Re: Crytocurrency Bounties, Airdrops, and Exchange Talk are Big Red Flags
The Article
I wrote the article linked above on Medium.com and I'm curious to hear everyones thoughts. I see so much about bounties, airdrops, and the rush to get coins/tokens listed on exchanges and see those as BIG red flags.
(Full Disclosure) The last 2 paragraphs talk specifically about our Token (Speed Shopper SSTX) and how we will operate differently from most, so if you don't want to see that part just stop before the last 2 paragraphs.
If you're feeling lazy and don't want to read it all just read 1 paragraph and I'll be glad to at least hear your opinion of that
Bounties and Airdrops are simply a way for start ups to fund their marketing efforts prior to raising capital. They are designed to motivate people to do things that help with the marketing of the coin. There is no rule that says you have to do them. If you have the money you can always just pay for advertising. There is however one other thing that they indicate to potential investors that paid advertising does not. They show that enough people believe in the project that they will be prepared to be compensated for their efforts in the coin. I had a look at your project and the one thing that stood out is that you are a one man band with no one seemingly willing to attach themselves to your project. That would for me be a red flag and I would not participate in your bounty or airdrop if you offered one.I wrote the article linked above on Medium.com and I'm curious to hear everyones thoughts. I see so much about bounties, airdrops, and the rush to get coins/tokens listed on exchanges and see those as BIG red flags.
(Full Disclosure) The last 2 paragraphs talk specifically about our Token (Speed Shopper SSTX) and how we will operate differently from most, so if you don't want to see that part just stop before the last 2 paragraphs.
If you're feeling lazy and don't want to read it all just read 1 paragraph and I'll be glad to at least hear your opinion of that
Thanks for reading my article and replying. Bounties and airdrops don't have to be bad things, however giving out tokens/coins prior to them having a practical use, then listing your token/coin on an exchange is a massive currency dump waiting to happen. Bounty hunters don't have to BELIEVE in your project. The majority of them don't BELIEVE in the projects they promote. They simply BELIEVE that they can convince others to BELIEVE in the currency and they BELIEVE that the currency will get listed on an exchange so they can dump them on others in exchange for currencies they BELIEVE actually have real value. That is what we have been seeing play out over and over again.
I have chosen to be honest about the fact that I am the only full time employee of Speed Shopper at this time, but I am no one man band. I work with a team of developers who are Independent Contractors and experts at what they do. I also have investors who have helped me fund Speed Shoppers Development up to this point. I could have asked my friends and associates to pretend to be my Employees and Advisory board to fabricate some sort of facade. You've indicated that if I had done that, you would have perceived that others are willing to "attach themselves" to my project which would somehow make our token appear more valuable to you. That is the kind of thinking that has caused so many to be scammed. You don't need to check my company for a Team and Advisors, simply check the reviews of the Speed Shopper App in Google Play and wait for the release of the updated iOS and Android app and download it for yourself to see if you like it before participating in the token crowdsale.
You should ask yourself this question.....If a company can afford to hire a big, well educated, highly talented Team and attract the attention of prestigious Advisors, then why do they need to sell tokens or coins to the to raise funds?? Also you must ask yourself why do they need so many people? The only numbers you should concern yourself with as a holder(hodler) of the token or currency are transaction(not exchange related) numbers that show use case of the currency. Speed Shopper will grow our personnel as needed, but right now we are quite efficient. I hope you will consider downloading the upgraded version of Speed Shopper to be released later this month.