Does your ICO pass the smell test?

[gabecolors]

Recently saw some posts about detecting "scam" ICOs-- but what about detecting just "bad ideas" for ICOs?
What's your smell test?

(1). Check the management team, check for people who have a history of previous successful ICOs.
(2). Read the white paper and consider-- why can't this just be done with a database? What's the true use value of the token? Why does it benefit from being decentralized? Is it truly decentralized?
(3). What is your smell test for ICOs?

[Ging]

for me the whitepaper give it all from it you can see the idea behind the ICO

[Hyperme.sh]

for me the whitepaper give it all from it you can see the idea behind the ICO

Disagree. 99% of the investors are not qualified to evaluate a whitepaper. They can be easily fooled by technobabble that sounds great but is actually fundamentally bullshit.

Recently saw some posts about detecting "scam" ICOs-- but what about detecting just "bad ideas" for ICOs?
What's your smell test?

(1). Check the management team, check for people who have a history of previous successful ICOs.
(2). Read the white paper and consider-- why can't this just be done with a database? What's the true use value of the token? Why does it benefit from being decentralized? Is it truly decentralized?
(3). What is your smell test for ICOs?

When they do not pick up the phone. (Because most of them are afraid to receive a call from an expert, because we will ask deep technological questions. And because they’re lazy and just want to be left alone to spend our money.)

If the team raises $10 million yet isn’t contactable for business opportunities on their email nor Instagram, and if they decide to relocate to Costa Rica and code in their pajamas in the prone position (is being a vegetarian a prerequisite for being one of their developers?), whilst professing to be a world changing blockchain design but not even having any design innovations over existing proof-of-work or proof-of-stake…

Example: Nimiq.


This ecosystem is a hornet’s nest of scammers, underqualified junior-level developers overselling themselves as highly capable/accomplished, and shills just trying to sell bags to greater fools.

Also I requested to speak to http://e11.io as well about collaboration, but they refused to make themselves available for a verbal conversation so I can determine if these guys are legit developers (e.g. programmer-to-programmer type of conversation):

When can we talk?

Read this:

https://bitcointalk.org/index.php?topic=2216948.msg22377718#msg22377718

Do you have Skype?

Read also this:

https://steemit.com/blockchain/@anonymint/re-spykemajeska-re-anonymint-2017823t83758729z-20170824t032839631z

Hey, what's up?

Just read the steem post. Interesting.

What would you like yo discuss? We are actively looking for the 300 members of the community, is this something that interests you?

Thanks

I want to talk with you guys about creating apps for my decentralized ledger project.

I think it will help you gain even more enthusiasm and support for your project.

You can continue with your ERC-20 plans simultaneously. The problem you have is the Ethereum blockchain will never scale enough for the types of projects the users are going to want eventually. You need a two-pronged strategy.

I have invented the perfect decentralized ledger. And we will end up defeated EOS and Ethereum. I have the Bitcoin killer.

We will soon be making news.

You should talk with me immediately.

Also I am interested personally in visiting (and perhaps having some vacation property) in Argentina where you guys are apparently based.

Are you guys legit s/w developers?

We're focused on building Experimental right now.

If you're interested in joining our PRE-ICO, let us know!

Thanks,

[kkofor]

only 1 - check ICO team profile and their advisor. If they dont have any experience in blockchain and information not clear. next!

[styca]

(3). What is your smell test for ICOs?

No instant smell test, just research, which covers points 1 & 2.

This is a great topic and I'm glad you started it. People always need to research anything that they're going to put money into. There are thousands of coins out there these days. A lot of them have a genuine use, but a lot are useless.
Research is the key. Never jump in due to FOMO. Always take time to understand what it is you're backing.

[Hyperme.sh]

No instant smell test, just research, which covers points 1 & 2.

Disagree. We have provided some instant smell tests. And research is useless for most investors, because they can be easily fooled by verbiage and presentations that seem awesome, but for an expert are clearly nonsense or bullshit.

The problem is that n00bs should not be allowed to invest in early stage ventures except by some expert crowd equity platform vetting and limitations on how much n00bs may invest. Otherwise, the ecosystem will become FOMO-retarded.

[jjdub7]

Recently saw some posts about detecting "scam" ICOs-- but what about detecting just "bad ideas" for ICOs?
What's your smell test?

(1). Check the management team, check for people who have a history of previous successful ICOs.
(2). Read the white paper and consider-- why can't this just be done with a database? What's the true use value of the token? Why does it benefit from being decentralized? Is it truly decentralized?
(3). What is your smell test for ICOs?

Point 1 is not a must. For me most important is the team ICO to be build of successful people. Not just in crypto projects.

Point 2 is a good one. On blockchain must be stored only critical data.

Just need to use common sense.

[Hyperme.sh]

Just need to use common sense.

That is not sufficient. As has already been explained by myself above and @kkofor, but you are not addressing my point that most investors are incapable of accurately judging the difference between slick presentation and actually sound technology.

Another smell test are ICOs which make claims which are not objectively provable material facts. They obviously do not care that they are stating claims about the future which they can not be sure of (which is also an illegal activity if the ICO is issued as a security, as is nearly always the case).

99% of ICOs will fail these smell tests, because just as in the Dot.com bubble and bust, 99% of them will be entirely useless other than to FOMOiate a bubble of selling empty bags to greater fools.

biggest problem with this community; people have lost the real point to, and potential of having a true p2p currency.

whats the point in creating an alternative to the worlds greedy bankers' fiat if we ourselves become the greedy bankers.

As stated in the title, what do you think is the biggest problem in the Crypto Community?

Greed.

Nailed it. Most of the new people comming into crypto don't even care about the tech and don't try to help getting this gamechanging software foreward. They only care about profits. That's why we have so many panic sellers. All they think of is how to get rich over night. We need more passion again.

[sidhujag]

Just need to use common sense.

That is not sufficient. As has already been explained by myself above and @kkofor, but you are not addressing my point that most investors are incapable of accurately judging the difference between slick presentation and actually sound technology.

Another smell test are ICOs which make claims which are not objectively provable material facts. They obviously do not care that they are stating claims about the future which they can not be sure of (which is also an illegal activity if the ICO is issued as a security, as is nearly always the case).

99% of ICOs will fail these smell tests, because just as in the Dot.com bubble and bust, 99% of them will be entirely useless other than to FOMOiate a bubble of selling empty bags to greater fools.

biggest problem with this community; people have lost the real point to, and potential of having a true p2p currency.

whats the point in creating an alternative to the worlds greedy bankers' fiat if we ourselves become the greedy bankers.

As stated in the title, what do you think is the biggest problem in the Crypto Community?

Greed.

Nailed it. Most of the new people comming into crypto don't even care about the tech and don't try to help getting this gamechanging software foreward. They only care about profits. That's why we have so many panic sellers. All they think of is how to get rich over night. We need more passion again.

Developers that know what they are doing are worth their weight in gold around here. To date there are 1500 blockchain employees and out of that Id say 100 of them would.be qualified developers of.blockchain. To pass a smell test you can pay a qualified.developer to read the whitepaper and give professional advice.. that is really the only way to go. Ive been seeing the trend for the past few years.. interesting times ahead for.those that know what they are doing

[shandi albert]

In addition we should pay attention to their activities on all the sites, when we ask questions they always give a positive response, and their communication is not interrupted
This can also be an added value when we determine the success of ico

[zidanaltaer]

Well, some methods like this that I use to detect smell ico scam, but I also see a proportional allocation for tokens, balanced bounty allocation, smart contract, clear roadmap and their lighpaper

[Endikadija]

Recently saw some posts about detecting "scam" ICOs-- but what about detecting just "bad ideas" for ICOs?
What's your smell test?

(1). Check the management team, check for people who have a history of previous successful ICOs.
(2). Read the white paper and consider-- why can't this just be done with a database? What's the true use value of the token? Why does it benefit from being decentralized? Is it truly decentralized?
(3). What is your smell test for ICOs?

I give you an example about some projects that have owned the idea that doesn't make sense in my opinion at least senseless. THe number one is about the healthcare by used the blockchain system, for me sounds bad to see the some people just aim to get a lot of money without consider about the chance to implement the blockchain for medical. and you must even understand the economic still didn't adopt the blockchain .

[gabecolors]

for me the whitepaper give it all from it you can see the idea behind the ICO

You are probably right, though I do wonder if whitepapers will go the way of "business plans" from the 1990's and be replaced with Slide Decks and MVPs. What do you think?

[gabecolors]

When they do not pick up the phone.

GENIUS!!!! Just call!
 Love it when old school methods prove true. Adding this to my list.

BTW, I've recently launched a (currently) newbie/intermediate audience focused podcast called Coloring Crypto. Sounds like you could be incredibly educational. First episode is released: https://itunes.apple.com/us/podcast/from-medicis-to-modern-banking-what-is-so-special-about/id1291606679?i=1000392985764&mt=2

Would you be willing to be a guest on my podcast? You can contact me @ColoringCrypto or call me directly 8oh8-two-five-oh-4825

[gabecolors]

No instant smell test, just research, which covers points 1 & 2.

I hear you and appreciate your advice-- aint no quick fixes-- but my question was really trying to get at some of the more underappreciated yet obvious (once laid out) red flags....

[gabecolors]

On blockchain must be stored only critical data. 

Thanks, have you got any good links or clear explanations on how to assess "critical data" on the blockchain? Are you referring to the limitations in amounts of data? Or is there more to it than that?

[Jalum]

When they do not pick up the phone.

GENIUS!!!! Just call!
 Love it when old school methods prove true. Adding this to my list.

BTW, I've recently launched a (currently) newbie/intermediate audience focused podcast called Coloring Crypto. Sounds like you could be incredibly educational. First episode is released: https://itunes.apple.com/us/podcast/from-medicis-to-modern-banking-what-is-so-special-about/id1291606679?i=1000392985764&mt=2

Would you be willing to be a guest on my podcast? You can contact me @ColoringCrypto or call me directly 8oh8-two-five-oh-4825

Going to the place that they have listed on their website and giving it a review so that the investors could see if it's legit.

[gabecolors]

To date there are 1500 blockchain employees and out of that Id say 100 of them would.be qualified developers of.blockchain.

I love that you stated this! This has been a burning curiosity for me (though not sure what a "blockchain employee" is)-- could I rephrase to say that "there are only 100 developers in the world who could write from scratch the code Satoshi created in 2008?"

[panorama]

I think the best thing you can do is find a couple of like-minded investors and just share your thoughts with each other.

Talk through the pros and cons of a coin to see if it passes the smell test for both of you. It's best if you deal with people who have a diverse background where you're each knowledgeable in different areas.

[gabecolors]

Well, some methods like this that I use to detect smell ico scam, but I also see a proportional allocation for tokens, balanced bounty allocation, smart contract, clear roadmap and their lighpaper

Great points, would you share any examples of what you consider "proportional allocation for tokens", "balanced bounty allocation"?
It seems like they are all weighted to some degree to favor early entry, so how does one determine what's OUT of proportion?