As someone who works in Hollywood, I know some of the industry’s vulnerabilities and shortfalls. I also realize that the vast amount of GDP earned in Hollywood no longer comes from theatrical releases but rather SVOD/VOD (online streaming). This is what made me excited about the new ICO called Stream Space.
I previously wrote about Stream Space and divulged my initial love for the ICO.
Interestingly, over the weeks I realized I never truly loved Stream Space as an ICO but rather as a concept.
Today, after listening to numerous online crypto enthusiasts who help audiences better learn and understand ICO investing, I have found myself deeply concerned about Stream Space as an ICO.
The below are some Red Flags I see with Stream Space.
Red Flag #1. As an ICO, Stream Space has very few listed team members let alone advisors. In fact, the team constitutes seven (7) members with one (1) advisor. Of note, none of the listed eight (8) total members demonstrate any significant accomplishments that truly stands out within the crypto space. In fact, everything written in their bio’s is incredibly vague pertaining block-chain technology successes.
Red Flag #2. As an ICO built around the entertainment realm, it appears that only their advisor (Michael Robin) has any true experience working in Hollywood. But worse, no one on the team appears to have any experience working with or for or even around online streaming applications or distribution platforms like Amazon, Netflix, HULU, Distribber, etc.
Red Flag #3. It appears as though Stream Space does not even have a prototype for their platform. “The Stream Space network and distributed file system WILL BE BUILT upon thousands of curator nodes that store and distribute file fragments.”—Stream Space White Paper
Red Flag #4. I invested in the Stream Space ICO. I did this with little knowledge about ICO’s and invested early upon their ICO launch. Yet over the weeks as I became a bit more educated, I decided to write the Stream Space team and ask some questions—this is AFTER receiving a couple of emails and a small email exchange from them regarding tokens.
The below were the questions I asked in my latest email.
1. As an indie filmmaker, I already have two films completed. One is already out on Amazon and iTunes while we have decided not to release the other at the moment. But as an indie filmmaker, do you have a working prototype to get completed films on such a platform? If so, can you explain how one would go about this?
2. As a writer, I already have multiple movie scripts along with television treatments completed. To date, I have failed to shop any of these around inside big Hollywood due to fears of intellectual property theft which I have experienced once already. Do you have a prototype platform that would allow a screen writer like myself to utilize to help raise the needed funding to see at least one of these projects launch from a pre-production phase to an actual production and post production phase (monetarily raising the funds as described within your ICO White Paper)?
3. As an investor in your ICO, you have very few members listed on your team in comparison to numerous teams having ICO’s today and of greater concern, it appears as though none of your team members have any demonstrated experience in seeing successful ICO startups. What are you doing to bring in more members to help facilitate a more robust ICO platform?
4. According to the latest Senate Hearing on cryptocurrencies, the members of the SEC stated that in 2017 not one ICO registered with the SEC. Upon a follow-up question, the same SEC spokesperson stated that to date, in 2018, not one ICO was registered still. With this, being based in Austin, Texas, how does your company respond to this information? Should US Citizens be concerned about your ICO and their investments per the revelation provided by the SEC spokesperson? The email I sent to them was delivered six (6) days ago.
To date, I have not heard any response to the aforementioned questions.
This leads me to Red Flag #5.
As noted within this and my previous piece. I did put an incredibly small investment of a few hundred dollars in Stream Space. I did this because I loved their concept and was excited about that concept. I also did this because Stream Space is an ICO US based persons can invest in. And lastly, Stream Space is based in Austin, Texas USA.
From an investment standpoint, none of these reasons are truly all that sound when it comes to investing in an ICO. Sure, they help formulate a confidence but should not serve as THE confidence.
Unfortunately, my reasoning for initially investing in Stream Space may have been the wrong reasons. As I said, I was not nearly as educated on ICO investing when I did this. And to date, I am still not nearly as educated on ICO investing as many other crypto enthusiasts out there, but I am learning.
Do I hope Stream Space pans out to be everything they claim?
Absolutely. I truly do hope they become something many of us film and television enthusiasts have been hoping for.
Am I concerned about Stream Space?
Of course I am concerned about Stream Space.
I am concerned because they appear to have an incredibly small team in comparison to other successful ICO’s. They appear to lack experience in the ICO space. They have virtually zero marketing strategy excluding some internal videos and Press Releases that have gained little to no traction. And, they appear to be in a very critical point of their ICO phase where they will not even reach half of their ICO goal of 250 million Stream Share tokens sale considering they are only at approximately 73 million sold to date with an ICO close come this February 27th.
Of note, I would love to create a third update to this Stream Space ICO thread however I can only do that if I obtain appropriate communications from the Stream Space team themselves.
Should the Stream Space team reach out or begin communicating to the crypto community with more information pushing more insight to get investors to actually want to invest, I will hopefully then be better suited to present a more uplifting and deserving Steemit post to help push their initiative.
Until then, I say take caution. Invest wisely. And do your own due diligence before investing in any ICO.
(As always, this post is not to be utilized or construed as financial advice)