on their website that they’ve featured in Yahoo! Finance, ABC News, Fox News, and a host of local papers. Some digging reveals that all of these were (or strongly resembled) PR pieces, which doesn’t really count in my book. This would be normal behavior for a startup, but for a company going on four years old it smacks a little of desperation.
Will Your Investments Take Off?
We hope you enjoyed this week’s dig around the crypto haystack. If any of the above caught your eye, please make sure you conduct thorough research before throwing your hard earned money at them. Also, make sure you have checked your local laws before investing in any token sale, STOs especially. You wouldn’t want your tokens to be arrested on arrival, would you?
