WTF is OmiseGo? and Why ICO's are Trash

I was on the crypto market cap site the other day, as you do sometimes and noticed that it can sort by token. I'm not anti token or ICO. I've even raved about it before and created my own tokens on the bitcoin network, Zaks, Authenties, Jurassic Park Shares with coloured coins. I've mentioned these in previous blogs posts let me know if you want in. Still, the top name on the list was a bit of a mystery.

I had a look. Checked out the web page, ugly even if they do have good intentions. Checked out the spec's and turns out it's just a cryptocurrency!!WTF, do people not realise that bitcoin can do all the things Omisego is setting out to do. And without the second tier of security issues. What is the point? With a market cap of 761 million is higher than ZCash. this is just silly. ZCash probably actually has more than on javascript programmer involved.

Further to this the value of these tokens, of which the best biggest at least is virtually junk, is not included in the Etherium price. This means that Etherium and note there are also some tokens from Omni, Nxt and NEO on the list, have got $7.6 billion dollars worth of tokens relying on their network. Those token don't only rely on their master network for security but should their value collapse, the master network also has a lot of funds locked up in these ICO, should they come under financial pressure, these funds can be dumped into the market, dropping the value of the master networks currency.

I don't think Etherium will die, but I think the ICO bubble will lose its shine. Bitcoin ICO's are now more attractive given the falling transaction costs with segwit, sidechains, lightning and friendly forks. This combined with delayed hard fork upgrades for Etherium mean is not looking to flash at the moment.