Centric Cash ($CNS) is going…down? Wait…
Recently on 4Chan, I’ve seen a lot of negativity about the Centric Foundation and their Centric platform. I’ve decided to do my own research and weigh the claims of both Centric themselves and the claims of the internet warriors who either bought at 1 cent and are mad now…or are mad because Centric is a threat.
Let’s get started with 4Chan, shall we?
On 4Chan, Anon writes,
“first lets start with the origins of Centric, as they claim to be from Jan 2018. They started as UPDC, UpStake token, which is basically just CNR. An untradeable centralised sh**coin that you could only buy direct from their website and ‘stake’ with them. You can guess how this ended; https://uk.trustpilot.com/review/upstake.com
further digging on old bitcointalk threads finds numerous scam threads: https://bitcointalk.org/index.php?topic=5124000.0
seems like a scam to me right anon?”
After further inspection of the uk,trustpilot.com reviews, it seems the majority of the people complaining there are the ones who didn’t understand how an exchange works. Even when UPDC was being sold on Upstake’s internal exchange, there was nothing scammy about it. The exchange’s model was first come first served, and reset on an hourly basis. That was the protocol. How is that a scam? From my experience, it was fair, and I even got first a few times.
Anonymous on 4Chan writes,
“they have since rebranded to Centric Foundation, and airdropped all previous UPDC holders their new sh**coin (they love this word don’t they?) CNR, but they still had the problem of how the fuck they back up CNRs hourly rise. Somewhere along the line these scamming fucks (more about them later) came up with the clever little idea to support this: Create a second sh**coin (See?) (CNS) and peg it to $1 to the first (CNR). now they can magically claim that CNR always goes up in value.”
Centric’s protocol defines CNR’s price one year in advanced, which is written to each block. Additionally, CNS being pegged $1 to CNR has nothing to do with CNR’s rise. Even if no CNS were minted, meaning, if no one converted CNR to CNS, CNR would still rise due to the protocol. CNR is backed up by a “Proof of Burn” protocol, meaning over time CNR is burned. Simple supply and demand tells us that decreasing supply tends to lend to increasing prices, especially if demand increases. It’s not magic, it’s blockchain tech.
“with this little move and the rebrand, they are now able to get listed onto legitimate exchanges and dump their RIDICULOUS bags. Sadly this was on mainly newbies and poor people in 3rd world countries who sadly fall for this, hence the philippines sec warning. Get this, even though the centric foundation has a shitload of CNR to sell, they even had the fucking nerve to create a centric bond so more free money from newbies to pay for their exchange listing fees!”
Did you know you can keep an eye on the Foundation Addresses on Centric’s explorer? https://explorer.joincentric.com/data/foundation
Also, the Philippines SEC Warning was already handled. Here’s the initial SEC warning: https://www.sec.gov.ph/wp-content/uploads/2020/06/2020Advisory_Centric-Corp-Ltd-and-its-Centric-Rise-and-Centric-Cash.pdf
Here is Centric’s reply:
Formal Notice to Cease and Desist Immediately
We have just become aware of the following public statements released on the government website sec.gov.ph. Please see attached screen captures and pdf download of the statements as at Sunday 14th June 2020 We formally request that you retract all statements from your website, internet, and search engines. Your agency has made an overwhelmingly large number of statements which are incorrect and misleading. These statements could result in damaging our businesses reputation which would result in substantial losses. Throughout this document you make allegations and assert that Centric is a possible Ponzi scheme, users can trade on “”our private exchange”” with other members, we are creating a referral program and that Centric is a Derivative which is classified as a Security under Philippine Law. All of these statements are false and misleading, we are also seriously concerned with the claims and twisted facts your office has published as this document is riddled with claims and statements by your agency which are easily debunked with minimal research. We also note for the record that no previous communication by your office has been attempted.
As an example of the blatant misinformation, our public statement, and position on referral programs for users of Centric; https://www.joincentric.com/faq-general/ Just for the avoidance of any doubt, a layer two solution is another business (NOT CENTRIC). We clearly state on our website that Centric doesn’t have a referral program. There is no software built that enables the referral of another users and no users are able to generate rewards for such behavior.
No wonder this 4Chan thread was removed. It was filled with a bunch of vacuous dullards who failed to provide actual facts.
I plan to continue these as long as people baselessly assert opinions as facts. People like these like to spread lies and misinformation (FUD), so they can rack up on cheaper bags. Don’t fall for their tricks.