For the past few months, I have been reading and sharing a lot about Bitgert. “Is Bitgert a rug pull” or “Is Bitgert a scam” is a question most of us have been asking (who either have a stake or looking to create a stake in Bitgert). This guide will try to gauge the situation and present facts which might help you to answer the question “Is Bitgert a rug pull”.
Table of Contents
Facts which suggest a ‘Yes’ to “Is Bitgert a rug pull”
Bitgert (BRISE) is a blockchain platform that claims to be the world’s first blockchain with near-zero gas fees. It was launched in July last year on the Binance Smart Chain now BNB, as a DeFi platform.
Let us check which are the doubt points which allude that Bitgert might be a scam.
Team is unknown
I think one of the primary reasons for the skepticism is that the team behind this ambitious project is unknown. The founders are anonymous. Although this is not something new in the crypto world. We still do not precisely know the founder of Bitcoin.
But, I agree that as the crypto industry is evolving, it is a better conduct to reveal your faces to the crowd to win their trust and comfort. For the common investor, it gives a sense of accountability from the founders side.
Besides, there is an additional dubious act from Bitgert. Initially when they launched, they posted the team members in their website. See the images below (Source). But when you check these names in LinkedIn, they are not found to me. Can you also check, and comment below, if you can find them.
So, the skepticism is whether these are AI generated faces. If yes, why? Why did the team need to present non-existent AI generated people as their team members. The team members are now removed from the website.
BRISE wallet was recently taken down from Google Play
There is a community in Reddit “Bitrisetokentruth” which posts views and facts for Bitgert being a scam. As is seen in one of their posts (see below snapshot), the BRISE wallet is not found in the Google Play Store. I also tried to check for BRISE wallet in the Google Play Store and my Android Play Store. To my surprise, I was also not able to see the BRISE wallet for download.
I have written to the Bitgert team for an explanation. When received, I will update this post.
Is Bitgert a scam Reddit
As said, a community has been formed on Reddit “Bitrisetokentruth” , which strongly believes that Bitgert is a rug pull. According to another post, Centcex which had earlier partnered with Bitgert is also backed by the same team which created Bitgert.
“So all they doing is: make dumb products or illusory promises, wait until the price goes up and start their auto-buy-sell bots, cause only him can buy/sell without 12% tax fees,” revealed another Reddit post.
Uneven distribution of BRISE tokens
According to CoinCarp, top 10% Holders are holding over 81% of the BRISE tokens. While top 100 wallets hold 93.93% of the BRISE tokens.
Doubtful Marketing Strategies
Have you seen the headlines promoting Bitgert. I do not want to specifically mention them here, but there are tall claims to dethrone the Ethereum or a Solana or a Cardano. I have also compared Bitgert with Cardano and Solana, but I did a neutral comparison. There are only two to three projects which have gone live on Bitgert. But these promotional articles are claiming that Bitgert will be the next Ethereum. I do not think Vitalik Buterin even knows much about Bitgert.
Please check Bitgert vs Cardano
Dubious Self audit
The Bitgert Smart contract is audited by Bitgert itself. This brings in some conflicts of interest and again puts a question on the authenticity of the audit done and hence the project. The audit can be found here.
The audit page presents that all the parameters like code, website, contract functions, rug-proof analysis, owner privileges and liquidity lock check have been checked and verified. However, links to these reports are missing. This is again dubious and withers the trust of investors and users of Bitgert.
I believe it will be better for the team Bitgert to get the audit done from a trusted third party like Certik. Undergoing audit from itself is in a way conflict of interest and self-congratulatory.
Not open to questions
Reportedly, people have been blocked from their Telegram channels, for openly asking questions regarding the platform’s authenticity. I had chat with the messaging bot in their official website and I also got partial answers. See the excerpts from my chat at the end of the article.
This does indicate (if not completely) towards something fishy.
Facts which suggest a ‘No’ to “Is Bitgert a rug pull”
Project has been here for quite long
The Bitgert project has been in the floor since July 2021. It started as a DeFi project in the Binance Smart Chain and eventually developed its own blockchain platform. It has been a long time for Bitgert and mostly scam projects do not last for this long. The team has published its roadmap V2. The team is partnering with decent projects like Knit Finance, Sphynx Labs, Miidas.
Partnerships and the ecosystem
Bitgert has partnered with some very seemingly authentic projects in the blockchain industry. Examples: The Sphynx Labs, Knit Finance. The Bitgert Startup Studio supports new and innovative projects in terms of technical support, marketing and promotional support and connecting with accelerators and investors support. Reportedly the team plans to launch 1000+ projects by the end of this year.
Few popular projects launched by the Bitgert Startup Studio which are either in the presale or beta testing phases are:
Also some of the projects have been live like Sphynx Labs, Briseparadise
Please find below the important websites for Bitgert.
Excerpts from my chat with the Bitgert
Is Bitgert a good investment?
No doubt Bitrise/BRISE token promises potential benefits over the coming years. The trade pundits including the likes of WalletInvestor, DigitalCoinPrice are bullish for the token.
The team has shown commendable progress in terms of projects launched in a short span of time (over a year), like BRISE wallet, BRISE staking, blockchain mainnet platform, Audit Solution among the major ones. The team also promises a roadmap with intentions to get into Metaverse, NFTs, own Exchange and more.
Furthermore the Bitgert blockchain itself is a major innovation in the blockchain and crypto space. It is one of the fastest blockchain platforms which can process 100,000 transactions per second, charging near zero Gas fee.
All these facts allude towards Bitrise/BRISE being a good investment option.
Although we also must consider the fact that BRISE is a fairly new crypto token with lesser market capitalization. This makes it vulnerable to price manipulations. The team is not fully known to the public, adding to the skeptics for the token.
So to answer the question “Is Bitrise a good investment-Will it gain huge gains or is it just a fad” is “Bitrise is not a fad. It is according to me a good investment option in the long term. The reasons are stipulated in detail in the article.”
This article is not intended to persuade or dissuade you from investing in Bitrise. I have simply tried to put forward the facts which favor and the facts which disgrace the Bitrise/BRISE token. Please conduct further research, if you still are not sure whether to put your money in Bitrise/BRISE or not. Cryptocurrency investment is a new ball game with a dearth of people with adequate skills and knowledge. Hence, I recommend to put only 5-10% of your investment portfolio to cryptocurrencies. Besides, as said, do proper research before investing in cryptocurrencies.
Is Bitgert the same as Bitrise?
Yes. The Bitgert project was initially termed as Bitrise until it was rebranded to Bitgert in December 2021.
So, is Bitgert a rug-pull? Is Bitgert a scam? What is my answer?
Honestly, if you ask me to invest in the BRISE token, I will not for at least some time now. There are some serious dubious events surrounding the Bitgert blockchain, be it the disappearing of the BRISE wallet from the Play Store, uneven distribution of the tokens, doubtful marketing strategies, self audit of their own project and more (as discussed in this guide).
I was myself very hopeful of the project. But for now I will keep my fingers crossed and hope that the air of doubt clears out and turns to certainty among investors. The tall claims of adding multiple projects to their kitty actually comes in play. I suggest the team should confront the questions of the investors and developers.