BREAKING ICO Analysis: Eros.vision – [SCAM?]
Ever wanted to be charged with conspiracy to commit prostitution, sex trafficking, pimping, and any of the other many law violations that apply nearly everywhere in the United States to the sex trade? Eros seems (more later) to present that opportunity, full stop. It really should be the end of this article, but we have to step back and examine how this idea even got past the “passing notion” stage. Eros acknowledges that everyone investing would be taking on the uncanny liability of the American pimp:
Buyer Beware – Steer Clear
For all intents and purposes, this author cannot under any circumstances suggest that anyone invest even .0000000000000000000001 Ether into this project. The rating is a 0.0. We still review it in order to warn our readers, and in order to establish why such a thing is simply outside our worldline.
Overview of Eros.Vision Scam and Beaver Concept
In 2016, a whitepaper was published by MIT students wherein they laid out the foundations of a decentralized dark web marketplace that would focus on the retail experience and, like most retail experiences, not require a fee for entry. This concept is called the Beaver marketplace, and while the primary concept of it lends itself handily to the sex trade, Beaver’s principals could serve any market which moralists, governments, and the like seek to censor – without a trusted third-party.
A Tale of Two Whitepapers
Similar to OpenBazaar but with some tweaks and improvements, Beaver is currently credited as the foundational logic behind Eros – but in a previous version of the website, they listed this whitepaper as their own – although it is nearly a carbon copy of the Beaver whitepaper.
The concept of Eros and/or Beaver is not hard to grasp. A decentralized application becomes the Uber of sex workers – providers have all the privacy and tools they need, buyers have a 23rd century call girl experience, all token holders earn on the marketplace activity, and the government is presumably powerless to stop it. The author can safely say that if such a project is launched within his life time, the successful execution would be entirely independent and by a Satoshi Nakamoto-like figure who would be fine disappearing and potentially never realizing much financial gain from his innovation.
Moral Hazard Redefined
After many years of trying, a sheriff in Illinois was able to get Visa, Mastercard, and others to finally, permanently end business relationships with Backpage.com, which is known mostly for its escorts section. Later, the executives of Backpage were charged criminally. Raising the ire of moral conservatives in the United States is a good way to call down the wrath of multiple systems of control. Anyone who invests in a project like Eros runs the risk of coming under the crosshairs of such crusaders – a simple move like cashing out your Eros tokens for Ethereum and then selling that Ethereum to Coinbase could expose one. The whole thing would or will unravel in such a way as to develop renewed, unfounded, and intensive skepticism toward the true intentions of cryptocurrencies in general.
Jumping Off The Bridge
There was a bridge in a small town where the kids liked to jump off. Most of the time no one got hurt, but there were alligators who occasionally hunted this part of the river. The town posted a sign warning of the alligators, and over the years as more children went missing after swimming, an ordinance was passed making it illegal. The ordinance was poorly enforced, so kids still jumped off. Considering the Eros opportunity makes one feel like a child wanting to jump off the bridge – you’re not sure what’s on the other side, it could be thrilling or it could be deadly, but you are sure that if the cop over-watching the bridge sees you do it, there will be penalties to pay even if you prove the alligators never existed.
Potential Agents Provocateur
The execution of this scam project is pretty weak. The domain was registered within the last few weeks, the whitepaper was very poorly doctored, the developer did not bother to ape any credentials or make himself seem more desirable in terms of technical merit, and so on. The goal of $10 million is fairly small, meaning that unless a single buyer manages to fund the whole thing, most victims won’t lose enough to hunt them down.
Given all this, one almost feels that Eros.vision is not as concerned about raising the funds, or launching the project, but is considered, instead, about proving that this is the sort of thing you can do in the cryptocurrency world with little or no caution flags thrown. Proving that the real purpose of cryptocurrencies is to thwart government control of society as a whole, and therefore calling down the full weight, guns, and so forth of said governments. The single fastest way to unite the “moral majority” is to get them to convince them there is an “other” who desire nothing but the destruction of the family unit, which they view as the building block of a stable society. If you don’t believe this, then you should see America’s war on drugs for context.
A poorly executed attempt like this, even in the case where its intent was not to specifically scam, is akin to entering one’s own co-ordinates into a nuclear launch sequence – the best case scenario is annihilation. However, if and when an implementation of the Beaver platform is developed in a place like Australia or another jurisdiction where prostitution is legal, that platform could have serious potential to return value to investors without the legal hazards.