Not healthy for crypto when ICO's receive millions while providing nothing new

Cryptocurrency Forum - Jun 26th 2017

  1. Ben

    Ben

    Joined:
    May 2017
    From:
    Colorado
    Crypto:
    Ripple
    It seems like anyone these days can put together a whitepaper, build a bootstrapped website, and then fill it up with pseudo technological terminology and jargon. And it will seem legitimate enough for a community to follow this newly created ICO and give them millions of dollars in seconds. This is absurd, and it's not how startup companies receive funding from venture capitalists.

    I don't understand why traders are incentivized by the short term possibilities of Lamborghini-scaled profits off a quick ICO. I wasn't too bothered by this at first, but lately it's been the main driving trend in today's market. I believe many see this as a threat for the decentralized economy, and prevents a worldwide scale experience of cryptocurrencies that is at the essence of all of this.

    I strongly believe that the technology behind an ICO and its long term potential should be the determining point of why it should be adopted. An ICO with strong technology and a good team behind the project is where we should put our attention. This will generate the same trend in profits without the likelihood of it turning this into a losing situation. The attention on the projects that have disruptive change possibilities in them will be the driving force necessary for the world to recognize the powerful impact that decentralization can make.

    As it stands, this whole cryptocurrency system is still bouncing around ± $100 billion, which is nothing in comparison to other markets based on trade. In just a few months, this market has already gone 10x.

    Let's compare this to the credit card market capitalization or set a higher bar and look at Forex. Cryptocurrency should aim to go well above these examples because that would be the real Flippening, and not this worthless argument of which well-built coin should be largest in market capitalization.

    If adopted, blockchain and smart contract technology can be implemented in many forms to provide phenomenal benefits for the world. For example, imagine an implementation of smart contracts in law firms and having public cases and dockets stored away in the blockchain. Or imagine charity donations and the transparencies that would be gained by seeing one's money actually going where it was intended. And there's many more examples for how the world will benefit from this technology!

    I hope the norm becomes a time when cryptocoins are built with day to day use cases in mind. We owe it to society to see this through so it gets the attention it deserves. Our world will truly become a better place with this new technology.
     
    evo likes this.
  2. LigaPrivada

    LigaPrivada

    Joined:
    May 2017
    From:
    Woodinville, WA
    Crypto:
    ETH/XRP/NEO
    Nothing you see here is new. It all happened on a different scale in 1997 during the dotcom boom. People would throw millions at any dude in his basement with no product, just a .com address. Ever heard of Rambus? They are nothing now, but in 1999 morons put their entire kids college funds into it because it shot from $5 to $600 in a year. Point being that the coins you see today won't be the ones around in 5-10 years. Massive consolidation and cannibalization will necessarily occur.

    My money is on the currencies with smart dev teams, realistic product plans with solid POCs, and most importantly real life industry partnerships.
     
  3. coinboy

    coinboy

    Joined:
    Jun 2017
    From:
    toronto
    very few people care about what the coins do,

    its all about getting rich fast

    thats how i think and many people other do too,

    this wont last forever so quick! throw in money before its too late
     
  4. LigaPrivada

    LigaPrivada

    Joined:
    May 2017
    From:
    Woodinville, WA
    Crypto:
    ETH/XRP/NEO
    How's that "strategy" working out for you?
     
  5. coinboy

    coinboy

    Joined:
    Jun 2017
    From:
    toronto
    its working well,

    i dont put money on any icos, thats for suckers

    i always wait after the icos when it comes crashing down
    the short them

    and bitcoin i've never bought when it was 3000 or even 1000

    thats too high, i like shorting bitcoin.
    it always goes up and down

    get rich!!
     
  6. moefarms

    moefarms

    Joined:
    Jul 2017
    From:
    Knox County, Texas
    We are launching our ICO several days from now and will manage fund administration through a public ledger. In other words, the founders and managers of the company do not personally manage the allocations and disbursements to vendors, contractors, service providers, etc.

    At no point, will funds be controlled or accessed by anyone other than token holders-escrow agent. All funds are to be wired directly into contractors, vendors and service providers accounts with contractor scheduling. Funds are administered and allocated by token holders. The management team does not control funds at any time. Disbursements are in accord with build-out schedule and proof-of-work, invoices for work completed are submitted and third party on-site certification (i.e. County Judge, County Commissioner, etc.) and hundreds of on-site security cameras that any token holder can access 24/7 from any web browser enabled device.

    At the moment, we are polishing the whitepaper, but for us that is just simply an exercise in bridging the gap in understanding between hard income producing assets and ICO/blockchain technology. It is a large, complex project with a lot of moving parts that fit together seamlessly in a truly closed-loop eco-system. One of the best parts about the business model is that it's not sales driven, but capacity driven. As all of the products and services produced are pre-sold through multi-year purchase agreements to top-tier customers. It is completely grid independent in every sense of the meaning and virtually all inputs and outputs are generated on-site.

    Our intention was to use a reputable private banking institution e.g. Burgher Haggard, Fort Worth, Texas. It would seem beneficial to elaborate.
    In essence, the token-holders' funds would be pooled at a Burgher Haggard type institution; then a notification would be sent out to token holders of record. At the expiration of a 24-hour voting period, a consensus of those voting yes or no would be sufficient to authorize a disbursement/allocation wired directly into the account of vendor, contractor, supplier, etc.

    Any thoughts?
     

Share This Page