I did my own research. StudentCoin is still a scam. It’s the next OneCoin.

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I did my own research. StudentCoin is still a scam. It’s the next OneCoin.

To start off please upvote this post to get the word out before the telegram comes by and mass downvotes.

I'm making this post because I decided to take everything from the official studentcoin website and announcements at face value and comment on their legitimacy. I shouldn't have to do this because without even knowing anything about such a project and just going off the name you should be seeing red flags. Student coin? I should just stop there, but let's say you're falling for the hype and eager to throw your money away, hopefully, I can dissuade you. You're quite literally better off throwing money at random BSC burn tokens and make a profit than with this dumpster fire.

Starting from the website:

What is Student Coin?

  • A blockchain-based project

    • To introduce widespread tokenisation into the mainstream, Student Coin built the platform to easily create and develop personal, corporate, start-up and financial tokens.

There's nothing unique here. Anyone can take a few hours to learn solidity and create their own token. The best introduction of tokenization, is the platform it's being built on, Ethereum. If this is a "platform" to create tokens, why does Student Coin need to exist? Just sell the software or platform.

  • Supported by students

    • Similar to Facebook at the beginning of its journey, Student Coin connects students and organisations from over 500 of the world’s best universities.

What does this even mean? What are the universities? Why is there a need for a College knitting society to be connected to another knitting club across the world? How does the token even fit in here?

  • Fundamental values and cyclical payments

    • To back Student Coin by its fundamental value, STC token is based on the most efficient blockchain uses like transparency, value storage, payments, and regular cyclical payments.

Buzzwords buzzwords buzzwords. "Fundamental", "transparency." An entire sentence of nothing. How are payments different than regular cyclical payments. We're halfway through the six bullet points into a supposed description as to what Student Coin is and it hasn't justified its existence at all.

  • Tool for everyone

    • Changing the world with the personal, DeFi and NFT tokens for everyone, Student Coin allows you to build and manage tokens as easily as a social media profile today.

Again, where does the actual coin play a role here? Is it a means of accessing the software? Do I need to have 1000 STC in order to get the professional version? Are you selling a token or software here?

  • Transparency and Legitimacy

    • To ensure longterm development and legitimacy, the Student Coin team is fully transparent while the project operates under European Union regulations.

Nothing to do with the coin itself, but cool, you have a roadmap and are based in Europe. No fraud has ever happened in Europe! /s

  • Scalable platform and exchange

    • To allow token building for every person, corporation, and project, STC created its ecosystem based on Ethereum and its own tokens exchange, developer terminal and a mobile app.

This is the last bullet point in explaining what Student coin is. We've learned fuckall. Cool, Student Coin has an app and you can trade the tokens on its platform.

Ask yourself this: From the six items presented on the website, have you learned anything about what the coin, not the platform, not the application, what the coin actually does? This should be the end of the discussion for such a project, but in case I'm not convincing enough, let's move on to the white paper.

Student Coin Whitepaper

Hubspot, an American developer for software related to marketing, defines a white paper as follows:

A whitepaper is a persuasive, authoritative, in-depth report on a specific topic that presents a problem and provides a solution.

Let's focus on in-depth and the problem solving aspect when it comes to the Student Coin white paper.

The first thing you notice is how pretty it is! Wow! Compare this to other legitimate project's whitepapers and you'll find very technical typeface and the only graphics are supplementary to the text, not the main feature. White papers aren't meant to be sexy. They're technical. For those who haven't seen the bitcoin white paper before here's a link. Another white paper to compare to is BNB. BNB is a bit less technical but still accomplishes the goal and has minimal graphics.

To call Student Coin's "white paper" as such would be a disservice to all other legitimate dissertations in the crypto space. It's nothing more than a marketing guide than anything close to what a white paper should be. Look no further than the very next page following the table of contents. Three quotes from three different blogs talking up Student Coin. What kind of white paper would have that? This is something you find on the back of a hardcover book instead of a technical piece of writing.

Here are the three quotes:

  • "To bring the crypto area one step forward, a dedicated team developed one of the most intriguing utility tokens that will forever change the way we see crypto – the STC token"

  • "The Student Coin project is an example of how blockchain technology, non-fungible tokens and decentralized finance could revolutionize the world in so many ways. It offers a crypto platform that allows users to easily design, create, and manage personal, start-up, NFT, and DeFi tokens."

  • "The example of the Student Coin can be compared to Facebook at the beginning when these ubiquitous social media were limited only to the net of universities. Student Coin supports students at over 500 universities, closely cooperating with student organizations at Harvard University, New York University, or the London School of Economics."

The first quote has an icon that makes it seem like it's from a page called be[in]crypto, yet a simple google search shows similar wording in various different articles:

Notice that the first bullet is literally word for word like a paragraph found in each of those articles. Funnily enough, I couldn't even find the original be[in]crypto reference. What I did find was that each of those articles were written as a press release. From the cointelegraph page (emphasis them):

This is a paid press release Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

Student Coin literally wrote a paid promotion, send it out to different publications, and presenting that paid promotion as someone else's opinion of the coin. Notice that there's not reference to who actually said each of those quotes.

The second quote I was actually able to find the original link. It's here and surprise, surprise, it's another sponsored article!

The third quote is apparently from Yahoo Finance. I couldn't find this original source either, but I did find an article from globalnewswire.com with nearly identical wording with the source listed as Student Coin itself.

I'd like to remind you that we are talking about a white paper here, yet the first things shown to us are rave reviews written by Student Coin, yet disguised as third parties. Do these actions seem "fully transparent" to you? Why would you ever want to invest in a project for a company that's done this.

I'm not even digging that deep in the weeds here. All of the information I've presented so far is a simple google search away, yet somehow it's raised over 40 million dollars. I'm only presenting Student Coin's own words and showing how two faced they are.

I'm not going to bother exploring their "white paper" any further. The basic idea is to make the creation of shitcoins even easier. It's identity is confused. Why even call it "Student Coin" if the supposed applications are meant to go beyond a college campus?

Moving on…

Why STC Token is the next big thing?

  • STC is a central currency

    • STC is a reference currency for all tokens in the network. By holding STC, the investor is holding part of every token ever created with the Student Coin.

Why would anyone want exposure to (and these are actual examples of STC-based tokens listed in the white paper) Dr Brown Token or Coffee pay token?

  • STC powers its own exchange

    • All of the tokens created with Student Coin will only be traded to STC Token at its own exchange.

That's just what the crypto space needs, more centralization. What this is actually saying is your tokens aren't real tokens, they're just pretend toys hosted on Student Coin's servers. You will never hold your STC tokens in a private wallet. What's the saying? "Not your keys, not your coins" I'm willing to bet that the "tokens" won't have code that's public and available for audit. How poetic that a scam platform can facilitate the creation of scam coins.

  • STC powers the Token Terminal

    • The STC token will be used to create and manage tokens in the STC Terminal.

At least now we finally have an actual description of what the coin will be used for. Still doesn't mean it should exist. Student coin could easily have people pay for the service in any other method.

  • Stake STC and earn cyclical payments

    • STC can be staked to earn cyclical payments from the STC Exchange trading and crowdfunding fees.

Translation: lock up your capital and we'll pay you an undisclosed amount. The only thing cyclical about this project is the reasoning for why a token should exist.

Further down the page we see their "investor incentive program" (if I use the r word the post gets filtered), and this is where the scam comes to light:

Your "new investor incentives" will earn you 20% of the eth invested by the person you've "incentivized to invest". The top affiliates are earning well over five figures. No one shilling you this coin is actually interested in the project itself. They just want your eth when you use their "investor incentives" link. It's a mixture of MLM and crowdfunding. This is scam that's as large as OneCoin. This is the star citizen of crypto. You will lose your money. Stay as far away as possible.

Thank you for reading.

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