Thread by @MyCrypto

1/ Alright kids, let's talk real for a second about crypto companies and $$$ and 2017's ICO-madness. 😡

2/ For the last year+, y'all have been throwing—literally THROWING—money at projects, fancy white papers, or fancy ideas, with very little code or no code.

3/ To be clear: I cannot think of one ICO that had a functioning product with users when they asked for your money. 😑

Yet they got your money. Some of you invested because you believed in the project or team, but most invested hoping to make a quick buck flipping the token.

4/ Now, after spending the entire bull market throwing money at this shit, what do we have to show for it? ❓❓❓

Which projects have actually delivered on their fantastical whitepapers?
Which projects are even still around?
Which ones have code?

5/ This is why the market is down. You #FOMO'd so fucking hard and invested in projects where more time was spent on the promises and the marketing websites than the actual product. You let the hype get to you when they were purely hype without any real work. 🤦‍♀️

6/ So here we are. Surprise surprise. And, while the above irks me, what’s *really* shitty is when a working product with an active user-base like @peepethApp is trying to raise reasonable amounts of money without artificially creating hype, and you are nowhere to be found. 😒

7/ Perhaps it's because they have no token. That's bonkers. 1) They didn't add a fake token for the sake of an ICO. That's a good thing! 2) Rising tides lift all boats. Coins (like ETH) are more valuable when the network has use.

There's your ROI, bitches.🙄

8/ @peepethApp is a working product. As in, you can literally go use it right now. It ships new features daily. It has an active user-base. It has purchased 1445 mosquito nets. It's built with scalability in mind & doesn't clog the chain or make you pay for every interaction! 😱

9/ And @peepethApp is trying to raise a whopping 1000 ETH (~$240,000 USD) to cover the costs of continuing the development of their product. You know…that elusive working product that didn't ask for money before delivering something valuable.

10/ That is ~1/500th what Status & Bancor raised before having a working product (although, strong teams & maybe-this-will-actually-be-built fundamentals).

That is ~1/50th of what *thousands* of ICO's raised on worthless whitepapers (who are now empty githubs & blogs).

11/ The lesson from the 2017 ICO shitstorm isn't "decentralized crowdfunding should die" or "don't give anyone money."

12/12 The lesson from the 2017 ICO madness is "be more mindful of the things you invest in." 👩‍🏫

Support products that actually exist. Things that use the blockchain to improve the blockchain world & the rest of the world.

Things like @peepethApp.

peepeth.com/a/crowdfunding