atans1

Fate of S’porean dating Initial Coin Offering

In Financial competency on 04/06/2018 at 4:22 am

A report in the FT over the weekend that an ICO has raised US$4bn reminded me of this recent BBC report about a S’pore-based ICO

Violet Lim wants to get rich by marrying together internet dating and the latest investment craze.

“Our ICO is about love on the blockchain,” the founder of Viola.ai exclaims.

“You can use it to get curated matches, to buy flowers, to book restaurants or even get dating and relationship advice.”

ICOs – or initial coin offerings to give them their full name – are a way to raise funds by creating a new form of money from thin air.

Singapore-based Violet has been involved in the internet dating industry for years.

But she believes an ICO presents a way to raise $17m (£12.6m) from investors, who will get tokens to use in their dating activities.

Why, I want to know, do you need a token to buy flowers for your loved one and why does the service have to be on this magical blockchain which apparently solves every problem?

“We are trying to solve a very important problem in our industry, which is the lack of trust,” she replies.

And she explains that by entering people’s details on an immutable blockchain, Viola will be able to deal with “love scammers” who hide their true identity.

But her enthusiasm gives way to a degree of despondency soon after, when Google bans crypto-currency and ICO ads on the very day Viola’s public sale gets started.

“[It’s been] a very bad first day followed by a very bad first week,” a more muted Violet tells me.

http://www.bbc.com/news/technology-44038181

It got a lot worse. The BBC asked finance blogger and former banker Frances Coppola to look at the S’porean’s ICO, and she was not impressed.

Of Viola she asked: “What’s the point?”

And she was not convinced by Violet Lim’s assertion that the blockchain would make dating more secure

“Why on earth would I want my entire dating history up on a public blockchain where everyone could see it?”

Well she wasn’t the only sceptic

As for dating-on-the-blockchain Viola, its founder and her team have decided to “pause” the sale and are monitoring market conditions to see when will be a good time to restart.

Another BS scheme bites the dust. There goes Violet’s and her team’s 5Cs ambitions, assuming she’s not a rich, clueless kid, playing with pa’s money.

 

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