My due diligence on the Propy pre-sale
I will not be investing in the pre-sale.
I have been thinking about the Propy token sale. I really want to get a mortgage that runs a blockchain and so I have been looking at a few property-related protocols. I am incredibly confused by the Propy proposition. The sale feels rushed, the whitepaper still isn’t out, there is no code to check out, and the community around the company is in its infancy.
I believe that the great protocols will start with code, grow a community, and then ask for money. This feels like the other way round. They are starting with the money then promising to write a lot more code and pull together a community.
These observations could be unfair. I am always open to changing my mind. Here is the summary of my due diligence.
Time spent doing due diligence: around 2 hours
Number of hours they are giving people to read their white paper: 24
Questions tweeted to the Propy team: 19
Public responses to those questions on Twitter: 0
Number of bots that retweeted there response: 30+
I have read the whitepaper summary but I still do not understand the details of why they need to raise so much money.
I do not invest in things I do not understand.
If you are putting a mortgage on a blockchain. Please message me on Twitter: https://twitter.com/ricburton