These were some of the headlines running in the mainstream media following the resurgence of the cryptocurrency markets. An article by Sebastian Sinclair in Coinbase picked out some choice commentary from the titles above down to ‘it is only an April Fool’s joke.’ How we wish they would start commenting sensibly on this sector. We don’t want mainstream media to shill the projects but we would like some rational commentary please.
Of course, in the demise of ICOs and the shaky entry of STOs, now IEOs are giving folks a run for their money. Backed by exchanges, the first of course being Binance, now others are following suit. This includes Bittrex that ran an IEO for Veriblock and which sold out in 10.4 seconds. Yes, you read that right. There were 855 purchasers with 142 managing to buy maximum allocations ($20,000).
Of course the speed of sale raises all sorts of accusations of rigging the system. It is a bit like the case of top music bands putting their tickets on sale and selling out in minutes, while a secondary market of much inflated priced tickets emerges hours later. Despite restrictions, this happens on a regular basis with bot farms often blamed. Here in Ireland, legislation has been brought in to combat secondary entertainment sales, but IEOs are still proving problematic – even as they grow in popularity.
Binance is testing a new system in advance of its next IEO for Matic Network. Rather than a first come first served allocation of tokens, sales will be based on a lottery system. People wanting to participate need to hold BNB (Binance’s coin) for 20 days before, thus increasing demand for BNB. They need to hold a minimum of $900’s worth of BNB. And each account will only be allowed to purchase 5 tickets.
So fake news or not fake news watch IEOs grow in popularity.
This week Morgan Pierce joins me on the Crypto Divas after almost a year’s absence. She’ll tell you what she was up to and has some very strong insights into the corporate side of cryptocurrency.
Finally, the two best bits of news this week for me are guaranteed to put a smile on your face. The first was a meme of Satoshi quoted as saying – ‘I’m not Craig S Wright!”
And the other was that for a brief time Elon Musk was CEO of Dogecoin. I am very jealous. On his CV is now ‘Former CEO of Dogecoin’ Just goes to show that even in Crypto you can have your 30 minutes of fame.