Hello,
I'm going to start sharing some of the information about some of the news regarding ICOs and other happenings in the crypto currency world. First off, I have been working in the Information Technology space for about 15 years now and have worked in multiple verticals (medical, financial, SaaS, etc.) and have been involved with crypto since around 2014.
Getting more active into the markets, I started researching tokens/coins to invest in. I was looking at coinmarketcap.com recently and noticed that one of the biggest gainers of the day was an ICO called patientory. After visiting the website, I was intrigued and excited about the concept of patients entering and storing their own medical records/history on the Blockchain.
I was super excited and attempted to purchase some but none of the exchanges I had accounts with supported Patientory.
I then saw a post on reddit regarding the 7 red flags on the Patientory ICO. There were some great points made by the poster and the CEO responded to the post. Accusations of Plagiarism, and Evidently, the CEO's response is on the patientory website now but it was obviously edited.
I read the CEO's response and immediately my "spidey sense" started tingling. Something was off. The response seemed amateurish and almost read like a facebook conversation. So I was a bit cooler on the prospect of investing into Patientory. I decided to continue the research and then I saw various youtube interviews and was blown away at how uninformed and lost the CEO was.
Some assertions I discovered was that as a patient, you are responsible for holding onto your private keys and if you lose them, you permanently lose access to your health history. What? Really? I thought retrieving keys was solved a long time ago?
Additionally Im going to assume that the keys will be on a mobile app as most people carry cell phones. Well what happens when someone loses their phone in a lake? What about the 90 year old grandma who doesn't own a cell phone?
As a patient, I have to enter my medical record information manually? Is there a QR code I can scan to pull in the records? How does one easily maintain and update these records?
How will the tokens be distributed? How much will they cost? Will the insurance subsidize the token purchase? What happens if the market prices dictate that a token costs $500 dollars to purchase? Will I have to purchase a new one on my own dime?
The CEO also mentioned that hospitals will be nodes. Not sure how this will materialize...
In summary, there are so many fundamental questions that I have with how this will roll out and actually be deployed to every man, woman and child in the country and what the actual business model is, that this seems like its not fully thought out and may even be a scam.
Even looking at the price trends for this ICO, it seems like its taking a dive. Maybe others in the space are asking the same questions?
I could be missing some information though but I have decided to steer clear of this ICO.