On July 6 Ian Balina published a video where he was talking about dishonest ICOs doing deals behind closed doors.
“I was visiting an ICO at their offices and they had the nerve to say we want you on board as a token holder. We are willing to give you tokens at ICO price.
Six months after the ICO. Typically an ICO has a private sell, a pre-sale and a crowdsale. But some ICOs if they have no hype, if nobody is really buying, then they go to the crowdsale and funds try and come in, they are still giving them discount prices at private sell prices that expired a long time ago. Think about this right.
We had the VC space where it was really the rich got richer. Now we have the crypto and the ICO space where the average person can really transform their lives by getting into the largest transfer of wealth in human history and being a part of that.
But, now I see VCs coming into this space trying to kick out the small guy. And those VCs and hedge funds just flip those ICOs at two or three X to other funds or investors. I’m seeing that happen with projects like RSK, Ontology and HASHGRAPH.
I’m seeing so many projects not being as transparent as possible and I feel like the space needs even more transparency. It’s not really protecting the ethos of this community which was decentralizing everything and helping the average guy.
If it goes back to just being a space where only the rich get richer, I think that’s a bad look man, it’s a bad look cause that won’t really take this space mainstream.
That’s what Silicon Valley did. I don’t think we have to follow the same model as Silicon Valley. The current model was working fine, it’s just we have to really kind of add more regulation around it. Seeing all these ICOs not being honest and transparent and giving all kinds of deals to people behind the scenes I think it’s a bad look.”
In conclusion of his monologue, Balina says:
“Be careful, always do token metrics, always do your homework. When in doubt always doubt.”
