AdolfAboki:
It is only in Nigeria that someone will sell unregistered/banned securities and as if that isn't enough, go ahead to partner with a legit/registered company!

Zugacoin itself is synonymous with illegality! Everything about it is illegal, starting from its initial coin offering (ICO)..

MAJOR SINS OF ZUGACOIN..

1. It's an unregistered security. Section 13 of the Investment and Securities Act (ISA), 2007 empowers the SEC to regulate investments and securities in Nigeria. In exercising its authority, the SEC classified digital assets as securities, unless proven otherwise by the issuers. The owners of ZUGACOIN never did, and to make matters worse, they listed it on unregulated exchanges, in clear violation of the law.

But what I don't understand is why the SEC ignored their illegal activities. That's if they aren't culpable. Allowing "big" names to take advantage of hapless investors. I wonder why they aren't learning from their US counterpart - SEC... The US SEC halted Telegram's unregistered digital token offerings - even though TON is actually solving issues.. See what they did to powerful Ripple, etc.. But here in Nigeria, once you are powerful, you can do as you please and get away with it. Too bad!


2. Cryptocurrency(trading activities) Ban.. This is where Innoson comes in. Being a legit company, why partner with an unregistered, unlicensed company that deals in cryptocurrency, knowing full well the stand of Nigeria on Cryptocurrency?

According to CBN:



Why? To the extent of even "manipulating" the market with its partnership bs? Can a legit US company at this time partner with Ripple? Note that crypto isn't banned in the US. The issue is that SEC filed a litigated action against RIPPLE, accusing it of selling unregistered securities, known as XRP.. Not that Ripple has been convicted!

But here in Nigeria, Innoson is partnering with an unlicensed company trading an unregistered security (crypto) which is illegal in Nigeria. Such impunity!

OTHER SINS OF ZUGACOIN

1. Its price had been manipulated from day one! Imagine listing at $40k only to dump the shitcoin on noobs! Pathetic! It's currently trading at $95.24..(Monday, March 15, 2021 @ 5.09 pm)

2. ZUGACOIN team has only one TECH developer. Funny!

3. ZUGACOIN is not solving any problem. Just another ERC20 vaporware! (See contract address: 0xf5832512CFDa8083E5b2dd0aA7C1B9265c03BA1F

4. Support is shit!

5. It's centralized. Decentralization is one of the features a crypto coin must possess in order not to be considered a security. ZUGACOIN is even worse than XRP in that aspect.

6. Most importantly, there's no source code. In other words, nowhere to verify the quality of the code.. Whether it has a backdoor or a deliberate bug that will be exploited in the future, who knows? Those familiar with this industry know what happened to PAID Network Price (PAID), another cryptocurrency that suffered exploitation. How the attackers minted 60 million coins and dumped on the unsuspecting investors!

So why should we trust ZUGACOIN? Their Github repository ^{www.nairaland.com/attachments/13249327_externallinkaltsolid_png8648541bff077cf12ea8b17dbf1b4fc0} is next to nonexistent!

7. Similarly, no security auditor has audited their 'nonexistent' code for flaws...

Yet despite all these obvious red flags, this is the kind of project Innoson is partnering with? If that's not fraudulent, then what is?

May God help Nigeria.

MrIcredible:

I pity you with your half-baked mumu research...

Molahnelson:


bro a Crypto that is not running on a blockchain of his own have a downside, imagine paying 30$ of Eth in fee to sent 5$ zugacoin.

Let them lunch a mainnet of his own then we can talk about the future of it. for now is a shitcoin that will go onto oblivion by time

if you do yours research well you will find out it was selling at $47k in January, one month later is selling at $100 so think about what it will be selling by 6 months time from now

I'm a Crypto Research Expert, so I know what I'm talking about

Molahnelson:

This is a token on ethereum blockchain

with only 1millon Total supply

I won't advise anyone to buy

hoover420:
Any cheaper alternative which can carry 3 bulbs, 2 fans and phone charging ( no laptop). A prompt and precise response will be appreciated.