Top 7 Common ICO Myths

dr.Gachet

dr.Gachet

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Jun 18, 2018
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As a relatively new phenomenon an ICO is full of myths and misconception which are usually spread by 'big names' of the crypto industry with the only goal to push their agenda. Here is a list of the most popular ICO myths.

Most Blockchain ICOs are a Scam

What is a scam? Scam is a fraudulent scheme performed by a dishonest individual, group, or company in an attempt obtain money or something else of value.
The most frequent an ICO that does not fulfill its promises is not a scam — much more often it is just a bad business.

Of course, from the investor's point of view, the difference is not great money is lost in both cases. Nevertheless, from the legal point of view, there is nothing illegal in the fact that a business has failed. Moreover, most startups tend to be failed — it is not easy to succeed in business.


Common ICO Myths1.jpg


So, if you have lost money on ICO token sales, there is no sense to blame the ICO founders in your failure — you should use this experience to avoid such mistakes in the future.

ICO glut

Lots of blockchain enthusiasts are screaming unison that there are too many ICOs -- in their opinion, many companies should not do ICOs.
But, come on, is ICO the privilege of a few? Anyone has the right to do an ICO. Sure not everyone will succeed, but they are still allowed to do it.

An ICO Advisor who Advises too Many ICOs is a Bad Advisor

It seems that ICO industry is the only industry in the world, in which it is bad to have a big client portfolio. Have you ever heard someone says "I wil not go to this doctor as he have treated too many patients," or "He has advised 50 different companies, it's better to stay away from him"?

Where did this stupid idea come from? The only way to become a professional is to do it again and again, because the experience is proportional to the amount of time spent on doing something. Of course, there are bad ICO advisors. But, as a rule, they are usually the ones who worked only with a couple of projects and don't have enough experience.

ICO Conducting is Very Expensive

Of course, it's expensive, but it's tens, not hundreds of thousands of dollars. Creation of a smart contract does not cost a hundred thousand dollars. ICO still remains a cheap fundraising method compared to the traditional seed investment round.


Top 7 Common ICO Myths2.jpg


In addition, there is also large difference in marketing cost. During ICOs, some companies waste tens of thousands of dollars for listing on ICO websites, although the same amounts of quality traffic can be bought for much less sum of money.

ICOs to Die or be Restricted Soon

In this sense ICO is similar to bitcoin, which has already died 288 times, but still is stronger than ever before. ICO will not die, and they can not be banned, as it is impossible to prohibit crypto currencies in general — that’s why they are so powerful. When bitcoin replaces fiat money, ICO will replace traditional investment mechanisms. However, 90% of current ICO tokens will become useless and worthless throughout the year — only the best ones will survive, those who have managed to offer something useful for consumers.

You Should Exclude Investors from USA, China, South Korea, Singapore etc.

If you are not a citizen or a resident of these countries, and your company for which ICO is conducted is not registered there, you don’t need to obey the laws of these countries -- you only need to obey the laws of the country where your business operates from.

By excluding the United States, you will lose 25% of possible investors and by excluding all of those countries the amount will be closer to 40%. Do not take short-sighted decisions out of fear.

KYC and AML are Required

There are no ICO legislation in most countries and if you launch your ICO company in these jurisdictions you are not obligated to do KYC or AML. Doing KYC or AML voluntarily has absolutely no benefit and may even scare some investors as they would not want to share their private information.

In addition, doing a KYC and AML procedures is the only way to get caught if you happen to take investments from restricted countries. Otherwise there is just no proof that you ever accepted any investments from those countries as blockchain transactions are anonymous and cannot be traced to a specific person.

You should do KYC and AML only if it’s mandatory by the jurisdiction where you ICO company is found, but wiser option of course is your legal entity migrating to tax haven.

If you look closely, all ICO myths work to reduce the number of ICOs and establish barriers to entry. This is the only reason for the spread of such rumors. Some people try to limit the number of market participants, so that their enterprises get more money.
 
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