In this episode of CRYPTO 101, Matthew got to talking to Mario Nawfal, CEO and founder of the IBC Group, a crypto consultancy agency, to mull over some of the untold stories of the ICO bubble of 2017 and beginning of 2018.
Who is Mario Nawfal?
Mario started in business around 22/23 years old, mainly in e-commerce in Australia. He got into blockchain last year, like most of us i would imagine. He started by knocking on doors selling blenders and juicers where he realized you could find a trend and capitalise on it. He now runs a company called the IBC Group.
"I just enjoy what I do, just build things”
What is the IBC Group?International Blockchain Consulting. According to their own website, the IBC group is:
“The most experienced and largest global agency for any blockchain project development, marketing, fundraising, investor introductions, legal and more.”
The IBC Group was active (and still is) during the ICO bubble. Mario was shocked at how eager people were to throw vast amounts of money at launching an ICO in little-to-no time at all. He quickly realized this was another trend like the blenders and juicers of his younger years.
Mario Nawfal
The Wild West of the ICO bubble
This podcast is well worth a listen because Mario details some of the more memorable moments of his consulting history during the ICO bubble including unpaid invoices, client thefts, James Bond villains and even players who are now sitting in jail. There are more bleep-outs in this episode than in the entire back catalogue of CRYPTO 101.
So, was everyone just a con-artist?
Matthew pressed Mario for specifics. Were these ICO companies intentionally deceiving people for a quick buck? Mario claims that not everyone was doing the wrong thing. Some projects were run by well-meaning people who genuinely were trying to create a product that could change the world. But they were rare.
“A lot of these people didn't know they were promoting a security. They had no idea what a security was. And they didn't even know they needed to disclose if they are promoting a certain ICO. I don't think many of them will go to jail. I’m not a lawyer. But I think the SEC won’t be as strict as some expect it to be, at least not with those influencers. Intention is very important.”
The Future
“I’m more involved with IBC now than I was before. Because now things are making sense. The smart money is coming in and coming in to projects with potential”
Mario is excited for the future of the crypto space. He believes the bubble has popped and now the real investors, the real tech enthusiasts and the projects that are legitimate are sticking around to build the future of the space. Much like the success of entrepreneurs like Jeff Bezos, getting in early and sticking it out through the difficult seasons can make all the difference.
Be sure to listen to the podcast for a deeper look into this conversation about one of the wildest seasons this space has ever seen.
Written by: Glen Veitch - CRYPTO 101 Blogger