Crypto bounties are necessary!
Recently I've made a post explaining my opinion about airdrops. This time I would like to talk about bounties, because many newbie investors in crypto world don't trust them and are inclined to believe that ICOs with bounty programs are scams.
Hmm, NO!
Of course there are many scam ICOs and they mostly offering bounty programs (I think they always offer a bounty program), but that's not a sufficient reason to consider all ICOs with bounty programs scams. Conversely - а well and competently thought out bounty program may cause not only a successful crowdsale but also a a future success of the project.
What is bounties?
Quote from Bounty0x website :)
"A bounty is a reward allocated for the completion of a highly specific task. In the “Old West”, the government used to set a bounty on the capture of criminals. Today, this concept is often used in the context of online marketing, software development and consulting."
Ok, let's think in this way: In "Old West" there was a sheriffs on the state salary, but due to lack of lawyers, the government turned to the people for help. So what's wrong with that? Startups (especially crypto-startups) needs promotion anyway, otherwise how will people know about them?
In centralized world company would pay to some other company which specializes on advertisement, have some licenses, certificates (f*ck, I don't what else is required). But essence of cryptocurrency and blockchain to give an equal opportunity to everyone, the meaning of CROWDsale is that crowd can participate, not only certified investors.
So why shouldn't they give a chance to everyone to participate in promotion?
But you should be careful
Bounties is good, it's a deal where everyone wins, but we shouldn't forget what I mentioned above, there are scam ICOs, too. Always (always, always...), make a good research, make sure you understood the idea of the project, check the team, check socials and github, read the (f*ck'n) whitepaper before suggesting it to anyone, posting on socials or writing an article. To some extent you are becoming responsible to future ICO participant, maybe not by law, but morally.
Bounty is not a free tokens. Your're not investing money, but you're investing your time and reputation!
Well explained, nicely said. Just like about airdrops! Keep up with the good work mate. :)
I agree with @andhovesyan here. Due diligence is key for any investors. A lot of "investors" follow the crowd for big promises but that could be avoided if you take the time to understand the tech behind it, check the dev team & github activity, and follow unbiased leaders. On another note, bounties are essential for today's coexistence in the Internet era. You mentioned Bounty0x in your article and that's awesome! Their team have achieved great success following the bounty model. Keep an eye for them!