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Angels@Noon November 30 – 2018

Angels@Noon November 30 – 2018
2018…….Still Melbourne's premier Angel networking event Build your business and your investment portfolio by getting close to the people who make a difference!! This is a networking lunch for you. We welcome everyone to join in the conversation. This is Angel investing Melbourne-style – it is fun, informative, friendly and a great precursor to the more serious times when we are reviewing deals and chasing exits for our founders. Melbourne Angels invests in 20+ deals a year which puts it up there with the more active Angel groups in the world. Our members are professional and courteous in their conduct, impassioned and experienced in their pursuit of success for our portfolio companies, diverse and engaging in their areas of interest and intellectual horsepower. This is your chance to get to know us, discover new trends, share your own experiences and explore how engaging with us as a member, or as a portfolio company can help change your life. Our Speaker ICO or SCO or TSO? Problems, challenges, and opportunities of blockchain capital raising after the shakeout Dr Brent Coker is an academic at the University of Melbourne. His PhD is in information systems. He has been researching blockchain and cryptocurrencies since 2013. Brent is founding chair of the Unimelb startup competition, had a dot-com in the late 90’s, and is inventor of the web analytics app Webreep. December – January 2018 saw the peak of blockchain-mania. The ease of raising millions through “utility tokens” created the financial wild west, with unscrupulous speculators and questionable business models. In this talk I outline the problems, challenges, and opportunities of blockchain capital raising, and the likelihood of acquisition led growth moving forward. What to Expect Share in impassioned conversation about all things early-stage over good food. We introduce to you a key opinion leader from within the eco-system who will address the diners and then field your queries. Lunch includes appetiser, main and two drinks. Great opportunity for prospective new members to get to know us better.           12:00 Drinks          12:10 Seated & orders          12:15 Welcome          12:20 Speaker          12:30 Q&A          12:45 Meal served          14:00 Close Perfect context for our friends who include you, investors, advisors, service providers, financiers, entrepreneurs, academics, public servants and politicians to share your wisdom with each other and learn more about Angel investing and the early-stage ecosystem.  We encourage and welcome everyone who wants to connect with the heart of Victoria's 21st century investor community, driving success for our entrepreneurial ventures.
starting on 2018-11-30 12:00:00

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The White Elephant in the Room – EOS Investors Shell Out $700m for Purposeless Token

One of the main snippets of advice given to inexperienced crypto traders is to try and look for altcoins that have a purpose or technology that can be applied in real-world situations. Many of them do just that including Ethereum, NEO, Substratum, OmiseGO, Power Ledger, Factom, Iota and TenX to name a few. Then there are those that are just currencies such as bitcoin and Litecoin which can also be outstanding investment opportunities as we have seen in recent months.

What is a mystery is the amount of investment that has gone into cryptos that do not really offer anything aside from a blockchain. According to an article on Wall Street Journal investors have already spent $700 million on a tech startup offering a digital token which they themselves state has no purpose.

FOMO Flashes

The company, Block.one, raised the funds during the ICO which has come at a time of mass crypto mania and big doses of FOMO (fear of missing out). The report went on to claim that the Cayman Islands-registered company develops software via an open source website; it has created a blockchain platform that does not really offer anything beyond the thousands that already exist in the crypto sphere.

The website offers a pretty standard ‘we are a scalable decentralized app platform’ statement with a basic white paper and a few team photos. They have been auctioning 2 million tokens every day to raise funds for the ICO. The EOS core code is posted publically and the company released a new version of it last week causing a now commonly seen spike in price that usually follows altcoin news.

FOMO Flashes

Toothless Token

Once the platform is released the EOS tokens that have no real relationship to it will serve no purpose. Block.one only intends to write the base code and let third-party developers do the rest.  The WSJ states that a purchase agreement which investors must sign states the tokens “do not have any rights, uses, purpose, attributes, functionalities or features.” In this way, the token seems like the proverbial “white elephant” – expensive to own but serving no purpose.

The current buying frenzy just shows that people are still willing to invest in concepts that are being built for a technological market that doesn’t exist yet. With a market capacity of $5.1 billion EOS is one of the top altcoins of the moment, sitting at 14th place in the crypto cap charts. It has jumped over 450% this month from $1.97 to an all-time high today of $11.11, market corrections have seen the price fall back a little but it is clearly evident that traders are still going crypto nuts.

Is EOS just another useless “white elephant” of a token or will it eventually have some purpose? Would you invest in EOS? Let us know in the comments below.

Images courtesy of AdobeStock, Wikimedia Commons

The post The White Elephant in the Room – EOS Investors Shell Out $700m for Purposeless Token appeared first on Bitcoinist.com.

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