ICO Bloodbath: Polybius Bank Down 70% Since ICO
"Down Down Baby Yo Street in A..."
Polybius peaked my interest a month or so ago while on the hunt for the next round of ICOs to participate in and it looked very promising due to their unique business model (Blockchain + Traditional Brick and Mortar services).
However fast forward a few days after Polybius' ICO round ended and the community that supported this ICO is singing a new song.
Polybius is currently down over 70% as this article is being written and was down nearly 80% earlier in the trading session. PLBT token is currently traded on Hitbtc, Yobit, Livecoin.net and C-Cex.
What Say You?
A large portion of this sell off is theoretically tied to the recent sell-off in ETH and could probably constitute a large portion of this Polybius bloodbath, but it differently isn't the whole picture. Something went terribly wrong with this ICO - either the team mis-calculated the market price of this token (ICO was fixed at $10 USD per token) or they liquidated a large portion of their ICO earnings in an effort to stay ahead of the ETH sell-off. Though there could be other reasons or a culmination of many, there is definitely a sour taste left in the mouths of those who invested.
Questions/Feedback
- Would you dollar-cost-average your position here and hope for a rebound to exit at breakeven?
- Would you sell at a 70% and take what's left and run?
- If you didn't participate in the ICO would this be a good time to buy?
More About Polybius Bank
It will be a contemporary banking institution with a progressive approach
With the support of global banking experts and renowned tech veterans, Polybius aspires to build a comprehensive banking solution for all.
Polybius Bank will combine features of modern banking, IoT, Big Data and Blockchain-based technologies while also meeting security and UX requirements.
The Digital Pass technology, developed by HashCoins and implemented into Polybius Bank, will serve as an automation and digitalization ecosystem, allowing us to not only integrate single companies, but entire industries enabling access to financial and industrial services in the same Pass, at a click’s hand.
Polybius financial services will be fully interconnected with international systems to respond to the transaction needs of our customers worldwide. If you have ever contemplated the inner workings of a bank or you are a fan of new revolutionary technologies.
Have you recognized that many altcoins went down 50 to 75%. I just think it was a bad time to release an Ico. Moreover the word bank and crypto... Risky
100% AGREE.. Yes I am aware of the entire pull back and believe that 60% or more may be the cause of PBLT's pull back but it has outperformed (to the downside) many of the other ICOs that debuted around the sametime.
This is what's called deep "shit".
I don't understand how the team liquidating a large portion of their ETH earnings would result in the devaluation of their own coin. Can you elaborate?
So I will need to go back and read their whitepaper, but some ICOs don't have any stipulation on when or how much of their own allocation of tokens they can sell after ICO.
Though the likelihood would be that they simply liquidate the ETH that was raised from the ICO.
What are your theories on the sell-off of PLBT?
Oh, you meant that they sold their own reserve of PLBT. I thought you meant that they dumped the ETH/BTC that they managed to crowdfund during the ICO (like many other ICOs are being accused of doing). I guess that could cause devaluation, yeah.
Grab it while you can. I think this is destined for greatnewe
Well that is why I initially grabbed some in the ICO... but looking back on it. Do you think they will be able to get thru all of the red tape and hurdles with regards to regulation?
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STOPhave a read guys livecoin.net is also like poloniex now messing with users
https://steemit.com/livecoin/@shariqriaz/livecoin-net-do-not-deposit-polybius-coin
No i didnt know...smh i will this now
Thoughts on BNK ICO?
Oh dear I put some bucks in. Hope polybius will recover.
Look at the price of polybius token: 1 PLBT = $ 1.52 USD (2018-11-19 10:15:59)
When the started the bank I paid $10 for one token. Looks like a really bad choice.
great post!...loved it