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Wow. It feels like it's been a century since I first started this post.
One thing that's become clear to me over the past year is that investing in ICOs requires more than a cursory review of whitepapers and websites if you intend to make strategic decisions.
With that said, the details on this list helped to create a framework for discussing project details with core team members and crypto community members (whom I trust).
In the end, the best way to evaluate an ICO opportunity is not simple... it requires an active, working knowledge of the crypto landscape. This only seems to be gained by actually contributing to the crypto convo.
Thoughts?
All the best my crypto friends!
Crypto Kristen (AKA Kristen_Colwell on Twitter)
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How to Use Trezor With Zcoin: https://zcoin.io/how-to-use-trezor-with-zcoin/"We’re happy that Zcoin has finally been integrated with Trezor, probably the world’s most widely-used hardware wallet. While the current firmware fully supports Zcoin, Trezor has announced that we will only “be gradually surfacing in Trezor Wallet” and that coins “can be accessed via third-party applications like Electrum”. In this tutorial we will be showing you two ways to use Trezor with Zcoin; one using the Trezor Wallet and the other using our version of Electrum, Electrum-XZC." YES!!! Thank you Zcoin and Trezor. 
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Great SHIT! Your shit is pretty interesting and the recent newsletter was both shitty and enlightening. A tip of the hat to you, sirs... Keep up the good shit. |
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Yes! Very much alive... And it's funny how quickly things change in crypto. The biggest shift in my view of ICOs and whether or not to invest has been around two points: does the token have a purpose, and does the team know what's needed to bring an ICO successfully to market. 2017 was a drastically different time for ICOs compared to today. An idea and an interesting name could net an ICO millions, but not the same now. However, there is still a huge demand for ICO speculation... ahem, investing. But people seem to be gravitating to projects that have at their core a significant blockchain innovation. Not just another token. Plus, with the recent bans by Facebook, Google, and MailChimp (to name a few), the real projects have to put more money to get visibility now. This may mean that the overall quality of all ICO offers will come up. The scams won't be as willing to shell out the ad dollars. And if an ICO project is at all serious about getting into top exchanges, they need $$$$$$. SO, I'm now left wondering about the presence of high-quality marketing strategy in ICO projects.... does well-planned and executed marketing indicate that this is a solid team fully invested in achieving the directive? Just some thoughts.... would love to hear yours! CryptoKristen |
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 ::)Hi everyone!  Sorry I have been away. My journey in crypto has been evolving and some crazy opportunities came my way. I have been able to apply my marketing skills to ICOs and crypto-related projects. It's been amazing and I've learned so much. I think about this list regularly, and often laugh to myself about how much things have changed in the world of ICOs in just 6 months. I have not abandoned this list. In fact, my skills and knowledge are improving for the better of us all on this thread... LOL I want to share my learnings. More to come. All the best and let's keep digging. :-*CryptoKristen
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This is probably the most informative thread on the whole issue of ICOs, thank you very much for having taken the time to render such a good service to the community. This actually should be a pinned thread which people could be able to access any time.
Dang, thanks for the support! I see this as a topic that I'll be updating indefinitely... things will constantly change. It'll be interesting to see how our opinions shift over time and as more ICO regulation comes into play. Thanks, Crypto-Kristen |
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Just added to The List with some help from the author of a different, but similar topic ==> Great topic! I've been working with some BitcoinTalk folks on a master list of ICO evaluation questions and would appreciate your input. We've played with the idea of creating a "Deal-Breakers" list like your Red Flags, but haven't formalized anything. The big question with red flags or deal-breakers is how the individual investor views the information. A red flag in some cases may not be a deal-breaker. And a red flag for one person may not be for another, based on opinion and or access to information. How do you plan to address the issue of gray areas with respect to red flags? Best, Crypto-Kristen  You got an exhaustive list of questions to be asked before investing into an ICO. That is a great job done! We believe in the technology and think that any team should have a chance if it is openminded and full of enthusiasm. Nobody knows the future and a small team can make a big difference. However we need to take into consideration risks connected to project. 3. Technology: what is the tech?
What type of technology is it? (DApp? Infrastructure? Currency?)
What blockchain is it running on?
Are they developing their own infrastructure instead? If so, why?
Is the token mineable?
Things that could be added here: - Is the technology proposed by the team making any difference and helps blockchains to evolve? (Close to this question: Are they developing their own infrastructure instead? If so, why?) - What problem does this technology solve that is not solved before? - Does the technology depend on other projects?
4. Minimum Viable Product: how solid is the product?
Is there a working prototype?
Is there a working prototype code working on a testnet?
Do they have prototype code at all (even if its not currently executed)?
Is the code a copycat that implemented no new features?
Does the code have commentary?
Does the commentary explain clearly the purpose of the function?
Are the functions a reasonable length? i.e. are they less than 50 lines?
Does the code allow for rapid expansion of user base and network interactions?
Are there any external audits of the code?
Is the product's technical specification thorough and does it demonstrate mastery of the subject matter?
Are there people out there who want and need this product right now?
Does the product benefit from network effects?
Things to add: - Were there any public tests of the product performance? Number of transactions per second, potential vulnerabilities, etc. - Do they have a wallet to store coins/tokens saved offline or is it supported by any working wallets that can be used offline? Another section that is almost every project is weak at is Business Model. |
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Great topic! I've been working with some BitcoinTalk folks on a master list of ICO evaluation questions and would appreciate your input. We've played with the idea of creating a "Deal-Breakers" list like your Red Flags, but haven't formalized anything. The big question with red flags or deal-breakers is how the individual investor views the information. A red flag in some cases may not be a deal-breaker. And a red flag for one person may not be for another, based on opinion and or access to information. How do you plan to address the issue of gray areas with respect to red flags? Best, Crypto-Kristen You got an exhaustive list of questions to be asked before investing into an ICO. That is a great job done! We believe in the technology and think that any team should have a chance if it is openminded and full of enthusiasm. Nobody knows the future and a small team can make a big difference. However we need to take into consideration risks connected to project. 3. Technology: what is the tech?
What type of technology is it? (DApp? Infrastructure? Currency?)
What blockchain is it running on?
Are they developing their own infrastructure instead? If so, why?
Is the token mineable?
Things that could be added here: - Is the technology proposed by the team making any difference and helps blockchains to evolve? (Close to this question: Are they developing their own infrastructure instead? If so, why?) - What problem does this technology solve that is not solved before? - Does the technology depend on other projects?
4. Minimum Viable Product: how solid is the product?
Is there a working prototype?
Is there a working prototype code working on a testnet?
Do they have prototype code at all (even if its not currently executed)?
Is the code a copycat that implemented no new features?
Does the code have commentary?
Does the commentary explain clearly the purpose of the function?
Are the functions a reasonable length? i.e. are they less than 50 lines?
Does the code allow for rapid expansion of user base and network interactions?
Are there any external audits of the code?
Is the product's technical specification thorough and does it demonstrate mastery of the subject matter?
Are there people out there who want and need this product right now?
Does the product benefit from network effects?
Things to add: - Were there any public tests of the product performance? Number of transactions per second, potential vulnerabilities, etc. - Do they have a wallet to store coins/tokens saved offline or is it supported by any working wallets that can be used offline? Another section that is almost every project is weak at is Business Model. Thank you for the fast response! I will integrate your feedback now and link to this topic. Crypto-Kristen |
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Isn't it fair to say that any currency can become collectible? Numismatics for example... what is the value of an ancient coin now versus when it was held as currency? So, if Bitcoin is seen as cool/valuable, people will collect regardless of its ability to function well as a currency.
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You can judge an ICO from its telegram channel because it's the best place where team can interact with investors and supporters. Most of good ICO are having a locked channel for announcements, bounty channel and another channel where team interact with investors.
And evidence of these Telegram tactics is an indicator that the ICO may have some actual marketing strategy behind it. |
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Great topic! I've been working with some BitcoinTalk folks on a master list of ICO evaluation questions and would appreciate your input. We've played with the idea of creating a "Deal-Breakers" list like your Red Flags, but haven't formalized anything. The big question with red flags or deal-breakers is how the individual investor views the information. A red flag in some cases may not be a deal-breaker. And a red flag for one person may not be for another, based on opinion and or access to information. How do you plan to address the issue of gray areas with respect to red flags? Best, Crypto-Kristen |
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Came across this post and had to share: I haven't seen anybody post about what would be my biggest worry if I were trying out alternative block chains. I realize this may be perceived as "Gavin is FUD'ding anything that isn't bitcoin!" (FUD == Fear, Uncertainty and Doubt) But I think some of you might be forgetting some basic computer security fundamentals in the excitement to be early adopters.
When I first heard about bitcoin, my questions were:
1) Can it possibly work (do the ideas for how it works make sense)?
2) Is it a scam?
3) If it is not a scam, could it open my computer up to viruses/trojans if I run it?
I answered those questions by:
1) Reading and understanding Satoshi's whitepaper. Then thinking about it for a day or two and reading it again.
2) Finding out everything I could about the project. I read every forum thread here (there were probably under a hundred threads back then) and read Satoshi's initial postings on the crypto mailing list.
3) Downloaded and skimmed the source code to see if it looked vulnerable to buffer overflow or other remotely exploitable attacks.
If I were going to experiment with an alternative block-chain, I'd go through the same process again. But I'm an old conservative fuddy-duddy.
If you want to take a risk on a brand-new alternative block-chain, I'd strongly suggest that you:
1) Run the software in a virtual machine or on a machine that doesn't contain anything valuable.
2) Don't invest more money or time than you can afford to lose.
3) Use a different passphrase at every exchange site.
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Another version is live now. Now adding some qualifiers, such as "YES is preferred" to help with the fundamental analysis. I really need help on these. Please share your opinions. Thanks, Crypto-Kristen  FUNDAMENTALS- Is the token a utility token (usage token or work token) a security token, or a combination?
- For utility tokens: is the token an integral component of the application ecosystem? YES is preferred
- For security tokens: is there some underlying technology that represents a competitive advantage? YES is preferred
- Is the token the project's principal payment unit, essentially functioning as an internal currency?
- Does the token provide return to token holders? YES is preferred
- Is the token new and no other token offers the same service? YES is preferred
- Does the token have a clear purpose? YES is preferred
PROOF POINTS- How broad or narrowly defined are the use cases for this blockchain?
- Does the token align incentives to simultaneously accelerate growth and token value?
- Who will support the token?
- Is the token structured with centralized control or a decentralized governance?
- Can the resources contributed by users be verified by anyone?
- Does the token reward users for contributing resources towards the creation of a shared service that will benefit all users?
- Does the token grant a governance action, like voting on a consensus related or other decision-making factor?
- For usage tokens: is the digital service useful and does the network underlying the digital service aggregate resources (hashing power, file storage, etc.) that will differentiate the service in the long-term?
- For work tokens: is there a strong network emerging that wants to contribute and is the UX well thought through? And is the service offered useful to people?
- For security tokens: is there some technology underlying the security that gives the token a long-term competitive advantage?
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Step 10: If it has the name Polymath, stay away!
That is a good one. I would also say "stay away if the name of the coin is Bitcoin + a colour, Ethereum + a colour, Bitcoin + anything in general, etc... " I am sure you get the idea. Yes. Those flags would pop up with the criteria certainly but a shortcut is just looking for those combinations. I thought it'd be obvious to most but for some it may not be so thanks. Also, see if the website is mining from your browser. I've noted this on a few icos recently. Let's take an example. Open your task manager on your computer. Click the Processes tab and monitor the % of CPU being used for a second or so. What percentage is it hovering around? Mines typically between 14-17% (can spike to 30%, rarely 40-50% but it is possible, would only happen for a moment however). Now, when you go to ICO site that is using in-broswer mining (likely Monero) that CPU % will spike up in seconds. No way am I investing in an ICO that's slyly stealing my CPU resources. Why would I trust them? Just completely dodgy. Here's an example which I took from: https://coincodex.com/article/1198/top-5-icos-of-early-2018/ - the spam link someone just posted. I googled the 'Scorum' ICO (last on the top 5 list) and went to their site for their token sale. Here's the url: https://scorumcoins.com/Have to wait for a few seconds for the webpage to load and then, BOOM! CPU spike + fan will probably start going like crazy also. Yup. Mining from your browser. Want to make sure there's not an error with your browser? Close the tab, watch the spike disappear. Double-check with different browser just to be sure (Chrome + IE I checked with) and voila. Pure scam Scorumcoins is - might as well be called Scrotumcoins, about as attractive as one. Stay away (but quickly do the demonstration for yourself to spot this red flag in the future) Still digesting this piece of info. I knew there were malware and CPU-jacking issues in the cryptosphere, but had not connected the dots between that behavior and ICO investing. With more newbies like myself stepping into the arena, scammers are banking on the fact that most are completely unaware of the risks. So, @MichaelMeu, is there a question or series of questions I can add to get this point across? I hate to keep talking about identifying scams.... BUT wonder if there is a new section dedicated to "Is this a Scam" and points such as this would go there...Thoughts?  Crypto-Kristen I'm not personally aware of many outright methods to avoid scams besides what we've already mentioned. Not all are going to mine from your CPU but it's the #1 most obvious indicator that it's a scam if they do. Perhaps this is not what you meant but just in case it was, your CPU usage in this instance is not being hijacked, it's resources are being siphoned off. What's the difference you ask? (here's how using real-world examples can make things clearer in computer science. Well, if someone hijacks your car, you are no longer in control of said car. They've stolen it, it's gone, and you (presumably) cannot get it back. This is not what is happening with your CPU when someone mines from it. Your CPU is not hijacked, they are merely siphoning off it's extra resources. Hijack = no control over circumstance; siphon = full control over circumstance but you may or may not be aware that it's occurring - obviously once you realise that it is you take steps to rectify it. So when you go to that site (I hope you did the test so you know what to look out for) they siphon resources off of your CPU, they do not hijack it because you remain in full control - once you leave the site, the siphoning stops; if you left the site and the 'siphoning' didn't stop, then this would be hijacking your CPU (as you are no longer n control of it). But rather than hijacking, in computer science we have our own word for this: hacking. Make sense? Thanks for this detail! Yes, make sense to me. Scary AF. LOL |
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Help! Let's provide some direction on the Yes/No/Not Applicable questions. For example, if the answer is YES, then what is the conclusion? 1. Token Purpose: what need does the token address? FUNDAMENTALS- Is the token tied to a product usage, i.e. does it give the user exclusive access to it, or provide interaction rights to the product? If YES, then ___
- Does the token grant a governance action, like voting on a consensus related or other decision-making factor? If YES, then ___
- Is the token the project's principal payment unit, essentially functioning as an internal currency? If YES, then ___
- Does the token provide return to token holders? If YES, then ___
- Does the token reward users for contributing resources towards the creation of a shared service that will benefit all users? If YES, then ___
- Can the resources contributed by users be verified by anyone? If YES, then ___
Thanks in advance, Crypto-Kristen . |
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Revision in progress... here is the first section so far. PLEASE SHARE your input on this section now if possible. I can integrate your thoughts in real-time. LOL I am also reviewing this thread to make sure I've captured all the existing comments on this section. Thanks, Crypto-Kristen 1. Token Purpose: what need does the token address? FUNDAMENTALS- Is the token tied to a product usage, i.e. does it give the user exclusive access to it, or provide interaction rights to the product?
- Does the token grant a governance action, like voting on a consensus related or other decision-making factor?
- Is the token the project's principal payment unit, essentially functioning as an internal currency?
- Does the token provide return to token holders?
- Does the token reward users for contributing resources towards the creation of a shared service that will benefit all users?
- Can the resources contributed by users be verified by anyone?
PROOF POINTS- Is the token new and no other token offers the same service?
- Does the token have a clear purpose?
- How broad or narrowly defined are the use cases for this blockchain?
- Does the token align incentives to simultaneously accelerate growth and token value?
- Who will support the token?
- Is the token structured with centralized control or a decentralized governance?
- Is the token a utility token (usage token or work token) a security token, or a combination?
- For usage tokens: is the digital service being offered useful and does the network underlying the digital service aggregate resources (hashing power, file storage, etc.) that will differentiate the service in the long-term?
- For work tokens: is there a strong network emerging that wants to contribute and is the UX well thought through? And is the service offered useful to people?
- For security tokens: is there some technology underlying the security that gives the token a long-term competitive advantage?
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Hi all,
I'm making some big changes to the list per @DarkSi's suggestion:
Also I think it would be better to use "Yes, No, Not Available format". For example, the question "Does the project benefit from being on the blockchain? Should it be on the blockchain?" can be modified in a more specific and simple way "Blockchain is necessary to run the project or not?".
This will take some time and I'll definitely need help along the way to properly rephrase.
@DarkSi shared other insights to help us tighten up the purpose of each question. I'll begin integrating these thoughts after putting some time into the "Yes, No, Not Available" format for existing questions.
We are making progress folks!
Best,
Crypto-Kristen
Imho, I'd have two lists. A 'Yes/no/not available list' to introduce people to the concepts behind evaluating an ico, and then a more advanced list similar to what is already there once people are a little more comfortable with evaluating the criteria from a so-called 'noob' perspective. I personally feel that most of what is already present in the list is too complex to be condensed into simple 'Yes/no' questions. I'll get round to responding to your other replies tomorrow as I don't have enough time at the minute. Just got one extra criteria you could add to the current list before I forget. Do private pre-sale investors receive a bonus % of tokens? Most do, and anything > 10% concerns me for private sale bonus as the potential for whales to dump their bonus tokens post-ico is very real. This is really just an arbitrary number however, I could invest in a public ico with a private bonus of say 30% (Eth founder Vitalik recommends >20% is worrying). I draw the line at 40% ico bonus, anything hitting that threshold a gets a pass from me. No private sale bonus gets me excited as it means everyone's on a level playing field. So, here's how I'm going about it... open to suggestions as always! I'll separate each section into two sub-sections, one for fundamental questions (y/n/na answer), the other for proof points (deeper, sometimes philosophical, questions lol). Edits in process now. Crypto-Kristen |
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Sorry for the looooong delay in getting back to everyone! I'm working on the list now. Missed y'all! Let's do this. Crypto-Kristen |
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