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March 17, 2018, 03:57:58 PM Merited by limmousine (1) |
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Is anyone offset by ICOs raising ridiculous amounts as high as 50-100 million or even more? I seriously think these types of ICOs are ruining this space. They can never justify why they need such large capital. They always present you a pie chart, X% goes here and Y% goes there. But when you ask them; ''Why do you need 50 Million for this?'' They Always refer to the whitepaper which tells you nothing but the exact same pie chart of % allocation, in the end you never get a straight answer, just loops of being refered to this or that. Often these types of ICOs have their own salaries worked into these pie chart disguised under words like ''Operation costs'', ''Development Costs'' but ask them how much they are paying their developers, how much goes to the CEO and you never get a straight answer. In early 2017 it was a milestone to get to a 100Million marketcap, right now it seems like a Billion is the new 100Million. How is this possible? How is it possible that in early 2017 100Million $ was a milestone and now you have projects raising a 100$ million? For what exactly? Their whitepapers look like brochures, their advertisements are completely screwed only made to lure in dumb people to give them their money. These people are laughing their socks off raising capital that some of the most succesfull companies in the world took decades to raise.
Now you can ''invest'' in what you want and what you like but I just want to say that I'm sick to my stomach with these ICOs, and that raising such amounts of capital in 1-2 months isn't healthy and the return isn't great either, also most of these ICOs do private deals with big money that get tokens 10x as cheap as you do. The youtubers promoting ICOs are all getting paid big time by these companies to shill their shit idea's and brochures. They won't admit it but the youtubers that do admit they get offers and ironically are also the ones that don't shill ICOs admit dare to say with 100% guarrantee that every youtuber is getting these offers. People like BoxMining, DataDash and Suppoman are all paid heavily to lure your ass into buying shitcoins. There's no liability or fudiciary responsibility for these ICOs to deliver what they promise, even if they deliver its half-baked and not up to standards.
For example, Genesis Vision raised aprox $2 Million dollars for an exchange. CoinMetro is raising (or has raised) 50 Million dollars. Now why does GVT need 2 Million and CoinMetro 50 Million? Why did Ethereum raise 18 Million, Stratis under 5 Million? And why do blockchain projects today need 5-10x the capital that was needed back then? You are all feeding the pockets of people and companies that have no business launching an ICO. The trend is pretty Obvious, some of the most succesfull ICOs raised capital that doesn't even come close as to what projects are asking for today. And with good reason, these ICOs don't think of you as an investor, they see you as a customer, legally (by some nations) you are not investing, you are a customer when it comes to these ICOs. And their advertisement campgains, whitepapers and lack of depth of explaining the technicalities of what makes them better, faster and the raising capital only re-affirms this. You are just being marketed to and with all good marketing their is a big dose of manipulation going on, they are just trying to find the most effective ways for you to easily ''invest'' in their shitcoins.
I know that a lot of people here including myself don't have a Venture Capitalist background, that most people are just looking at the past and want a piece of all the insane % growth some of these projects have seen. But I will warn you, you won't get a 50x return on an ICO raising 100Million, likely you will be scammed and that project will flop because they were cheating people from get-go. They didn't need 50 million or a 100 million, they were stuffing it in their own pockets and they don't even know what a blockchain is, they don't know what decentralisation means.
I honestly hope people read this and will say no to 50-100 Million dollar ICOs that have their own ERC20 token (I could cry). You are being cheated and they are ruining this space. If this keeps going like this I can guarrantee you that people are going to get burned big time, this isn't healthy and this can't be kept up forever. At some point this will come crumbling down upon the people that are purchasing into this overpriced garbage and it can mean financial ruin.
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