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Author Topic: [31-05-1018] In the World of Cryptocurrency, Even Good Projects Can Go Bad  (Read 49 times)
gentlemand
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May 31, 2018, 06:47:22 PM
 #1

https://www.nytimes.com/2018/05/31/technology/envion-initial-coin-offering.html

Nathaniel Popper always unearths some interesting titbits.

What stands out about this ICO and its supposed 'compliance' is that at heart it's still a stupid idea that deserved to die instantly. Moving mining rigs between renewable energy sources? Uh huh.

Sad for the people who've currently lost out but where was the straightforward consideration of how bent an idea it was?

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June 01, 2018, 06:27:13 AM
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Quote
“I know most of the I.C.O.s out there are either fraud or won’t deliver on their promises,” he said. Envion, he believed, was different.

Classic. We'll be seeing a lot more of this.

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June 02, 2018, 03:19:53 AM
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All these people who gather funds through ICO's hold zero responsibility, projects that don't deliver on their promises should also be viewed as scams, because they either intentionally set unrealistic goals or just don't try hard enough, and in the end just put the money in their pockets. These kind of projects would have little chance of getting any funds through traditional means, but with ICO's investors are just throwing money at everything that pops up and has a website and whitepaper. When more people were realize that there's actually no successful projects  that started as an ICO, token/altcoin market will crash and ICO will become a synonym for "scam" in everyone's mind.

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June 02, 2018, 11:52:10 AM
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All these people who gather funds through ICO's hold zero responsibility, projects that don't deliver on their promises should also be viewed as scams, because they either intentionally set unrealistic goals or just don't try hard enough, and in the end just put the money in their pockets. These kind of projects would have little chance of getting any funds through traditional means, but with ICO's investors are just throwing money at everything that pops up and has a website and whitepaper. When more people were realize that there's actually no successful projects  that started as an ICO, token/altcoin market will crash and ICO will become a synonym for "scam" in everyone's mind.

I consider ICOs to be more like a some kind of charity. Grin
People give their money for a project,but in 99,99% of the cases, they don`t get any profit from their tokens.
This is donating for charity or simply crowdfunding,not investing. Grin

gentlemand
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June 02, 2018, 11:54:37 AM
 #5

This is donating for charity or simply crowdfunding,not investing. Grin

I don't believe anything anywhere in crypto can ever be considered investing. It's all degrees of speculation.

As far as I can tell your only hope with an ICO is selling your token for more than you paid for it to someone else who intends to do the same. There's no other type of return and never will be. That don't smell sustainable to me.

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June 02, 2018, 01:18:17 PM
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I don't believe anything anywhere in crypto can ever be considered investing. It's all degrees of speculation.

As far as I can tell your only hope with an ICO is selling your token for more than you paid for it to someone else who intends to do the same. There's no other type of return and never will be. That don't smell sustainable to me.

You can say all that about any currency. Except gold, which has lasted as a currency for longer than anything ever has. If you don't consider gold a currency, then you just don't understand money as a concept.

And in fairness, if you can't recognise any longevity in cryptocurrency after nearly 10 very successful years (or understand why it happened), then what are you still doing here? Being the in-house contrarian?

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stomachgrowls
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June 02, 2018, 02:46:36 PM
 #7

This is donating for charity or simply crowdfunding,not investing. Grin

I don't believe anything anywhere in crypto can ever be considered investing. It's all degrees of speculation.

As far as I can tell your only hope with an ICO is selling your token for more than you paid for it to someone else who intends to do the same. There's no other type of return and never will be. That don't smell sustainable to me.
Even i do love crypto i can really say that those ICO projects wont really be sustainable for longer runs i dont even think on how investors would make profits for a period of time which we do all know profits would come to those who invested also and the cycle continues without minding too much on the project development or whatsover thats why i dont even see the idea why there are still projects do almost launch their sale on everyday basis.Its too much i guess and its not really necessary.


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hatshepsut93
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June 02, 2018, 03:20:25 PM
 #8

This is donating for charity or simply crowdfunding,not investing. Grin

I don't believe anything anywhere in crypto can ever be considered investing. It's all degrees of speculation.

As far as I can tell your only hope with an ICO is selling your token for more than you paid for it to someone else who intends to do the same. There's no other type of return and never will be. That don't smell sustainable to me.

It could have been investing if at least some projects succeeded and fulfilled their promises of their tokens generating profit, but I've never heard about it happening. I've tried to do some research on succesful ICO's, and all I've got was stories like "this ICO have gathered millions one year ago and it hasn't officially failed yet". I don't think even Ethereum can be considered successful, it has increased in value by some giant amount since its ICO, but it still lacks in functionality and no one is seriously using smart contracts. If it will continue to be like this, it will just die in the long run.

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