Topic: 3 kinds of ICOs — Protect yourself - page 19. (Read 13704 times)

That is a pretty well thought out thread.  In the recent days, you see a lot of airdrops ebtc, eltc, eethereum, ethis and ethat.  Those coins do not have any substance and they only go by their names to gain value.  Unfortunately, a lot of people invest in the name and not thinking what the future of the coin might be.

so many crap coins out there lol. Always research and look at team, idea, and proof.

Good example of a good ico is unikoingold and waves. Look into those

how to know with easy if some project ICO recommended or not, because many people let to join with more ico to get the profit. I think some idea if the developers want to start their project may be they are need to complete their document self.

From allthe point you raised, the most important is never to invest in a project you don't understand, this is a common practice now people are following crowd mentality especially listing to all these youtubers promoting ICO and people don't know most of them are only doing their job they are paid to do

Of course they need to spend some money to pay for ICOrating listed on top.
You also know most of the ICO reviews are make money from this thing and ICOrating is aslo no exception.

yes, that's is a good topic! You have provided much useful information to people who are investing in coins or tokens. Be careful with what you don't understand! 

This thread was wonderfull and educative for dummies like me who like to love invest with any ico. Well not every ico is scam, but may end up with fail or success.

Thanks man.

Great job.

Completely agree. They take the existing Mutual Fund Concept and rename with Cryptoterms with the promise of solving non-existent problems. Iconomi has more chance to succeed than Genesis Vision.

Awsome thread. This post is having most helpfull information reagarding ICOs. I have also seen a lot of scam ICOs, which i was not able to identify that they are scams but with this information now i can easily identify the real ICOs.

Genesis Vision’s team is from Russia, which does not have extradition agreements with much of the world. This means that if they screw you, there is little you can do. Do not expect the Russian government to extradite the team to your country.

They have a nice rating from icorating.com. However, I’ll always have a question in the back of my mind: Did Russia pay off icorating to give a better rating to Genesis Vision? But, I could be wrong.

Their project is very specific to forex trading. The team claims to have experience in this in St. Petersburg. I didn’t know that St. Petersburg was a major forex trading center. I would’ve thought of London, New York, Paris or Frankfurt. If you understand forex trading and you think that Genesis Vision can execute, then you should invest. For me, I see the execution to be very difficult. They would need a large budget for marketing and outbound corporate sales force to get forex traders to sign up to their program. If the traders are already performing well and making good money, why would they want prospects (potential clients) to be able to scrutinize them more through Genesis Vision?

If I was a forex trader, I would wonder why I would want to sign up to Genesis Vision, in order to be scrutinized by prospects and compared to other traders. Genesis Vision will tell me that I will get more clients. But I will agree only if I’m a better than average trader. If I'm a below average trader, Genesis Vision will show this to all of my clients, which will prompt them to leave me to go to an above average trader.

This is what I think will likely happen, though I do not know for sure. Let’s say there are 100 traders in the world. If you are among the top 50 traders, you will sign up to Genesis Vision. If you are among the bottom 50 traders, you will not. Now, there are 50 traders using Genesis Vision. After a while, the bottom 25 traders will drop out because they don’t want prospects to see how they are underperforming. Now, there are 25 traders using Genesis Vision. After a while, the bottom 12 traders will drop out. If this trend continues, there will only be one trader using Genesis Vision.

I stopped reading their white paper after this. I do not know for sure that Genesis Vision lacks potential. I do not think they are scamming. I just think they have a flaw in their idea, I don’t see the potential and I think the execution will be difficult. Others may think differently. Maybe the rest of the white paper has good stuff that I didn’t read.

Also, I'm not sure why a new token is needed for this. Any competitor can create a similar system and charge clients in USD, EUR, YEN, BTC or ETH. The competitor's pitch can be: "Why bother going through the hassle of getting a new Genesis token that is used only between you and Genesis, when you can simply pay us with USD, EUR, YEN, BTC or ETH? What are you going to do with your Genesis tokens after you get data about your trader? Is it a one time use?"

Also, their white paper is very complicated to forex. If you read it all and fully understand their business, then you should invest. Otherwise, reconsider.

Very usefull stuff thanks.

Very nice Article! Thank you

Thanks for the read. i like the tips with the countries and dont invest in something you dont understand (although its hard)

Cheers

This is a great thread! It is better than "the ICO X is a scam" or "Invest in ICO X" threads ... I rather read some good arguments why I should or shouldn't invest in an ICO. Thanks!

Amazing thread!!   A man can write the comment with the attitude of being serious and conscientious.  Give the thumbs-up!!

Great article includes every single thing that must have to think before making investment in cryptocurrency.

Bitcoin is the pioneer of Digital Virtual Currency, after Bitcoin there are numerous number of altcoins are in market, but many of them are shit coins.

Information mention in post is really helpful for everyone weather it many newbie or experienced. Many newbies get trapped in such scam ICO, and such user lost their trust in cryptocurrency.

Great thread. Definitely tons of very important information here for everyone. Thank you for posting.

i congrate you for this amazing thread.You make a hard work and i think you can will pissed somebody if people trust your thread.we all have to consider you.but i dont think even they can understand you

I just came across this thread:

How to create a ICO
https://bitcointalksearch.org/topic/how-to-create-a-ico-2255274

It provides a link to an article and says that after reading it, you will learn how to find good ICOs. But the article is written by Crowdholding, which is hosting an ICO.

Read my thoughts on Crowdholding in a comment above.

I do not know if Kyber is truthful or not. I wrote that their business model is flawed.

They have a MVP (minimum viable product), which is very good news, though I didn’t try it to confirm that it works.

Kyber’s white paper explains the problem of exchanging/converting coins or tokens to other coins or tokens.  I agree with this problem and it’s getting worse every month.

Their white paper correctly states:


Then their white paper states:


This means that they are doing exactly what they said is risky about centralized exchanges. They will be creating a honey-pot for hackers, employees or reserve managers to steal. Every reserve created by users will be honey-pots. One might argue that it’s more difficult to steal because the money is in a smart contract. That’s not necessarily true. DAO’s money was in a smart contract and it was stolen.

Also, they didn’t say where the data is stored. They did say that it will be “on-chain”. Will it be on the Ethereum blockchain? If so and if they have a lot of trades, they are going to have significant scaling issues.

They have a comparison to competitors which is good to see and should be in every white paper. However, they say that they are the only one that is secure against attacks. How can they say that? Nothing is guaranteed against attacks, not even Bitcoin. If Chinese miners collude, they can attack Bitcoin. Someone hacked DAO on Ethereum. That’s why they forked into Ethereum Classic. If someone hacks KyberNetwork’s reserve, is Vitalik going to fork Ethereum for KyberNetwork?

In 4.2 of their white paper, they state:


But their diagram shows the user sending token A to the KyberNetwork.

I hope that Kyber works. We need decentralized exchanges. But the crypto/blockchain technologies still have vulnerabilities and limitations. Centralizing money is risky. Just be aware of this risk.

Their white paper says that Vitalik Buterin is an advisor. If true, then this shows that stacking a team with lots of people doesn’t mean the ICO is flawless. If untrue, then the ICO put in a famous person without his permission.

I don't know if Kyber is unscrupulous. I don't think they are, but don’t think that unscrupulous people won’t put Vitalik’s name in their team without his knowledge. I’ve seen Vitalik’s name in many ICOs. I cannot see how he would have the time to advise so many ICOs.

Besides, Augur had Vitalik on their team and after 2.5 years, they have a beta that is barely usable.