Scary ICO Bandwagon

[GAFerreira13]

Hey guys,
I'm relatively new to this Crypto-currencies world and as a tech junkie it certainly fascinates me just how much progress has been done in networking and the amount of new breakthroughs on finances based on P2P networks and this "coin-mining" thing.

But there's something that just boggles my mind about Ethereum and the Smart-contracts... As if fundraisers and Kickstarters weren't enough of a bad idea, there seems to be a new trend of making ICOs for any kind of idea backed by people whom we have never heard anything about, and that might just be overtly lying about their products or new projects.

And the amount of naïve people trying to make a quick buck out of ETHs disguised as customized coins in ICOs just blows my mind... I don't think that this is what was supposed to be done with Ether.
Your thoughts?

(Disclaimer - I may or may not own my shares of ICOs, and I in no way am claiming that the concept of an ICO is a bad idea)

[GAFerreira13]

Also it'd be nice to hear arguments from people who actually initiate these kind of projects and why do they support ICOs

[NorrisK]

Many of the newer ICOs are complete bullshit and are only run as it is appearently very easy to get funded in crypto at the moment.

The biggest reason these ICOs are gathering huge amounts is that it usually requires ether to buy into the ICO. The ether are not immediately sold, reducing the circulating supply, which pumps the price, which pumps the total raised value of each ICO.

[Febo]

Many of the newer ICOs are complete bullshit and are only run as it is appearently very easy to get funded in crypto at the moment.

The biggest reason these ICOs are gathering huge amounts is that it usually requires ether to buy into the ICO. The ether are not immediately sold, reducing the circulating supply, which pumps the price, which pumps the total raised value of each ICO.

yes Etehreum might be the biggest bubble in history of mankind. South sea company might be just a minor thing.  It seems the rate of ICOs on Etehreum using ETH is not decreasing. Thing that will decrease it is not peoples stupidity but to big blockchain. This will already happen next year.

[Blocken]

Who cares??

If people want to spend their money on that stuff, let them. If it fails who cares... it's just as risky in the stock market except you can't go do it on your own.

ICO = autonomy of money.

If ICO's were any real kind of problem, gambling at casinos and anywhere would be shut the down. The only direction this goes is laws against being an idiot... aka no autonomy because people are too damn stupid to decided what to do with their money... AKA on the roadmap to communism.

[jnow]

Hey guys,
I'm relatively new to this Crypto-currencies world and as a tech junkie it certainly fascinates me just how much progress has been done in networking and the amount of new breakthroughs on finances based on P2P networks and this "coin-mining" thing.

But there's something that just boggles my mind about Ethereum and the Smart-contracts... As if fundraisers and Kickstarters weren't enough of a bad idea, there seems to be a new trend of making ICOs for any kind of idea backed by people whom we have never heard anything about, and that might just be overtly lying about their products or new projects.

And the amount of naïve people trying to make a quick buck out of ETHs disguised as customized coins in ICOs just blows my mind... I don't think that this is what was supposed to be done with Ether.
Your thoughts?

(Disclaimer - I may or may not own my shares of ICOs, and I in no way am claiming that the concept of an ICO is a bad idea)

The current ICO market reminds me of Boiler Room.

[MadPanda]

Dude crypto in its self is a MASSIVE GAMBLE ICO's could be honest or complete garbage just do some research before you invest, At the end of the day
you may be up you may be down either way don't gamble with money you cant afford to lose.

[coin-investor]

Dude crypto in its self is a MASSIVE GAMBLE ICO's could be honest or complete garbage just do some research before you invest, At the end of the day
you may be up you may be down either way don't gamble with money you cant afford to lose.

Yes that's true so you should be comfortable with your loss, before investing in ico be sure they have a real project ahead of it some of them just plan that they cannot accomplish and then ran away when they cannot keep up, better involve in an ico that you know who are the team behind it or an existing project already.

[ticterine]

Dude crypto in its self is a MASSIVE GAMBLE ICO's could be honest or complete garbage just do some research before you invest, At the end of the day
you may be up you may be down either way don't gamble with money you cant afford to lose.

Yes that's true so you should be comfortable with your loss, before investing in ico be sure they have a real project ahead of it some of them just plan that they cannot accomplish and then ran away when they cannot keep up, better involve in an ico that you know who are the team behind it or an existing project already.

Yeah totally agree. Huge gamble. 90% of startups fail in the real world - bringing startups to crypto doesn't mean they're all scams. It just means business can be hard.

[GAFerreira13]

The current ICO market reminds me of Boiler Room.

How does it remind you of Boiler Room exactly? (unless you're not talking about what I'm thinking...)

Yeah totally agree. Huge gamble. 90% of startups fail in the real world - bringing startups to crypto doesn't mean they're all scams. It just means business can be hard.

But don't you think the amount of ICOs being done for no good reason is harming Ethereum and killing its credibility?

[minbosen]

ICO is not so hot as a month ago because many ICO projects are not as expected as it was, and the price are lower then the ICO price, so I think as a newer, you should know the high risk in the ICO market.

[GAFerreira13]

ICO is not so hot as a month ago because many ICO projects are not as expected as it was, and the price are lower then the ICO price, so I think as a newer, you should know the high risk in the ICO market.

The risk of the ICO market is a compound of the very small amount of regulation, instability of Ethereum (hacks, speculation, etc), and the anonymity of the people involved in said projects...
That's why the bandwagon is scary IMO