Chronobank ICO - My Experience So Far
Well, if you do not "Experience" something, you will constantly wonder how it feels like to do something. In my case, it was actually engaging with a cryptocurrency ICO (Initial Coin Offering) - an ICO with a potential to create more funds for my wallet in the long-term. With the concept "pump-and-dump", where the people with many coins decide to sell their ICO coins after launch (in this case, TIME tokens) for BTC/FIAT money, such actions actually makes the ICO coins weaker and I think it deviates from the intention of the ICO. Once a coin exchange (e.g Livecoin) hosts the coin, a common trend will be seen - SELL, SELL, SELL, SELL.
The Chronobank ICO was marketed in terms of banners in almost every site that I would visit. I decided to then go check what is it all about. All I can say is that the vision that they have is basically bringing tomorrow today - bringing a whole new way for professionals to get rewards in the recruitment industry.
Looking at the success of how Uber revolutionized the taxi business/industry, Chronobank aims to be the Uber of recruitment. Who would not want to ride the wave of a "new-Uber" during its initial stages, just to reap a great reward in the long-run?
During the ICO, a fixed rate amount of 100 TIME = 1 BTC, meaning 1 TIME = 0.01 BTC. When I invested in TIME tokens during the ICO in December and early January I pumped in 0.037033 BTC, which gave 4.3713 TIME. (Percentages were offered to early investors, in which I had taken advantage of). Problem is, now according to CoinMarketCap, 1 TIME is like around an average of 0.0054 BTC, almost half of the "fixed-rate".
USD 31.03 was invested (During the BTC rate of December and January) and now, 4.3713 TIME gives 0.02373153 BTC in Livecoin (1:35AM +2GMT), which is equivalent to USD 29.44
1.59 USD may not seem to be much of a loss, but it was rather unexpected, although, the skyrocketing price of Bitcoin has assisted (11 March anything can happen, refer to this article) in making it stand strong against the dollar. So do I get patient or? Only "Time" will tell. I will keep holding the TIME tokens though.
By Sthumacher Experience Feel free to comment / upvote
I did a review of Chronobank before it launched. I was skeptical of it doing well after launch because they were pricing the ICO at $10 USD per TIME token when I reviewed it. By pegging their ICO to bitcoin it sort of poisoned the potential for price appreciation after it launched. 100 TIME for 1 Bitcoin seemed good when bitcoin was much lower in value, but when bitcoin had reached 1k in value, it put the value of a TIME token at $10 per token. And then it was a matter of calculating the number of coins you expected to be in circulation to realize how big the market cap would have to be for the ICO to turn an immediate profit. Then there is the issue that their system has no immediate prospect of being launched. Like if they have anything operational in 2017, I will be surprised. Bored investors will go elsewhere. At which point it caused me to conclude you would be able to buy TIME Tokens cheaper than $10 USD once they hit market, and here we are, they're cheaper. I think below $5 USD and during a bored spell before they launch their first phase, could be a good on-boarding opportunity. If their company succeeds, holding some TIME would be a decent investment.
It is only now that I am aware that there is a comment here (I think that my reply notification do not function well anymore). I appreciate your input as it makes sense to a point that a vast majority is not looking to be bored, but will take their money somewhere else. From your comment, I also picked up that, it would be better to wait for a coin to launch after ICO to check on the price then. After all, there are companies which had experienced a drop in market share after their IPO launches.
By the way, I see that you are new on steemit, welcome and I believe that this platform will allow you to express yourself and assist you in reaching higher levels of your mission - @Crypto-Investor I follow you!