Crypto Blog Update: Status ICO Was A Disaster!!😣
Hi Steemians, I just want to share my experience that I had while trying to participate in the Status ICO. This ICO was a terrible disaster!! The way the development team handled the whole debacle was a mess and they could have avoided it by structuring it so that it wasn't all about how fast they could raise the funds.
So this is what happened, when the contribution period began too many people were trying to send their Ether tokens all at once to the Status smart contract address and this literally crashed the entire Ethereum network. Their was no organized communication from the development team regarding what was happening which made things somewhat chaotic. People, including me were sending Ether to the smart contract but none of our transactions were even broadcasting to the Ethereum network, we were all basically pushing buttons and nothing was happening. Some people thought they lost their Ether and were frantically wondering where it went and what was going on.
Another issue was the rules of setting the gas limit and gas price was not being followed or enforced so basically the people who set them higher, we noticed their transactions were going through while everyone elses was not. This made it very unfair for the people who were doing everything as what was stated on the Status website. In the end, I did not lose anything, just my time I spent researching this project and trying to participate in the ICO.
Now that the ICO is over, it has left a bad taste in my mouth!
But I always try to stay positive and I still believe the project itself has potential and is interesting. But after this experience its a no touch for me for now! So for now I will look elsewhere for another opportunity and as a disciplined investor, patience is very important in succeeding in the long term.
So for anyone who managed to participate, you must of had alot of luck on your side! I will wait for it to list on an exchange and see how it trades before taking another look. Sometimes things are just not meant to be!
Happy investing Steemians and Steem on!🙂
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Before scam red flags go up, I think it important to consider developer incompetencies. While not as evil, it is equally dangerous to play with. If it were myself in such a position, I would remain at distance, watching with a keen eye for further devolpment and signals. I'm no expert though, just a gentleman enjoying a few beverages around a fire with my family. I wish you the best of luck, have faith in your intuition.
Yep I agree, I'm open to waiting to see how the project progresses and will take another look if I see it progressing as the developers stated. 🙂
This post is too funny, lol. Everything happens for a reason and if you saw the video from the lead developer and the CEO then you know they have a looong way to go before this vision is realized. Even seemed questionable if the concept will be possible on mobile devices.
What a graceful exit though.
The first ICO I was participating was BAT, I was soo upset that I wasn't able to buy any tokens that I gave up ICO's for a while..
I had same issues.
Hiwever higher gas was allowed for special people
Yea, I don't know anyone who didn't run into the same issues as us. So whoever participated must have used a different method, so basically you had to break the rules to participate.