Those of you that follow us on Twitter or Telegram may already know how to spot a failing ICO but we were asked to add the details here and in the general Cryptocurrency sub Reddit. It’s widely accepted that most altcoins will ultimately fail. Some ICOs were outright scams, others were simply ill-conceived and others are years away from providing a return for their investors. Let’s get started with the 12 ways to spot a failing ICO:
- Lack of direct contact between Founders and community
- Reluctance to discuss the project in social media channels that they don’t have full control over i.e. constantly shot down in general Crypto sub-Reddit threads.
- Banning critical thinking from their social media channels i.e. removing posts and banning users if they are not 100% positive towards the project
- Arranging for individuals to be blocked from posting in ANY public Telegram groups
- Arranging for individuals to be shadow blocked on Twitter
- Supporting known bad actors in the ecosystem like Rhizome to promote the project
- Token moon boys and P-Rep stooges try to discredit articles and videos of known influencers
- Failure to build anything meaningful since ICO launch
- Producing fake news to promote the project
- Founders with a lack of integrity
- Making the mistake of thinking everyone is in crypto for the money
- Disrespecting the community that pays their salary every month
Have you spotted the ICO you invested in from the red flags above? Should you continue to hold altcoins like ICX, XRP and TRX? If 99% of altcoins are destined to fail then it’s unlikely you have picked a winner and it’s probably time to look at another blockchain project.
A few weeks earlier ICX whale Dr Ben Lee was asked by Michael Gu of BoxMining what level of transactions he hoped to achieve in the next 5 years. His answer “we are aiming for something like 500 TPS but it’s really hard to get“.
Please add your comments about the ICO you invested in or the altcoin you bought that you think might be failing. If the Founders of the associated tokens read your comments they will have the opportunity to prove without any doubt that they are not a failing ICO.