What The ****? Status.im raises +270 million in less than 3 hours

Some investors are criticizing the amount raised claiming there is no reason for a messaging application to need so much initial capital. In addition, many interested collaborators had difficulties sending MyEtherWallet transactions, leaving them out of the ICO.

Status.im ICO
Status launched its ICO today (6/20/17) by offering 10,000 SNTs for 1 ETH. It seems that the total value of the ICO will be $ 275 million, placing it above the DAO, which raised about $ 150 million in funds.

What is Status.im?
Status.im is an Open Source mobile DApp browser and a messenger built for Ethereum.
You can find more info here: http://status.im/

Critisism
Putting that value into a mobile messaging application may seem ridiculous to some, even Google did not have that amount or start-up money. It is interesting to see if the app will live up to the expectations and if the token holders will see a return on their investment. Everything looks just like the environment before the Internet .COM Bubble (1997-2001) where any .com made promises and rained millions of dollars from misinformed investors.

Do not misunderstand, the Status team is highly recommended. It would not be surprising to see the token price double or triple after it hits the exchanges. Just remember that greed is also at stake here, and its consequences can actually damage the reputation of Ethereum and ICO in general.

References:
Reddit Post: https://www.reddit.com/r/ethtrader/comments/6idbwz/beware_status_ico_will_raise_27581487806_usd/
The Merkle: https://themerkle.com/status-im-ico-raises-over-100-million-in-under-3-hours/
Status Website: http://status.im/

What The ****? Status.im raises +270 million in less than 3 hours!

What The ****? Status.im raises +270 million in less than 3 hours

Some investors are criticizing the amount raised claiming there is no reason for a messaging application to need so much initial capital. In addition, many interested collaborators had difficulties sending MyEtherWallet transactions, leaving them out of the ICO.