Without spending much time on ICONOMI or the founding team, my high-level take is that their approach to launching an ICO is concerning.
There are two major red flags for the project:
1.) They released a white paper that's very heavy on marketing lingo and very light on technical execution
2.) They raised funding without any semblance of a product or customers
Despite my belief that this is a bad approach, they've been able to raise $6.5M in funding in 3 weeks. Firstblood.io was able to raise $5M with the same approach earlier this week.
This means either: my belief is wrong or the market demand for ICOs from the crypto community is irrational right now. What do you think?
- Follow me on Twitter
HEY MAN I READ THEIR WHITE PAPER ALSO AND HAD RED FLAGS ALSO IM GLAD IM NOT THE ONLY ONE!!!
Greedy investors want to chase past returns, and good marketers know how to hook them.
Yes, the crypto community is clearly overweighting vision and underweighting execution.
If you're an entrepreneur right now, raising $5M+ from venture capital investors generally requires $1M in annual recurring revenue. To raise $5M+ in crypto, you need a 5-page marketing pitch. It's completely out of whack and unfortunately I think there will be a lot of pain before things change.
+1 for irrational