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My thoughts on the Corion ICO

My thoughts on the Corion ICO

Corion is a new cryptocurrency, its main goal is to have a stable USD price. The system aims to ensure that 1 COR is priced close to 1 USD and fluctuations that are happening should be auto-corrected.

Corion is planned to be hosted on the ETC chain, not on ETH as with several other ICOs.

During the ICO, 51% of the Corion coins are sold, the remaining 49% is minted and kept by the Corion Foundation.

On 2017-07-10 I decided to look into Corion to evaluate if I should contribute to the ICO or not. This led me to interesting discoveries that I would like to share with like-minded crypto traders.

TL;DR

Corion's smart contracts are not on the ETC chain; they are collecting funds into wallets right now without any contract. They are late not just with the product, but even with a simple ICO smart contract, and they start the ICO anyways!

Corion can abort the ICO and keep 10% of your funds without any consequences.

Corion has no backing to keep it stable at 1 USD. It won't ever be worth a lot more, but no guarantees that it won't be worth a lot less.

The only backing is a stability fund that will own non-corion funds in the ratio of 6.25%.

They are locked into ETC until the end of the ICO: so when they mint 4M USD worth of COR, it can easily happen that they only have 1M USD worth of investments when they can finally sell at the end of the ICO.

The team is a group of business people, not technical people. One of the founders is a business person who was a leader of a company, which was part of a company group that is suspected to have organized a country-wide multi-year Ponzi in Hungary, disguised as an investment bank, travel agency and other businesses.

Files in this directory

In the whitepapers/ sub-directory you can find the whitepapers downloaded from http://www.corion.io/ at the time of writing this article.

In the slack/ directory you ...

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