People throwing money at ICOs, a critical look at NVO, FYI crowdsale delayed 12Hrs

in #blockchain7 years ago (edited)


So many red flags to be throwing money at this. At first glance the project is obviously an interesting one, a decentralized exchange built on top of the maidsafe safenetwork, on top of counterparty, on top of Bitcoin. I'll break down the top concerns to look at.

1) Who am I giving my money to?

NVoTeam.PNG
So at first glance we only have two team members with huge titles. I'm guessing the "CEO" is the guy who does all the posting and marketing. The "CFO" is I'm guessing the guy who is going to do all the real work. His previous experience is making software for a street light company in Africa, and he made an exchange, veserus

2) Experience

experience.PNG
The lead programmer made an exchange in php, and it has 0 orders on it. How you should be able to go from that to making a decentralized exchange on top of two coins, I' m not sure. Two members and neither of them cryptography experts is not a very good starting position.

3) How much work has already been completed?

Here is whats on the Github so far:
nvo project.PNG
So they are basically showing you nothing but a slick page to collect your money.

4) How's the ICO sale going?

NVOJoke.PNG
They, or obviously the one CFO guy who does all the work, didn't properly design his site and network apparatus to collect the money. It's surely a sign that they are in over their heads and are severely underfunded, it really doesn't cost that much to rent servers now a days and load balance them.

5) People are just throwing money at ideas


These guys are not Vitalik, or Dan, they haven't cut their teeth in the cryptocoin development. Vitalik started Ethereum but he used to code a lot of stuff for Bitcoin as well. Dan made Keehotee and Protoshares before he made Bitshares. It also took them years to get the idea done, and they were very skilled.


Conclusion

People are just going to give millions of dollars to these two guys, they are going to then use that money to find people who can actually do the job. At this point they have just an idea with out knowing if it is even possible. They might find out that it's just simply not possible to run an exchange on MAID>CounterParty>Bitcoin. Storj is right now having a crowdsale as they migrate over to Ethereum because when they ran on CounterParty>Bitcoin they found the costs too high. There also was not enough bandwidth on the network to support their network goals. The also cited high fees costs and not enough granularity for doing micro transactions.

Even if these guys take your money and find some skilled people who can do the work for them, they are going to quickly find out that the idea is extremely difficult to implement, and cannot scale very large at all. Additionally there is already a saturation of decentralized markets that already have first mover status, while some are not completely anonymous, the market for such things have probably very very few users.

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I think nothing wrong with someone who has the ideas paying to have them built. the problem in the space is lack of accountability. i believe icos should have an escrow function always and the community should arrange how funding will TRICKLE into the hands of people wanting to bring an idea to life.

I cannot code but i am considered a crypto expert for instance and i wont lie...one of my ideas of whaleshares among others are going to blow peoples minds once we offer them full on. And posting is real work.

now with that said...you do have amazing points on this. i personally wouldnt touch it with a 10ft pole. :)

Fully deserving of an upvote. Thank you for your crafty analysis of this situation.

thanks for the great perspective on this. keep it up.

Its too easy to loose your money right now. Its always a good idea to do your homework. Very nice insight. I invested in MobileGo and PeerPlays crowdfunds, and i really believe they will be successful.

I only went Peerplays, Graphene is just so mature and mobile games are a complicated business. The store apps want to get a cut of any game income from inside the app frameworks, they rarely allow programs that get money from outside the phone store app.

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