Enigma Catalyst increases market cap by 50%; Causes backlash and panic in the community
Today, the team of Enigma Catalyst announced that they have decided to increase the market cap from $30M to $45M. This caused a tremendous panic wave and backlash towards the team.
People started attacking the Slack, and a lot of unhappy investors were complaining in the Telegram. Here are some screenshots:
People even have gone as far as impersonating staff members, and spamming on the Slack:
Honestly i can't blame them. Most of the people were pre-sale investors, and this decision has really harmed the teams reputation. People are asking for refunds - that alone shows how steemed the situation is.
A significant figure in the ICO world, Ian Balina, has dropped the ICO three places on his famous spreadsheet, due to this unprofessional decision.
What do you think about this? Was the team in the right or the wrong? Leave your thoughts below, i'll try to respond to every comment!
Makes sense. A lot of ICOs have the potential to be pretty shady. Some are almost like a kickstarter for suckers, only no perks based on the amount you throw in.
First they got themselves hacked, with no 2FA authentication? C'mon. And now with the recent decision of increasing the cap and having further 15m $ for absolutely no basis diluting early investers shares to accommodate more people? or to accommodate the greed? Absolutely disappointed.
Exactly, thats why this is so ridiculous. They stated that they did it "for the community". While the community didn't even want this change to happen. If it really was for the community, they could have created a poll, and have a agreement. I feel like this decision was fueled by greed, and unprofessionalism. Im seriously disappointed.
This post has received a 3.13 % upvote from @drotto thanks to: @banjo.