The Philosopher on Warpcast

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The Philosopher

@thephilosopher.eth

🚨 VITRUVEO CHAIN RED FLAGS ⚠️ I decided to come here and talk about this because I was affected by some of these problems, with no solutions, and I would like that no one else gets affected without a fair warning.

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The Philosopher

@thephilosopher.eth

Explaining some things: - Relation between withdrawing and wrapping: As vtru is a coin, and the dex only trade tokens, you need to wrap vtru (getting thus wvtru token), in order to trade it in the dex. So if u cannot wrap, you cannot trade, and if you cannot trade wvtru for usdc pol, you are not able to bridge vitruveo usdc (weirdly called of "usdc pol") to usdc on polygon. - How do we know the team has control of the custodial wallet or contract or multisig of the creators: Vitruveo sent an announcement on telegram specifying conditions in which it would remove core nfts (and other nfts) from creators. In fact, they removed my collectors credits, which I bought through buying a booster. They're now justifying they can remove collectors credits because they were GRANTED to the investor, but that is not true. Collectors credits were offered to whoever wanted to invest on boosters, so they were SOLD, and not granted to the investors. And to remove them is comparable to stealing whatever the justification is.

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The Philosopher

@thephilosopher.eth

Explaining some things (II): Vtru Suite is a marketplace composed of 4 different products: Studio - where creators mint Search - where collectors can search for works Store - where the nfts get stored I think the 4th one is Stream, which I think is not ready yet. In fact, neither studio or search are ready. They are all beta apps developing super slow. Of course we should know that the team is very small, but Neon Circus, a nft app on vitruveo, already developed a marketplace that is better than Vtru Suite. As an investor, I see it as shameful to not have an alpha product when others in the chain have it. This is a clear indication that there is no adequate timeframe. BEyond that, we have constant delays from launches and only small features developed. And althought they dont have a MVP to the artists, but they are trying to develop a place for gamers too, at the same time. So when artists will have full control of their vaults/wallets? When the mvp will be ready? When vtru is going to cex? Nobody knows...

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The Philosopher

@thephilosopher.eth

Some things I didn't say: 11. Governance: Vitruveo is deeply centralized on Nik and Mike. They seem to decide everything concerning the chain. Sometimes they listen to the community on telegram, sometimes they dont. There is no DAO whose members would be vtru holders. There is no discussion forum for the community to make proposals. The team also have threaten the creators with the possibility of removing their core nfts (nfts which allow access to creators features). And they made restrictions for wrapping (in order to protect vtru liquidity), even against the suggestions from the community. We suggested wrapping by streaming or even by vesting, but they preferred restrictions. And about the restrictions, there are: restrictions in the amount that a person can wrap in a day and that the total system can wrap in a day (3k vtru in one day). So if in that day people wrapped 3k vtru, you will not be able to wrap yours. This is the reason why people are competing with one another to wrap.

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The Philosopher

@thephilosopher.eth

12. Davinci Grant & POET: Vitruveo launched a submission period to Davinci Grant, that was some funding that Vitruveo would give to projects to be developed. After selecting the projects, they abandoned it and started to spend money to buy the artists' NFTs and to develop other projects. If you watch the Daonloads (Vitruveo youtube information friday event), you will see they dont talk anymore about this grant. You can find when it was launched here: https://twitter.com/vitruveochain/status/1748912302127018234 About POET, this was a project to be the POAP on vitruveo, but it was also abandoned because they didnt have people to manage it. So it is a really red flag when some of the projects are being abandoned in the middle of the way, while others are never being fully completed.

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Midnight Marauder Ⓜ️

@midnightmarauder.eth

A special place in hell for these scammers 44 $Degen

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Marcelo Terça-Nada 💎🎩✨

How sad this situation is.

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SK🤘🏻🎩👏🏻🔲👑

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SK🤘🏻🎩👏🏻🔲👑

Oooohhhh my god! I was so excited of being there 😫 don’t tell me this, I put there my last collection, my new project!!!!! I can’t even burn my works? 🤬🤬🤬🤬🤬🤬🤬🤬🤬🤬 I must find a solution

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Angelika Kollin

@angelikakollin

My work was moved there without my consent, and yes, there is no way to burn or revoke. I partook in Artpack, which they later moved to V. Since I didn’t give my consent, they were supposed to release it but instead they moved it.

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Jacque(she|her).⌐◨-◨

Thank you fam seriously this place really has treated their artists poorly. I cannot get my funds out and the other pieces are just sitting there I wish I could remove them from the platform.

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Aislandart ⟠ pfp

I lost 3 works 🥲

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Classe 🎩🍖🎖️🍓

Thanks for sharing! I put some works on there and got one ‘sale’. Also found out it was near to impossible to get any money out from it.

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Uzzy & Art Syndicate

Thanks for sharing this 🤘 I kinda didn't like it from the start, but I checked it last week anyway 'cause there are more and more posts about them, and I have to say after finding out that people can't even withdraw their funds I was pleased with myself for not applying a few months ago 😁

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I remember looking at this blockchain and thinking it’s great. But after a while people were a bit funny so I left it. Interesting how not decentralised it is.

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