Parody ICO Exposes Lack of Value in Current Crowdfunding Mania

When it first became clear that the internet will totally change the way the economy works, an amazing amount of hype drove the valuations of companies that offered nothing and had no revenues to incredible highs just because they were linked to the web. This in turn lead to the dotcom bubble crash, which killed off many good ideas along with the bad.

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Now, as Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology promises to completely disrupt the business world yet again, we might be seeing the same dynamic developing with ICOs (Initial Coin Offerings) - raising hundreds of millions of dollars with no product at hand. Moreover, people from the cryptocurrency community fear what they see as bringing systematic risk to the Ethereum ecosystem.

Providing a satirical look at how some ICOs are just blatant attempts at crash grabs is the new parody Useless Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term Token. The stated goal of this honest crowdfund is to buy a big-screen television for the founder, reminiscent of the infamous potato-salad kickstarter.

The founder writes: "Let's be honest—everyone's tired of ICOs. They get hyped up for weeks, and then they launch and clog up the Ethereum network for days, Coinbase goes down for a while, and then “investors” see the new tokens lose most of their “value”. This ICO is going to be different.

I learned all about Ethereum smart contracts and Solidity over a weekend so I could launch this ICO. Most of the smart contract contract code is copied from GitHub and Stack Overflow posts, so it should be pretty much right… right?

Also, I definitely didn't have any smart contract experts look at the contract before I launched it. I mean, why bother? All the other ICOs go through weeks of auditing and they still end up with bugs and vulnerabilities in their contracts."

If you are looking to invest in ICOs and want to protect your funds, try to do some due diligence and find worthy projects before sending money to people you don't know. For guidance see our recent interview: How to Keep Safe as ICO-Mania Takes Over Crypto World.