2017 has provided cryptocurrency investors with a wide range of weird and wacky initial coin offerings. The tokenization craze has led to the creation of many different ICOs, more than 60% of which fail to reach their funding goals. There have also been a number of high profile scam initial coin offerings that have collected hundreds of thousands of dollars in capital, only to disappear without a trace.
In response to the flood of fraudulent or low quality initial coin offerings, the ICO ecosystem has begun to develop an autonomous immune system. Initial coin offerings, if they want to succeed in their funding endeavors, are expected to provide a detailed white paper, information on their team and developers, and a clear business plan outlining how they aim to launch their proposed platform or service.
Despite these de facto rules, many initial coin offerings are still being launched that are blatant scams. Many of the “lending ICOs” that have hit the market recently are a good example of this, and commonly attempt to bait investors into purchasing worthless altcoins with the promise of extremely fast returns.
A new initial coin offering, however, wins our award for the “most absurd ICO of 2017”. The Private City initial coin offering is currently being promoted as the “first completely anonymous ICO”. While anonymity is a core principle of blockchain technology, the Private City platform takes anonymity to the extreme.
The developers of the Private City ICO are anonymous. The distribution of funds generated during the ICO are kept private. The total amount of PCT tokens– which are being sold in the ICO- is kept private. Perhaps the most ridiculous factor of the Private City ICO, however, is that the entire concept- what IC funds will be used for- is kept secret.
Private City is asking investors to purchase tokens for nothing. No promises, no plans, no oversight. In this article, we’ll take a look at the Private City ICO and highlight exactly why you shouldn’t invest in this initial coin offering.
What Is Private City?
Private City is a new initial coin offering that is currently live and accepting ETH. Claiming that the platform demonstrates what “real anonymous investments should look like”, the Private City ICO explains to potential investors, in an extremely ironic fashion, that the ICO ecosystem is currently flooded with worthless, fraudulent offerings.
The Private City ICO offers investors the opportunity to send ETH to a smart contract address that will provide them with PCT in response. According to the Private City website, the platform that will be launched from the Private City ICO is “bound to succeed”, but they don’t want to provide any information on what the platform is for fear that the concept will be stolen.
The Private City website is scattered with broken english and poor grammar. The roadmap presented by the platform is laughable, and consists of four elements- the “appearance of the project’s idea, the token sale, the end of the token sale, and the launch of the “Private City platform”.
There is no white paper available on the Private City website. Hilariously, the Private City website does provide a breakdown of the Private City team, which consists of six different anonymous members.
The Private City ICO
The Private City ICO is currently underway, and is offering PTC tokens at a rate of 6,000 PCT for 1 ETH. According to the website, 128,000,000 PCT will be available during the sale. At current market rates for ETH, if all these tokens were sold the total capital gathered by the Private City ICO would amount to around 10 million USD. For nothing.
Private City Verdict
Private City makes no promises, outlines no project, and simply offers investors the ability to flush their ETH down the toilet for nothing in return. If you hate money and are looking for the worst possible ICO to burn your ETH on, Private City will gladly take your ETH and disappear with it.