Bitgert (BRISE-USD) has been rallying for the past few days and has gained 42%-plus in the past seven days. However, all that glitter isn’t gold, and the project has some suspicious characteristics to consider before you invest.
First and foremost, Bitgert is marketed as a cryptocurrency with almost zero fees. However, the truth is that you will be charged a 12% transaction fee every time you buy, sell or move BRISE. Of this 12%, 5% goes for buybacks, 4% goes to holders, and 3% goes towards marketing the project.
Furthermore, the project’s creators were caught faking their team using (artificial intelligence) AI-generated identities, and they even tweeted about revealing their true identities. However, they later took down the team page after being exposed. They now use a pseudo-anonymous name called “Gert Sanem.”
In addition, their status website is simply a copy of Go Ethereum, and Bitgert’s registered domain address takes you to an Icelandic museum. Their developer guides are also copied from Binance.
Ironically, Bitgert has also audited itself and gave itself a 98% security score.
What is more interesting is that Bitgert is affiliated with Vindax. A company that sells cryptocurrency projects for $4900. However, Bitgert’s information was quickly removed from the website after users noticed it. Fortunately, they forgot to remove the Bitgert logo from their database, as you can still access it with a direct link.
As for tokenomics, the project promises up to 80% APY. However, many users have reported losing their funds trying to stake. The 80% APY also seems unsustainable. Still, if the absurdly high APY is justified with the transactions tax, doing so makes it similar to a Ponzi scheme. The double-digit tax rate will also discourage long-term growth, as we’ve seen with tokens such as Safemoon (SAFE-USD).
Considering all the above information, I’d advise you to avoid BRISE. On some platforms, the information regarding this project is very skewed, and its negative aspects are almost always hidden. As I’ve mentioned before, the project focuses 3% of its 12% tax on marketing. I assume a fair chunk of that goes towards such platforms.
Nonetheless, if you are still interested in the project, I advise you to research it on platforms that strictly prohibit external compensation, such as InvestorPlace.
On the date of publication, Omor Ibne Ehsan did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
