ICO's and community responsibility by deanoza

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ethereum · @deanoza · Jun 19 '17

$0.04

ICO's and community responsibility

There has been absolute plethora of ICO offerings in the ethereum space lately, and as much as i love the ethereum tech, I am uncomfortable with the current direction things are headed with some of these ICO's. 

Now I hope am wrong about this but there is a more than decent chance that at least some of these ICO's could end up being scams. And when this is uncovered, ethereum will take a knock in value. But the biggest damage will be in public perception. Perhaps this is unavoidable but I do believe it is up to the community to call out the BS... 

So I ask anyone who may be reading this to always ask yourselves a few things before throwing money at an ICO. Do they already have at least some form of pre-alpha prototype that actually works? Or is it just a great idea but with no implementation? Having a great idea is not enough. Implementation and showing a willingness to prove technical expertise should be a minimum requirement for investment. Does the project have a github repo for inspection by the community? Who are the developers in the team? What are their backgrounds technically?

Ask yourself these questions the next time before throwing money at just an idea. It is up to everyone in the community to act responsibly in order for the greater vision of ethereum to come to fruition.

👍 itsjabaaa, patcher, mikser, torjusg, chitnaingoo, deanoza, munchmunch, walido, alvin.pearson, weasley

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@patcher · Jun 19 '17

Great post @deanoza, all valid points you make. I wrote something which contributes to your points as well https://steemit.com/cryptocurrency/@patcher/investing-101-5-basic-tips-for-beginners-in-cryptocurrency

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@steemitboard · Jun 24 '17

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@torjusg · Jun 19 '17 (edited)

Good points.

From an investment point of view it is usually possible to get the tokens later at a great discount compared to the ICO. Another advantage is that you then have complete control of your money for the time while you wait for the ICO to finish and the token hits an exchange. Then you don't tie up capital for a long time, which could have been working for you in the meantime.

The only ICO I have participated in was TAAS, because I knew that they would not be holding my money for very long and I could sell out at an exchange quite soon if I wanted to.

One thing I did was to disregard the higher bonus of investing earlier for waiting until it was about to close. Market share is important in terms of value and I see many coins ending up far too expensive because of excessively high investments going into it. When I was relatively sure the ICO would close cheaply enough, I went in.

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