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Author Topic: New Study Says 80 Percent of ICOs Conducted in 2017 Were Scams  (Read 1808 times)

Offline sirty143

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A recent study prepared by ICO advisory firm Statis Group revealed that more than 80 percent of initial coin offerings (ICOs) conducted in 2017 were identified as scams. The study took into consideration the lifecycle of ICOs run in 2017, from the initial proposal of a sale availability to the most mature phase of trading on a crypto exchange.

The research says that in 2017 “over 70 percent of ICO funding (by $ volume) to-date went to higher quality projects, although over 80 percent of projects (by # share) were identified as scams.” The analysts found that four percent of ICOs failed, and three percent had “gone dead.” The study recognized ICO death as “not listed on exchanges for trading and has not had a code contribution in Github on a rolling three-month basis from that point in time.”

According to the study, total funding of coins and tokens in 2017 amounted to $11.9 billion. $1.34 billion (11 percent) of ICO funding went to scams, the vast majority went to three large scammy projects; Pincoin ($660 million), Arisebank ($600 million), and Savedroid ($50 million), which together equal $1.31 billion. This suggests that while a large number of ICOs were scams, they received very little funding when compared with the industry as a whole.

Earlier this month, TechCrunch released a report based on data from Coinopsy and DeadCoins, which found that more than a thousand crypto projects are “already dead” as of June 30, 2018. According to Coinopsy’s list, there were 247 “dead” coins, while DeadCoins had a 830-item long list of “dead” cryptocurrencies.

According to research conducted by cybersecurity company Carbon Black in June, roughly $1.1 billion worth of digital currency was stolen in the first half of 2018. The security company said that criminals take advantage of the dark web to facilitate large-scale cryptocurrency theft. Estimates reportedly show that there are 12,000 marketplaces and 34,000 offerings associated with cryptotheft that hackers can take advantage of.

A joint report from consulting firm PwC and the Swiss Crypto Valley Association revealed that the volume of ICOs between January and May 2018 reached $13.7 billion in 2018 so far, which is already twice as much as the market amounted to in all of 2017.

Source: COINTELEGRAPH.com
« Last Edit: July 27, 2018, 05:40:59 PM by sirty143 »

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Offline zgrdyg

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Re: New Study Says 80 Percent of ICOs Conducted in 2017 Were Scams
« Reply #1 on: July 29, 2018, 04:01:58 PM »
Indeed it is, my own research (signature campaigns i participated in 2018) almost shows the same results. %80 of them never paid or paid the %10 of the amount they told in the beginning.
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Offline Synvc

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Re: New Study Says 80 Percent of ICOs Conducted in 2017 Were Scams
« Reply #2 on: July 30, 2018, 02:48:38 PM »
greatly affect investors are not interested in investing again if so, last year all the few ico the scammer
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Offline cheneah

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Re: New Study Says 80 Percent of ICOs Conducted in 2017 Were Scams
« Reply #3 on: August 23, 2018, 09:44:17 AM »
It's also a calamity because the deceiver is in the society.Many entrepreneurs have to worry about whether they invest in a project.While we are relying only on very little income is no real hope.To have more income if all of them are scams.so sad.

Offline Tunnel

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Re: New Study Says 80 Percent of ICOs Conducted in 2017 Were Scams
« Reply #4 on: August 30, 2018, 01:49:30 AM »
I must object to you, the year 2017 was incredibly generous for payments on bounty campaigns, all my friends who managed to register on crypto forum at the beginning of the year, all received an excellent income in November and December

Offline fallenangel1789

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Re: New Study Says 80 Percent of ICOs Conducted in 2017 Were Scams
« Reply #5 on: August 30, 2018, 02:52:38 AM »
If it is true, in 2018 this percentage will increase to %95. I also think that 2017 was really amazing year for too many icos.

Offline wildanmr

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Re: New Study Says 80 Percent of ICOs Conducted in 2017 Were Scams
« Reply #6 on: October 07, 2018, 08:04:24 AM »
If it is true, in 2018 this percentage will increase to %95. I also think that 2017 was really amazing year for too many icos.

So sad if 2017 is very big. How about 2018? Yes, this year was very tsunami scam and dominated with ICO project.
For invest, I doubt, many thing to be consider.

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Re: New Study Says 80 Percent of ICOs Conducted in 2017 Were Scams
« Reply #6 on: October 07, 2018, 08:04:24 AM »


Offline twothumbs

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Re: New Study Says 80 Percent of ICOs Conducted in 2017 Were Scams
« Reply #7 on: October 07, 2018, 11:24:19 AM »
I think this will continue until the next year because there are more than 95% that says ICO now scam too many people and it will make them don't want to promote the project again. It is hard for the ICO especially their token price is followed with ethereum price which ethereum price itself was getting down too hard. The ICO will never rise unless the ethereum can increase the price so the ICO can continue their project.

Offline Kyoshiro

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Re: New Study Says 80 Percent of ICOs Conducted in 2017 Were Scams
« Reply #8 on: October 09, 2018, 03:57:12 PM »
As we can see, its either these scams are used for acquiring and generating money for most campaign without giving back the profit. Pretty sure that it is one of the reasons why most of the altcoins were dumped and trashed due to their own gratification.
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