RLC - another Insta ICO - do your own dd
RLC seems fine. They clearly let everyone know the time well in advance. Everyone had 3 hours to buy. I'm in Australia and it was inconvenient for me to wait for that time and I did.
I think that anyone who wanted to had a fair chance to buy.
It's no surprise it sold out though. They have a great team and have been working on this for many years
This project is open to gross manipulation and market making.
Why?
This is a trustless arena we are trying to create. Ico's of this nature have zero place here. If the distribution is wide open for manipulation and market making then it is unacceptable and very likely a self enrichment scheme for the insiders and devs.
How was the distribution wide open for manipulation? Didn't it sit there for three hours, giving all a chance?
I can understand why it went so fast. the team is very impressive. the lead dev has ...
co-authored more than 80 peer-reviewed scientific papers and won two Best Paper awards. http://graal.ens-lyon.fr/~gfedak/At the time of the ICO Golem was around the $100M mark, so this project got snapped up quickly at a much lower valuation, but it still sat there for a few hours.
The fewer people that the token is distributed to initially obviously the easier it is to manipulate the market.
Would you not wonder why any ICO is not open ended if they are wanting to attract development funding?
The only reason to create a closed ended insta ico is so that devs and insiders get to resell it for magnitudes more.
If you had a one year distribution open ended so that people could buy at any point for the same ico price then it would not be highly profitable when it hits exchanges because anyone that wanted some at ico price would have obtained them.
Now when it was a 3 hour instamine the devs and insiders know that 99% of the board does not have these tokens that they sold to themselves or insiders for way cheaper than they know they are going to resell them all for on exchanges making themselves rich with no accountability for a huge sum only a smaller sum they made up as a closed ended ico. Also it is far easier to pump it when only a few people hold the vast bulk and collude together to make the markets they want.
In a trustless system there should be a trustless transparent distribution end of story.
Insta icos are geared up for max scamming.
I also find it strange these insta ICO's get straight on big exchanges when many other great projects do not.
POW or a more transparent highly advertised very long duration ICO is the only way to go anything else is geared up to be a scam.