GNOSIS - FARE UNA ICO A QUESTO MODO E' UNA MOSTRUOSITA'
Update on the Gnosis ICO
On May 16th I wrote a piece on Gnosis and their upcoming ICO. In that post, I wrote that I would “write down a fundamental strategy for my auction approach. This will at least contain under which circumstances I invest a predetermined amount at certain price levels. Doing so, I can hopefully prevent becoming a victim of FOMO”. Here’s a link to my old post.
In the following, I will write under what circumstances I will invest in the Gnosis ICO.
I believe that the chosen auction model is unsuitable because of the fact that unsold GNO are kept by the company. This essentially makes the whole Gnosis ICO somewhat shady.
The Gnosis team definitely knows about the hype around the project, hype around ICOs in general and the fact that many uninformed people will simply participate without having looked at the spreadsheet or the conditions.
INSOMMA L'ARTICOLO SOSTIENE CHE GLI ADVISORS DI GNOSIS E GNOSIS STESSA SONO DELLE PERSONE FURBASTRE...
It is highly likely that the Gnosis ICO will be overpriced and the team will keep an unusual high amount of tokens.
- They are financed by Consensus and close to launch. Why do they actually need outside money?
- How do I know that the Gnosis team and their ETH-whale friends don’t buy huge amounts of the ICO. This would essentially increase the overall token price, decrease the circulating supply and increase tokens kept by the team in two ways. They are buying tokens and by reaching their cap sooner, more GNO is kept by the company.
- Kraken users are able to participate in the ICO directly via the website and will be able to trade GNO directly after the ICO has ended. This will result in even more FOMO and overpricing of the ICO.
Here’s a link to the Gnosis ICO sale structure:
If I participate at all, my strategy for the ICO would be to not pay more than $1.68 for 1 GNO. This price is available after 22 days and would mean that little over 15% of GNO are kept by the company. This essentially means that I don’t participate. The crowdsale will be sold out much sooner.
I still believe in the business model. Prediction markets have a huge potential and market. Yet, the Gnosis ICO somewhat reminds me of the DAO. People could potentially loose a lot of money if the ICO ends very soon.
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