Hello,
I have mixed feelings about ICOs, most projects that raised millions are no longer in development. It reminds me of the dot com boom. I am sure many developers had every intention of delivering on their promises, but for whatever reason their projects failed. Giving someone $7+ million for a project with little business experience will end in tears.
When I first launched Bytecent I categorized it as a crowdfunding project and not an ICO although some called it an ICO. We raised $30,000, and the funds went into development. A low budget forced me to spend the money wisely and not go a spending spree.
At this stage a new ICO would just cause confusion and it’s unnecessary to raise funds. We are still working on the valuation, but it will make sense to investors. Also, the seed round will be capped around $400,000 and I am also investing my personal money. A project like this doesn‘t need millions to start, and as we grow, we will consider additional funding.
As for the Bytecent market cap, it’s a non-factor. I know for most coins we use the market cap to determine the ”popularity” of the coin, but it is not an indicator of the success of the project. A coin can have a market cap of $10,000,000 and development is nonexistent. I can buy $5000 worth of Bytecent and make the market cap increase to $210,000. If I purchase $23,000 worth of Bytecent the market cap would increase to $1,000,000. Does that mean Bytecent is now more popular today than it was yesterday? No, it means someone bought a bunch of Bytecent.
That is why when we had the rewards apps running Bytecent was stable. Little supply and enough demand kept the market stable. Once we launch the new social rewards network the demand will be much higher and the market cap will be in the millions.
I read somewhere on Twitter we don’t have a business plan, of course we do, that is ridiculous. Once we complete everything, I will share the plan with anyone serious about joining us. A lot of time and research has gone into putting this together. Bytecent was never about a big payday for me, I enjoy building something people can use. When Bytecent went to $3+, I could’ve taken the profit from my coins and find something else to do. But I remained here because I believe in Bytecent and I want to see it succeed beyond just the value of the coin.
Lastly, anyone interested can buy Bytecent and also invest in the company, they don’t have to do either or. As the value of Bytecent goes up, they can sell their Bytecent anytime they like. However, they will also own shares in the company and benefit financially as the company grows. But they will also have a voice in the company and they will have some say on what happens, instead of just hoping the dev in the forum will listen.
Best,
Christopher