Initial Coin Offering (ICO) has contributed more than anything to the crypto community. The major utility of crypto today remains in the ICO. Many groundbreaking ideas came into the existence via ICOs. The number of new projects is on the rise investors are getting a range of options to choose from which basically confuses them. The charm is almost lost with all the scams happening on a massive scale. The number of projects is still small and for the industry to flourish we need more of them. A real idea to solve real problems is the need. Hype and FOMO should never overshadow the potential of this amazing technology.
Crypto has transformed the world yet still struggling to break into the mainstream. All the big players are pushing adoption to the next level but no significant effort can be seen in the ICO market. This will hurt the industry as people interested in crypto will be discouraged. The real scam happening in crypto is on the ICO, thus a major reform is a need. The scale of the scam is beyond anyone’s imagination and the figure is scary.
The world has seen projects like Ethereum rise from ICO to a top crypto project in just four years of time. The real value of crypto still lies in ICO projects. But there are many hurdles for any developer to get overcome. Investors have become intolerant as there is a range of projects available to invest in and are looking for a quick profit. Observing the market closely since the inception of ICO James Austin found a new trading pattern in small-cap projects and the ICO markets which he termed “ICO trading”. ICO traders are people who invest in ICO and sell as soon as the project gets launched on DEX, for a little amount of profit. Anyone investing around 20 BNB could become a big whale in small projects. Eventually, when that big whale decides to exit the market and sells his tokens, the price crashes, resulting in panic selling from the smallholders. Thus the project dies, it does not matter how great the idea is or how dedicated the team is after a huge crash they can never recover and ideas die even before the start.
Innovative minds that could solve problems and take this industry to the next level are now involved in scams. ICO Gem Hunters talked with some of the developers involved in scams and their story was horrifying, “market has turned us evil, we never entered the market thinking that we would be a scammer but we did it just for survival”. On the other hand, investors are losing their funds, some even lost all their savings. Crypto was supposed to be a community where investors and developers come together to solve a problem, but in reality, there is an ongoing conflict between them to sell first.
ICO Gem Hunters is a community that acknowledges the story of both sides. Our aim is to contribute to the crypto community and help the legit project and ideas get attention. We’re working closely working with the big players to bring some changes in the industry. Crypto should never be used as a tool to scam, this is the future and we need more creative ideas and projects to contribute to society. “If the crypto community ignores the ICO market then it’s not possible for the mass adoption” – James Austin.
