I stumbled across this today: https://solalgo.com/

The White Paper is here: https://solalgo.com/static/media/Sol...353a6b97a8.pdf

After many words of dancing around on the white paper, it does eventually say (I think) that when you buy SLGO coins from Solalgo
that you are buying a piece of the businesses that Solalgo have invested in. So, again I think, that when you buy the coins from them
you are in effect financing Solalgo being venture capitalists.

I am not a Crypto expert, although I can usually work out what is really going on, given some time and thought and input from other more learned people than I,
so my question is, is this basically Solalgo "printing" minting a billion SLGO coins (they promise to give back 70% of them to the community within 10 years I think)
and just selling the 30% to become rich, then investing all, some or any amount they want really, however small or large, into companies and paying whatever dividends
that they wish to, to SLGO coin holders, by the looks of it, dividends in SLGO coins, not in cash (fiat) currency, or am I missing something here?

If I am not missing something, then (and again I am not a Crypto expert), it looks like a very standard strategy of a new coin, or a new coin based business, to essentially
invent money out of thin air and then convince people that the invented money has a real value, with the main "evidence" (promise) that it has value, being the promise
to give coin holders more of the same coin in future, the same coin which they invented out of thin air and invented 1 billion of, in the first place!

I sped read the whole white paper and IMO it is 70% pure waffle, 10% quoting the size of similar ventures to their own (as if that is real proof of future success), 10% actually telling you what the money you would spend buying SLGO is used for (they have made 3 acquisitions/investments, they say, so far), and 10% some pretty strong and detailed disclaimers.

Got some more info from Barry Martin's Linkedin page about the unique selling feature of Solago, it says they use an AI machine learning algorithm that identifies great investment opportunities.....

From: https://uk.linkedin.com/in/barry-martin-29197511

Barry Martin: Co-Founder
The Solalgo Group
Jan 2022 - Present1 year

London, England, United Kingdom

https://solalgo.com/

The compliment to our acquisition and operational approach is the latest in A.I. and machine learning. Our propriety algorithm; ALGOS101- V4.2, has been twenty eight months in the making and is among the fastest and most efficient in the field of results driven data dissemination.

Our management team is built on excellence and experience – which all leads us to a position of significant confidence in the Solalgo Projects that make it to the funding stage. We know from our algorithmic processes they will not only meet all the requirements for commercial success but we also have the additional confidence they will hugely benefit from our ever increasing team of premium talent.

The ‘Future’ part of our tag line refers in part to our SLGO coin. Unlike the vast majority of crypto coins, SLGO is a currency with definable tangible value:

The Solalgo Group do and will continue to own and exercise full executive control over all its business assets now and into the future.

-----------------------------------------------

Note that the sentence above is basically saying (or suggesting perhaps) that Solalgo Group own everything that they invest in with the money they receive from SLGO coin buyers,
inferring that they will pay whatever dividend that they want to, and most likely as already mentioned by me, by way of giving SLGO holders more SLGO.

So, their black box identified three investment projects ?

What does any of that have to do with their token ?

This sounds like an unregistered offering of either a security of an investment fund. Can someone do that in the UK ?

I think the basic premise is that we are so brilliant at investing in businesses that you should give us money in exchange for SLGO tokens and let us get on with what we are best at!

But going by some of the key points in their white paper, I think you are right, that how their business investments perform using SLGO token buyers' money,
doesn't necessarily have any direct effect on the value of the SLGO token (incidentally, I have looked on some crypto exchanges and can't see it listed anywhere)

Supporting the above statement are these bullet points from their white paper:

* SLGO tokens are not securities.

* SLGO tokens are non-refundable.

* No promises of future performance or value are or will be made with respect to SLGO.

* SLGO tokens hold no rights in The Solalgo Group other than those set out by The Group from time to time.

* SLGO tokens are sold as a functional and all proceeds received by The Group may be spent freely by The Group absent any conditions.

The last bullet point is categorically stating that The Group (the owners of Solalgo) can spend any proceeds from selling SLGO tokens in any way that they please.

So if as I first suspected, rewards (which could be called token holder dividends) are likely only to be paid as extra SLGO tokens, tokens that Solalgo are already sitting on
a massive supply of, and if Solalgo are quoted on an exchange either now or in the future, or saleable for fiat in some other way, I don't get why anyone would want to
buy them with fiat, if the best case scenario is that you just receive more tokens! and can only likely sell them back to Solalgo at a future date.

I can't see any utility of the SLGO token unless it can be exchanged for actual equity in some of the companies that Solalgo are investing in, to then receive real dividends in fiat,
or to receive dividends in a recognisable exchange traded coin such as Bitcoin or Ethereum, and possibly to also receive voting rights or other benefits in the company that you are a part investor in.

When you only receive dividends as more SLGO it very likely causes a downward inflationary pressure on the price of the SLGO coin, meaning that you own more coins than before the dividend was paid, but they are still worth the same total amount in fiat terms.

So what is the point of this whole scheme for people who buy SLGO tokens? And why would SLGO if listed ever trade higher than its release price.

The only possible thing I can think of is that Solalgo mention that they will buy back 70% of tokens, so 700 million coins, at the prevailing exchange price, but phased over a period
of 10 years I think. So this would mean that eventually you are guaranteed some kind of fiat return of the capital that you spent in the first place on the SLGO tokens.

The obvious problem though is that it will be a buyer's market for Solalgo, as the only people who will be selling SLGO tokens are people who have been stuck with the token for a while
and have been "earning" extra tokens from Solalgo, so all sellers, and only one buyer, Solalgo.

The natural conclusion I draw from the scenario above is that the SLGO coin price will be very depressed, which in effect means that Solalgo IMO have borrowed money by selling SLGO
tokens to new investors at one price, and when it comes to buying the tokens back on the open market, they are very likely buying them back at a much lower price.

I may have a lot of this wrong, but this is how it appears to me.

Edit: This also appears in their white paper...

The crypto currency tokens related to and referred to in this White Paper do not represent equity, shares, units, royalties or rights to capital, profit, returns or
income in The Solalgo Group or any other company or intellectual property associated with The Solalgo Group or its related activities, assets or proprietary interests in any jurisdiction.

Ran out of time editing the post above.

I wanted to add that getting a return when Solalgo buy back coins on the open market, assumes that they keep their promise to do so, and of course there is no guarantee that they will keep their promise.

They appear to be regulated by nobody, but they do pledge to abide by any laws and regulations that exist in any jurisdiction that they do business in.

Read no further than the illustrative chart in the Introduction to the White Paper:

A "10 Year Burn Forecast" proposition illustrated by a graph that stops in year 5 ? Anyone even proof this White Paper ?

Good point! I hadn't spotted this myself, but was speed reading.

Even if we assume that the whole project is well intended and that part of those good intentions are to get a positive return for investors (SLGO token buyers)
the timescales are just so long.

There are many ifs, buts and maybes though, and some of the most key points covered in the white paper are very vague, such as:

"All surplus fiat profits generated from The Group assets and business activities will be set aside and used to purchase SLGO on the open market at market rate as determined by exchanges."

This is a meaningless statement because what does "surplus profits" mean? without it being properly defined. They may as well have used the term "spare cash"!

The project was launched a little before the crypto crash so I am guessing it was at a time when many people blindly invested in many, many new projects
on the basis that some of them would 50x or 100x, so just punt on a big bunch of projects and at least one will surely pay off.

But in the current climate, it feels like almost none will 50x or 100x, and that even at ~1/10th or 1/20th of ATH valuations, many projects still might not be worth their
current market capitalisation.

So the only connection to poker is that those people owned a poker club in the past?

Yes correct, and The Gutshot Poker club was ultimately shut down for contravening the Gaming Act.

"On 16 January 2007, the owner of the club was convicted of contravening the Gaming Act. The jury in the case rejected Derek Kelly's contention that poker was a game of skill, and thus exempt from the Gaming Act. Derek Kelly appealed this verdict at the Royal Court of Appeal in London but failed, after which the club closed."

After this Barry Martin (I am not sure if Derek Kelly was also involved) opened a new private members club, not far away in a slightly different area of London, called The International.

It also ended up getting shut down for breaking the gaming act. See here: https://www.islingtongazette.co.uk/n...b-forced-shut/

So I find it interesting that these two people suddenly turn up in the crypto business.

I've done some further reading on this project and something I misunderstood but have now grasped is that of the 1 billion supply of SLGO coins, Solalgo's intention is to buy 700 million back and then burn them so that the total supply goes down to 300 million, which theoretically will make the price of that remaining 300 million go up due to scarcity.

But it still boils down to Solalgo a) making profits on their investments, b) having enough "surplus" profits, whatever that means, to be able to afford to buy their own coins back and burn them, and c) actually following through and doing so.

Here is a published conversation between Derek Kelly and Barry Martin that confirms that when you buy SLGO coins from them you are giving them a loan to invest in businesses, with the then hope/expectation that the loan will be paid back: source: https://medium.com/coinmonks/boy-plungers-f766e5200fff

The idea was simple to begin with:

What if we could devise a project where traditional business practices could be co-related with the world and benefits of crypto?

Within my many notes I find an excerpt from our early stage lockdown messaging:

Derek: What if fiat gained from the sale of a token we issue (turned out to be SLGO) was used to finance the establishment and operation of business concepts or start-up / early stage businesses?

Barry: WhereÂ’s the USP?

Derek: Over time profits from the businesses could be used to buy our issued token back at market price and such coin purchased be immediately sent to a burn wallet.

Barry: So if the maximum number of tokens we issue is 1000 million — the profits from the businesses would to be used to burn a percentage of them and reduce market supply to (say) 300 million.

Derek: Pretty much like a bank loan and its terms of repayment — the token is the lender and the businesses profits are the repayments

Barry: Then the benefit to the businesses is obvious — the benefit to token holders?

Derek: A reduction of supply which realistically creates a heightened demand

Barry: OK but thereÂ’ll have to an endgame as well

Derek: Agreed but that can only be worked out if we have a start game — so where do we start?

Barry: The first question IÂ’d have is how do we identify the businesses, secure them and make them profitable enough to burn a big percentage of the token issued?

And thatÂ’s how ALGOS101 became the bane of mine and BarryÂ’s life for close on six months.

I don't know much about Derek Kelly, but at The International Club, Barry Martin was very good at creating good cash games and tournaments, and very innovative with promotions.

The question is, is this Solalgo project just utter BS, jumping on the crypto band wagon and designed to raise a lot of money with no guarantee that it will ever be paid back, or do/did Derek Kelly and Barry Martin think they are really on to something that is beneficial to all parties? and is their algorithm just made up nonsense or something real that actually provably works.

I am not sure, and they have admitted that there is no end game, they only get as far as buying back 700M coins and 300M still being in circulation, so I guess in their minds the 300M coins are in demand because Solalgo will repeat the same exercise again.

On balance the whole thing seems very pie in the sky, the main thing that feels like this is the algorithm. I mean if such a thing existed you would be able to achieve extremely fast exponential growth of an initial investment fund just by using it to pick stocks, and there are plenty that are start up types, or you could just start small as venture capitalists with your own money. If the algorithm really works you would end up with all the money in the world. So the existence of an algorithm that works, smells fishy to me.

Oh boy, I sure am excited to invest in a centralized crypto venture after Celsius/Voyager/3AC/FTX/Terra Luna all started off with similar pretenses and all collapsed due to insolvency! Count me in

I wouldn't go anywhere near this. Partly because nobody has reviewed and edited the prose the OP copy/pasted. Sloppy text usually means sloppy management.

Here is the promo video:



https://www.youtube.com/watch?v=L9OPECTMUtA

Can a mod please embed the link, had 3 goes trying to and all failed.

"ALGOS101- V4.2, has been twenty eight months in the making and is among the fastest and most efficient in the field of results driven data dissemination."

you're telling me you spent 28 months making a search engine and this is somehow supposed to generate value?

" it says they use an AI machine learning algorithm that identifies great investment opportunities....."

****ing what? You have a machine that spits out advertisements to other scams? Maybe it's a dream machine for the stock market? If so why would they be crowdfunding/doing this at all?

and the video that is supposed to make me feel good about investing talks about owning a bunch of shady unregulated businesses. Yeah ok.

God when poker and crypto collide you get the biggest shitcoin going

asked ChatGPT to summarize your posts, tl;dr and way too many paragraphs

samooth

Sorry if you don't care for the length of the posts, they were done that way to get to the bottom of if Solalgo's offering of the SLGO token is a worthwhile investment, which along with other posters ITT, I think has been achieved.

But glad you found a software tool that has helped you cope with them and summarise them.

It's worth a punt. Who goes first?

Ah, Gutshot, not heard that name in a while. Wouldn't touch this with a bargepole as a result

God when poker and crypto and Barry Martin and Derek Kelly collide you get the biggest shitcoin going. fyp

Lol.. so they basically just want to be their own hedge fund, but dress it up as being crypto?

And all these promises of buying back rely on them making profit, because If they dont, they’ll just declare bankruptcy!

And as someone else said.. If you’ve created an algorithm that identifies great investments, then surely you wouldn’t need investment?! I love how they throw in “algorithm developed over 18 months” to make it sound important - do people really fall for this?