$100 Million to be used for what?
The web messaging Platform Kik recently collected more than 168,732 ETH during its ICO for the so called Kin token. Being the first mainstream company to use an ICO for funding purposes it might be seen as a huge success but what´s all the money actually meant for?
Let´s take a look at some facts first. The Kik Messenger app got roughly 300 Million Users at the very moment, while the ICO only saw a participation of 10.000 people from 117 different countries. This doesn´t sound like a big number to me to be honest...
But now let´s get to the interesting part, which includes the use of the collected money and the purpose of the Kin tokens themselves. According to the information you may find online the tokens shall actually only be used on the Kik Platform to e.g. buy in-app services, which sounds nice at the beginning but let´s be honest that´s not really some kind of innovation.
Being a Teenager using a messaging app I wouldn´t care whether it´s some cryptocurrency or any other form of credit that I have to buy with a credit card in order to get the in-app service activated. Sure it could be cool for them to send the tokens to someone else but that´s as well not really too exciting.
That all being said it raises, at least for me, the question what the $100 Million will be used for. I mean you definitely would have to hire the worst developers to spend that amount of money for the implementation of the Token into the app. Therefore this ICO is just another one that´s IMO completely overvalued for the actual purpose standing behind.
(Source 1 - Cryptocoinsnews.com)
(Source 2 - Wikipedia.com)
Join the Revolution!
@ADSactly, The Crypto Community of the Future!
Pro: the company reached a unicorn valuation of $1B 2 years ago so an investment of $100M crypto doesn't seem far fetched
Con: they only have half-baked ideas of what they might do with the coin. As a result, the ICO participants only got weak promises in exchange for their funds ... no company ownership ... no practical usage of the token ... no real chance to become a top crypto currency
Summary: I wouldn't touch it
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think that users are value and given how little users other ICO project have, this seems to be not too much money imho.
I have made an infographic on ICOs. I'd be happy if you'd take a look if I am missing something...
https://steemit.com/ico/@bitcoinblase/how-icos-work-an-infographics
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The thing is that I still don´t see $100 Million being wisely invested into the token. For me it seems like it´ll more be of internal use on the Kik Messenger Platform itself and who knows whether users will actually care about it that much. It´s still a messenger app and for everything else people are using different services. To sum it up I just don´t see why that amount of money would be necessary. IMO it´s a nice option for Kik to get some extra marketing funds and ICO Investors won´t benefit from that...
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
So if 10.000 only participated that means, each person contributed 10.000 USD on average.. that is crazy!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Well there were some major investors but I really don´t see why they´d need that much money for the things they promise. ICO´s are just so overvalued by people so that they don´t even take a look at the bigger picture anymore in the most cases.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
True I am always especially wary for ICO who don't have a maximum raising amount. It is just rediculous why companies need more than 100 million for their projects.
This just shows people are going to get burned, by these fund raisings.. It's sad
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
wooow
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think it will be more than just game tokens trading on Kik. They could build out the Kik platform into a major online trading hub and retail platform. Weibo is already heading that way. I'm not investing in this platform but I think it has potential.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thing is it´s a messenger platform. I wouldn´t do anything else with it than using it exactly for that purpose. For everything else I got other services, which are specialized in the those fields.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
This post has received a 1.50 % upvote from @booster thanks to: @steembusiness.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
They've set the goal, they've reached it. Yes, 100 million USD is absolutely huge sum of money, but why should anyone count it? You know what they say, Winners are not judged.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit