 Hey guys, it's MJ and in this video, we're going to be looking at everything wrong with the Elphin coin ICO now if you haven't done already, please go and watch my disclaimer video around my ICO discussions Which you can find on my channel. I'll put a link in the description below But I'm going to assume that you've watched it and we can move forward on this video Okay, so first off I came across Elphin coin by searching upcoming ICOs into Google and this thing popped up as the number one ad and the first thing that caught my attention was invest now and earn a share of a seven digit profit with smart contracts and That's going to be the first red flag if an ICO is pushing More the fact that you can get rich quick rather than some awesome technology. I'm going to flag that Now when I went on to the website, I read something else Which really got to me and that was this part at the bottom here where it says you cannot make a loss Whenever something is guaranteeing you profit or saying there's no risk at all They're lying. That's another red flag Okay, then also on their website They spoke about their vision and their vision clearly states that they're only going to be using the money that they earn from this coin for advertising There's going to be no tech development. There's I'm thinking like why on earth Do you need to raise money through an ICO if you're going to spend it all on Advertising and nothing on development. So That is another red flag ICOs offer software development Well, they should be I mean, that's that's the technology speaking of technology They talk about the fact that they just use the most amazing software and they don't mention anything This is an ICO and they're not talking about any of the technology. They're not naming the technology They're not saying anything for us to to audit or look at so I'm giving that another red flag Okay Now this ICO is currently live and I saw somewhere else on the website that it's only ending on the 11th of October So there's still lots of time if you guys want to get involved in this But some things that that caught my attention is first if this is August September October that is nine months That's a pretty long period to do an ICO The next thing that got to me was the fact that at the bottom there You can see that 42% of the people who have invested so far are Professional investors and only 3% has come from the crowd. I Don't know about you, but that that sounds that sounds really dodge how if it's an ICO How are they determining whether someone's a crowd or what's a professional vest? It's always as if they've bought into their own crowdfunding thing themselves and they're trying to get some sort of You know telling the crowd hey guys look we've got 42% of professional investors You know because professional investors investing you you should invest your as well I don't like that tactic and again I'm gonna give that a red flag Now let's turn to the white paper where things get very interesting First off lovely stock photograph that they've got in the background there But this this did it for me was how an ICO works. You've got your minimum goal and you've got your maximum goal Look how small their minimum goal. It's it's a hundred Ethereum where the maximum goal is 49,000 Ethereum And I'm sorry, but but when you've got such a massive gap like that You're basically telling us that you're raising this ICO To just see how much money you can get and you've made the minimum goal as small as possible So no matter what you can get something out of it and and for that. I'm throwing down a red flag I mean going More into their white paper. This was the only like model results that they threw up They don't tell you how they calculated this that so that that should be a red flag The fact that they don't tell you how they calculated. This is just a copy and paste from an Excel spreadsheet But what I love is under pessimistic conditions They're still making four million US dollars and when you start converting the the profit that you'll get per often coin It works out to something like 50% plus you can sell the often coin it it sounds ridiculous It sounds ridiculous. It looks ridiculous and I'm asking myself is this a joke So I'm gonna throw another red flag down for that Then when we come to the team, it's two people two people to do an ICO and Looking in on each of them. Neither of them are developers or tech experts or cryptographers I'm sorry, but I'm gonna give a red flag on that as well I did check up the one guy on LinkedIn and I mean I didn't have enough space to put all the current Positions he's at he looks like he's currently at a position of I don't know how many companies and unless this guy is like some Serial entrepreneur who's like just an absolute genius Having so many positions open kind of makes me think that he doesn't have focus and That's not something that me as an investor. I'd like to I wouldn't like to back someone who's got their fingers in so many other pots So I'm gonna throw that down as a red flag What it was impressed by was that the bounty campaign had a lot of detail In fact, it had more detail and pie charts and descriptions and effort than the white paper And for that, I'm also gonna throw down a red flag because this project or whatever they're doing Shouldn't be on the blockchain. There's no need for them to be using any sort of decentralized Database systems or ledgers for what they're doing They're basically wanting to get a whole bunch of money so that they can advertise their three apps Which I'm not even gonna look at because we've gone over ten red flags. So those websites can be amazing But the fact is that you get this coin and then they give you some of the profit But they're not telling you how that profit is going to be calculated. They're not telling you what the expenses are They're not telling you that there's any, you know, established auditor who's gonna be looking through it and verifying it and all that type of stuff They've been silent on so many issues that I'm gonna end this review here. It's got ten red flags I'm not touching this and I really feel sorry for those three people of the crowd who went in that Yeah, I hope they can try get their money back and that the the ICO doesn't succeed and that they get refunded If you are interested in knowing more questions that you could possibly ask around ICOs or We're just trying to figure out how to value these things. I have published a book on Amazon I'll put a link in the description below and how it basically works is I ask a bunch of questions around certain topics and That's what we try to do. We just try to identify red flags more red flags Something gets the more risky it is and the more likely that you should just move on to another ICO There's so many of these things you can be picky Don't fall into this whole fear of missing out and just throwing your money blindly at these things do your homework and Getting this book is a great way to start It'll give you a nice framework on how to Progressively and logically go through a bunch of criteria to make sure that the ICO is right for you But anyway, if you have any questions, please let me know in the comment section below And if you have any ICOs that you want me to review also, let me know in the comment section below Thanks guys so much for watching and I'll see you next time. Cheers