https://new.reddit.com/CreditsCryptocurrency/comments/937w1n/we_need_to_talk_about_credits_llc_re_cfo/ submitted by
We entered into August 2018 now a full 7 months after the launch of Cred CX @ Credits.Energy
As the jingle goes we have been hearing "Credits Cryptocurrency, Supports Green Energy"
Many are only waiting to have an exchange listing.... Many are questioning what they really have received after they paid for their Cred CX coins.
Most do not know they are still waiting for an actual Cred CX cryptocurrency coin.
If you read this I hope it will help educate some on matters of a cryptocurrency the one in review here is based upon cryptonote - The most popular cryptocurrency like Cred CX is Monero.
I would go over the last 7 months but there is little to Report. So little to report that Credits has not released a much anticipated end of July update as they did with the end of June. The end of June report was mostly about challenges and future or forward thinking and goals. Nothing in the way of a verifiable blockchain / coin.
Some ICO fundamentals:
~Dollars and Cents~
How well did the pre ICO and ICO and Now crowd sales do from a financial perspective is not clear to to purchasers and or investors alike.
The only thing I find is that in a May 2018 they edited the timeline infograph they ~ failed to reach the softcap of 100 million Cred CX sold. They have subsequently said that they have exceeded the softcap but have not made known a hard cap, nor do we know how many Cred CX where purchased as of this date.
As well they also have not published any official figures from their corporate offices regarding bonuses, incentives, airdrops or other distributions etc. This in addition to corporate distribution among themselves and their stake or holdings, the company, and what appears to be a un published foundation or "entity", there are no details about any such entity as of yet in our knowledge. Perhaps the whitepaper plans have changed again with out noting public revisions.
We do know that they are still taking orders for Cred CX and are reportedly going to "explore" merchant account options. July saw Paypal suspended on Credits.Energy
website. Another red flag.
Our analysis leads us to think it went something like this...
Read the following:https://www.reddit.com/CryptoCurrency/comments/7zkzjz/go_fuck_yourself_paypal/
We are writing to you in regards to your PayPal Account.
PayPal appreciates that you have chosen us to accept payments for your business. A periodic review of your account shows that you are cryptocurrency trading using PayPal.
However, unfortunately we have determined there to be excessive risk involved with the business model that you engaged in using PayPal. While we wish you the best of success in your future business endeavors, we respectfully ask that you seek another method of payment for the online business.
Your remaining balance will be held in your PayPal account for 180 days from the date your account was limited. After 180 days, you will be notified via email with information on how to receive your remaining funds.
We deeply regret any inconvenience this matter may cause you.
Sincerely, PayPal Compliance Department PayPal"
^^The above was of an IOTA trader a well established coin.
Cash is still king with this ICO it appears.
Looking at their past known published crypto addresses used at some time over the last 7 months to receive crypto payments for orders of Cred CX it reveals "nominal" volumes. The current address advertised shows zero activity for in puts and out puts at the time of this writing.
I it is another cleaning of the crypto slate as it where. No update notification has been given of the change on social media other than now perhaps here. By publishing the explorer to their adresses and hashes here I am not promoting anything.
You can explore them here:
With out the public having kept track of previously published address one would not know that they raised anything via crypto during this ICO and the pre ICO based on currently available data.
Please see this post for IMPORTANT INFORMATION: https://new.reddit.com/CreditsCryptocurrency/comments/937w1n/we_need_to_talk_about_credits_llc_re_cfo/
~ EXCHANGE LISTING/S ~
There is no data to reference as to who Credits llc has been in talks with or what applications they have submitted to whom. They say that is what they are doing still. Acceptance is reported to have been granted by two exchanges as to why thy have not taken the listing offer and acted upon it until now is not clear at all.
They have said they want to get it just right and the coin was not ready for release and others agreed. I am presuming that includes exchanges feedback, with out comments on the acceptance and negotiating there is nothing definitive I can find to clarify anything re exchange listings chatter.
The exchange listing seems to be the number one question with Cred CX owners.
We did not see any new code commits to the official github. Reginald Gaines created the first cryptonote fork 2 years ago.
Forked from Appinvestocred and is found here: https://github.com/CreditsCryptocurrency/cred-1
Appinvestor Reginald Gaines aka Appinvestor a seemingly abandoned github account that points to a now defunct domain and email, attached to a Business "AppInvestor.Co
Seattle Wa USA
We do see the blockchain project for Cred CX "CRED-1" was updated 6 months ago on or about the time Reginald Gaines was last known to be developing for Credits LLC.
Reginald Gaines was known by me to have been paid by the founders based on past phone conversations,
In fact I advised founder Luke to cut him loose as he was at the time failing to deliver as contracted and development of the blockchain rested solely with him. He was holding the project up and I advised Luke to not be held hostage by a prepaid contractor and take the loss and move on quickly. Last conversation I had with him about it in Feb 2018 he reported to me that he had candidates lined up to replace him.
Bidhan Baral Co founder of Technojagat.com
is said to be responsible for the android and iOS apps. We are not certain that what Bidhan and or others @ Credits in collaboration have released is a cryptocurrency / blockchain wallet. On Andorid the back end is served by firebase.google.com
Firebase is built on Google infrastructure and scales automatically, for even the largest apps.
Firebase is not a open distributed ledger aka blockchain. Credits plans to include a credits run private (in app) auth network in tandem with an actual open distributed ledger. How they have implemented this is unknown.
App Store Preview gives it a 5 out of 5 out of 8 Ratings currently.
The current progress report is minor setbacks re the mobile miner. No reports on any Windows, Mac, Linux wallets, or mining pools. As for as we know there is no published list of mining nodes or if code exist for "testnet" and or actual mining.
We have seen no community activity among miners to create their own pools to Mine Cred CX and there are literally billions that need to be mined.
What kind of computing infrastructure is Cred CX relying on in the future or have already deployed the blockchain on, who are the service providers, they are part and parcel to a healthy "ecosystem" who are the supply partners?
I am not convinced that withholding details about logical questions asked of a blockchain company start up, or not, is good for business.
The current advertised CTO @ Credits.energy
is Justin Farmer, he has a previous private relationship with Rick Floyd CEO before both of them came to Credits.energy
He has been the chief technical officer according to the website since approx mid March of 2018...?
Justin's code developments or those of others he is in charge of as CTO appear to be one of the most closely guarded secrets about Credits LLC's coin Cred CX's development, just as much as fundraising data and operations.
Although this is not a secret many people do not know about the webwallet (https://wallet.credits.energy/
) that is believe to be in part coded by Justin and Bindam. There are no verifiable details know to me. It is the code that I can reference as proof of development and evidence of an accomplishment task as set forth in the companies whitepaper... We do not beieve it is a webinterface to an actual blockchain but the same corporate ledger as is found in firebase.google.com
that drives the android app.
Why Credits LLC Cred CX did not update github over most of the life of this opensource code based project has no official explanation as far as we are aware. Why they have not released where the development logs and code are is a mystery to us.
We have to presume that there are in fact those things some where. Both developmentally as is financially this companies ICO has been anything but transparent where it matters most.
Lastly on the subject of this topic heading is Steven Crider the Sr. Product Analyst is hoped to be in a position to provide his analysis on the product.
"Kendra" highlights the relationship between Credits (CRED - CX) and renewable energy. https://www.youtube.com/watch?v=YjSKSKMeK0k
- Published on 2 May 2018
^^That is pretty much all of what some know regarding aabout Cred CX and how it support green energy.
Last know relationship building with green energy groups was focused on Denver area associations.
A Missed speaking engagement.
Former acting CEO and Credits LLC's founder Mr. Ingraham was said to have be confirmed as speaking on March 13th at Solar Power Mountain West about how Credits LLC via Cred CX is incorporating blockchain technology into the renewable energy sector. Mr. Ingraham was not able to attend that conference @ Colorado Solar Energy Industries Association (COSEIA). Since that time there has been no updates regarding green energy relationships or building a community of interested parties in the purported solar energy project on the outskirts of Denver Colorado.
With out a doubt the real world clean or green energy producing project is the most significantly complex and challenging part for Credits LLC and it's Cryptocurrency with a purpose .
It seems that Jared Wells has the best publicly documented insight on how credits is actually thinking in part what they are achieving in what can be called a Green energy Cypto Currency - A Crypto with a purpose.
, the “crypto with a mobile mining app that supports green energy,” aims to virtually eliminate the cost of supporting renewable energy. We asked Credits.Energy
COO, Jared Wells, to explain what the current barri-ers to entry are in the renewable energy market:
“Mainstream adoption of solar and wind power is all about efficiency. Obviously, if I put a solar panel on my house, I need batteries to harness that power overnight, charge controllers to manage wattage and voltage, and a way to integrate that energy into the power system. These same basic components are required whether you have 1 panel or 400 panels . . . 1 turbine or 50 turbines. . . . So while the overall cost per watt in the solar and wind power har-nessing platform decreases incrementally by increasing the number of generation components involved in the sys-tem, it is inversely more expensive per unit of electricity to implement the smaller scale systems that can be afford-ed by an individual homeowner. In addition to that, there are so many people who live in leased or rented housing and are unable to attach solar panels or wind generators to their residences or who maybe just can’t afford to have their own system.... Credits.Energy
intends to resolve this problem by allowing for simple purchasing and management of the CRED cryp-tocurrency token through their intuitive website and mobile applications. "
Google search: Credits.Energy
ICO is now live Jared wells
As it is with the CEO, CFO, CTO, and Developers, Operations @ Credits has very little shared data on the strides taken to invest into a green energy project/s on the outskirts of Denver Colorado. The location of the Solar Project remains undisclosed. There has been no comments by the COO Jared or press releases with regards to acquisitions, investment or strategic partnerships with any Green energy related entities to date.
Participants in this ICO who participated based on the green energy components are due for a long anticipated report on how their investment and purchases have contributed to green energy, the environment and how it has helped the Cred CX ecosystem" and various charities.
~Community and Ecosystem~
Other than this reddit and the Facebook & Twitter pages Credits does not have a perceptible community.
Some cryptonote forks attract anaon coin investors, cryptopunks, miners etc. As there is know known blockchain and wallet / node / miner for Cred CX it is no surprise they have not joined our ranks as of yet. There is always the future.
Adoption and traction take time and delivering open source software tools to the community to create an ecosystem / auth network and mine the coins as reward for participation in the auth network. Potentially billions and billions of of hashes waiting to make this a viable anaon coin.
As for Ecosystem there is none that we can speak of. One can use the apps or webwallet to send and receive in app tokens. The functionality is only extended to include the ability to send a one line note. We have not tested to see what is the character limit is or if it is encrypted and will be recorded on the immutable open ledger.
So as a community, or one on one, holders I suppose could use it as a message or note app. It would "cost" you 1 Cred CX per as many characters you can write in the line space provided.
Although Cred CX is as said as being based on cryptonotes cryptonight algorithm it shares the note feature.
XDN has built a solid cryptonote enterprise on this one feature. Cred CX is it's sibling technically speaking.
"DigitalNote XDN is a decentralized private cryptocurrency. It is based on CryptoNote anonymous technology and has a unique untraceable encrypted messaging system with blockchain based staking for a defined period." https://digitalnote.biz/
There is always a bright side and we hope Cred CX will come into that as soon as is possible. DigitalNote XDN had a name change and a history that had it reinvent it's self several times...
About DigitalNote XDN
Formerly known as DarkNote XDN
Formerly known as duckNote XDN
As you can see they have had some stormy seas and needing to "right the ship". The question is how is Cred CX navigating those waters?
"May 30, 2014 — day of the first XDN block"
We have been long waiting and anticipating the announcement of Cred CX first block announcement.
With a new cryptocurrency the first block mined is like the fist minting of a new coin in metal. It is generally a celebrated event and anniversary date.
It is unclear how one deletes or closes out their accounts.
Example in the case of refunds. Do you send them back their Cred CX using the convenient email address feature they sent it from and use the Note space to file an invoice / refund? After that is settled how does one close the account out for good. How does one close an account or in cypto speak burn their coins with proof (on the open blockchain).
Not being able to transfer off app has left Cred CX use limited to, limited in app only functionality.
I have not ever seen any press or pr promoting this feature alone.
A community of testers would have really helped. No group feed back forum was used including this the reddit group. That leads us to...
~ PR / IR / Social Media ~
Very little evidence of a concerted social media campaign/s Relative new comer to the Credit's team is Torin Tostanoski the "Social Media Strategist". The strategy seems to be that less is more in the way of social media and customer relations / support.
As was pointed out to me in analysis of this aspect of this ICO was that one could have looked at the youtube channel and some have said it speaks volumes perhaps even enough to make an informed decision to pass on Cred CX - https://www.youtube.com/channel/UChi2qFyDx5mynP52lTjDRLQ
Joined Jan 16, 2018
VIDEOS: Uploads 1 title "Credits Cryptocurrency & Platform" 162 views 6 months ago
It appears to be abandoned. Rick Floyd has a youtube Chanel set up for credits but the original "official" youtube account is inactive for over 6 months now.... Bitcointalk.org
- Good news they created a Topic for Cred CX there. A powerful creditable account and community to have a voice in as an ICO, trader, miner. Minimal activity on the content and any substantial information shared has given no cause for exposure to arguably an ICO's best source of support in all things cryptocurrency. It is a market place for ideas and collaboration as well as investment and traders. See: https://bitcointalk.org/index.php?topic=3086671.20
Most PR was done in the form of paid for press releases and they where picked up and syndicated on crypto centric investments aka ICO's and technology blogs. I do not know of the effectiveness of the paid adwords and facebook ads. Facebook delivered a blow to all ICO's this year with a change in policy.
Many holders of Cred CX are baffled by the choice to not improve Credits social media presence and reach. As it is, it remains a decidedly non communicative, non transparent ICO on this front as well.
With some issues in its executive ranks, lacklustre ICO participation, and very little to report regarding progress some might think it not surprising to have a policy that seems to be based on one of silence is golden.
~WHERE ARE WE AT?~
The issue is at this point very, very, basic: Where are our cryptonote blockchain tokens / coined as Cred CX?
What many holders in the public do not know is they do not need an exchange or mobile app with a mobile miner to hold the coins and exchange them. We have yet to see code written by them for the actual blockchain.
There are mobile apps and a webwallet. OK.
Where are Windows, OSX, and Linux wallets and miners? Where are Cred CX testnet/s? and the credits internal node network? Who has been recruiting or building a mining pool?
This reddit should be abuzz with posts about such things and @ Bitcointalk.org
The last update on twitter after a full calendar month of no updates @ credits.energy
we hear that there are minor set backs and re the mobile mining feature. That could very well may be. It is understandable to have compliance issues both technical and policy, to not ever reference technical or policy data is a red flag for many.
It also does not explain why a mobile platform with an off app network cannot not give us our hashes, our coins on an immutable ledger aka blockchain. Cred CX Cryptocurrency a cryptonote fork is an anonymous coin by default. Transactions on the apps and on credits internal auth network are not truly anon, and require the public open blockchain for distributed off credits network authentications of transactions for them to be so.
We have not been given it. When looking at credchain.org
(<--- Hint the foundation that is or is not?) it redirects to credits.energy
The chain explorer is not publicly active nor is the source code for anything as far as we can see other than the github - Last updated 6 months ago... It is a fork (a copy for those who might not know what a fork is) - no development code or update to or of code have been committed to the projects opensource software repository as advertised on the website.
How is the premine going? Is it started or over? Where are the cryptonotes coined and mined as Cred CX?
Do I need a mobile app with mining features to use my cryptonote wallet, no, no one does. So if a "feature" is what the project hangs on that is a red flag.
A quick way Cred CX could be made viable and live right now is like this:
MyMonero is the only web wallet for Monero. It is operated and owned by Riccardo Spagni, who is one of the lead Monero developers.
The wallet works like any account. You create an account and can login online to access your funds. MyMonero only encrypts your keys and stores the data on its servers. It cannot access your funds.
for a live example
Monero Desktop Wallet
The best and only Monero desktop wallet is the official client which is a full node.
It can be downloaded from the official Monero website.
"...crypto with a mobile mining app..." A Crypto. A mobile mining app. One does not need a mobile mining "feature" in an app for there to be a coin or crypto wallet, in fact it is quite the opposite in certain respects. "Technicalities"
So set backs as of August 2018... We have no progress reports we just have our own ongoing independent analysis.
I hope this has been helpful to the community. Your feed back is welcomed.
If you have questions or concerns feel free to post here. Start a new topic.
I am certain there are other things people can share here that would be of a benefit to the community as small as it may be at the moment.
Supporters and fans of Cred CX are welcomed to share what good news the have and what inspires their enthusiasm and support for Cred CX. COME WAVE THE GREEN FLAGS FOR CRED (CX)
We are looking into sponsoring a Cred CX airdrop and give aways! Tell your Friends :-)
We hope for the best and truly want to see the CRED CX coin succeed
"Stay tuned" here for more in depth reports and analysis on (Cred) (CX)
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