Sponsy – The Failed Crypto Project Asks on eBay for $60,000 by 21-Year-Old Eastern European ICO Founder
Sponsy is a failed ICO attempt to launch in the summer of 2018, according to the Financial Times. The project owner crypto currently has it listed on eBay for the price of $ 60,000 and said the biggest mistake the company is building the first product. Sponsy intended to be a decentralized sponsorship platform, but the owner also openly said that the aspect of decentralization is not critical.
Founder Of 21-year-old Believers Before They Should Be Funded Building Products
Founder interview with the Financial Times seemed so over-the-top that can be trolling. Or, Belarus ICO creator burning, Ivan Komar, do not have the motivation to be less than honest. If he could go back and do it again, he told the FT:
We will not attempt to build the first product, we will try to run a sale sign as soon as possible, to jump into the bandwagon craze crypto, and raising money as much as possible before developing any product. And that’s what everyone else is doing.
Because they are fully developed project, Komar thinks the project still has some value to investors. He said Bosch to FT as a company that might be interested in buying the whole project. One of the more significant errors Sponsy made it hired a law firm, which advised them to rush to the victims of the mark. He strongly believes the main fault they lost ICO sensation of bubbles, and even though he may be right, a statement outlining many uncomfortable truths about 2017.
0 BIDS, 44 WATCHERS
During that time on CCN, it seems anyone with the ability to write a white paper to obtain funding in the millions of dollars. The majority of ICOS failed to complete a product, or are still in the process of doing so, and most investors never made whole. Komar said:
We hired a lawyer and it was a big mistake for us. Because our attorneys basically told us that we do not have to start each ICO before we build a real product that may have multiple users. And I asked her why, because I see so many ICOS out there who do not have an idea for any product, but they managed to collect tens of millions of dollars.
Auction includes all documents that you may need to run the ICO themselves legally. It also consists of a pre-built product. Do not want to use blockchain? No problem. This product will work well with centralized servers as Komar said:
The core business model will run equally well in the world without any centralized or crypto token or blockchain … They can easily eliminate crypto functions out of this. The core component is a platform – it does not require crypto or blockchain components to work. Just typical, centralized server.
Another Centralized: An Uncomfortable Truth
Ah, uncomfortable truth about the product blockchain.
Many products designed for decentralization book technology will work equally well in a centralized model, if not better. blockchain, not a cure-all. It is best for the system in which too much confidence you will get busted: things like exchange one day will often run blockchains.
centralized cryptocurrencies are nowhere near as valuable or sought after as decentralized – you can not bank with the permission of others. Products that subvert the sensor or the ability to own property in blockchains decentralization also good use of technology decentralization. But something as simple as sponsorship applications? blockchain can help it.
Spoiled Winner Goes For Goods
If you decide to purchase eBay items, you will get everything from the minimum viable product to the whitepaper. You also get some votes, come the 10s page:
Opportunity Assessment – 57 pages, 16K words: Includes competitive analysis, industry challenges, technical descriptions of solutions, business models, biz model innovation, business model canvas, SWOT, market opportunities, traction. business workflows visually depicted. comprehensive roadmap with detailed milestones and KPIs set. […] Traction project – 13 pages in length: Describe the progress of software development with product photos and screenshots, including the growth of social media. In text and Excel format.
You also get 31-page market research, 35 pages on the technology, and a legacy of failure. a list that contains inaccuracies about social media presence. As the FT pointed out, while they boast that “without exception” posts they get likes and retweets, latest tweets from Sponsy have only one such. Maybe they bot Twitter subscription expires?
But not for a while, Sponge has disappeared from the search engine on eBay.
What an unusual thing in my opinion, what the real purpose of Spongey is still under investigation.