Tuk Tuk Pass: The $700M tourism scam ICO from Thailand

The first entry on ScamCoinz.com comes from a country that is already known as a hotbed for scammers: Thailand.

Sure, Thailand is paradise on earth in many ways, but unsuspecting travelers and tourists can easily fall foul to touts selling all manner of things you don’t need, be that a fake watch or a trip to the jewelry store.

Speaking of things the world doesn’t need, we’d like to introduce Tuk Tuk Pass, a grand old scam that is aiming to raise $700 million (yes, you read that right) in order to disrupt the world of tourism activity.

Except it isn’t, it can’t and it won’t.

Tuk Tuk Pass is a project that truly embodies a modern day crypto scam, pure greed.

Huge amount of money

No ICO project should be trying to raise $700 million or other huge sums (yep, looking you Telegram) on the strength of a whitepaper and a theoretical business alone.

This is absurd.

The project you are funding is literally nothing but words at this point (time for a Scamcoinz.com ICO?), you haven’t taken your model to market and proven it can work yet. I wouldn’t give you a penny, let alone $700,000,000.

Then you see that the genesis of the plan is physical kiosks that will be located at hotels and other public areas so that tourists can book activities to do while on vacation.

Can you honestly image anyone using a kiosk like this to buy tour packages using Magic Internet Money?

It’s unfair to say the kiosk model is dead because it was never alive to begin with. Startups like Klook and KKday have already pioneered this travel activity services model but they are online only because (big surprise incoming) people like to plan their holidays in advance and not leave it to chance when they arrive.

The company argued in its Telegram group that it needs the money because Traveloka, a six-year-old flight booking portal from Indonesia, has raised $500 million to build its business. Tuk Tuk Pass, of course, neglected to explain that this money was raised over many years by a team and a product that is proven in the market. They think throwing a few hundred million US dollars out there in ads will build a product and that’s so wrong it is painful.

But let’s continue.

Lies

I wasn’t going to use the word ‘lies’ because it is strong, but then I realized the term ‘ambitious’ makes the project possible.

It isn’t.

Look at what is written in the project summary document.

Here’s a roadmap which is absurdly ambitious completely impossible to execute against:

Tuk Tuk Pass plans to raise one $70 million round for each phase, without saying when each one will take place.

And now we get the absurd advanced ‘financial modeling:’

Right off the bat we have major assumptions that this project is going to pull in more than $50 million in net profit per year. That’s from a standing start with little no kiosks or partnerships right now.

This would unravel very quickly in real life:

To determine the potential earnings during each phase of the roadmap, we calculate using the base assumption that the TTP Blockchain Kiosk handles only 6 tour packages per hotel per day, with average package price of $75.

What services you say…

Even more established players like the aforementioned Klook and KKday, which have been in the space for a number of years, could only dream of that kind of return. You can’t somehow jump the system just by writing it in a whitepaper.

Stupidity

Inspirational quotes are great. It’s good to be inspired, but it’s also good to realize when you had a shit idea which needs to be killed off because it isn’t going to work.

As this Thai-language blog explains, one of the Tuk Tuk Pass founders brushed off concern that $700 million out of the gate is too much money because “if people aren’t laughing at your dreams, your dreams aren’t big enough.”

Token utility

In the first days of ICOs, token utility wasn’t a big deal because projects were just started and they mostly traded on potential. Today, that’s starting to wear a little thin and most projects have to at least demonstrate how their token will be used (i.e. why they are making their own coin in an ICO) to show that there’s an actual need to buy it.

Tuk Tuk Pass has the weak argument–that a lot of projects adopt today–that its token Tuk Tuk Pass Coin (TTP-C) will be used by people who use its platform. Most consumers don’t want to have to buy random tokens, and if they are paying on visa or other cards there is the hassle of conversions (from home currency, to Thai Baht to TTP-C) which adds cost, and means additional processor headaches. Then there’s the fact that many banks are charging users additional fees to buy crypto. Hardly convenient is it?

And since logic takes a backseat on the TukTuk (legs surely dangling out the back), they double-down by suggesting their coin functions as a medium of exchange between two fiat currencies. Since people will only use the coin within their platform, you must imagine going from A to B to C, and whatever inefficiencies and fees incurred therein, is somehow more appealing than just A to C.

Tech

Zero.

There is no technical whitepaper.

Never trust a project that asks for your money but doesn’t provide technical insight. This likely means they are making it up as they go along.

After the Raise

According to the management team, that’s when you’ll get answers to all of your questions and see all those MOUs signed.

That is, they’ll say anything now to get your 0.5Eth but that’s really only as far as they’re looking.

And now…

The elevator pitch?

Some rant.


The internet is full of shady ICOs, if you come across one or have been ripped off by one then Scamcoinz.com is here for you to spread the word.

You can contact us via scamcoinz@protonmail.com with scam tips or inside information.

We’re big fans of anonymity – this site is run anonymously – so we won’t mention your name or any of your personal details.