The first Crypto Unicorns are here
With the amount of ICO's or token sales in 2017 it was inevitable that we would get the first Unicorns in the industry and the first Unicorns are here.
What is a Startup Unicorn?
A unicorn is a startup company valued at over $1 Billion. According to wikipedia:
A unicorn is a startup company valued at over $1 billion. The term was coined in 2013 by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures. Canadian tech unicorns are known as narwhals. A decacorn is a word used for those companies over $10 billion,while hectocorn is the appropriate term for such a company valued over $100 billion.
The first ICO Unicorns have arrived.
At the end of August 2017 not one but two ICO's got this status when the market cap of these companies passed the $1 Billion point. These coins Qtum and OmisGO (OMG) hit their respective $ 1 Billion market caps in just a few months, which are amazing if you think about it carefully.
The most amazing part of this story is that neither of these companies had actual products when they did their ICO's. Now we all know that there are many ICO scams out there, but these guys definitely aren't.
Why do people buy tokens without the company having a product?
Well, everybody has a different opinion about why they buy things, but ultimately people that invests in ICO's, basically buys into the team that is taking the product to market and secondly they are buying into the potential of the roadmap suggested in the whitepaper. In my opinion the most important aspect of what these guys are investing is the team. For example if you have a team with a combined experience of more than a century in Information Technology, Business entrepreneurship, PR and marketing, you will have a better chance of success than a team of two young guys launching a coin. Real world business experience in my opinion should be one of the key decision making factors when investing into anything.
Disclaimer: I am not a financial person by any means and am not giving investment advice by any means.
You can read more about Qtum and OmisGO (OMG) in the following article : The first CIO unicorns are here
Happy Steeming!
I think there is money to be made in the short term if you can buy and sell to the greater fool, but I think these ICOs are being over funded to a point where they will never be able to return a profit.
old money look greater and secured than news ;)
I am holding 200 OMG right now my friend.
Sweet jesus christmas.
Nice one :)
Agree, exciting times and untraveled destinations ahead.
Fully agree and thanks for the comment @clacrkwb02
1Billion is only the beginning ... we will see more coins at 1Billion $ as crypto market keeps growing .
@jacor
Thanks for your post.
I have a cool idea about "How can we turn $1 into $10,000". What do you think?
This was a good information.
Wonderful postings and I would like to vote and follow up. Thank you all
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It's an exciting time to be alive! @jacor you should check Crypto Nights. Its a Steemit Series I've been putting together with @alexmavor which looks at the hottest topics of the week in the world of Cryptocurrencies.