Decoding Craftchain Inteview #block4, with On Yavin Founder of Cointellignce .
On 26 of October , there was an interesting interview by Craftchain (http://craftchain.eu), a Poland based Information Technology Company providing end to end Blockchain services and Support. Craftchain solutions include: consultancy and business planning, platform design, backend development and roll out. The primary goal of Craftchain is to help Blockchain businesses grow.
The interview included questions that On Yavin answered in a very interesting and informing way.
The first question that Andreea (part of Craftchains’ family) asked him was “What is an ICO ?”
Οn replied that ICO is an Initial Coin Offering, which is very similar to IPO as a concept but without all the restrictions IPO has. ICO allows people to invest in companies and various cryptocurrencies.
Then, Andreea asked On for a little advice “So if I have money, shall I invest in IPO or ICO?”
And On answered that even though he is not giving any economical advice, he himself has invested in ICO but not on IPO.
Andreea proceeded with a question about the future of IC. As an answer, On said that ICO is inevitably going to change. It is going to be much more regulated and that will result in more investors! At the same time, he believes that, in the future, we will see many hybrid models as well!
The next question concerned the legality of ICO?
On said that it depends on the country one lives in, but most of the countries, even if they promise to invest in ICO, don’t proceed to that decision.
Andreea asked about ICO connected scams
On said that Cointelligence they haunt down the scammers. Furthermore, regarding Andreea’s comment that she had heard that about 80% people using ICO are scammers, On replied that there are many scams; however, many projects are unjustifiably labeled as scams while they just can’t deliver at all!
As the topic was about scams, Andreea asked for an example. And On advised us to go to their website and find out all the scams they have found!
Then Andreea asked him What are the steps that his company takes whenever a new project ICO company appears
On replied that they have developed a unique method of ICO rating in order to decide how to score an ICO project. They check the company’s team, their marketing operations, their social media profiles and activity, and then they rate them. As he said, a scam gets 0 rating!
To be more specific, we asked for an example of a scam, and On replied that a scam, for example, could be a person that pretends to be a company in order to make other people send cryptocurrencies to a specific “wallet.”
A scam, as On continues, can also be an unfulfilled promise that even though cannot, and will never be, delivered, nonetheless drains the public financial resources.
So, Andreea asked, how can we avoid scams ?
On replied 1) Use Cointelligence
2) Always read others’ opinions, but never rely on just 1-3 people.
3) Check the social media profiles of the company, and remember that you have to be able to engage with the founders so as to find out if it’s a scam or not.
4) Ask about their group of investments!
To conclude, that was a great ChainInterview, On Yavin provided us with helpful information! You can find more valuable information about his site at Cointelligence and you can follow us on our social media so as you can stay tuned for the next ChainInterview!