For several months, the cryptocurrency community has been involved in a hot debate whether the initial coin offering is a bubble. The debate goes on t
For several months, the cryptocurrency community has been involved in a hot debate whether the initial coin offering is a bubble. The debate goes on to interrogate what will happen to the bubble if it was real and it pops up.
The ICO Bubble Debate
The ICO was first debated when it began to drive up the etherum transaction fees. It was even recorded that there was an investor who paid about $2,200 to participate in the Brave ICO.
There was a time when developers began to raise millions even without having a workable product. The debate also ignited when the Bancor ICO surpassed the $150 million. There were talks when WOS raised $185 million and when Tezos raised about $232 million. The community also had a heated debate when Filecoin raised about $250 million from accredited investors.
There are also debates when the ICO raised about $600 million in a period of about 30 days. To date, funding has exceeded $2 billion. There are even times when bankers abandoned their lucrative careers to chase the ICO markets.
The debate about the ICO has appeared in different tweets. There was a time when rapper The Game promoted the famous paragons cannabis revolution and the superstar athletes Floyd Mayweather as well as Luis Suarez predicted Stox market. It is in record when the legendary boxer told his twitter followers to refer to him as Floyd Crypto Mayweather.
Despite the many discussions, it took a single tweet to end the talks. The tweet which ended the ICO bubble debate came from Paris Hilton. He is the heiress and the reality television star who once famously asked what WallMart was doing and whether they sell wall stuff.
Hilton said in the tweet that she was looking forward to participate in the Gravity4s Lydian token ICO. The company has promised to allow users trade Lydxian tokens as a way to trading the company’s marketing services.
The company deals with different products including the famous fragrance line at Perfumania. They took the logic to another level. The company had created an ERC20 token which bills itself as the world’s first A.I big data marketing cloud.
After the tweet, the next day the People’s Bank of China took steps to ban ICOs within China. Hiltons tweet may not be the one which broke the regulatory agency, but the fact that Hilton participated in the ICO may have made the difference. When responding to China’s ban, Hilton tweeted linking the ban to an article referred to as the Paris coin got it right. The author of the article lauded her for choosing the tokens as opposed to securities.
Image Credits: Twitter