There’s an ICO for everything these days. And now we have an ICO for the popular Instagram account “RKOI”, or “Rich Kids of Instagram” (also named “Rich Kids of the Internet”). Find out everything you need to know about the project today.
What is the RKOI ICO?
Rich Kids of Instagram, also known as Rich Kids of the Internet, uploaded a cryptic post to their Instagram account on January 10, 2018. That post features just a single image saying, “Do You Crypto? RKOI ICO Coming in March 2018.”
Based on this image, we’re led to believe that @RKOI – a popular Instagram account detailing the wealthy lives of social media personalities – is launching its own cryptocurrency. That cryptocurrency will hold an initial coin offering, or ICO, in March 2018.
Is It Legit?
The comments section on the RKOI ICO post was instantly flooded with people deriding the project. One person commented, “Rkoi is launching a coin? Yep we r in a bubble.” Others responded with comments of “lol” or “good lord” or “scam for sure”.
Many also asked the most obvious question: why exactly does an Instagram account need its own cryptocurrency?
We have no idea why any Instagram account would need its own cryptocurrency. As far as we can tell, there’s no reason why an Instagram account would launch an ICO – aside from it being a blatant cash grab.
What’s the Connection Between RKOI and the Cryptocurrency Community?
As far as we can tell, there’s no real connection between Rich Kids of Instagram and the world of cryptocurrency/bitcoin.
A Google search reveals that there’s a separate account called Rich Kids of Crypto on ThePictagram.club, which is an Instagram-like website. However, that account appears to have no connection to the official RKOI Instagram account.
The only other connection we can find is a link between a man named Emir Bahadir and a video showcasing shady ICOs. Bahadir is a 26-year old heir to his family’s Turkish real estate fortune. One YouTube video uploaded on December 2017 was accompanied with the following description:
“A day with a BILLIONAIRE! Join Rich Kids of Instagram's Emir Bahadir as he works out and shops!”
That YouTube video explained how anyone could get rich by investing in well-known scams like Hextra, Bitconnect, Regalcoin, Ethconnect, and others. It appears to have borrowed the description from a separate YouTube video, seen here.
Other than that small connection, there’s limited connection between RKOI and ICOs. RKOI has been seen promoting various suspect investment opportunities in the past, however. In a post on June 29, 2017, for example, they explained how one individual featured on their page was making millions through forex trading.
Overall, the RKOI page has been accused of being a sellout for famous brands. Meanwhile, those who are attracted by the wealthy lifestyle can use the page to learn how to get rich quick – like by investing in cryptocurrencies or forex schemes.
RKOI ICO Date
The RKOI ICO is scheduled to begin in March 2018.
Conclusion: Why Is RKOI Launching an ICO?
Ultimately, we can find no previous connection between Rich Kids of Instagram and cryptocurrencies. We have no idea why the Instagram account is launching an ICO, or what purpose that cryptocurrency would serve. No further details are available online at this time, but based on everything we can see, this appears to be a blatant cash grab by an Instagram account repeatedly accused of being a sellout.