Are ICOs just a hype?
The EOS ICO just made over 185 million dollars! And that only in 5 days. For me this raises a critical question, do people actually read the white papers of these ICOs? Or check out reddit or other platforms where people speak about the ICOs? EOS clearly stated that the tokens that will be given out after the ICO concludes HAVE NO UTILITY on the platform. No utility means very little value for the tokens. Why are people still investing in it then?
I think that there are too many newbies in cryptocurrency right now who are investing money because they think it will give them large returns. The more experienced crypto owners need to protect new members of the community. If we want blockchain and cryptocurrencies to not be seen as a scam by the widespread community but as the future technology with a huge positive potential as we know it to be, we need to spend more time informing newbies and help them get a start on the right foot!
And if there are too many ICOs were new members get scammed, ICOs of well-thought out blockchain ideas will not get enough funding as in the end all ICOs will be swept under one rug. We need to start working helping newcomers right now! What are your view points on this?
Did somebody say... ICO??
https://steemit.com/meme/@valderrama/the-life-of-a-short-trader
;)
hahah exactly :D
I think it makes the entire crypto market increasingly more risky because of diluting. There will have to be a great consolidation and merger of coins.
Or the coins that have no real value in society (which i think there are many of) will simply fail and decay. Only the ones with real use, like steem or litecoin, will stay alive.
It is the nature of technology to continuously improve. ICO will be the answer to its own problem I think. Eventually a newer better, full feature Crypto will emerge in my opinion.
Of course, as blockchain develops newer cryptos with full functionality will emerge, just a matter of time :)
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