Fraud, scum, sleazy founders? Sure...
I have been working in IT company which help to launch ICO and
as the staff behind the scenes, I can always tell a scum from a real thing. It's enough to just examine the whitepaper or discuss the project with the client. But, you know, money is money - we don't say no even if we see that the project will end up as a deceit (and, believe us, we're are not alone in our pragmatism). Nor we expose those who don't want to be exposed - some business rules cannot be broken.
Yet, believe or not, accomplishing such projects doesn't feel fine. We're interested in truthful ICOs and honest investees. We honestly believe in a better future of the ICO and we would like to be on the right side when it arrives. Finally, we take care of our reputation. And, as you must have already noticed, we're making ourselves a bit of an ad.
That's where out motivation comes from.
Getting Wrong Things Right Many, primarily those who've already succeeded in losing money, prefer blaming ICO creators, governments, blockchain - in short everything and everyone except for themselves.
We don't agree. Not a single ICO cap has been achieved with a gun put to the investor's head. Folks voluntarily give money to a random guy on the Internet, whose fault is that?
According to the latest statistics, only about 40% of the cryptocurrency investors bother themselves with merely reading the whitepaper - the alpha and omega of any crowdfunding activity. What it means is that more than a half of those who contribute their money have no idea about who is the one they're dealing with or what it is he's going to attempt.
Look at this. Guys had excellent fun (and also largely inspired this article) while still raising real money. $247,300 according to their own website, more realistic but still impressive $80,520 according to this stat.
The simplicity, openness and lack of regulation in the area indeed fuel the flames, but they are barely the source. The greediness and go-happy-lucky attitude of the "investors" seems like a more realistic answer.
To prove this predictably unpopular point, some examples of how dubious affairs helped not particularly discerning people to lose millions in the past should be introduced.
Read more here:
http://bit.ly/2N05CYk