Topic: ICOs rasing ridiculous amounts - go fuck yourself (Read 119 times)
Wow! I never thought about ICO hard caps in that way, I always thought: bigger cap-bigger possibilities for development/marketing-more successful project. I need to change my mind according to your post!
I think what you say is true, the market destruction has taken place and until now it continues to fall. The ico available now does not match my expectations and I can assert that the average of them only focuses on how to earn a lot of money just from a whitepaper. This is bullshit, all just money and business.
ICOs raise so much because they can. Then if they're a scam they can run away with it and if not they can just be very lavish in their spending, a few extra business trips and such. It's purely born out of greed.
If the ICOs had something to show than it would still look sane but with no product to show case and only copy pasted white papers to show, it is really getting crazy in the direction the ICOs are going. This is going to end bad for the crypto markets.
I really think it will adversely affect everything from everyone associated with ico and even the future of crypto because I think such projects or ico can really stop anytime if there is no new member in their community different with projects that produce or create something tangible
If the ICOs had something to show than it would still look sane but with no product to show case and only copy pasted white papers to show, it is really getting crazy in the direction the ICOs are going. This is going to end bad for the crypto markets.
Yeah I agree, I know that boxmining shilled Moirai which turned out to be a scam and I got burned on that. I'm personally very picky when it comes to ICOs (after getting scammed). But I think it's like you say, people are just FOMOing into them without doing their proper research. Looking at some of the FAQs on sites of these projects they are stuffed with nonsense questions that you'd expect from people who don't even know what crypto is. Some ICOs don't even have a graph of budget allocation even if it is just a percentual pie chart. I think Andreas Antonopolous also warned for this that a lot of these ICOs just hand you a brochure. I bet most people don't even know what a whitepaper is.
*spoiler alert*
A whitepaper is a technical explenation that is academically reviewed. I think Cardano is the only project that actually has one. Essentially, when you give Bitcoins to an ICO you are litterly giving them gold (given that BTC is the new gold) for their idea's. Now let that sink in for a bit. Have you ever been handed a gold bar because you had a bright idea? Probably not. All ICOs that have been given BTC and ETH in 2017 have likely seen their budgets double, triple and quadruple in value too. I would go as far as assuming that a lot of these ICOs never sold their BTC and ETH for dollars. Maybe a few percent and are just hoarding it.
*spoiler alert*
A whitepaper is a technical explenation that is academically reviewed. I think Cardano is the only project that actually has one. Essentially, when you give Bitcoins to an ICO you are litterly giving them gold (given that BTC is the new gold) for their idea's. Now let that sink in for a bit. Have you ever been handed a gold bar because you had a bright idea? Probably not. All ICOs that have been given BTC and ETH in 2017 have likely seen their budgets double, triple and quadruple in value too. I would go as far as assuming that a lot of these ICOs never sold their BTC and ETH for dollars. Maybe a few percent and are just hoarding it.
Is anyone offset by ICOs raising ridiculous amounts as high as 50-100 million or even more? I seriously think these types of ICOs are ruining this space. They can never justify why they need such large capital. They always present you a pie chart, X% goes here and Y% goes there. But when you ask them; ''Why do you need 50 Million for this?'' They Always refer to the whitepaper which tells you nothing but the exact same pie chart of % allocation, in the end you never get a straight answer, just loops of being refered to this or that. Often these types of ICOs have their own salaries worked into these pie chart disguised under words like ''Operation costs'', ''Development Costs'' but ask them how much they are paying their developers, how much goes to the CEO and you never get a straight answer. In early 2017 it was a milestone to get to a 100Million marketcap, right now it seems like a Billion is the new 100Million. How is this possible? How is it possible that in early 2017 100Million $ was a milestone and now you have projects raising a 100$ million? For what exactly? Their whitepapers look like brochures, their advertisements are completely screwed only made to lure in dumb people to give them their money. These people are laughing their socks off raising capital that some of the most succesfull companies in the world took decades to raise.
Now you can ''invest'' in what you want and what you like but I just want to say that I'm sick to my stomach with these ICOs, and that raising such amounts of capital in 1-2 months isn't healthy and the return isn't great either, also most of these ICOs do private deals with big money that get tokens 10x as cheap as you do. The youtubers promoting ICOs are all getting paid big time by these companies to shill their shit idea's and brochures. They won't admit it but the youtubers that do admit they get offers and ironically are also the ones that don't shill ICOs admit dare to say with 100% guarrantee that every youtuber is getting these offers. People like BoxMining, DataDash and Suppoman are all paid heavily to lure your ass into buying shitcoins. There's no liability or fudiciary responsibility for these ICOs to deliver what they promise, even if they deliver its half-baked and not up to standards.
For example, Genesis Vision raised aprox $2 Million dollars for an exchange. CoinMetro is raising (or has raised) 50 Million dollars. Now why does GVT need 2 Million and CoinMetro 50 Million? Why did Ethereum raise 18 Million, Stratis under 5 Million? And why do blockchain projects today need 5-10x the capital that was needed back then? You are all feeding the pockets of people and companies that have no business launching an ICO. The trend is pretty Obvious, some of the most succesfull ICOs raised capital that doesn't even come close as to what projects are asking for today. And with good reason, these ICOs don't think of you as an investor, they see you as a customer, legally (by some nations) you are not investing, you are a customer when it comes to these ICOs. And their advertisement campgains, whitepapers and lack of depth of explaining the technicalities of what makes them better, faster and the raising capital only re-affirms this. You are just being marketed to and with all good marketing their is a big dose of manipulation going on, they are just trying to find the most effective ways for you to easily ''invest'' in their shitcoins.
I know that a lot of people here including myself don't have a Venture Capitalist background, that most people are just looking at the past and want a piece of all the insane % growth some of these projects have seen. But I will warn you, you won't get a 50x return on an ICO raising 100Million, likely you will be scammed and that project will flop because they were cheating people from get-go. They didn't need 50 million or a 100 million, they were stuffing it in their own pockets and they don't even know what a blockchain is, they don't know what decentralisation means.
I honestly hope people read this and will say no to 50-100 Million dollar ICOs that have their own ERC20 token (I could cry). You are being cheated and they are ruining this space. If this keeps going like this I can guarrantee you that people are going to get burned big time, this isn't healthy and this can't be kept up forever. At some point this will come crumbling down upon the people that are purchasing into this overpriced garbage and it can mean financial ruin.
Now you can ''invest'' in what you want and what you like but I just want to say that I'm sick to my stomach with these ICOs, and that raising such amounts of capital in 1-2 months isn't healthy and the return isn't great either, also most of these ICOs do private deals with big money that get tokens 10x as cheap as you do. The youtubers promoting ICOs are all getting paid big time by these companies to shill their shit idea's and brochures. They won't admit it but the youtubers that do admit they get offers and ironically are also the ones that don't shill ICOs admit dare to say with 100% guarrantee that every youtuber is getting these offers. People like BoxMining, DataDash and Suppoman are all paid heavily to lure your ass into buying shitcoins. There's no liability or fudiciary responsibility for these ICOs to deliver what they promise, even if they deliver its half-baked and not up to standards.
For example, Genesis Vision raised aprox $2 Million dollars for an exchange. CoinMetro is raising (or has raised) 50 Million dollars. Now why does GVT need 2 Million and CoinMetro 50 Million? Why did Ethereum raise 18 Million, Stratis under 5 Million? And why do blockchain projects today need 5-10x the capital that was needed back then? You are all feeding the pockets of people and companies that have no business launching an ICO. The trend is pretty Obvious, some of the most succesfull ICOs raised capital that doesn't even come close as to what projects are asking for today. And with good reason, these ICOs don't think of you as an investor, they see you as a customer, legally (by some nations) you are not investing, you are a customer when it comes to these ICOs. And their advertisement campgains, whitepapers and lack of depth of explaining the technicalities of what makes them better, faster and the raising capital only re-affirms this. You are just being marketed to and with all good marketing their is a big dose of manipulation going on, they are just trying to find the most effective ways for you to easily ''invest'' in their shitcoins.
I know that a lot of people here including myself don't have a Venture Capitalist background, that most people are just looking at the past and want a piece of all the insane % growth some of these projects have seen. But I will warn you, you won't get a 50x return on an ICO raising 100Million, likely you will be scammed and that project will flop because they were cheating people from get-go. They didn't need 50 million or a 100 million, they were stuffing it in their own pockets and they don't even know what a blockchain is, they don't know what decentralisation means.
I honestly hope people read this and will say no to 50-100 Million dollar ICOs that have their own ERC20 token (I could cry). You are being cheated and they are ruining this space. If this keeps going like this I can guarrantee you that people are going to get burned big time, this isn't healthy and this can't be kept up forever. At some point this will come crumbling down upon the people that are purchasing into this overpriced garbage and it can mean financial ruin.
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