I decided to write this post after witnessing way too much manipulation from influencers and crypto “celebrities”. They are not here for the technology and they are damaging the space more than doing any good.A clear example is the big manipulation that happened months ago regarding the STK ICO.Benn Godenzi, one of the advisors and a head of a syndicate, convinced the team to make changes to the tokenomics and the ICO structure so that, by his own admission, they could own 30-50% of the whole circulating supply with the intent of controlling the market, inflating the price and then dumping it.This was part of his message to the community:Ive signed with the team and made a lot of changes alreadyIve reduced the hardcap from $90m to $17mChanged team vesting from 4 months to 24 months)Getting a Beta version for all of us to useWill have the best possible private sale termsAnd a few other tricks ;)You can see that all those changes (reduced market cap, extended time frame for the team tokens, best possible private deal and “a few other tricks”) are made with the sole purpose to financially benefit from the ICO and then dump it.You all can see how this is wrong, deceitful and of course illegal. A few other influencers were involved in this particular event, including youtube and twitter personalities.I really hope that things will change soon since this kind of stuff can hinder the growth and the adoption of cryptocurrencies and blockchain technology.https://ift.tt/2LN34LN
Submitted September 02, 2018 at 12:02AM
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