ICOs: The Cancer of the Digital Currency Industry

[Wong Gendheng]

Because there are no rules about ICO, everyone is free to make coins or tokens and then sell with ICO, unfortunately many scam projects make investors afraid of crypto, they think that crypto is a place of scam.

[taguig]

I'm surprised that many people voted no when in my opinion the ICO contributed to the bad reputation of Cryptocurrency, still many believe that ICO are ok and there is still a lot of good ICO but it's so hard to find them now, with so many fraud ICO looking around.

[Homeless_Victim]

Because there are no rules about ICO, everyone is free to make coins or tokens and then sell with ICO, unfortunately many scam projects make investors afraid of crypto, they think that crypto is a place of scam.

Thank you for that comment.

So could you say that the ICOs have damaged the image of Bitcoin and the altcoins?

[Homeless_Victim]

I'm surprised that many people voted no when in my opinion the ICO contributed to the bad reputation of Cryptocurrency, still many believe that ICO are ok and there is still a lot of good ICO but it's so hard to find them now, with so many fraud ICO looking around.

I agree with you.

There's been so much information which has come out about ICOs and the damage they've done to the industry. I would think that more than half of the voters would have voted for the 1st or 4th option in the poll on this thread.

[kier010]

ICOs are a good way to raise funds for the project. they run ICOs because they need money. and  now scammers exploit it as a result the ICOs are becoming bad in the minds of people.

[Homeless_Victim]

ICOs are a good way to raise funds for the project. they run ICOs because they need money. and  now scammers exploit it as a result the ICOs are becoming bad in the minds of people.

People already hate venture capitalists, now they will hate them even more because of their support for the ICOs.

[Homeless_Victim]

It looks like more people have voted in the poll.

[johnleo]

I don't think ico is a cancer for crypto, even I think the idea of ico is good for crypto because people can help serious developer to get the financial. The solution is to eliminate scammer and that is why we might need regulation of ico and don't forget to educate our-self as real investor not just a hype investor. My experience I have start to learn business since I tried to follow an ICO.

[Dondont]

O-o-o-kay.  Did you write that article and want to point people to it, or was there something else you wanted to say about it?  It's not a very in-depth piece of writing; it's basically calling ICOs scams without providing a real argument for why people should think that.

Not that I completely disagree with it, but I've got my reason for thinking so and if I just wrote "ICOs suck; they're killing the crypto industry" it wouldn't be worth much as a published blog article.  Know what I mean?  Want to spark some sort of discussion about this?

from the statement I caught, he here argued that the ICO was the cause of the collapse of the marketcap prices, in my opinion this opinion also made sense, given the ICO scam reportedly after their funding was fulfilled, they closed contacts with investors and then transferred the funds directly wallet market and directly sold in the instant market.

[jrrsparkles]

The investors are the main reason who let the ICOs to take the place in crypto currencies and later it become one of the reason why crypto maket is low.Most of the ICOs are just created for money making intention so people get bad impression about cryptos overall when they get scammed but they are invested in the wrong coin so we don't hae to blame the scammers just blame ourselves for allowing us to get scammed.

[Vilagra]

Ok, may be ICOs are guilty that market is dropping now but in 2017 market was growing because of ICOs including, may be we would never see bitcoin by 20k and ETH by 1.5k without ICO bubble and may be without ICOs bitcoin would cost as much as now or even less, so I think it is incorrect to say, that prices are too low because of ICOs.

[Lake20]

I don't think that this argument is right though ICOs are part of the problem. In some years back before ICOs concept, the market has experienced this and it does not ends there. I think it is a way of market correcting itself and setting a space for new innovations in the industry thereby creating new set of millionaires.

[Nastinmel]

The recent drops in the digital currency prices have been unparalleled in the amount of market capitalization dollars lost. In the past there has been some examples of large drops in Bitcoin and Altcoin prices, but what’s happened over the last 10 days cannot be an accident or attributed to the Bitcoin Cash hard fork. There are certainly more sinister forces at work...

https://cointrader21.wordpress.com/2018/11/25/icos-the-cancer-of-the-digital-currency-industry/

Major whales communicate with each other, so they know general market tendencies 6-12 months in advance. There's nothing "sinister" in this situation, just a manipulation of a great scale. It'll be fearful if the market breaks at the bottom, but I think this won't be!

[Agapelove]

The bearish market this 2018 and the continued downward trend can't be associated fully on ICOs. Remember that some strong cryptocurrency coins right now came from ICOs. The down market this year might be due to some corrections and price manipulations.

[Enzo05]

There are still ICO's / projects that needed in the market although there are some ICO's that turned into scam especially if the team just want to get easy money . Some ICO's encounter problems like not able to reached the target so they will postponed .

[senin]

In general, ICO is a very useful and necessary activity, it is a real way to improve cryptocurrency, in which our entire society takes part. However, large sums of money that are collected during an ICO attract many scammers. This is practically the only problem with ICO. We need government regulation of ICO activities and then all the main problems with ICO will be resolved.

[ausbit]

The recent drops in the digital currency prices have been unparalleled in the amount of market capitalization dollars lost. In the past there has been some examples of large drops in Bitcoin and Altcoin prices, but what’s happened over the last 10 days cannot be an accident or attributed to the Bitcoin Cash hard fork. There are certainly more sinister forces at work...

https://cointrader21.wordpress.com/2018/11/25/icos-the-cancer-of-the-digital-currency-industry/

Considering during the peak of ICO times the prices have been soaring and during the low times of crypto currency there are no ICO that makes any money, I think it could be the opposite. I do not really think the coins that came out intend on having this much bear market right after they published their coins.

So if you take a look back you can see that there has been a lot of ICO funds that has shrinked a lot during the past year making it harder for them to achieve what they promised whereas they have been paid so they had to work for it with a smaller budget compared to what they have been funded.

Hence all this "scam coins" you talk of has been a bit of bad luck involved in it as well. Of course there are scam coins as well but not all of them are like that.

[cudora]

ICOs are offering an amazing opportunity to get access to very perspective tokens even before they will be live on exchanges. But unfortunately the market is overwhelmed with fraud projects that are trying to scam investors.

[Homeless_Victim]

ICOs are offering an amazing opportunity to get access to very perspective tokens even before they will be live on exchanges. But unfortunately the market is overwhelmed with fraud projects that are trying to scam investors.

I blame the venture capital firms for all the fraud. They don't care about the individual investors, they just want to steal as much money as they can. Tim Draper and people like him are parasites who should be imprisoned.

[moschinot]

I believe that there are good startups that came to the market with good intentions