There is something to be said for crowdsales in the cryptocurrency space these days. SingularDTV, a project that excites a lot of people, completed its crowdsale in the span of fifteen minutes. This poses the question of how many people were able to participate, as it seems large Ethereum bagholders scooped up most of the tokens.
SingularDTV Is Sold Out Quickly, as Expected
If most of these Ethereum-based projects had not set a cap on the amounts of funds they could raise, some of them could easily surpass The DAO. That project had other flaws, which kept it from achieving its major goals. SingularDTV, on the other hand, is a project that has somewhat realistic goals, although there is no guarantee for success.
As is the case with all of these crowdsales as of late, they tend to sell out very quickly. For SingularDTV, it took roughly fifteen minutes to reach their funding goal, which is quite spectacular. A similar trend occurred with other projects so far, all of which seem to rake in cash like there is no tomorrow.
The bigger question is how “legitimate” all of these quick crowdsales are. The primary objective is to attract as many different investors as humanly possible.These are all decentralized projects, and putting one or two investors in the driver’s seat will not help achieve that goal by any means.
Considering how users had all of fifteen minutes to buy into this crowdsale, it is likely that some people put in a lot of money. Perhaps the Ethereum developers contributed some of their own private funds, as it takes money to make money. However, one could argue that there should be a limit as to how many funds individual investors can deposit.
While it is good to see SIngularDTV reach its goal in quick succession, raising enough money is just the first step. Decentralizing content creation and taking on established media is not an easy task. It will be interesting to see how this project develops in the coming months, and whether they can succeed where The DAO failed after getting a lot of attention.
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