Post by billyblockchain on Oct 29, 2017 0:09:45 GMT
Having had the chance to track the development of the crowd funding of blockchain projects using "ICO's" since MasterCoin, it is certainly interesting to see it's evolution.
Recently an article talked about how ICO's are toxic, although maybe it didn't go far enough.
Given the state of blockchain technology's still inconsistent conventions and more hype than accurate information, it may be safe to say the ICO's are toxic in several ways:
Mostly these projects are run by "first timers", who's extent of knowledge related to blockchain boils down to some youtoob videos and a few articles on Bloomberg/Coindesk. Of course this is to their sever disadvantage, as can be seen by the ruins of many blockchain projects that lie strewn about. It seems eerily disconcerting that so many wannabes keep chasing the "Ripple model" in an never ceasing effort to be a denominating value measure without any attached value.
While certainly there is no necessary moral judgement that can be levied against the ignorant driven by their greed, the noise is a nice distraction for the rest of us doing the actual work, however at a certain point the market must be informed of the risks, or risk the consequences.
I've got my popcorn for the "bust" ready.
Recently an article talked about how ICO's are toxic, although maybe it didn't go far enough.
Given the state of blockchain technology's still inconsistent conventions and more hype than accurate information, it may be safe to say the ICO's are toxic in several ways:
- Technology Toxicity: The technical innovation offered by most newer ICO's is negligable, and mostly devolves into a walled-garden platform to force transactions in their tokens.
- Community Toxicity: Not Decentralized: The VAST majority of all tokens in these offerings have no decentralized distribution, and are usually arbitrarily awarded and centrally issued.
- Asset Toxicity: There is no value, utility, or core function enabled or necessitated by an ERC20 token, which is the extent of most of the technology concepts behind the ICO's
Mostly these projects are run by "first timers", who's extent of knowledge related to blockchain boils down to some youtoob videos and a few articles on Bloomberg/Coindesk. Of course this is to their sever disadvantage, as can be seen by the ruins of many blockchain projects that lie strewn about. It seems eerily disconcerting that so many wannabes keep chasing the "Ripple model" in an never ceasing effort to be a denominating value measure without any attached value.
While certainly there is no necessary moral judgement that can be levied against the ignorant driven by their greed, the noise is a nice distraction for the rest of us doing the actual work, however at a certain point the market must be informed of the risks, or risk the consequences.
I've got my popcorn for the "bust" ready.
