Bancor, a 5 month old platform designed to make it easier for users to launch their own blockchain tokens raised a record $144M within a few hours last week through an ICO. In this post the Hacking, Distributed blog points out 29 reasons why Bancor is flawed.
Bancor just did their Initial Coin Offering (ICO) last week and raised a record $144M within a few hours. They now hold the record for the biggest crowd-funding, ever, in the history of mankind. We don't want to dwell too much on what this illustrates about the current ICO craze. It's a fact that raising that much cash through a standard VC process would require a credible team, multiple rounds of funding, with much due diligence and milestones along the way. None of that happened here -- Bancor went from appearing on the scene 5 months ago to raising 9-digits cash with no demonstration that their scheme actually works.