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.
Eyal Hertzog, co-founder and product architect at Bancor, responses to one of the most popular articles about Bancor ICO.
In this article, I’m going to describe the events of the last 5 days or so and explain how things will play out. In the process, I hope to enlighten you on how BIP91 works and how Segwit will get activated on the network and what needs to happen when in order to avoid a soft fork on August 1.
I was not old enough during the dot-com bubble to experience it in any extent. It must have been something. The scope of it. The market correctly foresaw a leviathan. But it didn’t understand exactly its form. And in its uncertainty and excitement, it went mad.
Sure, the ICO bubble is much smaller, but for all that its madness is keener, more concentrated. And the terrible ideas would make petfood.com blush.
The first quarter of 2017 was a big one for the blockchain space.
From the spark of what has become a massive cryptocurrency rally to the emergence of major enterprise efforts like the launch of the Enterprise Ethereum Alliance, the first quarter may ultimately come to be seen as a defining one for the industry.