In June 2017, fundraising for blockchain startups via so-called initial coin offerings, or ICOs, exploded to over $450 million and has since stayed there, on average.
The crypto space is new and unregulated, so collecting funds from retail investors via direct contributions is fast, easy, and profitable. Whenever money comes in these three flavors, scams are an immediate side effect.
Websites, white papers and roadmaps can be pulled out of thin air, so many have. Confido, Prodeum and LoopX are just a few of the projects that disappeared with millions of people’s dollars and even legit projects, like Tezos, can get stuck in frozen funds hell.
But the most interesting ICO of 2017 was neither a scam, nor did it promise a great future.
In fact, it was a completely useless project. Literally.
The Value Of Radical Honesty
Right around the time ICO funding peaked to its new all time high, an innocuous looking website was submitted to a cryptocurrency subreddit. Useless…
