corruption on ico listing site

Corruption at Ico Listing Site

corruption ico 300x175 - Corruption at Ico Listing SiteOne of the main reason I started Initial Coin List was that as an ICO investor, finding the good ICO was hard and time consuming.  The reasons for that is that most of ICO Calendar/Listing/Rating sites all operate the same model: Pay us to be on top. Very little filtering option gives you no choice than to go check all the ICOs on by one which is very time-consuming.

People have to realize that a 4.5/5 or A score will not guarantee them anything. That ICOs have to pay on most of the website to get a good ranking. This is why you won’t see any rating on ICL anytime soon. We provide the information, YOU must do your homework.

Anyway, I found this article yesterday on BitcoinTalk and then re-found it on Medium and I wanted to share it with everyone here. This is a real example of what happened to RoomDao when they came into the ICO Launching world. By the way, Roomdao did not pay us to put that article here.  So here it is, have a good read:

Original Article: https://medium.com/@roomdao/corruption-at-ico-listing-sites-5fec6506afa7

 

During preparation for ICO we got acquainted with many colleagues who have conducted or are now conducting the ICO. At first sight, ICO seems to be the simple thing. For sure, launching and processing ICO does not require physical effort, like, for example, loading the coal in the mine.

 

But anyone who come across with this issue, realize that this is very complicated and expensive process. One of the essential conditions is good ratings at ICO rating listing sites.

 

And here starts very interesting thing. No matter how your project is perspective, you will come across with the unplanned expenses and unforeseen difficulties.

 

One of them is a simple blackmail. We will tell you about 3 ways of blackmail that we experienced during the preparation for ICO.

 

The first one we call “Buy rating”. This is very simple. Many ICOlisting sites (of course, we will not state them for the certain reasons, as we still need to do the ICO) suggest to buy good ratings from them together with the paid publishing. Without this your project with have no rating and will be lost among the thousands of the other projects. Well, the motto “anything for your money” is really working.

 

The second way of blackmail is the “Aggressive sales”. This one is even more interesting. You list your project, and suddenly you get an unexpected good rate. You are encouraged! Of course, good rating is 30% of the success! But after a while you notice that the rating is slowly going down, and several days before the ICO rating disappears totally! How it is possible? Some days ago the project was rated, and now there is no rating at all! Of course you contact the site support service and they inform you that your project was never rated. It was an illusion, a mirage, a trick. But if you need the rating, you can pay 2 bitcoins, and the rating will magically appear at the site. And, note, the rating will be even higher, than the previous one.

 

And the last one we call “Be aware of the experts”. This scheme is as old as the time and very simple. You add your project at the site, and you start to receive the offers from the accredited “experts” of this site. The typical text is as follows:

“Good day! I am an accredited expert of xxx site. I would like to offer you an assistance to rate your project. Rating “Perfect” costs 1 bitcoin, rating “Good” — 0.5 bitcoin, rating “Neutral” — 0.3 bitcoin. If you would like to perform the successful ICO, please contact me …..”.

 

If you do not answer, you will again receive the question about you decision, like “What rating have you chosen?”. You can politely ignore the received e-mails as we do, but in this case your project would not have any rating, or you would receive a negative rating, as by ignoring their e-mails, you offend the senses of the “expert”. That is why many ICO have no other way and they just “pay the selected tariff”.

 

Unfortunately, the hype around the big amount of ICO gives possibilities to anyone, who somehow can affect the progress of your project, to rob and get money out of you. And there is almost no way to stand against it. ALMOST…!

 

We try not to encourage the corruption at ICO as the corruption already is above and beyond. We prefer to give to all the stakeholders the chance to rate our project themselves. We do not say that all the sites and experts are force their services and ratings upon us. But often we come across with the above mentioned. And if we do not stand against this, it will become the usual way of doing business.

 

Dear colleagues! Be careful, and do not fall under the blackmail. Or you can come under influence. This is your choice.

Yours sincerely,

Roomdao ICO

www.roomdao.io

https://t.me/roomdao_chat

Original Article: https://medium.com/@roomdao/corruption-at-ico-listing-sites-5fec6506afa7