Skip to content

ICO's Piracy: How Greed Defeats Industry

--Advertisements --

Over the last few months, the hype of the OIC has resulted in exponential growth of number of companies and entrepreneurs wishing to create it

Nowadays, 30 to 50 offers are announced for launch on a daily basis. And this growth is only accelerating. Several thousand offers are planned for the spring of 2018.

Offers are conducted by both Blockchain clear projects with related IT projects and a traditional business industry that considers tokenization not only as a new opportunity of

White Paper by SMS

Crypto veterans and crypto bottoms suddenly inflated can hardly get lost in such a chaotic flow. The cryptographic community no longer reads unlimited white papers, they opted for what is called three or even an ad of a page, and this is not yet a limit.

A major Singapore venture capitalist asked me to send my project description via SMS! Crypto pioneers and opinion leaders receive hundreds of offers every day to participate as advisers.

Many of them can hardly remember which projects they are the main craftsmen. Advisors are often unfamiliar with the heart of the projects and even with their neighbors on the landing pages. Certainly, it is not even a real mentorship or valuable advice.

-- Advertisements --

Many projects think landing pages decorated with star consultants give power to their IFAs, but buy masks of advisers to put them on their website became a service long ago

Crypto Fund the Myth

It is both a mantra and a myth at the same time. Everyone is talking about them, but no one sees them. Nobody sees them, but everyone believes it. Some are lucky to meet them somehow. And so it is that the legends and the myths are born.

See also  Bitstrade's "fraudulent" platform obtains order to cease and abstain from New Jersey regulators

There is a visible part of an iceberg – a series of public funds with some successful investments, but they are probably not real crypto-whales, rather the first renegades of the & ice [[[[VCindustrywithsimilarapproachesandtechniquesAnappcanstayformonthsinthehandsofanalystsinsomecryptofundsofthiskind

Secret Fund

There is also an underwater part of the iceberg. Most people see it as a mysterious juvenile syndicate, operating with millions of Bitcoins and Ethers, the real Crypto-World guys being both carriers of financial operations for all start-ups , and the bearers of the main idea. . The one that was introduced by Satoshi and later taken over and developed by Vitalik. The ideology of freedom

The ideology, in which "peer-to-peer" is not simply reduced to an abbreviation of "p2p", but retains its meaning of the environment where everyone is important and everything counts.

The ideology without borders, without firewalls of banks, stock exchanges, law firms, rating agencies and other transactional consultants.

-- Advertisements --

These funds exist; they are not public, but they can be found if necessary. It is sometimes the individuals who were the pioneers of the crypto economy

They were the ones who exploited Bitcoins with a price of a few cents, then created portfolios with tens of thousands of Bitcoins but lost keys later.

They made the "joke" like the Dogecoin for fun, which later cost hundreds of millions of dollars. Every start-up company dreams of launching such a fund. But they watch the hype cautiously, having in mind that no ebb can be avoided and that is the very beginning.

Cryptocurrency should go through childhood diseases to develop its immunity.

See also  Litecoin Price reaches a very strong cryptocurrency market record

[1945900519459006HypeisavirusthatdefeatsideologyItcreatestheimbalancethatthecryptoideologyshouldfight

The hype has highlighted the ugliest side of any ICO – its greed, or rather: Greed.

-- Advertisements --

"A different strain to pronounce ourselves, then record

Pygmalion, as his gluttonous thirst for gold

] Traitor, thief, parricide: misfortunes

Of Midas, whose greedy wish ensued. "

– Dante Alighieri

In the ICO of today market greed plays the first violin, driving and solo simultaneously . Driven by greed, the main speculative cryptographic funds have begun calling themselves "smart investors" and adapting the ICO market to their own interests.

-- Advertisements --

These new crypto funds begin any conversation with startups with arrogance.

If they are interested in a project, they require such terms and conditions that the founders, to fulfill them, must lie to "mute investors" mocking them. Receiving a return on investment of 3x over a few months from capital raised to conduct an ICO, these smart investors are more like cheaters.

These are the rules of the game created by these crypto funds and are supported by transactional transactions. consultants

Projects that do not agree with the rules or that do not wish to pay consultants for buzz and marketing will be lost in the sea of ​​many other projects. Your super-idea or your know-how will simply not be heard. Nowadays, the direct costs for advertising and marketing of the OIC start at $ 500,000. These expenses do not create value, are not invested in other projects or spent on charity, they are simply money.

Perhaps it's hard to imagine how Vitalik Buterin spends $ 500,000 to exaggerate his smart contract protocol, but some guys are looking for funds for their new protocols right now.

See also  $ 16 Bln Payments Square App Integrates Bitcoin, What Will Follow

ICO Hardfork?

The Blockchain is like a genome with all the recorded operations. Reading the genome gives a lot of information and Blockchain projects are the way to use this knowledge somehow.

-- Advertisements --

ICOs are a way to make Blockchain viral. ICOs are like a high-speed highway with high toll fees. Before entering it, you have to go through endless traffic jams, sometimes without enough fuel to get through.

Still, there are other ways to reach your destination. Why not map new routes, create your own intersections and intersections?

Just as ICO challenged the IPO, the time for new protocols is becoming a challenge for the internal control bureaus as we know it. Such a protocol can be the IOC – a collective investment offer.

The following article on a new CIO protocol is coming soon.

Dmitry Khan is a strategic consultant for Miniapps.pro project. He has more than 20 years of entrepreneurship in the field of advanced technologies, biotechnology and space.

-- Advertisements --
Advertisements