Re: Ran an ICO before? Share your stories (and read mine) here.
⭐ Merited by bones261 (2)
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Fast forward 6 months, we only raised 300K and most of the funds were spent back into marketing and market making (yes, you saw it right). Long story short, we kind of ended up where we started and now have a whitepaper to fulfil...
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Fast forward 6 months, we only raised 300K and most of the funds were spent back into marketing and market making (yes, you saw it right). Long story short, we kind of ended up where we started and now have a whitepaper to fulfil...
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Are we talking by utility tokens or security tokens here? Was ICO opened for US residents? Did you have to comply with KYC/AML regulations?
You say that you only managed to break even - have you not issued any tokens to yourselves, so you could dump later with potentially bigger gain? Have you not assigned small portion for 'bounties' (essentially free marketing)?
Have you verified any previous projects of that 'advisor'? Was he legit? I have my doubts.
1) Utility token.
2) Not open to US and China residents. We are based in Singapore so yes we did take into account KYC regulations in anticipation of Monetary Authority of Singapore (MAS) regulations.
3) The token has close of zero value at the moment. Many of the team members still hold a chunk of the token allocated to us, but no point selling so everyone is just parking it in their wallets now. Until the blockchain product is developed and the token has actual usage value, the token will stay at this price I think.
4) Yes, bounties were used. The bounty space was extremely crowded. We did get a lot of social media activities and such from the program, but all 'fake' interest.
5) Yea that's one of my biggest concern then as well. To be honest, anyone can call themselves an advisor and I think he is one of those. Again it was a desperate move, there wasn't much time to find or pay for a better ICO advisor.