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TLDR: If there are two companies that I would compare Orchid Labs with, it's Theranos and MoviePass (see below). Orchid is losing millions of VC investment dollars. It’s extremely illiquid so you can’t cash out easily. This is worse than a Ponzi scheme because at least a Ponzi scheme pays early investors with new investor money. Eventually, they will collapse within the next year or two and take any investor down with them. Stay the hell away.
WARNING: Orchid OXT is a complete and utter scam. Stay far away from this shitcoin scam that Orchid Labs has orchestrated. As a disgruntled member who knew the project team personally, I will let you in on some of the dirty secrets. (1) Steven Waterhouse felt like he shot himself in the foot when he was offered the opportunity to get involved in the now lucrative Ethereum project back in 2014. He dismissed ETH as “wannabe Bitcoin.” In contradiction and in regret, he created Orchid in 2017 with Brian Fox, and modeled OXT as an ERC-20 standard token on Ethereum. He was desperately fishing for some usercase so that he can have his name on a cryptocurrency. If this isn’t Roger Ver 2.0, I don’t know what is. He lacked the innovative original thought of Ethereum’s smart contract or even Basic Attention Token’s Brave browser. So, he looked into his personal inconveniences of being a British in San Francisco unable to watch soccer (seriously who the hell watches soccer except for annoying British people) and decided to model his crypto around a technology that was already developed called virtual private network (VPN). The thing is....Orchid is hardly original in its concept or design but it enabled Steven to weasel his way into the crypto market. Tell me when do we ever see a successful product built purely on regret and envy (see Microsoft Zune or see Blockbuster Online Rental)?
(2) How was Orchid able to raise $43 mill in token sale? Because it was all funded by venture capitalists (VC) that Steven knew personally. There was no retail crowdsale like we witnessed with Ethereum. Both Steven Waterhouse and Brian Fox worked with VCs in the past. Steven was actually a partner with Pantera Capital so he had no difficulty securing funds from these predominantly Bay Area VCs. And it wasn’t very hard to befriend Brian Armstrong, founder of Coinbase when Orchid Labs was deliberately headquartered 5 blocks away from Coinbase’s HQ in San Francisco. This is the Theranos approach. Getting listed on Coinbase when you’re a Bay Area crypto and backed by several VCs is easy as pie. Most cryptos on Coinbase are in the Bay Area (now if it was a Kansas-based crypto getting listed on Coinbase would have all my respect). All of these VCs and a Coinbase listing led to credence in this virtually obscure and unknown crypto, OXT. Orchid looked like the best kept secret, an ICO price of $0.40 that was immediately pumped to $0.75 to attract atttention before they dumped it down to $0.20. That was all done using VC money. Having the largest US exchange backing in Coinbase can quickly result in a chain effect among other respected exchanges like Kraken, Okex and Binance. This is why the crypto space is such a fragile environment. Any project can quickly leap supposed boundaries to be a respected, high market cap crypto (like Bitconnect did). There are still no checks and balances to ensure the viability of a crypto project.
(3) Here is the reality: NOBODY is buying Orchid, NOBODY. Sure, you might have a friend of a friend who bought $100 worth of OXT to diversify their portfolio or perhaps because he thought Orchid is the next big thing. It’s not. Whales, institutional investors, daytraders, small retail traders...everyone has seen it listed but nobody is buying. I’ve seen Orchid’s profits report, it is embarrassingly low. It is a pump and dump coin designed with very strict bot trading algorithms. These algorithms are created to ensure a loss for any investor trading over $1K, $10K, $100K etc. The larger you invest in OXT, the more you are guaranteed to lose. When Orchid does highly manipulate their currency of something to the nature of 200%+ gains, this was manufactured strictly to create FOMO among novice traders. There is not a single big trader that is actually profiting over 200%. That pump was calculated. Orchid bot trading will not allow ANY LARGE INVESTORS to profit off their coin.
(4) What is of Orchid today? Well, there’s a very fault app on iOS and macOS, operating systems that Steven Waterhouse is privy to use...and a faulty app on Android. Nobody is using these apps. Un until recently (July 2020), using OXT was quite the hassle. You had to buy OXT off the exchange and pay exchange fees, then transfer it to your cold wallet and pay GAS fees (which were steadily increasing in 2020), then transfer the OXT to your Orchid app to create the intended multi-hop configuration with another VPN (which would render Orchid useless on its own account)...ALL SO YOU CAN GET ABOUT 5 MBs/SEC OF SPEED ON A GOOD DAY. That was the residue of my 130 MB/sec typical internet speed. We’ve had countless discussions with Derek Silva on Telegram about this. Nothing has changed to this date.
(5) Again, what is of Orchid today? Really, all we’re left with are cool funky little marketing designs featuring cartoon bunnies and ants slogans (made for kids shit). If you ever watch Orchid videos on YouTube, it will make you feel like you’re fucking braindead. You have a mediocre unoriginal product that nobody uses after a year since its release date...with a sizeable staff that is draining money and resources. The project is a complete fucking joke. Pay-as-you-go VPN? Most serious VPNs like ExpressVPN and NordVPN could not operate on that model. Orchid is the MoviePass of the crypto world. Orchid is losing millions of VC dollars. Eventually, they will collapse within the next year or two and take any investor down with them. Stay away, stay the hell away. It’s extremely illiquid so you can’t cash out easily. This is worse than a Ponzi scheme because at least a Ponzi scheme pays early investors with new investor money. Orchid takes everyone’s money and pays nobody back. It is a COMPLETE SCAM, stay the HELL away!
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すべての暗号通貨、NFT、DeFiを1か所から管理開始に使用しているポートフォリオを安全に接続します。
