The following written below includes some background information about the coin and the team for context, before I go on to explain why this is possibly one of the biggest undiscovered frauds in the crypto world at this moment in time. Let me explain…
The 3 month old $45 million market cap coin with little more than a white paper and a vision
’Phore’ coin (PHR) started 3 months ago with the vision to bring an anonymous marketplace to the market ahead of the well funded and established competition. They sprung up out of nowhere led by a developer known to everyone only as ‘Phroshi’.
To play catch up, and with no outside funding (I’ll explain this later), the young up start chose to fork the leading player in the space, PIVX, in doing so many critics believe they simply created a carbon copy of the PIVX code rather than spending the time and money redeveloping it themselves.
All bark and no bite
Having such ambitious growth and development targets - planning to achieve in 6 months what the well funded competitors were expecting to achieve in 12 - one would be forgiven for expecting to be introduced to an extensive team of sweat-equity developers, all hard at work to realise the vision.
The stark reality of the situation is far from this however. Of the 8 full-time team based throughout Europe and North America, 5 (62%) make up social media, marketing and partnerships personnel, leaving just 3, including Phroshi and two other devs, one of which joined in January, to execute the lofty, some might say unrealistic, ambitions.
The anonymity marketplace with the anonymity team
When asked “why is the team is anonymous?” the heavy handed moderators of the Discord investor chat group are quick to quell the subject, burying it in a host of random, unrelated comments or questions to the community. In some cases users are blocked and questions removed permanently.
It may seem unusual not to raise funding at all for a project that aims to out perform very well funded competition, and that’s because it is. Going through an ICO, which involves an extensive explanation of the project and the team, would have prompted questions about their intentions and who they are that no one wanted to answer.
The pre-engineered escape route
The Phone founder, ‘Phroshi’, has been described as having experience building marketplaces from a project he used to be involved in called KryptKoin (The website isn’t live anymore - http://www.kryptkoin.com).
It would appear from the unsually placed FAQ question on the Phore.io website that the founder had to step down from his role at Kryptkoin due to health issues.
Many who have been involved in the crypto world for more than 5 minutes know, a future ‘shitcoin’ has several obvious stages in hindsight; the hype, the dump and the escape of the founder.
It would appear that this team certainly has the marketing and social media expertise to continue to drive the price higher, and with little known about the founder or the team it would seem convenient that future resurfacing health issues will be the stage door the man everyone only knows as “Phroshi” quietly exists through, after cashing in his profits and moving onto the next lucrative ‘lather, rinse and repeat’ scam.