RE: A Flipsters Paradise - Navigating the ETH ICO Jungle
I’m new here, but I appreciate a nice post like this that is grounded in reality. I had to mostly stop reading ethtrader on reddit because all the moon talk was getting to be too much for me.
Today, I heard status.im raised over $270 million to make a chat application. That is just absurd to me. No investor will ever give that much money to a startup.
Every time I see an ICO asking for so much money it just makes me cringe a little bit. These companies do not need this much money. It is greed, pure and simple. I would love to see a company come along that does an ICO for $1 million or less. Or better yet, a company that produces a tangible product on the blockchain creating real value for people without doing an ICO at all.
Even if the ICO landscape is pretty iffy at best, I like to think ETH still has a future, and there will be good applications of the technology to come.
I've been linked to some ethtrader posts in the past. The king of amateurs, not that that's good or bad, just I see his perspective from a different angle.
I made a post a couple down my list about the 'Shifting State' of ICO's - this raise for status is an absolute fucking joke, plain and simple. Not worth it at all, its all just the structure of the ICO and the 'free monies' that came before.
The only good opps I see right now are civic and omise go.
I tried to buy status today, I'm happy it didn't go through. The more this shit happens, the more people will wake up to the fact that ETH cant handle a simple ICO and goes on the fritz for hours, better tech is in the pipeline.