171125 Visacoin: Fabulous Idea or Fraud?

A tweet from Visacoin.eu (VCX) caught my attention yesterday.Screen Shot 2017-11-25 at 6.08.18 PM It took me thirty seconds to get the idea.  A virtual card which you fund with Bitcoin or Ethereum or Dash can be used wherever Visa can be used.  At the moment it is used, the correct amount of Visacoin is converted into dollars (if you’re in the U.S., for example), and the amount is paid.  This would be the perfect answer to “Yeah, Bitcoin. But what can you do with it?”  This is going to be very big, I thought!

I downloaded the White paper and started my due diligence.  Everything seems to make sense.  All of the legal verbiages that you would expect to see in such a monograph was there.  The reference to COMIT technology was there, too.  I downloaded that White paper, as well.  If you enjoy good grammar or appreciate well-edited English, be forewarned.  That, it is not.  Be that as it may, using COMIT technology to explain Visacoin is brilliant.

But glaring typos began to appear, not just in the COMIT paper which Visacoin does not lay claim to, but in the Visacoin whitepaper, itself.  The big, bold heading on the top of each and every page reads “VISACOIN IS A POTENTIAL ECOSYTEM FOR VISIONARY INVESTORS.”  I have to believe a huge effort like this project purports to be, would have writers, editors, graphic designers, accountants, lawyers, social media professionals, fact-checkers, and proofreaders going over such an important document with a fine-toothed comb.  How could a typo like that get overlooked?  I read in bitcointalk.org a post from an unsigned Visacoin rep. the following:

“Many people have been posing the question whether Visacoin is affiliated with VISA, visa credit card and Visa Inc.or not.

Our answer is that we are nothing related to Visa Inc. We have conducted thorough researches and you can be ensured that there is no legal issues related to Visacoin (VCX).

Visacoin ICO will start on December 05th, 2017. However, from now on, we have created opportunities for large investors to pre-order VCX on the website visacoin.eu or visacoin.us between 00:00 a.m. and 02:00 a.m. every day.

@VisacoinTeam.

I would ask the same question “What is the affiliation with Visa?” The answer “There is none,” is troubling.  Another tweet appeared yesterday:

Screen Shot 2017-11-25 at 6.02.55 PMI am not in the least ‘ensured that there is are no legal issues related to Visacoin.’  In fact, Visacoin probably runs the risk of being sued in 140 countries around the world, wherever Visa currently does business for injuring their good name not to mention trademark and copyright infringement.

They try to emulate the Visa logo.  The wing on the “V” is part of the Visa trademark but Visacoin failed to use the correct font.  That might not sound like a heiness crime but no program worthy of investment is going to fail like that. The list of problems grows longer by the minute.  There is a pre-sale.  Then an unannounced pre-pre-sale.  They have an Android app and will follow in several months with a Webapp and iOS.  Really?  The White paper includes the names Vitalik Buterin, creator of Ethereum, David Lee and Bo Shen.  I’d like to hear what they think of Visacoin.

In an environment where a new product must start, out of the gate, at full speed and finely tuned, this product will very quickly spin out of control, crash and burn if it is real.  God is in the details. Whatever you do, do it well, i.e. the details are important.