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Is Bitcomo a Scam? The CPA Contract-Based Advertising Platform based on Blockchain Technology

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Is Bitcomo a Scam? The CPA Contract-Based Advertising Platform based on Blockchain Technology

Bitcomo located at ico.bitcomo.com, co-founded by Ivan Karadzhov, has launched its token, the «BM», to finance its growth and to propel its Lead Generation ad network on blockchain technology via Initial Coin Offerings(ICOs). But is this startup a scam? Is it one of those extremely risky Initial Coin Offerings(ICOs) and speculative investments?

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Mr. Ivan Karadzhov says Bitcomo will create a smart contract-based advertising and performance-based digital marketing model that is ideal for the advertising industry and is the first decentralized platform in the CPA-partner network based on Blockchain technology with the use of smart contract algorithms. He plans on using Initial Coin Offerings(ICOs) to raise funds for his project. But, what is Initial Coin Offerings(ICOs)?

The Bitcomo Website

Bitcomo located at ico.bitcomo.com

Initial Coin Offerings(ICOs) are very high risk and speculative investments, are scams in some cases, and often offer no protection for investors. Even in cases of legitimate ICOs, funded projects are typically in an early and therefore high-risk stage of development. ICOs can be used for a wide range of activities, ranging from corporate finance to charitable fundraising to outright fraud. The US Securities and Exchange Commission (SEC) has warned investors to beware of scammers using ICOs to execute "pump and dump" schemes, in which the scammers talk up the value of an ICO in order to generate interest and drive up the value of the coins, and then quickly "dumps" the coins for a profit. However, the SEC has also acknowledged that ICOs may provide fair and lawful investment opportunities.

What is Initial Coin Offerings(ICOs)?

Initial Coin Offerings(ICOs) is an unregulated and controversial means of crowdfunding via the use of cryptocurrency, which can be a source of capital for startup companies. In an ICO a percentage of the newly issued cryptocurrency is sold to investors in exchange for legal tender or other cryptocurrencies such as Bitcoin. The term may be analogous with 'token sale' or crowdsale, which refers to a method of selling participation in an economy, giving investors access to the features of a particular project starting at a later date.

ICOs may sell a right of ownership or royalties to a project. The coin in an ICO is a symbol of ownership interest in an enterprise - a digital stock certificate if you will. In contrast to initial public offerings (IPOs), where investors gain shares in the ownership of the company, for ICOs the investors buy coins of the company, which can appreciate in value if the business is successful.

Crackdown on Fundraising by Token-based Digital Currencies

There has been a crackdown on fundraising through launches of token-based digital currencies. China has banned initial coin offerings (ICO) which has caused chaos among start-ups looking to raise money through the novel fund-raising scheme, prompting halts, about-turns, and re-thinks. So, is this like the dotcom bubble of 2000?

The dot-com bubble was a historic economic bubble and period of excessive speculation that occurred roughly from 1997 to 2001, a period of extreme growth in the usage and adaptation of the Internet by businesses and consumers. During this period, many Internet-based companies, commonly referred to as dot-coms, were founded, many of which failed completely and shut down. Others stock declined by 86% and lost a large portion of their market capitalization.

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  • Posted: Nov 17, 2017 by an anonymous user from or near: Tualatin, Oregon, United States

    Got their message caught in my spam filter today saying that I had "subscribed" to receive it and that "unsubscribe" was an option.
    Well, I didn't subscribe and am not stupid enough to dare push unsubscribe. Maybe it's just being careful or being xenophobic, but given the horror stories, when a Russian suddenly and suspiciously pops up trying to interest me in an enterprise that's unclear as hell and based on digital money, the word "SCAM" comes online pretty quickly in my internal harddrive.

    delete


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