The iEthereum smart contract code itself is not a scam! In fact, the contract itself is very secure, robust and has endless use case possibilities.
If the project is a scam, it is due to the unauthorized use of the Apple or Ethereum logos by the token creators. We do not have definitive answers regarding this, so we can only speculate.
Our current opinion is that the technology (smart contract) is open-source genius. No public intellectual property infringement actions have been taken against iEthereum and its logo in the seven years since its release into the wild. Therefore, we currently assume it is a legitimate project.
We asked BARD (now Gemini), Google’s AI, whether iEthereum was a scam. You can read about it in an article titled, “iEther called cap on BARD AI,” from July 2023.
Let’s examine this in more detail.
What constitutes a scam?
According to Law.com, the intentional use of deceit, a trick or some dishonest means to deprive another of his/her/its money, property or a legal right.
Is iEthereum a scam?
Before I get heavy winded in this article, let me point out a simple fact. To date, almost seven years after launch, not only has there not been IP infringement charges but also there has not been an attempt by any individual or entity to exploit the Apple logo to pump the token and make money trough trickery or dishonest means. If it were intended as a fraud, wouldn’t the creators have executed a hit-and-run? In my opinion, they seem to have left a lot of money on the table if it were intended to be a fraud.
I do not have the answers, however….
iEthereum is either legitimate with a prosperous future or illegitimate with less of a future.
Let me throw one more option into the mix. It is possible that it was created legit and now has been thrown to the curb. Not a scam, but lost its mojo along the way. Perhaps due to regulatory roadmaps or timing issues.
IsThisCoinaScam.com has a methodology for evaluating crypto coins. Many points I mention about the lack of information or mystery surrounding the iEthereum project negatively impact its score on this site.
For instance, who is the team behind iEthereum? Nobody knows. Does anybody know who Bitcoin founder Satoshi Nakamoto is? Does this affect Bitcoin’s report card? Interestingly enough, IsThisCoinaScam, doesn’t consider this anonymity factor negatively against Bitcoin’s rating. Therefore, we must take this analysis with a grain of salt as their methodology is not consistent across projects.
But let’s talk about it. It is worthy of a conversation. Due to iEthereum being fully open-source and immutable with a finite supply of 18 million tokens, iEthereum will never go to $0.
Here is why:
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