Without spending much time on ICONOMI or the founding team, my high-level take is that their approach to launching an ICO is concerning.
There are two major red flags for the project:
1.) They released a white paper that's very heavy on marketing lingo and very light on technical execution
2.) They raised funding without any semblance of a product or customers
Despite my belief that this is a bad approach, they've been able to raise $6.5M in funding in 3 weeks. Firstblood.io was able to raise $5M with the same approach earlier this week.
This means either: my belief is wrong or the market demand for ICOs from the crypto community is irrational right now. What do you think?
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HEY MAN I READ THEIR WHITE PAPER ALSO AND HAD RED FLAGS ALSO IM GLAD IM NOT THE ONLY ONE!!!
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Greedy investors want to chase past returns, and good marketers know how to hook them.
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Yes, the crypto community is clearly overweighting vision and underweighting execution.
If you're an entrepreneur right now, raising $5M+ from venture capital investors generally requires $1M in annual recurring revenue. To raise $5M+ in crypto, you need a 5-page marketing pitch. It's completely out of whack and unfortunately I think there will be a lot of pain before things change.
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+1 for irrational
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