There are numerous websites out there that rate ICOs. But who do they really benefit? Or perhaps the better question is, who should they benefit?
A well-run ICO list and rating site benefits everyone in the crypto community. Let us explain why.
ICOs Benefit from Exposure
Crypto ad bans by most of the major networks have made it difficult for ICOs to reach new audiences. Announcements on Reddit and Bitcointalk certainly help, as do articles on popular crypto news sites. A good rating on an ICO list, however, can really boost your reach. Potential investors don’t have time to research every exciting new ICO, so they often limit their efforts to only those projects which are getting good buzz from reliable rating sites.
Additionally, if a site provides detailed explanations as part of its feedback, you gain a valuable outside opinion as to what your strengths and weaknesses are. This can help you improve and refine your product before it goes live, or inform your future marketing plans.
Investors Benefit from Good Information
As mentioned above, nobody really has enough time to investigate every new ICO out there. Most rating sites employ an entire team of experts in order to stay up-to-date! One person couldn’t hope to duplicate all that effort.
An ICO rating site shouldn’t replace your own personal research. Your investment is too important to rely on a succinct summary. These ratings are simply the starting point. If a project interests you, and has received good ratings from multiple reputable rating sites, that is a good sign that it’s worth the time and effort of investigating it yourself.
Rating sites protect you from wasting your time and potentially your money on ill-conceived ICO projects, and free you to focus your efforts on those projects which have promise.
To read more about Cointelligence's rating system click here.
The Community Benefits from Oversight
The ICO landscape has this reputation as a lawless Wild West frontier town. While governments scramble to come up with (mostly ill-conceived) legislation to protect their citizens from would-be scammers, it’s up to the crypto community to police ourselves. Crypto ICO rating sites are like the new sheriff in town, posting Wanted posters to warn the townspeople about the bad guys.
The more information there is out there about ICOs, good and bad, the easier it is for the community to self-regulate. As people learn to recognize the signs of a fraudulent project and the bad actors behind them, it becomes less profitable to set up a scam and thus less people will attempt it.
Of course, rating sites are just one part of this. The crypto community is great about sleuthing on their own, and it’s not unusual to see call-outs on LinkedIn, Reddit, and wherever crypto enthusiasts gather. This is a community that has little to no tolerance for fakers, and no compunction against speaking out against bad behavior.
Who Benefits from a Bad ICO Rating Site?
Not all rating sites are created equal, and not all of them benefit the community. So far, we’ve focused our discussion on those who have the crypto world’s best interests at heart. But there are rating sites out there who are not concerned with truth and accuracy.
If you start your own ICO, you’ll discover these bad apples soon enough. They come out of the woodwork, reaching out to you on Telegram and in your inbox. For a simple payment of BTC or ETH, they’re willing to give you a good rating on their site. Or they’ve got an agreement with a few experts on a prominent site, and they’ll be happy to broker a deal for you. They’ll just take a small cut of what you’ll have to pay those experts for your consideration.
It’s pretty clear who benefits from these sites: the people who own them and work at them. They’re only interested in lining their own pockets at the expense of the community!
How Do You Know Who to Trust?
Just as you would research an ICO before investing in it, you should research a crypto ICO list with an ICO rating site before trusting their advice. As mentioned before, the cryptocurrency community is not shy about outing people who are up to no good. Spend some time on forums, Medium, and social media, and you’ll start to see which sites have a reputation for honesty, and which are known to be corrupt.
We all benefit when we support those who have the best of intentions. Whether it’s investing in a well-planned ICO or getting your information from a reliable rating site, you’ll feel better when you know you’ve made a decision based on your own research and the expert opinions of others in the community.
To visit Cointelligence's ongoing and upcoming ICO list click here.