The entire purpose of an ICO is lost and it became a popularity contest. The ICO market works like a pageant contest where models can not only bribe the judges but can also buy the press.
So here is one of our contestants, Miss ICO Becky. Becky runs on a very ambitious platform called “Save the Whales”. Becky doesn’t have a glimpse of a product but she has a plan, a vision or, like some of you would call it, a Whitepaper. In her paper, Becky is 100% sure that she can save the whales by selling the dolphins.
A decentralized ocean needs less dolphins in order to have more whales, Becky pleads.
She doesn’t have a solution on how to catch and to whom to sell the dolphins but she is certain that she can write the code for it! So she creates a Sell The Dolphins token (STD) and claims that if people start buying it not only will she be able to save the whales but the value of the token will go to the moon as more and more people will be fascinated by her solution.
Becky has some money in her pocket and wastes no time. Right from the beginning she buys Telegram members and articles in the newspaper.
People hear about her and already are intrigued: Are these just fairytales, saving with STD the Whales?
Looking for other opportunities to promote herself she finds out that the market has something called Miss ICO trackers and wants in. But she notices that a lot of other models are already listed there. She soon realizes that she can just pay the trackers and she will be the shiniest of them all without anyone questioning the legitimacy of her product.
People start to rumble louder:
This is getting real, but we need to hear from experts is her STD really a good deal?
Our beautiful Miss Becky has now another challenge, she has to face the judges so she goes in front of the BENCH. These guys are all experts, tremendous in their fields but most can't tell the difference between a dolphin and a deer. So they focus on the looks and Miss Becky looks just fine but one judge tells her how things go here by:
-You want to Save the Whales, that’s a good idea but need more pretty faces to make it in this field
-More pretty faces? Am I not enough?.
-Of course you’re not my dear and we will rank you bad if none of us are near.
These judges have no problem in offering their services, they just ask for money and they can even bring more friends on the panel to get her rating higher.
Becky stops a second and then starts to think; I can just bring these judges as members of my team. Miss Becky buys these advisors’ services so her rating rises and she is a top deal.
People now are almost screaming: Is her STD the best? Should I get in before the rest?
Now Miss ICO Becky is famous and her STD is spreading everywhere.
Some Youtubers catch it and immediately jump in actions: Becky is beautiful-check, Has Great Advisors check; A lot of telegram members-check; Huge growing potential-check;
Judging with their excels, they spread it even faster.
Miss Becky loves the new attention and so another thought breeds:
Why should any schmuck just get my STD?
So she starts a private sale and people nuts are going:
We must buy it now, soon the doors are closing.
With the new cash earned Becky can now spread her STD everywhere.
People buy it without a second thought: Her STD must be the best I should buy it fast!
Miss Becky has earned millions selling her idea and investors are all happy that they made a profit deal.
One year passes and Whales still have all the problems but Becky is already part of another deal. This time she is supporting Miss Pegg’s project with all her strength. She wants to save the snails by creating an Artificial Intelligence for Decentralized Snails. This will spread much faster as Becky is now well known and has more cash to grease the wheels.
All investors love her: She previously made us profit! She has experience in the field! And jump on the new idea.
They don't question why, sweet Becky has the time, to be in other projects when her first has yet to meet any deadline.
But let's all picture something, two-three years from now, what will happen when, it will be revealed that Becky’s code will never actually be here. That Becky spent most of their money on marketing, advisors, overpaid deals and so did Pegg, Martha and Bonnie.
Investors need to know that no matter how fast they traded Becky’s token or how high their short term profits were, they will always have her STD in mind. They move their funds from one Miss to another, using Becky as the success ICO standard. So the pattern is now set and they are looking for more profits but they don’t know that once Becky’s plan fails so will the market, like a domino. They will lose all their investments trapped in shiny, glowy Misses.
The sad thing here is there were always developers that knew the STD was bad. But they chose to stay silent for no apparent reason. Or maybe they just feel that they have no voice and are not listened to. Developers should be the best advisors in this field.
So I urge the Devs and honest people ! Speak up! Join us and let’s be the ones that set the ICO Standard! Let’s break the vicious circle and save millions!
