^^
Well even if it was pow it would be the same, power went into the hands of botnets and large mining farms. The rest of your comment is just prejudice.
Couple signs imo this project is legit
- Devs attend meetings and conferences, soon going to insidebitcoin Paris, we haven't seen that in a loooong time
- They are not anonymous
- Working beta ready for launch where majority of other scams don't have anything ready
- The concept is solid and promising to go viral in the social messaging space and with the right promotion it can reach millions of users
- Build on top of Bitcoin through Counterparty gives it a solid foundation and reported by huge amount of crypto news outlets
- They will store the money in multi-sig wallets with BitGo, and Adam (Counterparty co-founder) releases the funds in a milestone based requirement tier. So they get paid per development.
- Stellar and all those others are just too complicated and impossible to understand for the average person where gems is everyone already familiar with
If there is any app that can get the average person into the Bitcoin ecosystem than this is it, so i don't see a reason to disappear while staying with it would reward them more anyway and i think the devs know this swell, that's why their presents in paris, you wouldn't take the time and money to fly over there to promote it if it's a scam.
I think this coin is legit I just think ICO's don't make much money for anyone but the developers. nearly every ICO I have invested in crashed in price after it ended. I'm concerned even more for this one cause it last for Sooo long. Bitbay had one for 4 days and got 3000btc and then inevitably dropped in price straight after. Gems has an ICO for over a month! so I expect again a big drop after. what frustrates me about these ICO is those most interested in the project that buy in the ICO time period normally pay more than those who do after.
Most ICO's have very low accountability towards the buyers and the buyers have very little ability to conduct a due diligence. We are taking the exact opposite route. As an exmaple, Dario Mutabdzija (Koinify co-founder) visited Israel as part of Koinify's long due diligence on Gems.
coindesk article:
http://www.coindesk.com/koinify-melotic-plan-bring-order-crypto-crowdsales/ describes well this problem that Koinify is trying to solve.
Tom Ding (Koinify CEO) expressed "The problem is the signal-to-noise ratio is really high". "There are too many noises and it becomes really hard for people who want to invest or purchase good, high-quality projects, tokens, to differentiate a good from a bad one."
"If the project sells out, makes $6m and got all of it in cash or bitcoin, they may not have the incentive to deliver a product," Ding continued. "Part of our job is to help them establish things like multisig and create milestones-based vesting to make sure that developer incentives are in line with what they promised."