Author Topic: Article on Banx  (Read 2173 times)

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Offline IanDeMartino

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Article on Banx
« on: October 14, 2015, 01:55:43 pm »
I attempted to contact the Bitshares team to warn them about the issues I saw with banx before I put out this article, but they either didn't get it or were too busy to reply.

In any case, I would suggest you guys do some research on these guys before you let them put out PRs linking your names together.

http://coinjournal.net/ponzi-accusations-fly-as-banxshares-is-set-to-be-removed-from-coinmarketcap-rankings/

I don't want to argue, do what you guys want, but I felt I should at least bring it to your attention.

Offline topcandle

Re: Article on Banx
« Reply #1 on: October 14, 2015, 01:58:37 pm »
stop getting burned by other people . 
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Offline IanDeMartino

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Re: Article on Banx
« Reply #2 on: October 14, 2015, 02:00:04 pm »
stop getting burned by other people .

Who burned me? What do you mean?

Offline topcandle

Re: Article on Banx
« Reply #3 on: October 14, 2015, 02:01:58 pm »
Im speaking to the community in general.  Im not rushing to judgement, but I'm very skeptical of most partnerships that Stan is touting.  This is more reason to be...

So MUCH FOR THAT TOP TEN ALT COIN JOINING THE BTS NETWORK>>> ALL HYPE
« Last Edit: October 14, 2015, 02:04:13 pm by topcandle »
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Offline IanDeMartino

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Re: Article on Banx
« Reply #4 on: October 14, 2015, 02:18:14 pm »
ah, gotcha.

Yeah, Banx is far from a top ten currency. With no price discovery, there can be no marketcap. Simple economics.

Offline phillyguy

Re: Article on Banx
« Reply #5 on: October 14, 2015, 02:50:34 pm »

I read your article. I have no knowledge regarding the content and have no comment on it whatsoever.

I would like to comment on the technical proficiency of your "article" though, because the crypto space is sorely in need of credible journalism.

The article was very poorly written. You should not expect informed individuals to read it and take you seriously. It does not conform to any technical writing standards that would be required by a legitimate publication (1). Most of it is conjecture and opinion on your part. The subject could make a strong legal case it is libelous (2). The article in no way attempts to adhere to the 4 core principles outlined by the SPJ Code of Ethics (3).

We are in the "wild west" of cryptocurrency. Responsible journalism and PR are critical to helping us make informed decisions about how to participate. Please consider learning what it takes to contribute to the advancement of this innovative, world changing space.

For your reference:

(1) https://www.apstylebook.com/?do=product&pid=978-0-917360-61-9

(2) https://www.law.cornell.edu/wex/libel

(3) http://www.spj.org/ethicscode.asp
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Offline IanDeMartino

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Re: Article on Banx
« Reply #6 on: October 14, 2015, 03:18:30 pm »
Thanks for your feedback. This article did have a few more ins and outs than normal, so perhaps it isn't my best style-wise. I tried to get the important facts out first and then narrow down onto the more specific pieces. That is standard journalism practice. If you feel that I didn't do that properly, perhaps you are correct, I kind of don't like my intro, but do feel things pick up after that.

Outside of style, I think this is perhaps the most important article I've ever done.

I do appreciate your feedback, but my writing has been competent enough to keep me fed and sheltered for the last three years, and has led to a book deal.

I am well aware of libel and ethics laws. And am confident in my article. My article states that the marketcap was fake. That is a fact. That BanxShares would be removed from CMC, that happened. That the volume was made up of off market trades that could not be verified as real, that is also a fact and something Lyford admitted. That the projections put on Banxcapital.com/investors were misleading and unrealistic, judging by any industry standards, that is also true. That Banx's code was copied from Foocoin, which isn't even a coin but a template, also true. That C-Cex and Mark disagree on what caused them to remove Banx is a fact (I did not take a position on who was right). That people who bought Mining contracts have been switched to Banx, not a fact but something Mark Lyford told me himself.

Exposing scams like Paycoin and potential scams like Banx is my contribution to this space.


Again, thank you for your constructive criticism,  I am simply trying to make you guys aware of this.

Offline liondani

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Re: Article on Banx
« Reply #7 on: October 14, 2015, 03:52:14 pm »
I will keep track on Banx and  your future articles etc.

Time will reveal the truth I guess...  THEN I will decide if I will give you credit or not....


PS have you revealed other scams?and when? can you give us evidence for your past finds? (links,articles, etc.)

Offline DMo09

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Re: Article on Banx
« Reply #8 on: October 14, 2015, 04:01:43 pm »
Bitshares will shine the light. We will see.

jakub

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Re: Article on Banx
« Reply #9 on: October 14, 2015, 04:04:57 pm »
I think the article is actually quite good. Obviously it does not offer a solid proof but it does raise some legitimate questions.

Banx's business model is very far away from the clarity and accountability promoted by BitShares.
For me the rates of return offered by Banx do no match the industry's profitability at this moment.
But it may be a viable business. I just don't know.

Thank you for sharing it.

Offline phillyguy

Article on Banx
« Reply #10 on: October 14, 2015, 04:31:09 pm »
Thanks for your feedback. This article did have a few more ins and outs than normal, so perhaps it isn't my best style-wise. I tried to get the important facts out first and then narrow down onto the more specific pieces. That is standard journalism practice. If you feel that I didn't do that properly, perhaps you are correct, I kind of don't like my intro, but do feel things pick up after that.

Outside of style, I think this is perhaps the most important article I've ever done.

I do appreciate your feedback, but my writing has been competent enough to keep me fed and sheltered for the last three years, and has led to a book deal.

I am well aware of libel and ethics laws. And am confident in my article. My article states that the marketcap was fake. That is a fact. That BanxShares would be removed from CMC, that happened. That the volume was made up of off market trades that could not be verified as real, that is also a fact and something Lyford admitted. That the projections put on Banxcapital.com/investors were misleading and unrealistic, judging by any industry standards, that is also true. That Banx's code was copied from Foocoin, which isn't even a coin but a template, also true. That C-Cex and Mark disagree on what caused them to remove Banx is a fact (I did not take a position on who was right). That people who bought Mining contracts have been switched to Banx, not a fact but something Mark Lyford told me himself.

Exposing scams like Paycoin and potential scams like Banx is my contribution to this space.


Again, thank you for your constructive criticism,  I am simply trying to make you guys aware of this.

I read your article again. Second time through, I think it is actually not so bad - technically speaking. I think I was jaded by reading the comments section, where you guys going back and forth was pretty ugly and tarnished you "taking the high road" so to speak. Sorry if I came across harshly.

Maybe my recommendation then is don't engage in the comment section.

Again I don't know anything about you or Banx so strictly considering the writing aspect.
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Offline EvilDave

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Re: Article on Banx
« Reply #11 on: October 14, 2015, 06:29:03 pm »
Hey, Ian !
I've also made a couple of attempts at getting the BTS side of the Banx story, but it's still more than a bit ambiguous.
There are definitely elements of the BTS community who aren't on board with Banx at all, but we also have the CEO/COO/boss dude enthusiastically announcing their partnership with Banx all over the place, especially on BTT.

I've seen Ian work over the last 18 months or so, and while his style may need tidying, I'm pretty confident that his integrity doesn't.
Marks idiotic accusations about Nxt bribing Ian to write this piece are just that, idiotic. Nxt has nothing real to gain by giving Banx a kicking, and we wouldn't waste hard earned cash on bribing journo's to investigate....(and if we wanted to damage BTS, simply letting Mark roll with it would be a most effective method).

I want to see honest and transparent crypto-currency projects succeed, it's the only way to get genuine adoption. Every investor who gets scammed by a  bad project is one less crypto adopter in the long term and so it is in the best interests of every  legitimate project in crypto to work together to kick out the bad actors.
Nxt....it's so damn good.

Offline MarkLyford

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Offline fuzzy

Re: Article on Banx
« Reply #13 on: October 15, 2015, 07:07:44 pm »
My official response to Ian DeMartino >> http://digitalmoneytimes.com/banxshares-was-removed-from-coinmarketcap-rankings-and-not-because-of-ponzi-accusations-the-official-response-from-mark-lyford/

I am behind the scenes working to give both Mark and Ian the opportunity to clarify their positions in a hangout.  @MarkLyford @IanDeMartino please feel free to reach out to me so I can get it scheduled.  This is definitely something that the community has interest in so I feel it is important to give both sides the ability to be heard.
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Offline donkeypong

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Re: Article on Banx
« Reply #14 on: October 15, 2015, 08:38:16 pm »

I read your article. I have no knowledge regarding the content and have no comment on it whatsoever.

I would like to comment on the technical proficiency of your "article" though, because the crypto space is sorely in need of credible journalism.

The article was very poorly written. You should not expect informed individuals to read it and take you seriously. It does not conform to any technical writing standards that would be required by a legitimate publication (1). Most of it is conjecture and opinion on your part. The subject could make a strong legal case it is libelous (2). The article in no way attempts to adhere to the 4 core principles outlined by the SPJ Code of Ethics (3).

We are in the "wild west" of cryptocurrency. Responsible journalism and PR are critical to helping us make informed decisions about how to participate. Please consider learning what it takes to contribute to the advancement of this innovative, world changing space.

For your reference:

(1) https://www.apstylebook.com/?do=product&pid=978-0-917360-61-9

(2) https://www.law.cornell.edu/wex/libel

(3) http://www.spj.org/ethicscode.asp

The above comment nailed it perfectly for me. VERY heavy on conjecture. I have no way of judging the content. Time will tell if Mark L. is honest or not; there was some smoke before but never any fire proven. I personally wouldn't go into a business partnership with him, but I also would like to give him the chance to build an honest business here, which I will support. Beyond the content, no responsible writer makes those kinds of accusations and correlations without more and better information. The article was shit. Then to run Google ads playing up those rumors? That's some business you're running, Mr. D. I wouldn't want to be your lawyer.
« Last Edit: October 15, 2015, 08:41:46 pm by donkeypong »