Enigma Catalyst raises their Max Cap in 150% 5 days before the ICO
I had to share it. As it is bad news for the Enigma community.
Enigma Catalyst, in my thought was one of the most promising ICO for September.
They have a great team, a great idea, and great TECH behind (alpha released). And they had a reasonable cap.
They managed to attract more than 10,000 members to their slack community, and the feeling of a great project going on was in the air.
All good until yesterday- when they announced that because of the high demand they decided to raise the cap from 30 milliion USD to 45 million USD.
That makes me think:
What can you do with 45 million USD that you cannot do with 30 million USD. For reference: Ethereum foundation have raised 18 million USD in their ICO and look what became of it.
This proves the need of REGULATION. Sadly, even a respectful project connot keep his word to his community.
My hope was that a serious project decides it's max cap for the ICO uppon a well thought buisness plan and not upon the demand for contributing to the project.
Why don't KYBER-NETWORK double their max cap, they have more than 30,000 members after KYC.
Why didn't 0x project double their MAX CAP (15,000 whitelisted)In my thought, 15 million USD is not worth betraying your community, if you think LONG term.
Please share your thoughts here, I really feel we need to speak out.
We have published a community pool, please take a minute to answer:
I really really wonder how could people still donate to those lame and greedy Enigma guys?
I think we are close to the end of the unregulated ICOs
Given how poorly the team has run their pre-ICO, this looks like an ICO to avoid. So far it's been rife with egregious mistakes (their CEO getting hacked due to horrible opsec like sharing passwords) to the more mundane but telling mistakes (their CEO not knowing how many Slack accounts they've registered or typos in their official communications). Pass on this one and wait for someone more competent to take on this space.
I really evaluated them high top for this month before this. I agree that this decision is just throwing it all away, really shows what they think about the community. Taking us as silly weak people you can play with. If we were BIG VCs, this would never ever go through