RichQuack Review : Legit or Scam?

I first noticed RichQuack token a few week ago. My first impression was “what a funnily named token”. I didn’t think about reviewing it, but it somehow got stuck in my head. Today, however, Richquack is in my face. This amusing token is occupying the top spot in coinmarketcap.com. Perhaps it is one of the regular coinmarketcap glitch, I’m not sure.

If you are considering investing in RichQuack token, maybe you already have invested, and are curious to know whether you have made the right or wrong decision. This review was written with you in mind. I have gone through everything  (well, almost everything) about RichQuack on your behalf. All you need do is to go through this review.

But before I start, we have to go through this disclaimer notice.

I’m not a banker or financial expert. I will not be held responsible for your financial decisions. This article is just for educational purpose, consider it a form of entertainment. I’m not here to promote or disparage any coin. I consider my analysis to be fair and clear. If you are not satisfied with the things I say, no problem. You are encouraged to always  do your own research, whether you agree with me or not.

With that established, let’s get into our review.

When I am looking at a relatively unknown token, especially ones like RichQuack , pumpingon coinmarketcap.com. The below are the subject I consider

Website

White paper

Market Capitalization

Liquidity Pool

Developers behind the project

What people are saying about the

(If you are a frequent visitor of this website, you should know this. I want to stop writing this, however, 80% of my readership are new people)

I’ll be explaining these subjects, in the coming paragraphs.

Website


RichQuack’s token website is a busy one, very busy. In my opinion, It is not the the best looking website  in crypto space, but it is not the worst either. I like it uniqueness though. The first thing worthy of note on the website is this image

That’s a big marketing claim, that boosts FOMO and social proof.  Let’s verify this claim. The above claim is not true. Although RichQuack is listed on Gate.io Labs,  Gate.io labs, have denied investing in RichQuack. Here’s a screenshot of what I got from gate.io lab website.

Use this link to go read the article yourself

Them lying as a marketing tactic is a red flag. Let’s move on. RichQuack introduces itself as a “hyper deflationary, self-generating automatic liquidity that pays out static rewards to holders”

There are three phrases in the above introduction that might be difficult for new investors to understand. These phrases are “hyper deflationary”, “self generation automatic liquidity” and ” pays out static reward to holders “.


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When a token is hyper deflationary it simply means it becomes more valuable as time progresses.  Unlike regular fiat which is prone to inflation (government minting money like mad people) causing It to lose value. Deflationary tokens does the opposite, by way of the gradual removal of some part of the total total supply, the token becomes rarer and more valuable.

By self generating automatic liquidity, RichQuack sends 4% of the 12% tax ‘forced’ on investors upon transactions in the RichQuack ecosystem, to the liquidity pool.

The last being, “pay out static reward to holders”. Again, through the 12% tax levied on buyers and sellers of RichQuack, another 4% tax is redistributed to holders of RichQuack as reward for holding.

Moving on, I like “the Quack Tales” back story. It made me laugh.

I also like the disclaimer, which sort of orients you with the ‘work’ involved. I think that’s honest of them. Its like Ponzi, you don’t invest and cross your legs. You have to go out there and recruit more “soldiers”.
Let’s move on to the white paper.

White Paper

Most of RichQuack’s white paper is basically what was said on it website. Little wonder there isn’t a whitepaper, available for download on their website. I had to go through coinmarketcap.com. to get their white paper. I’ll be talking mainly about their tokenomics

Tokenomics

The total possible supply of RichQuack is 100 Quadrillion. 50% of the total supply has been burned. While the remaining 50% was seeded as liquidity. RichQuack claims to have locked it liquidity pool for 5 years. We will have to verify this. It charges 12% percent transaction fee. It also claims to have a an anti whale mechanism. Which we will also verify in the coming paragraph.

The token has future projects in the pipeline. Unlike many meme coin who look towards creating their own NFT and DEX platforms. RichQuack is looking at a Launchpad platform, a mega jackpot raffle, and a Lottery platform. This is refreshingly different.

Market Cap and Liquidity Pool

According to poocoin.app, RichQuack sits on an impressive $249,253,218 and growing. For a token that was launched in may, this is great to see. The liquidity pool is also quite impressive, having a total of $4,493,049. About 72% of this liquidity pool is locked under two different contracts. One is under Legion Network, while the other is under Team.Finance. 19% percent is in it deployer wallet. This liquidity pool is healthy in my opinion. I could not confirm, the time frame on the contract. Currently, over 91,000 people are holding RichQuack. This is large amount of people holding and believing in the token. This is healthy.

Developers of  RichQuack

The developers of RichQuack are unknown. This is a red flag for me. I usually prefer developers of projects to be doxxed, considering the many scam in the industry, being doxxed goes a long way in reassuring investors. RichQuack owners are not known, which directly or indirectly makes it look shady. They also aren’t planning to renounce ownership of the said “community” token.

What investors are saying about RichQuack

On YouTube, people are bullish about the token. The recent coin market pump is a glitch apparently.

On twitter, I noticed the conversations weren’t organic. I had to dig through a pile of bot esque comments to get real comments from real people.

On discus, many investors believe it is a promising token.

Conclusion

RichQuack is transparent with what they are offering (I used the word ‘legit’ previously but it sounded like I was endorsing a Ponzi scheme). I think the token is not perfect, as it operates more like a multi-level marketing token (Ponzi scheme). If you must invest, you have to know that you have to be actively trying to get other people to invest too. The token doesn’t have an important real world utility, so active and persuasive marketing is needed for it to survive and prosper. I think the token’s developers are based in turkey.

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21 Comments

  1. Hi bro, how are you?
    I just want to say thankyou to you, you are helping aloy of us by doing this review
    Just one request,
    Can you please do a review on Ethereum META

  2. Hi there! Perhaps you need to update this article & read the Twitter feeds where “real users” have lost $$$$ on these pump & dump schemes. Look at Dash, Pivx, Quack, Veil. Same folks pumping & dumping, manipulating prices. You are promoting fraudulent schemes & in-advertently influencing newbies to invest in these coins to lose money.
    You are either being paid to write this biased review or lack the expertise to provide a factual, legitimate evaluation. “Truth is the ultimate power.”

    • I just checked, I see nothing wrong. In my review I called it a Ponzi scheme, which RichQuack doesn’t deny it is. For that reason, it is ‘legit’. Whoever invested in RichQuack after reading my review, knows he/she invested in a Ponzi scheme-like token.

  3. Wow what an uninformative biased opinion , i like how you chose the texts you had to search so hard for , lol
    pathetic tripe, not even good enough to call worthy of tabloid journalism 🙂

    as he said, “I’m not a banker or financial expert” hes just a keyboard warrior with a gripe

Comments are closed.