From FT Alphaville's Jemima Kelly:
The core business model would run just as well in the centralised world without any tokens or crypto or blockchain... They can easily eliminate the crypto functionality out of this. The core component is a platform — it doesn't require any crypto or blockchain component to work. Just a typical, centralised server.
Again Komar — without necessarily realising it — had managed to rather nicely encapsulate the speciousness and incoherence of the ICO bubble. All Sponsy requires to function is a "typical, centralised server", and yet its tagline is: "Decentralised Sponsorship Platform".
The eBay listing also contained some other potentially attractive promises to prospective buyers, such as:
Full set of investment documents
Designed and approved by investment bankers.
Aside from the fact that it seemed a little odd to be selling any kind of preapproved investment documents, this seemed good! Which investment bank had approved the project, we wanted to know? At that point Komar, who is Belarusian but seemed to speak perfectly decent English, appeared to get in a bit of a twist:
"Approved" might be a huge word for it. It might be some kind of exaggeration. We did have a law firm based in the UK that ran some sort of audit of our project, and it ranked it, and the rank that we got was pretty high and the risk we got was pretty low. This was an audit by a British firm. This couldn't be called a fully fledged investment banking audit, it's just some firm that was considering investing in crypto.
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