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asked in CryptoCurrency by
I just read about OuiCoin, wanted to ask if it is a legit coin or there are some caveats t in it aswell.

Kindly give it a glance and let me know

Here is their website

Https://ouicoin.io

1 Answer

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Best answer

New coins keep on coming and it gets difficult to differentiate between legit and scam coins, let see what OuiCoin is made off , is it a legit coin or OuiCoin will also fall with other trash scam coins a.k.a ShitCoin

OuiCoin - Legit or Scam

image

OuiCoin has been launched by Pakistani celebrity Waqar Zaka , who has no prior knowledge of computer programming or Blockchain but that shouldn't mean he doesn't know what he is doing . so lets dig deep into the project

  • Team : On OuiCoin website Team section, only name of CEO is mentioned with no developers nothing and the sentences are drafted in a very funny way. Waqar Zaka has no prior skills of blockchain but he has been active in his videos of Crypto. But launching a potent Coin requires more to it . In short there is no team behind OuiCoin
  • Github Code : This is something funny, the only developer of OuiCoin is GrumpyDevelop , Andreev Maxim Olegovich is the person behind the development who develop coins on payment and his Upwork profile is not that impressive. While his Model Aircraft Registration profile indicates he is just a lad. The activity on the source code of OuiCoin is almost dead. It is clear that the coin has been developed by hiring a developer which is only 1 developer.
  • Social Presence : OuiCoin has no BitcoinTalk Announcement thread, Only this thread has 6 replies which is the maximum and again no utility no roadmap details and no utility. Medium.com has a post by a user "SEO Gladitor" talking about OuiCoin, which does not show any potential or utility of the coin.Their Facebook Page only replies to users who ask them "how to buy" , "where to buy" rest if anyone asks anything technical is ignored. They do not have a Telegram group rather have a channel which has only 3 messages telling to Download their wallet
  • Website : A typical website the same how everyother ICO has these days. What all they have written on the website is completely rubbish for instance "We believe there aren't enough currencies out there where the development team listens to the community, where the development team are open for suggestions and discussions."  This statement is very funny when we know they do not even have a dedicated team rather one hired developer to make their coin. The Login / Signup section of the website is also NOT WORKING. OuiCoin website was registered only for 1 year and is set to expire in 26-10-2018 as per the Whois Data. If the CEO thinks so much for this coin why would he just register for 1 year ? 
  • Technical Specifications : No Whitepaper has been shared as of now, few given specifications are:
    Coin Ticket: OUI
    Coin Type: Full POS
    Block Time: 60 Seconds
    Minimum Stake Age: 8 Hours
    Maximum Stake Age: Unlimited
    Block Size: 4 MB
    Total Supply: 100 Million OuiCoins
    POS Reward: 10% to 15% Yearly
    Master Node Requirement: 25000
    Master Node Reward: 45% of Stake Reward

    Flaws: Master node reserve as per their source code is not 45% rather it is 40%. They have not mentioned how many coins will be given out in ICO and how many they are reservering (premine)
  • Pre Mine OuiCoin : Although no details have been shared nor any date of ICO has been given but still you can see on OuiCoin Explorer thousands of coins being generated through their blocks which are already sitting in wallets . Master Nodes are already working and people are connected to them but no information to general public is given
  • ICO :  ICO still didn't commence as of now , but as seen in the explorer people already have many of OUI coins , weird ? YES. Although ICO is not open yet but still their Facebook Page is telling people to see their details on snapchat on how to buy which is weird as no details are shared on website or Twitter 
  • Roadmap : As per their roadmap , ICO should commence in Q1 2018 , which means anytime now . OUI DEX , an exchange made for OuiCoin will be launched in Q4 2018 which indicates this coin might not be listed on other exchanges but I even doubt that there will be any. 
     
  • Is OuiCoin a Scam : This coin has no potential and utility mentioned even by their own website and there is NO development team, just a bunch of hired social media poster and 1 developer. It might not be a scam but the only thing this coin will do is make the CEO rich as making a coin and launching it costs nothing now a days and spending around $150 gets you a working Coin+Blockchain+Website . Spending money on this coin will be a huge mistake.
Always do your research before investing and never give out money in hopes of high gains, there are no high gains. 
commented by
Thank you DrHack, By reading this detailed answer, I would prefer not to invest in this coin, and better move onto something well credible already.
commented by
Such a well-researched article (recon paper?), made me register to the site and comment.
Keep exposing these scumbags! (Y)
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