Is there legit money to be made in ICOs without running a fraud?
Forget money, I would like to know of one legit ICO. One single ICO that has a product. One.
Half of ICOs Die Within Four Months After Token Sales Finalized
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Re: Half of ICOs Die Within Four Months After Token Sales Finalized
#52You can see the state (volume, # daily users) of some of these promised "dapps" here: https://dappradar.com . It is indeed a barren wasteland. And when a new popular ICO comes along, the Ethereum network struggles and fees skyrocket. It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning: you could at least send messages and files across the netw…
This is a serious question as I want to make sure I'm reading this right: CryptoKitties really had only 274 users in the past 24 hours? The USV/Andreessen company?
Yes, another source is here: http://www.rolldice.club/cryptokitties/
It's worth noting that at its peak when CryptoKitties transactions hogged the Ethereum network and made it barely useable, CryptoKitties had only 14k users.
Re: Half of ICOs Die Within Four Months After Token Sales Finalized
#53You can see the state (volume, # daily users) of some of these promised "dapps" here: https://dappradar.com . It is indeed a barren wasteland. And when a new popular ICO comes along, the Ethereum network struggles and fees skyrocket. It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning: you could at least send messages and files across the netw…
DAPP Radar is not the authoritative source for all Ethereum applications. There are many like Augur, Golem, MakerDAI, etc that aren't even included on that list.
Depends on when "early days of internet" is defined? The internet could be seen as an evolution of ARPAnet https://en.wikipedia.org/wiki/ARPANET which was defined in the mid-1960s and took years to deploy and probably decades to evolve to the usefulness you describe.
ETH network is moving to a Proof-of-Stake consensus algorithm which will reduce it's electricity impact: https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQs
And meanwhile, there are other blockchains, like Qtum, that are already Proof-of-Stake and run Ethereum VM and create blocks on Raspberry Pis, for minimal energy consumption: https://github.com/qtumproject/qtum/wiki/Installing-Qtum-on-...
Re: Half of ICOs Die Within Four Months After Token Sales Finalized
#54I thought the whole idea of an ICO was a joke from the comedy Silicon Valley. It seemed too ludicrous.
Re: Half of ICOs Die Within Four Months After Token Sales Finalized
#55You can see the state (volume, # daily users) of some of these promised "dapps" here: https://dappradar.com . It is indeed a barren wasteland. And when a new popular ICO comes along, the Ethereum network struggles and fees skyrocket. It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning: you could at least send messages and files across the netw…
>>It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning Exactly why so much wealth was created by the Internet boom. The wealth came from utility that already existed, just needed to be harnessed to its fullest potential. ICO scams are based on generating wealth first and hoping that utility follows at some undetermined time in the future. It's…
Snake oil is actually very useful: https://www.organicfacts.net/health-benefits/oils/snake-oil....
My superpower: Taking things literally. Still more useful than the last 10 ICOs. And my bad jokes aren't as bad for the environment. 10k joke-coins pre-ICO and 2 downvotes for that one for me!
We had three innovative ideas in the financial sector - certificate of debt, compounded interest and book money. And now the fourth - trolling idiots to risk their retirement money because they want to get rich "with that computer money my son told me about".
Re: Half of ICOs Die Within Four Months After Token Sales Finalized
#56Earlier quoted context omitted.
Once ICO scams stop working, the world will move towards traditional models. Crypto is out there, and it's not going anywhere. Eventually someone will realize that the smarter move is to create sustainable value over time.
> Eventually someone will realize that the smarter move is to create sustainable value over time. Most ICO's - if not all of them - are powered by the greater fool theory, sustainable value isn't really on the table. I see value in the blockchain and some in BTC (but not as much as others apparently do), but the whole ICO concept seems to be just a way to transfer wealth from greedy suckers to even greedier suckers.
One promising example is SpankChain. It's a cryptocurrency specifically designed for the porn market.
Traditionally, it's hard to make money in porn due to fraud and chargebacks. Most payment processors also won't touch you. But crypto has no chargebacks, so it's a natural fit.
One could argue that if you have to dip down to the level of porn just to find some value, ICOs are worth dismissing. But I would say that it's a decent example of the future potential.
Re: Half of ICOs Die Within Four Months After Token Sales Finalized
#57So I've been doing alot of thinking lately about traditional VC and PE vs ICO's for work. Its pretty rare for VC and PE firms to just be blatantly ripped off like a good portion of ICO investors are. As far as I can this is due to 3 things. 1) Geography, Most VC/PE firms only invest in a particular country and know the laws as they relate to the contracts they sign with companies. This ensures that they can atleast t…
> They just require "adults in the room." You mean like regulators and trusted intermediaries? Due diligence conducted by independent third parties? Like the real financial system has always had? So basically, we went through this whole ICO bubble to realize that things are the way they are for a reason.
> we went through this whole ICO bubble to realize that things are the way they are for a reason
That may be overly reductive. My views on several rules changed as a result of observing the ICO phenomenon.
For example, I used to be skeptical about accredited investor requirments. Turns out, they're super necessary! On the other hand, I think Regulation D could be massively simplified--from a required paperwork perspective--to lower the cost of selling unregistered securities.
Re: Half of ICOs Die Within Four Months After Token Sales Finalized
#58You can see the state (volume, # daily users) of some of these promised "dapps" here: https://dappradar.com . It is indeed a barren wasteland. And when a new popular ICO comes along, the Ethereum network struggles and fees skyrocket. It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning: you could at least send messages and files across the netw…
> It's weird because people compare it to the early days of the Internet... but the early Internet was useful from its beginning: you could at least send messages and files across the network, which was incredibly useful to academia and the military and was orders of magnitude more efficient than any alternative. How is running an ICO not useful to people? Get lot of money with only doing a lousy whitepaper, drive fe…
>Get lot of money with only doing a lousy whitepaper, drive ferrari and live luxury life rest of your life.
Sounds easy!
Re: Half of ICOs Die Within Four Months After Token Sales Finalized
#59Is there legit money to be made in ICOs without running a fraud?
Forget money, I would like to know of one legit ICO. One single ICO that has a product. One.
There was that one on Silicon Valley where the coins represented credits on a distributed computing network. It sounded pretty legitimate to me, but of course it's just fiction.
Over in the real world, I haven't heard of any legitimate ICOs.