Without spending much time on ICONOMI or the founding team, my high-level take is that their approach to launching an ICO is concerning.

There are two major red flags for the project:

1.) They released a white paper that's very heavy on marketing lingo and very light on technical execution

2.) They raised funding without any semblance of a product or customers

Despite my belief that this is a bad approach, they've been able to raise $6.5M in funding in 3 weeks. Firstblood.io was able to raise $5M with the same approach earlier this week.

This means either: my belief is wrong or the market demand for ICOs from the crypto community is irrational right now. What do you think?

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