When people think of crypto currency, the first thought that comes to mind is either… “what’s that?” OR “I know someone who got scammed”. Enter today’s topic of discussion, Edgar Soares. Edgar is also known as @BTCArchitect on Twitter. Supposedly, he is an accredited architect from the EU nation Portugal. He designed and built a crypto currency and a complete corporate ecosystem to power his business model that included projects like Blocktrust, iHash – a mining pool operation, 3D printing and a modular living space called Mobi.
Over the past weekend, without warning, he shut down his long time investors Slack communication channel. This forced his investors to take to Twitter to communicate and to ultimately form a mobile Telegram group for discussions. Things don’t look too bright for Edgar Soares at this time, He has a very pissed off Bulgarian club owner ready to feed him to a pig stye, and that’s just one of 120 plus CEO’s that he royally screwed over. He has blocked me on Twitter, along with numerous other people that called him out on his discrepancies.
ARCH Coin ICO raised somewhere around $450K USD at bitcoins price during the ICO phase. Those funds were ear marked for prototype construction of his Moby design. Everyone that was anyone in crypto circles either owned some or was keeping a close eye on Edgar Soares and ARCH coin. He was after all a successful trader, a reputable architect with a moderately successful online persona. Today that persona is crap.
Was ARCH coin the greatest BTC scam of all? Take a look at some facts and make the determination yourself. $450K USD raised. Not one blueprint shared with one single investor, not one clear image or video of the Moby project during the supposed construction phase that lasted a over a year. If you are building something as unique and cool as a Moby, don’t you think it would make sense to share some media tidbits to generate product buzz? Yes, that is what most businesses would do. No, not Edgar Soares though. All that was shared was 3D renderings that were built in Bryce 3D or an Autocad type design software suite.
All domains and IP related to ARCH coin were deleted without warning from public view. Slack channel deleted, effectively removing all traces of communication between Edgar and the rest of the investors in the Arch network projects. Multiple people blocked on Twitter after calling him out.
Take a look at what he shared to account for the 900 BTC crowdfunding. It just screams, “hey, I totally made this shit up when I was asked for reconciliation!”
This whole thing just looks like one long, epic, drawn out scam. Fortunately for me I learned a valuable lesson early when trading and investing in crypto. Take profits early and often. I did, and made close to 25 BTC By selling half of my initial 5 BTC investment. I sold at near peak back in April of 2015. When things just did not add up, I should have dumped all but I was free rolling the remaining CEO seat to see what would happen.
Turns out my suspicions were correct and the ARCH network went into a steady decline and excuse after excuse was given to the network of believers in this coin. Edgar actually had the nerve to place the shutdown blame and his exit on one of his many investors for ‘leaking’ information. What was leaked was a warning, a certain individual was onto his scheme and forced his hand. This caused the shutdown, deletion and his attempt to erase the evidence and cover up what we have witnessed since the news went public.
One more thing, to @BTCArchitect specifically. I can still see all your tweets dumb ass. You think you are the only person with multiple twitter accounts. Blocking me was literally the stupidest thing ever. I have 5 twitter accounts, business, personal, comic relief. Yeah, I just wonder what you actually thought you were accomplishing by blocking your indentured servants. Time will tell how this plays out. I’ll update if anything worthy of mentioning comes to light. Geek out!
Last night I got an email from bitcoin talk forum. The email was related to a post that I had replied on and quoted several other replies. While there was no real reason to delete my post, as I was defending Edgar’s wallet code. The part that strikes me as dubious and telling is the quote from BTCArchitect that makes a very bold statement. Take a look at this screen shot I took from inside gmail. Since bitcoin talk sends you what has been deleted in the notification email, it makes this look as though Edgar Soares is covering his tracks. He definately would not want repurcussions from the oasrs.org society of Architects.
The statement “As the member of the Order of Architects, memeber number 13031, I am totally liable for any work, words or financial agreement…inside architecture or out. Yes, out, my rep here supersedes any game we have been playing in “crypto”
He then links to a document at oasrs.org that is related to statutes and regulations. The link is only valid if you are logged in. Since I’m pretty damn sure of my Google fu, I went on a quest.
It would seem that if you translate this page http://wwwold.oasrs.org:8080/en/disciplina ethics play a keen role in the order of architects. Disciplanary action against his license and career choice? Stop it! Ultimately this could be the best form of retribution. Again, we have to take proactive stance, follow up on any leads and as usually, take a wait and see approach. Leave a comment for the record, include how much you invested, what drew you into Arch etc.