Topic: The greed of ICOs - page 2. (Read 1261 times)
And this is why ETH is going to tank HARD eventually
Not much to say here. With the increased popularity/price of Bitcoin we got an influx of impatient and lazy people trying to get a quick buck while barely even understanding cryptos in general - nor do they care.
So they just throw money at ICOs like the rabid gamblers they are. ICOs are not about funding projects, they're just quick money grabs for the "devs" and a pull on a ponzi slot machine for the "investors".
That invites more and more people creating their own low effort scam ICOs.
So they just throw money at ICOs like the rabid gamblers they are. ICOs are not about funding projects, they're just quick money grabs for the "devs" and a pull on a ponzi slot machine for the "investors".
That invites more and more people creating their own low effort scam ICOs.
There is no real product till this time. I can say if all of the project looks so crap in my eyes. The ethereum is only the onw can be delivered good infrastructure. The crypto is all about money and remember it.
Not much to say here. With the increased popularity/price of Bitcoin we got an influx of impatient and lazy people trying to get a quick buck while barely even understanding cryptos in general - nor do they care.
So they just throw money at ICOs like the rabid gamblers they are. ICOs are not about funding projects, they're just quick money grabs for the "devs" and a pull on a ponzi slot machine for the "investors".
That invites more and more people creating their own low effort scam ICOs.
So they just throw money at ICOs like the rabid gamblers they are. ICOs are not about funding projects, they're just quick money grabs for the "devs" and a pull on a ponzi slot machine for the "investors".
That invites more and more people creating their own low effort scam ICOs.
So could someone explain to me the following...
Let's take Bancor as an example, and I do believe they have a rather solid 'product' compared to many other ICOs.
Many many many millions in Ether are given to a STARTUP company, about 150 million in the case of Bancor (what do they need this much for?!). But, to make matters worse, if that is possible at all, they reserve a large amount of the token supply for themselves as well. This of course is to pay developers - heck you developed a crypto makes sense you deserve to become a multimillionaire overnight right? - help the company grow and what not...
But, what was the fundraiser for then?! You take many millions, hand out some digital tokens, and then keep tokens for yourself as well.
Bancor might not to be the greatest example due to liquidity and all, but comon! 10%, maybe even 1 bloody percent would've been enough to get the whole thing going!
The greed of people buying but lately above all the greed of people offering cryptocurrencies/smart contracts kinda disgust me. This isn't what crypto was about a while back. At least it didn't feel that way.
I believe in cryptocurrency, the value of blockchains... but 99% seems like a Ponzi scheme to me nowadays.
Now ICOs take (way too much) of your money, keep a lot of the tokens AND claim to be semi if not full-on philanthropists at the same time!
I'm lost here. If someone can enlighten me that'd be great.
Let's take Bancor as an example, and I do believe they have a rather solid 'product' compared to many other ICOs.
Many many many millions in Ether are given to a STARTUP company, about 150 million in the case of Bancor (what do they need this much for?!). But, to make matters worse, if that is possible at all, they reserve a large amount of the token supply for themselves as well. This of course is to pay developers - heck you developed a crypto makes sense you deserve to become a multimillionaire overnight right? - help the company grow and what not...
But, what was the fundraiser for then?! You take many millions, hand out some digital tokens, and then keep tokens for yourself as well.
Bancor might not to be the greatest example due to liquidity and all, but comon! 10%, maybe even 1 bloody percent would've been enough to get the whole thing going!
The greed of people buying but lately above all the greed of people offering cryptocurrencies/smart contracts kinda disgust me. This isn't what crypto was about a while back. At least it didn't feel that way.
I believe in cryptocurrency, the value of blockchains... but 99% seems like a Ponzi scheme to me nowadays.
Now ICOs take (way too much) of your money, keep a lot of the tokens AND claim to be semi if not full-on philanthropists at the same time!
I'm lost here. If someone can enlighten me that'd be great.
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