ICO Scams: How to create one in 5 simple steps
Right, so you want to buy a house, get a fancy car and finally go on that holiday you’ve been dreaming of for a while. While daydreaming of a jetset lifestyle, you stumbled upon the news that ICOs have raised over $5.6 billion last year and saw that most projects that did an ICO got their funds in just a matter of weeks. This all let you to the question “How can I launch an ICO myself?”.
Let us guide you through 6 simple steps to organize an ICO scam:
1. Believe in yourself
First things first: truly believe in yourself and your million dollar idea* that’s worth a Nobel prize.
*If you don’t have that million dollar idea yet, just look for other upcoming ICOs and copy their idea.
Enthusiasm is contagious and being confident about your idea will make it easier to convince others. So definitely hold that pep-talk in front of the mirror!
2. Attractive landing page
Once you’re convinced about your idea, it’s time to prepare a website so the world can find your idea. Great ideas attract lots of people, so this means that you don’t need to look for them.
Wordpress is an amazing resource, just get a fancy template with lots of special effects and animation.
3. Copy and paste, my friend, copy and paste
This is THE golden rule. It’s an absolute winner: just copy and paste anything to then use it for your own ICO.
Need a Whitepaper? Copy and paste it from 3 big ICOs, to than adapt a couple of words and change it to your brand, and voilà, a perfect whitepaper ready to take over the ICO world.
4. Awesome Team of Superheroes & Advisors
As you may have noticed, ICOs have their own team but also count with a board of advisors. You’ll need to have this in mind before you share your awesome landing page and whitepaper, since you’ll need to include these figures in it.
You wonder how to get an awesome team for your ICO? Well, you could opt for your super talented self:
If you don’t want to hire yourself, I can give you a recommendation of a very useful HR-resource, where you can find plenty of team members: https://www.gettyimages.es/ ;).
Try to find a senior profile, look for “businessman”. Than look for a more tech figure, search for “nerd” or “computer freak”. (PD: Adding a girl to your team (Marketing) will do good too).
You’ll also need some advisors on your team. You can find them on gettyimages.com as well. But our pro-tip is to also add some famous ones, like Vitalik Buterin, everyone knows him and this will add a lot of credibility to your project.
In case you don’t know who Vitalik Buterin is, here is a picture of him:
5. Alpha, beta, demo,…: Does anyone even know what that means?
Who needs an alpha, beta, demo version when you have an idea worth a Nobel prize? And besides that, probably nobody ever even takes a look at it, the ICO market is all based upon speculation. Investors don’t really care about the project.
Another thing that will make your ICO look even more attractive is saying that you’ve already raised millions in your Pre-ICO, reaching your softcap. Very convincing argument.
Ok, enough jokes, sad to say this bad practice actually happens within the ICO ecosystem. Although we’re laughing about it in this article, it’s a serious issue that needs a solution.
ICOs have a lot of potential as a fundraising mechanism, but there is an increasing need for ICO governance and regulation to make the ecosystem safer and more secure.
That is why we have developed the Coin Governance System (CGS), an on-chain coordination mechanism that decentralizes the most conflictive part of an ICO: the management of the raised funds.
Through the Coin Governance System, a series of smart contracts will hold the funds raised in the ICO in escrow. Those funds will be released to the ICO launcher over a period of time. However, if the ICO token holders lose faith in the project, they can submit a claim on the CGS.
When the claim receives enough support from other ICO token holders, it will be handled by the community of CGS arbiters, who are incentivized to vote correctly. The outcome of the claim could enable ICO token holders to withdraw the funds remaining in escrow.
Let us know your feedback on the Coin Governance System on Telegram: https://t.me/coingovernancesystem
Official CGS channels:
Light paper: https://cgs.vote/wp-content/uploads/2018/03/CGS-light-paper_032018.pdf