Channel Update #12 – ICO Software Testing Results

Tai Zen: What’s up guys this is Tai Zen. And with me, I got my buddy David Fong. Say hello, David.

David Fong: Hey guys, how’s it going?

Tai Zen: So right now, we’re standing here in the middle of Times Square in New York City. So you guys know we’re an investing channel, we research ICOs and we review them and the ones we like, we invest in them.

David Fong: So basically we’ve been seeing an ICO environment where there’s just a ton of projects coming every day. I think I saw a starter with 3 or 4 different ICOs coming every day, so it’s becoming harder and harder for us to figure out what’s a good project.

Tai Zen: You recently were in London for the world blockchain forum. And talk about the ICO pitch that they had, the pitch fest.

David Fong: It was an ICO pitch fest. I was telling Tai that it was basically a parade of ICO pitch after ICO pitch.

Each one had 10 to 15 minutes to talk about their project, and you could tell they were in a rush. And there was a nice gentleman there in a suit, he had a timer and he would gently escort that presenter off when the time was up.

Tai Zen: So you saying that there was an escort to take them off the stage after that time limit was up. Based on the research that we’ve done in America here, 90% of small businesses fail within the first year and then the remaining, 90% of those fail within the next 3 to 5 years.

So that means out of 100 businesses that start in America or probably anywhere in the world, 90% of them are expected to fail so that means that only 10 will survive. So in the next 3 to 5 years after the first year, then only 1 out of those 10 is really gonna make it. So this is the approach that we have when we invest in an ICO, is that we know that the likelihood of it succeeding, it’s already very low.

Because the Cryptocurrency project is no different than a small business, or business that’s trying to succeed. So we say this all the time on our channel, use a small position size, use a small portion of your portfolio to invest in a new project. And you guys are here to talk a lot about doing your due diligence and stuff and that’s why we’re here.

Because of one of the ICO projects that are going to be coming out in a couple of months. We are not under a confidentiality agreement or anything but it’s also a gentlemen’s agreement, an honor system out of respect for the project. They asked us to do our research, do our testing and whatever it is and just keep it to ourselves at this moment, they have a few things worked out before we can make it public.

So we’re gonna respect that. But the good news is that whoever wants to participate in it when they do release it, they have it set up so that everybody can participate so there’s no need or worry about not being able to participate.

David Fong: You’re not worried that it’s gonna be a 30-second or 5-minute sold out ICO. They’ve actually on purpose looked at that previous ICOs and how they all went down. Because it’s important for them to actually get a wider base of users, rather than a few large whale investors.

Tai Zen: So they saw that we’re very strict on which ICOs that we talked about on our channel. Because of that, they reached out to us privately and invited us and offered to bring us in and test their software first before we say anything.

Because they said that a lot of projects out there claim this, claim that, they have a white paper and they raised all this money and they don’t even have any working software yet.

And they wanted to show us the working software they have and the customers they have and the users they have. I think they have 50, 60 employees there working on it, and we were allowed to come into their office and ask anybody questions and talk to anybody, there were no restrictions.

We were never restricted from talking to anyone, and we can test the software as much as we want.

And while we were testing their software, we were able to bring other people, they’re engineers if we had questions and they answered it for us. So they were completely open, they’re transparent, there was nothing that they were trying to hide. Whatever information we requested, they volunteered the information to us without any friction or anything at all.

So because of that, we wanted to share with you guys, this trip to New York City was to do that researching, and we see that based on our initial findings, it’s very good so far.

We have an internal rating system of 1 to 100 that we score the ICOs based on our specific criteria that we score each criterion on. The highest score that we have is 100 for any ICO, and the last time that we scored anything 100 was about 3, 4 years ago when we scored Ethereum as a 100 internally.

This is probably going to be the first one that is probably somewhere in that area. The thing that we want you guys to understand and learn from this, is that in the past when we first got into ICOs and Crypto investing, it’s a little bit easier, you can do your research online and take a guess at which ones are which and reach out to them.

But it’s gotten to a point, especially now into 2017 moving forward with all those ICO pitch fests and all these conferences, we feel that we have to do like the boots-on-the-ground type of investigation where we made sure that the engineers actually know what they’re doing and actually are doing what they claim they do. So that’s why we’re here in New York.

David Fong: That’s another important point. They’re stunned on the engineers, with all the money that has been flowing in the ICO, there’s plenty of money but there’s actually not enough developer talent yet.

Tai Zen: There’re not enough people to build a project. So one of the things that got us interested in this project was because they told us that they have like over 50 employees working on the project and we were expecting them to exaggerate it a little bit.

But when we came in, we found out that not only did they have these employees already working on the project, but they’ve been working it for several years already.

So it’s not like a fly-by-night operation, they’ve been doing this for a while. So we’ll get more information, actually after we make this video, we actually got to go back into their office.

We just came out here on a break just so that we can update you guys because we thought it was extremely interesting that this is the first time that we are looking at an ICO project that actually has a full staff, hundreds of thousands of customers, and that’s what new to us.

When they told us that they had thousands of customers, we thought that they were bullshitting us and we wanted to come and see for ourselves.

David Fong: Or it’s just accounting projections to get the project looks good or is it actually real. So that’s what we’re on the ground here to find out.

Tai Zen: They offered to fly us in, and you guys always know that we don’t like to take offers from people like that because we don’t want you guys to accuse us of taking money from a project and then pumping them up.

We’ve always said this before that you can safely assume that we invest in any project that we talk about on our channel, so we talk about the projects that we invest in.

So we just wanted to share that with you guys while on our break. We’re gonna run back in there because we want to take advantage of this testing that we’re doing and make sure that we understand it completely so that when we make more videos about it, we can make sure that we have the correct information.

So thanks for watching this video guys and we’ll look forward to seeing you in the next video. And thanks for joining us guys and if you want more information and share in the research that we do, make sure you go to and we’ll send you the new videos and the new updates whenever we get them.

So thanks for joining us here in Times Square in New York City, and we’ll see you guys in the next video.

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