Terrible Token Tuesday — 11 ICOs That Will Be Hiding in The Bathroom During The Last Dance.

ConcourseQ.io
Sep 4, 2018 · 5 min read

Terrible Token Tuesday is a great collection of the worst ICO ideas that were reviewed by the Concourse Open Community and published on ConcourseQ.

The Concourse Open Community is also #buidling several interesting projects in the space. Check out our Discord for more on our very active community.

The Amazing Contenders:

Setoken — https://concourseq.io/Q/Setoken

Even if we took a leap of faith and disregarded the Setoken fake team, we are not really sure how the “intelligent” persons behind this ICO were planning to convince us that a team of 4 amateurs unknown in the blockchain space can take on the huge task of identity on the blockchain and compete with the likes of Uport, Civic and all that with just one dev and a never ending pre-sale & ICO that has been ongoing since March.

Inmin — https://concourseq.io/Q/Inmin

Inmin is looking for $120M. It wants to build a wallet and an app that gets people paid for the amount of hours they work. If you were looking for the rest of the project, I am sad to say this is it! More into details, the designed system is so naive that it does not account for performance, and can be gamed to incentivise people to procrastinate and eventually get paid more than people who actually get the job done faster.

Lancer Network — https://concourseq.io/Q/Lancer_Network

Lancer Network is a late comer to the on-chain jobs marketplace, aiming to challenge established competitors like Ethlance (kudos to Lancer Network for the name creativity) and Bounty0x. The projects model is so centralised that it puts “Monster Jobs” to shame, and brings nothing new to the table apart from a useless token.

OiCoin — https://concourseq.io/Q/OiCoin

OiCoin seems to be capitalising on pseudo-science to create a still not yet existing market for Osmium jewelry. It is not clear how a single unknown company in the field aims to create such a trend with the many challenges that Osmium’s physical properties (toxicity, workability) present. All in all, project has nothing to do with blockchain, and an ICO is totally irrelevant, not to mention also likely an illegal securities offering in the US.

ECOS — https://concourseq.io/Q/ECOS

ECOS want to revolutionize the supply-chain business, with just the CEO, 2 external consultants and 1 fake profile. Apart from that and the “fancy” website, the team fails to provide any MVP or evidence of development on Github, and the whitepaper does not even start the description of the tech; it just skims the surface of magical features the software they intend to build will have.

Humancoin- https://concourseq.io/Q/Humancoin

Humancoin is creating the worst platform for charities, and for the sake of all decent charitable work in the world, we decided to feature it for the week. Check it out!

New Section — Announcement!

We are the Concourse Open Community. ConcourseQ and TTT is one of our projects. We have another project call Settle, an open financial platform for Web3, blockchains and all the amazing finance projects being built on ethereum. Today we announced our Thinkathon. It has a $500 (of ETH) prize for writing a 1-pager about an app on Settle. More details here: https://medium.com/@settle_16615/announcing-the-settle-thinkathon-134242655e7d

And a quick reminder about Chromaway & others:

Chromaway — https://concourseq.io/Q/Chromaway

Chromaway seems to be constantly surrounded with drama. Project seems very scarce on documentation, and has been hyped up on investment pools for months until the huge Ian Balina and Ben Godenzy controversy, where team members were constantly denying giving huge allocations to influencers who were directly reselling for profit. Even after the outburst, the team was still insisting that there is no re-selling of tokens, while notable pool administrators were still confirming their members allocations. Who’s not telling the truth here?

Traxion — https://concourseq.io/Q/TraXion

The Traxion team is obviously attempting to do too much just to justify their token and asking for people’s funds. Why a project on Hyperledger needs a token while all of Hyperledger’s philosophy is to avoid those remains unclear, and $45M to mainly build a wallet that accepts a few tokens is even more ridiculous.

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Ufan8- https://concourseq.io/Q/Ufan8

Ufan8 is bizarrely at the same time advocating for decentralisation, while their business model is centralized and they state wanting to accept Paypal payments, while claiming to be decentralized and using the cliche narrative of “for the people” and “anyone can become a star”. And besides being unreasonable, the team’s math skills seem to be really poor as they simultaneously ask for $40M for a tiny 20% of the tokens ($200M dollars valuation) and then value the company at $1 Billion.

Wono — https://concourseq.io/Q/Wono

Wono wants to create an innovative P2P lending platform (cars, real estate,…), and their ingenious idea is to transfer all the risk to the end-user and expect for prices to be lower than their B2C counterparts. That of course will never happen, as large corporation benefit from economies of scale, and will always beat the P2P prices.

Cremit — https://concourseq.io/Q/Cremit

Cremit team lacks the basic needed experience to create a crypto bank and insurance company. In fact, the the project even fails to mention the need for licences, and whether the team has already approached regulators on this issue. Well investors do not need to panic as the team has a “Banking & Blockchain Prophet” among them, and he will magically make all those issues disappear!

Thanks!

The ConcourseQ team would like to thank everybody that helped on these DDs and all the others! If you want to join our community, meet us on our Discord: https://discord.gg/22E3YvP

Follow the ConcourseQ community on

The internet: https://concourseq.io

Twitter: https://twitter.com/concourseqio

Medium: https://medium.com/@concourseq

Discord: https://discord.gg/22E3YvP

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