CEO Wells Fargo Call Bitcoin

For a while, I’ve been fascinated by the idea whether you can get rich by launching an ICO? In general, I’ve always thought that launching an ICO is a guaranteed way to become rich. However, there’s a lot more to it than just coming up with an idea, running an ICO and getting people to invest in your project. In this post, I want to dive deeper into this subject by looking at some examples and just throwing some ideas around. Stick with me, I hope I don’t ramble on too much. An example of someone who became rich from an ICO This should not be confused with investing in an ICO. Here I’m specifically talking about someone wanting to start a business that uses a blockchain and token model to generate funds. Project: KARMA (EOS based dapp) Founder: Dallas Rushing Token supply: 9,469,148,945 Tokens given to team members: 2,840,744,683 (30%) Tokens earned by each team member: 473 457 447(this is with the assumption that the 30% supply gets divided equally between 6 team members, which I’m almost 100% sure is not true, but let’s keep it simple) Token value for each team member: $297 804 (currently KARMA tokens are being traded at $0.000629 each) Token value for each team member at all time high values: $721 075 (1 KARMA = $0.001523) Things to keep in mind with this estimation This is but one example of an ICO project. With EOS ICOs projects tend to be different as airdrops are used instead of the original crowdfunding initial coin offering method. Also, we’re in the middle of a bear market and this app has not even launched yet. I made the estimations in dollar value. It doesn’t mean that he has the money in his bank account. He owns the tokens and can sell them off course to get the money, that’s if there is enough demand for it. So, as you can see, at a very low estimate, Dallas has made almost $300 000 right now in token value with his KARMA app project. At an all-time high, it was worth more than double that. It’s not bad. In reality, it’s great and for some can be a life-changing amount of money. I could personally do a lot with almost 1 million dollars. However, I’m sure there are lots of hidden costs and additional funds needed to run this business model. More examples Other names that come to mind of those who’ve launched successful ICO projects and made millions include the likes of Vitalik Buterin and Dan Larimer. Just do a quick Google search for something like “Vitalik Buterin net worth” or “how much ETH does Vitalik Buterin have” and you’ll be amazed. Some sources say (this is from 2017) that Vitalik has 520 000 ETH. At current $200/ETH levels this sits him in the $100 million range which is absolutely crazy! For Dan Larimer, it’s estimated that his net worth is around $600 – $800 million. So, can you get rich by launching an ICO? Definitely! However, don’t be fooled. Unless you’re someone with bad or no moral integrity and want to launch a project just to scam people, you’re in for a bad trip. Successfully launching a crypto project takes lots of skills, ideas, planning, teamwork, connections, funds and time. If Dallas’ KARMA project becomes a success, who knows what each token could be worth. They could just as well surpass all-time high status and double which in return would make him a crypto millionaire. That’s a lot better then the option of selling all his tokens now for a mere $300 000 if that’s even possible (enough demand). What are your thoughts? Would you ever want to launch an ICO with hopes of becoming rich? Many did so in 2017 and made it big. Some are still trying in 2018 but struggling with the bear market. The more successful a project, the more you’ll be worth. Lots to think about.

The list of world bankers who criticized Bitcoin increased. The latest, Wells Fargo former Chairman and CEO Dick Kovacevich who called Bitcoin a form of fraud.

"I think it's a pyramid scheme, it doesn't make sense, I'm surprised that Bitcoin prices are no lower," he told CNBC, Tuesday (01/16/2018).

Before Dick, there was Jamie Dimon Chairman and CEO of J.P. Morgan Chase who opposes Bitcoin transactions. According to him Bitcoin is fraud. But then he pulled his words.

Although calling Bitcoin a fraud, Dick said the fraud occurred indirectly.

"No cheating happened. This is just a pyramid scheme. You bet someone will buy it and some people are right. Fundamental doesn't make sense, "Dick added.

Last Tuesday, the price of Bitcoin fell below US $ 12,000. This is the lowest price since 5 December. This decrease is due to the emergence of concerns
investors will plan the South Korean government to close all digital currency exchanges (cryptocurrency).

Pyramid scheme is a money game scheme popularized by Charles Ponzi. This scheme lures an investment with a substantial interest return.

One of the biggest pyramid schemes is Bernie Madoff. He managed to capture investor funds up to US $ 65 billion. The funds are not all returned to investors.

Just when you thought the world of ICOs were dead, a piece of news gets released that might change the game. Apparently, before the end of 2018, an initial coin offering will be launched on Bitcoin. If any of you are confused, this is definitely not the Bitcoin ICO and no, you can’t buy brand new Bitcoin tokens. It sounds dumb, but I had to say it. RSK created a sidechain that will potentially give Bitcoin the capability of hosting an ICO. We all know that Ethereum used to be and probably still is the go-to blockchain platform for new tokens and ICOs. This is definitely an interesting idea that leaves me with many questions. Imagine if the first ICO on Bitcoin is a success, gets the attention it deserves in the news and we hit a bull run. I’m thinking that it could give the world of ICOs the boost that it needs to become popular again. It seems like J.R. Willett took the first run at this back in 2013 by doing an ICO on the Bitcoin blockchain with his token “Mastercoin” which then changed names to omni. It’s during November 2018 where Temco (Korean blockchain company) aims to use a combination of Willett’s idea and RSK to launch their ICO. They aim to raise $19 million. They believe that Bitcoin will one day have the same functions as Ethereum and attract many blockchain projects to launch on it. Although I don’t feel like taking a closer look at Temco’s token (it’s going to focus on the supply chain market), you can read more about in the resource section below. Why launch an ICO on Bitcoin rather than Ethereum? Temco’s CEO Scott Yoon believes that Ethereum is great for launching an ICO but struggles at having a real project run on its blockchain. This is something we are all well aware of and hear mentioned frequently. Crypto Kitties is a good example. The RSK sidechain has good transaction speeds similar to that of PayPal. Not using Ethereum also means bypassing those expensive gas fees. Keep in mind that everything is still not final and that it seems that RSK is still in development. Whatever the case, I think that this will make for many news headlines and interesting moves within the crypto market. I’m looking forward to seeing how it turns out. Who knows, maybe by using RSK and their sidechain with BTC, ICOs will be a huge success once again.

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