A ne'er-do-well with a spotty credit history and a shady business running out of a communal office-share with no employees decides to attend the ICO crypto buying orgy to make himself rich quickly. He shows up at the orgy palace. There're a few bodies passed out on the floor. The sawdust on the floor is what used to be the furniture. It is mopping up the vomitus. A weary bartender is cleaning up. Our shady joneser looks around and has a puzzled look on his face. He turns to the barkeep and says "I've come for the orgy".
The barkeep replies, "Sorry, it's over. Everybody has been screwed."
I tell this story because it's true. My best friend is a medical doctor - Chief of Radiology. He checked in with me last week & asked how I was doing. I told him that I had a few blockchain projects on the go. He replied: ICO=SCAM. My friend is a sophisticated investor with a 7 figure portfolio and that's his perception of ICOs. I had to create a long missive on how I do participate in ICOs, but my primary business is enterprise, data-centric blockchains.
To make an ICO work these days, you have to target real investors, with real value in the niche that you operate. You need business substance. The other orgy is dead.
(originally appeared as a Linked In post: https://www.linkedin.com/in/ken-bodnar-57b635133/ )
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