Hello!
I would be interested in stories about ico's that didn't work out. (Maybe the project it self had great potential)
What are the main reasons why an ico can become unsuccessful?On what ico startups need to watch out before they go live?The theory about ico's is perfectly clear to me, but like with everything in life, theory is one thing and real experience the other. I do believe that failures are a very good sources to learn from. My personal experience is that in many cases people do learn more from failure examples than from success examples.
I ask for unsuccessful ico stories because
my company will soon launch an ico for our 2 projects:
https://bitcointalk.org/index.php?topic=2129844.msg21279456#msg21279456 and I would like to avoid "mistakes" that could possible turn out to be unsucessful.
>>> List:
- Make sure your website is secure, i.e don't get 'hacked'
- Make sure your ETH or BTC address doesn't change on your homepage
- You should have a good design
- Detailed whitepaper
- List of team members with their previous projects and social profiles
- If you distribute tokens through web or client software, make sure that those products are rock solid and secured against possible threats
- You should recruit some people who have been popular in this forum for your ICO team
- You must have a fund for first development
- Create a detailed roadmap too, and don't delay it
- Always provide a working and secure product
- Do not focus only on getting fund
Hello,
I am with CCCoin.Network ... we have currently pushed back our ICO due to lack of interest and have given away almost 750,000 tokens as a bounty just to grow the network and increase awareness.
If I can give you any advice --- It would be to go all in on flash and marketing. As much as you can afford. (Unfortunately) You can create the biggest scam of a project/company in the world and as long as you market it properly it will sell.
In the Startup world and as an Investor you are taught to release an MVP --- minimum viable product --- so you can start making an income ASAP to reinvest back into the product/business.
In the crypto world that is a bad idea --- You need to market your product as much as possible before the release and make your website is “pretty and flashy” as most investors don't understand the technology behind what they are investing... thus they are investing based on appearance.
What we did was
1. We said let's get a workable & secure website out nothing exciting
2. Let's have an ICO -- asap to create some money to reinvest
3. Then take that money and start really building something legit - (For us that is an online e-commerce platform - where people can sell their services - and we will accept cryptocurrency -- in which we will give a discount to CCCoins).
We have only spent about $1,500 marketing --- And that is absolutely - what we would do differently. Because long term we have cost ourselves more in bounties & giveaways than had we just paid a couple big time marketing services.
We thought (and hoped) that we could build a good socially responsible company ...
1. Then create a bunch of social media accounts (Twitter / Facebook / Reddit / LinkedIn / Slack) ...
2. Put out some press releases ...
3. Write a few Medium posts ...
And eventually, because the product was good in nature and unique - that it would catch on.
Well, it has gone okay, but we have not raised $1mil like (internally) we wanted.
The good news is – the e-commerce platform is ¾ the way done. That would not have been the case had we paid for marketing. --- However, we will never know how much our ICO could have been had we:
Bought press releases
Bought banner ads
Paid people to do positive reviews of our site on Youtube … etc.
Paid for Twitter & Facebook friends / spammers / bots.
….etc.
I would be happy to refer you to some people who have helped us --- and ---not helped at all--- along the way if you want to DM or email.
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