Red Pulse - Investing in my first ICO!

So I have been in the crypto game about 5 months now, my first investment was Antshares (now known as Neo), after doing my research and looking at some of the infamous youtube gurus i took the plunge and it paid of!

I seen the mighty rise of the Neo rebrand all the way up to $55, as well as the fall all the way down to $13.50, upon the Chinese news that ICO’s would be banned in china until they understood the space better. At this point I new crypto was extremely risky, but fortune favours the bold so i stuck with it.

Here's a candlestick chart showing the rise and fall of Neo, for those who have not been following:

Time passed and some big news came up about Red Pulse. A Chinese ICO that was initially delayed because of the ban!

I wasn't quite sure what an ICO (initial coin offering) was, or how they worked, but from what i gathered it is the first time a company's tokens are offered to the public, in order to raise capital to ‘Boot Strap’ the business. Investors may speculate that when the tokens go to exchanges the market cap may rise, resulting in gains! So that's why we hear terms like ICO FEVER coming in.

It can be seen similar to an IPO (initial public offering), an act of offering the stock of a company on a public stock exchange for the first time.

Red Pulse “Red Pulse Tokens (RPX) are NEO tokens issued by Red Pulse, an event-driven research firm covering market events impacting Chinese companies, sectors and the overall economy”

Red pulse had a lot going for it, low market cap $15million being raised, already had an existing product...most ICO’s are just ideas, and most important had the backing of Neo founder Da Hongfei. This was to be Neos first ICO so it had a lot of hype surrounding it.

How it works?

In a sense you exchange your Neo tokens, for RPX tokens. During the first round a max contribution of $1000 was allowed and after the first hour you could contribute up to $50000. This was to allow smaller investors a chance to get in, and the supply not to be eaten up by large investors/crypto whales.

The first round, had some delayed emails/site crashing, but all in all it worked well. I only ever intended to invest in round 1 with a small amount, to test the waters, this being my first participation in an ICO.

However round two turned into a shitstorm, the sale actually started 2mins past the hour, so everyone who sent Neo during the first 2 minutes in the second hour, would not gain any RPX . It was only communicated in a closed red pulse slack group of 4k members when to participate ….with 15k participants the vast majority did not have access to this information. So you can imagine the rage that ensued.

Explanation for the the mistake TL.DR is, the block where all the transactions took place in the Neo blockchain was started 10 seconds in the previous hour,but was still being processed 2mins into the next hour. Was counted as being still in the first hour. Only those who submitted Neo in the block which officially started in the second hour would receive RPX tokens.(communicated only in the red pulse slack)

If you want to read more about that, and hear a better explanation then i can muster you can visit this link.
https://www.reddit.com/r/RedPulseToken/comments/757b2z/official_statement_on_rpx_sale_2nd_contribution/ (official statement from red pulse)

If you like this sort of blog content, about ICO’s crypto i may do more.

This is not investing advice. Everyone is responsible and accountable for their own research and financial decisions they make.

Crypto Meme