The Worst ICO Launch, Or How Not To Launch Your ICO – Ripio
The Ripio ICO – A Global peer-to-peer Credit Network based on cosigned smart contracts, has launched its ICO on 24th of October and it will last till the 7th of November. Now, the launch of ICO was out of ordinary, in fact, really bizarre and nerve-wracking.
Once the timer hit 0:00 we all knew that Ripio is about to start and we will be able to pour buckets of money into it expecting profits later on. But it didn’t happen like that – the ICO was postponed by at least 42 minutes. It doesn’t look too bad, does it? Some launches are difficult and technical difficulties are to be expected! Of course, after the announcement that Ripio is postponed, people lost their minds and broke into two separate parties – the Supporters and the Scam Prophets (Just like Bitcoin forked into some random coins). Okay, now the Scam Prophets left the ICO before it even started and the Supporters had more room to breathe and wait for the actual start.
What about communication?
Twitter, telegram, and other channels? What communication? Questions about the launch difficulties were not answered or answered very briefly – simple, emotional words “Mhm” and “Yeah” would have been a better answer than complete silence from Ripio support. The clock is ticking and… Off we go! The ICO Has Finally Started!
The beginning of a major screw up
The ICO actually starts and some of Scam Prophets come back to the scene alongside the supporters to pour in their money into this ICO. Everything looked good until the tokens were spotted on EtherDelta. What do you mean? The ICO has just started and the tokens are tradeable on EtherDelta? No way!
Yes, in fact, it really happened – the Ripio team forgot to lock up the tokens and release them for trading after the ICO has ended! Not like this! Ok, the coins on EtherDelta are worth the same ICO price, good… Why wait in line, just buy some off ETH Delta! Sure, here’s where the Ripio team steps in. “Dear Ripio Token Sale Participants, we beg you not to buy Ripio tokens from EtherDelta – this is a scam, I repeat, this is a scam!” The only problem that we saw with this was the fact that the tokens are already on the trading platform and they are worth just as much as the ICO price! Sweet! But wait… The price is diving – well, we had a great run, boys! We managed to screw up our token sale by forgetting to lock our tokens. Now they are worth less than a handful of peanuts, not to mention the starting ICO price.
This should be the lesson for all upcoming ICOs – don’t act like headless chickens and lock up your tokens, you don’t want to go in the red with your ICO!
A picture by @thelolcrypto
Today’s Reading List:
• Google Chrome Extension caught mining Monero using CPU
• Bitcoin’s Upcoming SegWit2x Fork
• Plexcoin ICO organizer held in contempt by Quebec Superior Court
• The price of Bitcoin Gold? Trader’s aren’t sure
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