The greed of ICOs

[2econd]

So could someone explain to me the following...

Let's take Bancor as an example, and I do believe they have a rather solid 'product' compared to many other ICOs.

Many many many millions in Ether are given to a STARTUP company, about 150 million in the case of Bancor (what do they need this much for?!). But, to make matters worse, if that is possible at all, they reserve a large amount of the token supply for themselves as well. This of course is to pay developers - heck you developed a crypto makes sense you deserve to become a multimillionaire overnight right? - help the company grow and what not...

But, what was the fundraiser for then?! You take many millions, hand out some digital tokens, and then keep tokens for yourself as well.

Bancor might not to be the greatest example due to liquidity and all, but comon! 10%, maybe even 1 bloody percent would've been enough to get the whole thing going!

The greed of people buying but lately above all the greed of people offering cryptocurrencies/smart contracts kinda disgust me. This isn't what crypto was about a while back. At least it didn't feel that way.

I believe in cryptocurrency, the value of blockchains... but 99% seems like a Ponzi scheme to me nowadays.

Now ICOs take (way too much) of your money, keep a lot of the tokens AND claim to be semi if not full-on philanthropists at the same time!

I'm lost here. If someone can enlighten me that'd be great.

[1714878809]

1714878809

[1714878809]

1714878809

[bathrobehero]

Not much to say here. With the increased popularity/price of Bitcoin we got an influx of impatient and lazy people trying to get a quick buck while barely even understanding cryptos in general - nor do they care.

So they just throw money at ICOs like the rabid gamblers they are. ICOs are not about funding projects, they're just quick money grabs for the "devs" and a pull on a ponzi slot machine for the "investors".

That invites more and more people creating their own low effort scam ICOs.

[Teraboy]

Not much to say here. With the increased popularity/price of Bitcoin we got an influx of impatient and lazy people trying to get a quick buck while barely even understanding cryptos in general - nor do they care.

So they just throw money at ICOs like the rabid gamblers they are. ICOs are not about funding projects, they're just quick money grabs for the "devs" and a pull on a ponzi slot machine for the "investors".

That invites more and more people creating their own low effort scam ICOs.

There is no real product till this time. I can say if all of the project looks so crap in my eyes. The ethereum is only the onw can be delivered good infrastructure. The crypto is all about money and remember it.

[Tolrem]

And this is why ETH is going to tank HARD eventually

[Ethan_Locke]

Not much to say here. With the increased popularity/price of Bitcoin we got an influx of impatient and lazy people trying to get a quick buck while barely even understanding cryptos in general - nor do they care.

So they just throw money at ICOs like the rabid gamblers they are. ICOs are not about funding projects, they're just quick money grabs for the "devs" and a pull on a ponzi slot machine for the "investors".

That invites more and more people creating their own low effort scam ICOs.

 Could not have said it better myself, but ill give it a shot , the "hype" surrounding bitcoin and ICO's has developed into a psychological system or people feeling an accrued loss which has essentially lead to many individuals wanting to invest in literally every ICO in order to prevent losing out on the potential next Bitcoin despite the fact that like you say many are scams in order to make a quick buck. Most people investing in ICO's currently have not even read the white paper but instead simply have seen the name of a new altcoin (most likely on this site) and thought to themselves "must be a good idea if people are talking about it", but lets not forgot THOSE PEOPLE ARE PROBABLY BEING PAID TO TALK ABOUT IT. From a coin offering perspective, of course people with the development capabilities will take advantage of this, I mean how many other ways can you raise X*Millions in X*Minutes? BECAUSE MCDONALDS WONT CUT IT MY MAN, YOULL PROBABLY EVEN STRUGGLE WITH THAT 200K HARVARD MBA.  

Final Note: If you are going to invest in an ICO, do the math, read the white paper, look into the founders and make a decision YOURSELF.

[Zabivelli]

There is sense in what you say there buddy.

These devs are taking wayyyyy too much for the team. In your words they want to become overnight multi millionairs.

For the first time in my digitalcurrency-history I invested a little sum of 102 dollars into Monaco ICO.

They will be millionairs while i will be watching my screen to see if my monaco coin went up a dollar and be happy about it

We are being scamed

[vlom]

i think the OP is right. nothing more to say. i hope this won't last forever.

[Harry Callahan]

i think the OP is right. nothing more to say. i hope this won't last forever.

Everyone knows that nothing last forever , so everyone is trying to make the most when you can and that is what is happening here.I am with Op with everything he said,the amount of money these companies are collecting are just huge and you really do not need those kind of money to run a company.

[btbrae]

There is sense in what you say there buddy.

These devs are taking wayyyyy too much for the team. In your words they want to become overnight multi millionairs.

For the first time in my digitalcurrency-history I invested a little sum of 102 dollars into Monaco ICO.

They will be millionairs while i will be watching my screen to see if my monaco coin went up a dollar and be happy about it

We are being scamed

Hate to break it to you but if you just held ETH you would already be into very nice gains.

People are buying into the ICOs with not a single final product released and usable.

Real companies get round funding and have to demonstrate progress before the next round.

Most of these companies won't make it. 50% of businesses fail through lack of leadership. Good, motivated leaders are a rare thing. Give them millions of dollars and they become even rarer (note the amount of CEOs that have left for other projects).

ETH is a speculative vehicle like any other. If you are going to speculate, you may as well buy and hold ETH, which is where the speculative money is. This is where the new money comes in, in order to buy worthless ICOs.

[supercops]

And this is why ETH is going to tank HARD eventually

I totally agree with this prediction.
Because as everybody already knows: Nothing last forever.. as with everything in life.
Anybody with a brain can figure this out.

As with Bancor.. that is horrible for an ICO to just do a flash sale like that.
Not allowing anybody but big investors to buy into it.
I heard they sold out in 20 secs after it was released which just sounds like a quick money grab which garnered them $150 million in their crowdsale.
It is very hard to believe this to be true... if it has any truth to it.

[javalemcgee]

And this is why ETH is going to tank HARD eventually

I totally agree with this prediction.
Because as everybody already knows: Nothing last forever.. as with everything in life.
Anybody with a brain can figure this out.

As with Bancor.. that is horrible for an ICO to just do a flash sale like that.
Not allowing anybody but big investors to buy into it.
I heard they sold out in 20 secs after it was released which just sounds like a quick money grab which garnered them $150 million in their crowdsale.
It is very hard to believe this to be true... if it has any truth to it.

If you meant that this is why ethereum will dominate the market, I don't agree with you. It's the ethereum very simlar to a baloon right now. I can pop out.

[Spoetnik]

Not much to say here. With the increased popularity/price of Bitcoin we got an influx of impatient and lazy people trying to get a quick buck while barely even understanding cryptos in general - nor do they care.

So they just throw money at ICOs like the rabid gamblers they are. ICOs are not about funding projects, they're just quick money grabs for the "devs" and a pull on a ponzi slot machine for the "investors".

That invites more and more people creating their own low effort scam ICOs.

WOW Bancor is obscene ! What a vulgar display of greed  

Well said and summarized perfectly.
I think users are selling their support cheap.. it's valuable !
They are selling themselves short profit wise too.
A path with class, integrity & patience would deliver far higher profits.. vs chump change.

I seen the scales tip long ago..
Those type of users became the majority and then things went to shit in a hurry.
The majority just says anything to keep sucking off the scammy pyramid/ponzi teet.
They are vultures and vampires and won't back down unless stopped by force.

I decided to just quit trading vs mingle with trash.
And sadly it speaks volumes of the dev's.
The fact that they WANT these users buying their coin says it all.
You'd think a dev would be after supporters not profiteers hovering over the dump & run button.

The investards flocking here are not bringing much of use to the table.
I have also long been concerned it will simply bring on unwanted attention / regulations etc.
But they don't care.. they will dump and run leaving the rest of us to deal with the aftermath.
Just like what happened in 2013.
Back then we had MASS SCRYPT CLONING and people were buying GPU's like crazy.
Guys were buying them and turning a massive profit for them on eBay because of high demand.
Fast forward 6 months and they were all fumbling over each other to sell them.
Then we seen a quiet period were more & more users left.. and then prices slumped harder & harder.

I see it happening all over again NOW !
But since they can get a mittful of chump change RIGHT NOW they don't give a fuck.

The advent of crypto has been interesting.
It highlights what we pointed out.. the human factor.

If we can we will.. ruin things.. ALWAYS !

@bathrobehero
This is why we can't have nice things  

[danherbias07]

Not much to say here. With the increased popularity/price of Bitcoin we got an influx of impatient and lazy people trying to get a quick buck while barely even understanding cryptos in general - nor do they care.

So they just throw money at ICOs like the rabid gamblers they are. ICOs are not about funding projects, they're just quick money grabs for the "devs" and a pull on a ponzi slot machine for the "investors".

That invites more and more people creating their own low effort scam ICOs.

So it is like a higher level of gambling where they pay more for a not so sure ROI or more?
Maybe they think it is less riskier than gambling itself.
I dont know muh about those who throw their money and what are their reasons but I think this answer is the right one for me. Although I am also supporting one altcoin I think ICO is just some ways for the developer to make money in an instant.

[Mr.Joshua]

Well said, won't last forever. People need to realize they should only invest in products that are innovative.  Many aim to accomplish the same thing in a different way.

[Lankster]

Well said, won't last forever. People need to realize they should only invest in products that are innovative.  Many aim to accomplish the same thing in a different way.

Lol.

This thread is valid but that is innovation my friend..lol

New ways to solve things that are better/quicker is quite possibly the definition of innovation lol

[chutchmcgillicutty]

Not much to say here. With the increased popularity/price of Bitcoin we got an influx of impatient and lazy people trying to get a quick buck while barely even understanding cryptos in general - nor do they care.

So they just throw money at ICOs like the rabid gamblers they are. ICOs are not about funding projects, they're just quick money grabs for the "devs" and a pull on a ponzi slot machine for the "investors".

That invites more and more people creating their own low effort scam ICOs.

I have an idea for a cryptocurrency if any devs want in

[BurstIncomeAsset]

This remembers of the Internet bubble of the 1990's. Including the potential valuation after 1 or 2 decades, even if the market fails initially.

[imtiazmahmood]

too many negative thoughts in this threat. when was bitcoin launch people said what is this bitcoin and who will use bitcoin. that time people make jokes on bitcoins. but now everyone want bitcoin. very funny.

[pigheadbig]

Indeed. Currently ICOs are bubbles, most of which will finally burst

I agree. Some ICOs are too greedy and it will probably turn out to be a scam in my opinion.

[leyton11]

Indeed. Currently ICOs are bubbles, most of which will finally burst

I agree. Some ICOs are too greedy and it will probably turn out to be a scam in my opinion.

You can say ICOs in today look like as HYIP or Ponzi project in 2015-2016. More people not know the project they invest is real or not, they only hear "Oh, this is a best project, invest it and you can take x10 bla bla bla" (reality in my country ). I think in next time we can see a huge scam in ICOs, and the value maybe to hundreds million dollars!