Noun 839 pfp
Noun 839
@ccarella.eth
What was bad about ICOs? How could they be done better?
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0xen 🎩 pfp
0xen 🎩
@0xen
legality I think
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0 recast
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links 🏴 pfp
links 🏴
@links
ICOs have the same problems as unregulated IPOs - fraud, speculation, and the impact on society/financial markets. Unregulated stocks gave us The Great Depression. For every legitimate builder who could use an ICO to fundraise, there are dozens who are predatory and using FOMO to steal money. As a founder, I do think they'd be a great tool to fundraise, but to be done better we probably need to change our entire culture ;). Avoiding FOMO, not promising economic rewards, etc
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BPetes pfp
BPetes
@bpetes.eth
They threw out all the innovations that were meaningful that existed between launch and IPO and just jumped straight to IPO. I think the space has been slowly, remembering that there’s a lifecycle and a progression for a reason. But, that doesn’t mean that only accredited investors should have access and fair launch is the Meta.
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Eddie Wharton pfp
Eddie Wharton
@eddie
Rampant fraud
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vrypan |--o--| pfp
vrypan |--o--|
@vrypan.eth
ICOs were great. The only problem was regulators were going after them, so we started all these tricks with token burns and token sinks and token gamification.
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Spencer Graham 🧢 pfp
Spencer Graham 🧢
@spengrah.eth
high information asymmetry and lack of accountability to token holders resulted predictably in lots of fraud those problems are exactly what regulatory bodies like the SEC were created to deal with But we don’t need the SEC because we can solve those problems ourselves, with the foundational technology of our industry: smart contracts and DAOs
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AJ pfp
AJ
@awedjob
ICOs aren't subject to regulations - this cuts both ways as a +/- A fool and his money are soon parted People got scammed thus tainting the entire process Possible improvements: Doxxed founders and transparent process Proof of Humanity Impose limits on % bought by each person
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Kuresheee🎩 pfp
Kuresheee🎩
@kuresheee
I think it's just always seen as a rich get richer type vibe for some. However I have a coin idea that could cook and possibly bring about a new direction in this cycle.
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Greg Robinson pfp
Greg Robinson
@gregrob.eth
It seems pre-exited projects create misalignment between the buyers and the builders. If I launch a token with one vision and I have $20m of fungible value overnight, my mindset would shift. Longer term thinking? Thrill v. Chill? Wonder if node or faucet sales help with builder/buyer alignment?
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JA Westenberg pfp
JA Westenberg
@joanwestenberg.eth
memecoins are literally just ICOs with less oversight
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Mac Budkowski ᵏ pfp
Mac Budkowski ᵏ
@macbudkowski
Projects getting all money at once instead of milestone based which incentivized rug pulls
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Kaushal pfp
Kaushal
@liftlines
People raised 10s of Millions, built something rudimentary and gave up saying it’s too hard and then walked away/disappeared with quite literally 90% of the funds raised. What a missed opportunity! Would help if somehow the treasury could only be used for the project or returned if unsuccessful.
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thoughtcrimeboss pfp
thoughtcrimeboss
@thoughtcrimeboss
Well the copy and paste white papers were annoying. What was more annoying was when Justin Sun copied and pasted a white paper in 2017 and turned it into a multi billion dollar coin that is still popular to this day.
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🏰 Ξ2T pfp
🏰 Ξ2T
@earth2travis
Accountability to actually deliver was the primary problem
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Ibiwunmi 🎭🎩⚡🍄🔵🤡 pfp
Ibiwunmi 🎭🎩⚡🍄🔵🤡
@adunnithoms1893
This is because , investors are not sure of profits for their invested cryptocurrency and issuer is also not sure about the success of his ICO. You could - Evaluate the real possibility and necessity of launching an ICO. ... - Decide on the Main Markets and Suitable Legal Jurisdiction. ... - Choosing the right ICO Launch Platform. ... Etc
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comm intern pfp
comm intern
@comm.eth
ICOs were gamed by their creators and people lost a lot of money in scams
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Brais.eth pfp
Brais.eth
@chi
In my opinion, ICOs were a powerful tool for their time. I experienced them as a revolution, and while now we tend to focus on the worst human aspects—the speculative race and making millions with just a pitch deck—we can’t forget that Ethereum, for example, emerged from an ICO. There are retrospective docs about Ethereum ICO moment that I think answers your question. What are we doing wrong as a Web3 society to undermine the very principles we preach? It’s inevitable that with any radical change, like in funding models, exploitative quick-win approaches will emerge almost instantly. I have nothing to say to those who sell a 200M ppt to a avid investors... On a smaller scale, ICOs, memecoins, and sooner than later agents of questionable utility… they all have a role to play, and each has its moment.
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Breck Yunits pfp
Breck Yunits
@breck
No backroom deals. Backroom deals is the worst part about all these fucking meme coins. Launch a meme coin and get primate DMs looking to coordinate on the pump. I hate all fucking meme coins because almost all of them are pumped on private group chats.
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🎀 sonya (in theory) 🐰 pfp
🎀 sonya (in theory) 🐰
@sonyasupposedly
leaving aside the regulatory issues, getting a bunch of money before delivering any product is a bad incentive structure. you see this with startups that raise too much money the conventional way as well
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