Former CEO of Morgan Stanley wants to raise $ 950 million, ICO bubble has just begun


nnnIt is reported that the project called “Omega One”, backed by former CEO of Morgan Stanley, plans to raise $ 950 million through ICO, but the project has not yet developed a usable product, which has caused a series of special currency experts discuss. Most people think that there is no show of certain results to focus on financing the next development of the project is not necessarily beneficial. Many projects do not require so much money to develop products, and many countries are also preparing to standardize the ICO market.n
nnTranslated by: Inan
nAccording to Bit Coin analyst and researcher Tuur Demeester, after a few days before well-known boxer Floyd Mayweather raised more than $ 30 million through its sponsored ICO, the $ 98 billion former US bank, Morgan Stanley’s former CEO, ICO raised $ 950 million in funding.n
nJohn Mack, former chief executive officer of Morgan Stanley, said:n
nn”Over the past few years, I have been watching and investing in the digital money market, and we believe that the Omega One will be changeable because it will benefit the entire ecosystem – making the encrypted assets cheaper and easier to get.”n
nnHowever, like most of the projects in this bubble-like ICO market, Omega One has yet to produce viable products and software. However, Mack is still endorsement for the project, even though it does not even have a prototype or code library available.n
nOmega One’s planner Alex Gordon described the project platform as “a bridge between traditional capital markets and encryption markets” – will provide “balance sheet mediation and trustworthy counterparties.” In essence, Omega One will serve as an efficient and credible platform for organizations and large investors who want to invest in digital money markets. It uses the non-regulated smart contract wallet system and cross-digital currency exchange to streamline the institutional investors’ buying process.n
nOmega One’s vision and platform are fun and unique. Digital money market does not exist in this service to institutional investors in the clearing and investment platform. However, some of the most successful ICOs in the market, including Bancor and EOS, have also been criticized by experts because they have not built or developed a runnable code base to raise millions of dollars.n
nBit currency analyst Beutyon points out:n
nn”Bancor wrote only 40 lines of code, and it was stupid for anyone who had invested $ 144 million to hire a programmer to review the software,” said Joey Krug, co-founder of Augur. “We found this from freedom The $ 150 million project in the market is actually not available in the Augur beta. “n
nnIt is too early to evaluate the potential and functionality of Bancor’s development and testing phase. But Bancor’s valuation is not ideal, the current value of its network is about 84 million US dollars. This is $ 66 million less than the value of all Bancor tokens issued by its ICO.n
nThe new ICO program would like to raise a lot of money, but now it is necessary to consider the lack of Omega One viable product or code library consequences, think about Bancor’s situation. According to Demeester’s reliable source, Mack plans to raise $ 950 million in the ICO, close to half of all previous ICO activities.n
nConceptually, both Bancor and Omega One are viable and unique ideas that can work and attract millions of users for their platforms. But in fact, Bancor does not need to raise $ 150 million to launch its platform by the end of 2018, and Omega One does not need nearly $ 1 billion in funding to build a code base and maintain its development team.n
nAt present, the Securities and Exchange Commission (SEC) and the Central Bank of China, the South Korean government and the Japanese financial regulators are planning to issue stringent guidelines for the ICO and standardize the ICO market.n

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