We are reaching the meta stage of the ICO craze, it seems, where ICOs are being launched with the specific intention of helping people capitalize on other ICOs. Well, that’s perhaps not the actual specific intent of CryptoPing, but certainly it’s going to play that role sometimes as well.
CryptoPing is intended to be a “helpful” bot. Rather than make your altcoin trades for you, like many bots would, this one is intended to give you the best information about each market. CryptoPing’s authors say that they are going to use the methods of the best traders in order to maximize the offerings of CryptoPing.
The CryptoPing token will be launched on the Waves platform. It is therefore the first token on Waves to be reviewed here, so we must give an overview of Waves before we can continue. Luckily, according to the CryptoPing authors at least, Waves is very user-friendly.
The Waves platform is different from Ethereum in a few ways, one of them being that its desktop client is actually a web client that you run from your own desktop. It performs many of the same functions as Ethereum, and we will likely see more ICOs being offered on it as time goes on. The relevance of Waves itself to this token is only its stability and future availability, and we can see no issues evolving from there. However, it is a drawback to traders that they may have to learn to navigate a new platform in order to get in on the CryptoPing – or even to use it, since the whole point of the token is to facilitate subscriptions to the trading bot.
There are some perhaps too overwhelming concerns at the concept of CryptoPing:
- There’s no proven trading to harken back to as evidence of “these methods will win.”
- Bitcoin and cryptocurrency markets can be wildly unpredictable, and bots can rarely get beyond reactive trading.
- At a price of around 30 cents per token, the cost of the subscription is going to have to be reasonable in order to not make the whole thing sound ridiculous.
CryptoPing aims to raise 1000 bitcoins by selling 10,000,000 tokens. 1,000,000 of those tokens are reserved to reward people. Tokens that are received for subscriptions are burned off, so eventually there won’t be any tokens left to buy the subscription, and CryptoPing would have to offer another round.
Sadly, the whole thing raises a simple question: why not simply offer the trading service in exchange for some existing token? Why do people need to “bet” on the platform succeeding just for it to come into existence and potentially try it?
Due to these obvious drawbacks, we’re going to have to recommend against throwing in on the CryptoPing crowdsale. If you believe you’ll get some use out of the trading bot, just wait until the PING tokens hit a market, pick up some, and try it out. Don’t be the guy stuck with a big bag of unusable, unwanted tokens that only work on one machine, a machine no one really gets much use from.
Safety rating, scale of 0-10? Oh, you can probably get some of your money back, maybe even make a quick buck, but it doesn’t seem likely. As such, we’ll give CryptoPing a solid, generous 2.0 (which is quite bad).