From rags to riches 7: Red Pulse ICO

This is a part of my blog for my journey from £300 to £60000 through cryptocurrency investments. For an introduction take a look here

Another week another update regarding my ICO investments. So yesterday I managed to participate in the Red Pulse ICO which was delayed cause of all the developments in China last month.

I got a bit more than what I was initially planning to 10400 Red Pulse tokens for a price of £0,02001682 per token. I was lucky cause I bought some NEO right around when the market was recovering from the crash last month when the price was around £17. Yesterday the price was around £24 so I had a nice 40% gain which I used to buy more Red Pulse tokens.

The sale had a KYC whitelist that people had to register about a month before and the tokens were sold in two phases. In the first phase, registered participants could buy coins up to the value of 27 NEO. After the first-hour people could buy up to 1.352 NEO. The first phase went quite smoothly and I had no problem buying my tokens since I was buying a small amount worth only 8 NEO.

The second phase though was a bit of a disaster since the team didn’t communicate well that the sale will start on a particular block and not based on time. So when the first hour passed people started immediately sending money to buy up to the new limit. The correct block though hadn’t been minted yet so for the first two minutes people’s contribution got rejected. There was no instant refund process which basically meant that the willing buyers couldn’t correct their mistake and their funds are locked until they get a refund from the Red Pulse team. The Red Pulse team promised that they will process all refunds this week but still a lot of people got angry because of the whole issue, with the team’s subreddit getting full of complaints.

As I said the above incident didn’t affect me much so at the moment I am just waiting for RPX tokens to be listed on an exchange which according to the team's announcement will be pretty soon.

In terms of my previous holdings, nothing exciting happened last week. The Cindicator tokens are still frozen and they are going to be listed on 12th of October so I am waiting for that.

No actual change on the Blackmoon Coins front either rather than that the buyback protection has been activated and the price has stabilized at $0.80 per coin. They buyback protection is a good initiative from the people behind Blackmoon that uses a portion of the money that they made from the crowdsale to buyback any token at the price of $0.8. This means that people that bought during the ICO are losing around 20% but it is still a good deal for anyone that wants an early exit. I don’t expect the BMC price to jump anytime soon and I don’t plan to sell at a loss so for the time being I am holding which means that these funds are not gonna be used to buy into a new ICO anytime soon.

At the moment I am looking at my future ICO targets. Two ICOs that I am looking at are ICON and Ripio but I will post something when I will finish my research.

Disclaimer: I do not provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor.