One of the more interesting ICOs coming up in the next day or so is the Everex (EVX) ICO.
It's basically going to offer payday loans to the entire world, create a new currency called Cryptocash, has already a few other established products in the market and has an app ready to go.
Brilliant!
But what will I get if I end up with a truck load of EVX? Will it be time to pre-order next year's Mercedes Benz?
From the FAQS, the explanation of what EVX gets you is:
"EVX is the Everex CROWDSALE token to raise funds, bring returns to investors, and to further develop business and marketing. Funds will be spent on building technology and business infrastructure for cross-border microlending, remittances, p2p payments, and currency exchange, along with licensing blockchain payment technology to financial institutions. EVX token gives the right to receive up to 20% profits to investors by quarterly buybacks.
In addition investors may use EVX token as collateral to receive low interest loan in any available cryptocash currency of their choice by sending EVX tokens to EVXLEND smart contract. Once received, smart contract will send cryptocash to the borrower and keep EVX in escrow wallet. In case of loan default, token collateral will be sold on a market and profit assign to the next buy back event."
So 20% APR...
It all sounds great, but.....
That's right....constellation background alert....here we go again....
Every time you see that background, your due diligence requirements should automatically increase by 100%.
Another thing that gets me is that this is clearly going to be targeted by large investor groups and potentially be difficult to get into for even a single token. (I give it 5 minutes before all tokens are sold....seriously!...)
Putting aside these cheap jokes and petty intuition, it does look appealing.
I'd love to hear anyone else's thoughts on this one?
Please comment below if you'd like to discuss more.
One last thing. I have to mention that Steemit user @o-0 has created an awesome summary on this ICO (complete with ICO rating). I think it's only fair that I point out you can get some actual data based information instead of subjective ramblings.
Link to @o-0 review: https://steemit.com/bitcoin/@o-0/what-you-need-to-know-about-the-everex-ico
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://www.everex.io/tse-faq
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Did you just copy & paste ?
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for what? The part where I said what the FAQs said and put quotation marks? Yes. The rest I wrote from what I was thinking about it.
I know consensus is that you buy some EVX or other token and in 2 years it'll be worth $5,000 a token, but I guess my question is, what is the real value if that doesn't happen?
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Probably real value is zero or the amount they are going to raise lol. Are you going to buy in ?
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I'm very tempted as I see an opportunity.
I'm looking at it like this: is now the time to trade in my BTC or ETH for this? Both currently hold a lot of value with EVX having just the following in its favour:
• Limited supply
• 20% interest opportunity (no guarantees)
• Potential uplift when the token hits the exchanges or later down the line
I actually think the concept will work and the technology already being there helps, but I think I'm going to sleep on it tonight and reassess just before the ICO opens.
I'll update on the thread tomorrow after I make the call.
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Update: I have decided that I cannot part with my ETH or BTC right now. I'm invested in a few different projects right now and although this one is interesting, I just can't justify it at the moment for a potential 20% ROI.
Best of luck to EVX and those that buy in. It is a great idea from a great group, so no doubt it will do well.
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Seems I wasn't the only one that lost interest in this ICO!
Great concept, but just seems too good to be true (and a bit idealistic)
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Just an update, the project is live and the tokens have been distributed to the owners.
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