Guys could you explain me what is ICO, really cant understand it.
I am seeing SPX but need to know what is happening.
Basically - a $6 infographic is bought from
graphicriver.com such as
http://graphicriver.net/item/business-timeline-infographics/10357190. Some assorted bullshit is written on the graphic using a torrented copy of photoshop or the like that sounds mildly interesting. A clone is made of an existing coin with varying degrees of alteration to the reward schedule and wallet. Then a deal is struck with yobit to sell the coin as an ICO. This is when the true magic starts.
The coin is premined and sold at a set price on yobit for a period of time. Generally, 75-80% of the buys are made by the dev himself. The other 20-25% are from the community. The dev pockets the BTC, including his own that was used to create a false sense of interest in the coin, and dumps into the sell wall and other buy orders. The portion of the community that actually bought into the ICO waits nervously for the price to rebound, which is doesn't, and sells at a drastic loss into the hands of either the dev or others that hold the coin with the intent to pump it at a later date once the ICO fiasco is forgotten.
I like the way you put this @ MantaMine! well said thanks for this kind of info
