ICO Rating Reduction: Reassessing SONM
When the author originally assessed SONM, he came out with a 9 out of 10 based on a numerical rating system that had not really developed yet. At present there would be no reason to rate SONM this highly, in terms of short-term profitability, so we’re going to take a massive knife to this score today: reduce from 9 to 6.1. For short-term traders, we have to reduce it beneath the 5.0 threshold – sell when able (though you should not be forced to sell at a loss) – a safer rating for short-term traders regarding SONM is 4.1.
The logic behind this move might be hard to follow. Clearly, the author still believes this project has technical and financial potential long-term. The author will continue to acquire SONM at what he sees to be discount rates. Nevertheless, it is a bad recommendation to tell someone: just hold your bag and join the faith with me. If you do not agree with the author’s technical assessment of the project, or believe that similar projects are going to beat it out of existence, then this is not one you can speculate on without getting dirty in the process.
That said, the size of the point reduction bears explanation. There seems to be significant question as to the nature and provenance of the team behind SONM. Unconfirmed, anonymous, actually unsubstantiated posts in a Russian version of 4Chan have surfaced to the author’s attention (NSFW). A Google translation of someone who apparently claims to be the SONM founder reads:
To me 23, one year ago started to be engaged in the startup. Before that, all my life I was a loser – I was sitting on my mother’s neck, I did not work anywhere, my knowledge was at the level of the JS school course, there was no chan, there was no money, drisch, stuttered at conversation, never was abroad or even Just at sea, MMR was in the district of 2k.
Six months I tried to do my project at the same time, to study at the magistracy and work for my uncle, then I flew out of the sorceries because of absenteeism, but left my job, because all of them were fucked in the office.
I decided that there was nothing to lose, went all-in and decided to raise money through the crypt, and what do you think?
It worked. We collected $ 42 million in the crypt, and since Part of the money went to the team’s fee, then I became a happy owner of a million dollars.
That’s how I came to success. And I do not know what to do next. Well, that is, of course, we will continue to cut the product, but what exactly should we do with our share? What about your life?
The post was made by an anonymous party, and could easily be a spoof post, but it does give rise to questions around whether or not such a thing is possible. As we reported in the original rating report, Anton Tyurin of Yandex is on the project.
The author believes such negativity and FUD will dissipate when SONM eventually yields a viable product that investors find tangible, but in the meantime, feels confident in advising against attempting to speculate short-term on SNM tokens.