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May 26, 2018, 09:34:26 AM |
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Few minutes ago I received this email:
Dear CryptoHunters bounty members, we are deeply sorry to inform you that our ICO ends here.
We analyzed carefully the performance of the first week of our public sale and the results are quite disappointing. As you know, in order to start our project, we needed to reach a soft cap of 5M$. We are practical engineers and business men: there is no chance to achieve our minimum target in the following weeks based on the current performance data.
We had an original plan to push quite hard on the Facebook, Google and Linkedin marketing banners, but unfortunately those companies do not allow anymore the advertisement of cryptocurrencies and ICOs. It was a very bad news for us and although we tried of course to compensate with other forms of marketing techniques, the results have been simply not good enough. It is a shame, since both the team and the project got very good reviews from the best ICO listing portals.
The CryptoHunters team put a tremendous amount of time and money inside this ICO project and although we are still fully convinced it is a very good one, we have no other choice than to cut the losses right now. We also believe that it is not fair to ask you to support our Bounty campaign for other 5 weeks knowing that most likely we won't be able to start the project anyway. We will send the collected Ether back to our investors in the next few days. Transparency and ethics mean still a lot for us.
That said, although the ICO crowdfunding project is unfortunately over, both the team and the investment idea are alive and we are still willing to engage investors privately in the coming months. We didn't lose faith in cryptocurrencies absolutely.
We would like to thank you once more for the great support in this ICO campaign, we truly appreciated it.
Sincerely,
CryptoHunters Management Team
Of course, Cryptohunters will not be the last ICO to fail, there will be a lot more.
I think I won't be pessimistic to expect failure of more than 80% of all ICOs. Partially, due to governmental regulations and new restraints in media channels e.g Facebook, Twitter, Google,... etc.
But, mostly due to projects' internal errors e.g insufficient team experience, inefficient planning, lack of creative ideas, similarity of targets (for example, many projects target money transfer & payments)
The question here, Who would compensate supporters ?
Investors will mostly get refund, but who will compensate supporters and bounty hunters who invested a lot of time, efforts and creative ideas supporting those projects ?!!
Who will refund for translation,moderation, writing articles, spreading the project through Facebook, Twitter, Steemit, Reddit, Medium, Telegram ?!!
I think all bounty hunters and Bitcointlak members (starting with legendary and hero members till newbies) should take the serious decision to unite in a cryptocurrency supporters' coalition defending their rights, evaluating ICOs, punishing scams and fraudulent projects.
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