ICO Detox Part 1 — Failed Promises and Abundant Deception
Does this look like a project you invested in last year ? Or did they even get that far ? You have to wonder how some of these so called “companies” ended up with that final 1/3 of the horse, even with millions of dollars they collected. It’s nothing short of embarrassing and also extremely unethical.
Time to insert the ‘ Don’t Judge a Book by its Cover ’ line.
I’m sure you have ( if not, you will soon ) heard about the Netflix documentary about the Fyre Festival. In short, it was promoted as an island getaway music festival with top acts, yachts, and supermodels, too. The promoters did exotic commercials of this private island, with supermodels, music stars, and a feeling of an exclusive event that was worthy of the price tag. They brought in millions of dollars from ticket sales. On the outside, it sure looked like a once-in-a-lifetime experience. And it all fell apart with thousands of guests on the way that had already paid anywhere from $1,500 to 250K.
But the harsh reality was that the attendees ended up on a different island, sleeping in tents instead of villas, and were fed cheese sandwiches. And that is only the beginning of the catastrophic failure that ensued by the poor planning and lack of accountability from the festival’s leadership. If you haven’t seen this documentary, please find time to watch it. The correlation to this event and ICOs that failed to deliver promises is glaringly obvious — make everything look pretty, raise money, then deliver a horrible product, if at all.
The tactics used by previous ICOs are downright pathetic
Creating a sense of hype by paying for fake followers is nothing new, and most people don’t even realize it. If you go to a project’s Twitter or Telgram, and they look like this below, it means they were paying small amounts of money to someone on Fiverr or similar to add fake accounts to their groups to create the illusion that there is much more interest than there actually is. And you have to ask yourself this very tough question- If they are willing to add fake followers to deceive investors, what else are they willing to do ?
4 out of 9 on this page alone are fake accounts made to boost numbers.
Telegram is just as bad, if not worse.
It’s easy to spot these tactics, and tons of projects have done it. But why ? Well, the answer is simple. They want to create a feeling of hype to raise money because that’s all they have — superficial things. They don’t have a product to show, let alone even an MVP. It’s all just deception and illusion.
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