Successful Fetch.AI Token Sale Results in Dismay Among Many Binance Users
While most people would assume the golden era of token sales is over, that might not entirely be the case. Fetch.AI recently completed its token sale through Binance’s Launchpad platform. It was such a big success, the sale was over in about 15 seconds. As is usually the case, this surprising success attracts some dismay and leaves a lot of people frustrated.
The Fetch.AI Token Sale and Binance
Given the success of Initial Coin Offerings in the past, and the subsequent growing disinterest, the Fetch.AI token sale was never a guaranteed success. Although the project has generated some buzz, that is never a guarantee for attracting investors. By officially partnering with Binance’s Launchpad to organize this sale, however, the team managed to attract more than sufficient people willing to give them money to build their infrastructure.
Organizing such a token sale on a dedicated platform owned by the largest crypto exchange in the world is a smart move. This exposed the Fetch.AI sale to millions of users from all over the world. For an artificial intelligence and digital economics company, raising sufficient capital is pertinent to ensure their vision can be turned into a working product. The token is now also trading on the Binance exchange already, which can put some people who missed out on the sale in a good position to acquire tokens after all.
It was over in a about 10 seconds. The queue was totally packed within seconds. The processing is just draining the queue slowly. Congrats to @fetch_ai !
— CZ Binance (@cz_binance) February 25, 2019
As was to be expected from this quick listing, some early investors attempted to crash the market in quick succession. The value dipped a slow as 0.000071111 BTC in the early hours of trading. At the time of writing, that value has seemingly stabilized near the 0.001 mark, for the time being. With nearly 12,000 Bitcoin in trading volume already, it seems logical this market will remain volatile for quite some time to come. Especially given the overarching bearish trend affecting the entire crypto industry right now.
Although everything seems to have gone well for Fetch.Ai, the crypto community seemingly has a very different opinion. Since very few people were able to buy into the tokens ale, there is a lot of frustration and dismay. Some people claim there was a “rigged CAPTCHA field”, which prevented most people from even partaking. It is evident this quick campaign, combined with some technical issues for some, puts the entire ordeal in an awkward spotlight.
The Captcha"field" was rigged. Well played >.<
— ashit (@ashit5) February 25, 2019
There are quite a few people frustrated over the way token sales on Launchpad are organized. As buy requests are placed in a queue, it is a free-for-all scramble to get something out of it. While it is unclear if anything can be done about this situation to improve upon Launchpad token sales in the future, the overall dismay may not necessarily quiet down soon either. It is only the second token sale on this platform so far, but seemingly the second which is subjected to some controversy.
For all the people who are calling this token sale a scam, it seems there is nothing wrong with the way Binance is organizing these offerings. While the end result may not be to everyone’s liking, the project has received the necessary funding and the token can be bought and sold on the exchange a few days later. At the current price of $0.37, being able to buy in at $0.08 was very appealing, but that doesn’t mean there will be no further room for profits.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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