Worth investing?

jack hackett

Anyone know anything about Mingocoin? worth investing in or keeping well away from?

https://www.siliconrepublic.com/start-ups/mingo-irish-crypto

howamidifferent

Since it's based on z list celebs shilling it, I wouldn't touch it with a barge pole.

grindle

Doesn't seem like a total shítcoin. Fran Rooney is a huge name to have as chairman & the on-ramp to cryptos is pretty much the largest hurdle in the market.

Considering it was only €2m raised I'd say it'll bring some nice returns - if they deliver on their promises it'll skyrocket.

Edit: Hold that thought! The pre-sale was for €2m and the full ICO is looking to raise €40m... I'd nope the hell out of that.
Jesus. For some crappy messaging app? Whether they make a product or not that's a crazy amount of money for who and what you're getting - they're asking for €10m more than BAT's ICO price and that has an extremely experienced, large team developing a web browser with a new crypto-based advertising model being proposed.

S.M.B.

Could someone give me a brief ELI5 for these type of ICO's?

I only started to devote some time to crypto recently after chatting someone who was in the process of kicking off their own ICO along with some big backers and I found the whole thing absurd.

Is there some inevitable correlation between the value of a coin like MingoCoin and the success of the Mingo Crypto Messaging App that they are developing? If so how are they tethered.

I feel like my viewpoint may be tarnished by the very similar proposal to this one where it was claimed that they needed ~£5 million from the ICO to fund the project for a year. It felt like a pitch to just throw money at a team who would continue to live a very lavish lifestyle while they rolled the dice on a business venture.

grindle

S.M.B. wrote: »

Is there some inevitable correlation between the value of a coin like MingoCoin and the success of the Mingo Crypto Messaging App that they are developing? If so how are they tethered.

The only link they have is Mingo's hope that as user count increases, MingoCoin usage increases, and repeat.

Wildly speculative (even for crypto) considering there is no innate value or use to the token.

Good/useful ICOs will have the token tied to some mechanism of their service whether that be token burning on reaching certain benchmarks, fees, dividend sharing, the default crypto you could be rewarded in or have to buy in order to use a service, etc etc.

Mingo doesn't do any of that plus the whitepaper erroneously imagines or wants their token buyers to imagine that each BTC address is a separate user. Which is bonkers.

Anyway, good luck to them. They'll have Niall Horan spamming for them so maybe it'll get youngsters involved, but I don't see any reason for the token to exist apart from the desire to raise €40m

S.M.B.

Thanks, you've just confirmed my suspicions that ICO's are often used simply as a way to crowd fund ventures that operate in the world of crypto currency.

This sounds no different to a new bricks and mortar retailer venture asking for 2 million in cash in return for paper loyalty vouchers that may or may not be used within the shop at a later date at a value of their choosing.

BofaDeezNuhtz

Company is listed to be struck off...

https://www.solocheck.ie/Irish-Company/Funlz-Limited-561307

jack hackett

Suzuki_TL1000R wrote: »

Company is listed to be struck off...

https://www.solocheck.ie/Irish-Company/Funlz-Limited-561307

WTF? they have been struck off??? whats going on there?