Starting a New Cryptocurrency
With cryptocurrency prices, it's like it's 2017 all over again. I'm about to launch my whizcoin for what I believe to be the new Internet, a network built on 20+ semantic platforms my company is creating. Every week, people create several "moonshot" cryptos, half of which will be scams. Then there will be a couple that just don't make it, and the owners will take the rug out from under them and launch a new one while pocketing a few million. In general, there are no ramifications; however, there were some major arrests in 2017 based on fraudulent ICOs and ventures.
MobileGo raised $53 million in an initial coin offering in May 2017 with a white paper and a small team of developers based mainly in Belgrade, Serbia. ICOs were novel in the field of finance at the time. Unlike initial public offerings, or IPOs, they did not entail the services of attorneys, lenders, or regulatory approval, and were more analogous to Kickstarter-style crowdfunding, with the exception that funds were raised in cryptocurrencies, typically bitcoin or Ethereum.
MobileGo's aim was to create a cryptocurrency platform for making in-game transactions and betting on esports, which had become a hot trend. The ICO was one of the year's largest of its kind. However, few people today are aware of the location of the $53 million. The startup says that 150 people are working on MobileGo goods, but the project's leaders, Sergey and Maxim Sholom, keep company finances private. According to former staff, the Sholoms have abandoned cryptocurrency as a core component of their business strategy.
Its tokens, which trade under the symbol PBLT, have dropped by 84%. This has reduced its market capitalization (circulating supply of tokens multiplied by market price) to about $6 million, despite the fact that its ICO proceeds, which are held in a collection of stable wallets mainly in the form of bitcoin, have since grown to $40 million.
Since the ICO boom started in 2017, approximately 800 ICOs have been sold, generating a total of approximately $20 billion. I'm going to need a lot of people to pump this up.