ELASTOS RUNNING OUT OF INVESTOR FUNDS ,MULLING ANOTHER ROUND OF ICO IN THE DISGUISE OF "MANHATTAN PROJECT"
ELASTOS RUNNING OUT OF INVESTOR FUNDS ,MULLING ANOTHER ROUND OF ICO IN THE DISGUISE OF ‘MANHATTAN…
ELASTOS RUNNING OUT OF INVESTOR FUNDS ,MULLING ANOTHER ROUND OF ICO IN THE DISGUISE OF ‘MANHATTAN PROJECT’
Elastos in it’s ICO back in 2017 raised 94 million USD in BTC and ETH from public and private investors ,or 47 million as the team emphasizes with out any evidence. Nevertheless due to gross mismanagement , lavish expenditures and multiple law suits ,elastos team is closing in on the last $100k left in their coffer .Last year Elastos founder Rong chen assured the community that the team has enough funds to last couple more years.Well,The inevitable finally happened , Elastos is going bankrupt soon unless they find a bunch of gullible investors to extend their lifeline.
On May 26, 2019 Elastos team announced on its website that team is seeking a sum of $1.6 million USD from community to continue it’s development operations and a lot more funding at a later date. The bombshell announcement has rattled even the most closeted supporters of the project
To Expand more on this subject, the strangely named “Manhattan Project” isn’t some thing new ,it was conceived for a different undisclosed purpose back in 2018 and shelved thereafter without publicizing much details. The revival of “Manhattan project” in 2019 is just a ruse to raise more funds under the banner of “world bank “ and “ Huawei” to meet the basic needs of elastos foundation, that is to fund their daily operational expense as the team is running short on funds.
The stated purpose of the Manhattan Project is to build up Elastos’ ecosystem which is pretty much the same purpose of Cyber Republic and Elastos Foundation. There is no need to undertake a new initiative under the “Manhattan project” when the original product envisioned in the whitepaper is no where near completion and the team is struggling to meet deadlines promised in the roadmap .
Manhattan Project is all set to go ahead regardless of community concerns, the voting process by Cyber Republic council is just a farce . The Elastos team has already made up it’s mind and constituted the management team for Manhattan project .
Feng Han (Co-founder of Elastos), Zhijun Zhang (Chief Security Officer of World Bank Group), Song Bao (GP of Manhattan Project), Kevin Zhang (Former Elastos US Team Lead), Angelos Stavrou (Chief of GMU Cyber Security), and Software Engineers from World Bank, GMU, Huawei, and Elastos.
Elastos Co founder Mr.Rong Chen has been distancing himself from the elastos management, his participation is noticeably absent from the “Manhattan project” as Co founder Mr Sunny Feng Han has publicly announced his contribution of 50000 ELA to the project fund ,which cast doubt on whether this is a unanimous decision by founders or has Mr Rong Chen liquidated his holdings like Charlie lee of Litecoin to prevent a “conflict of interest”.
WHAT FUTURE HOLDS FOR ELA BAG HOLDERS ?
Elastos’ token was never designed to be a security token (i.e. for investment), but rather a utility token. ELA is currently being used as a funding tool to pay for 3rd party developers to build dApps on elastos and to pay for employees salary hired by Elastos foundation. ELA token has presently no commercial utility .Even if it finds some limited use-cases in future, $ELA tokenomics is so badly construed that it don’t benefit investors. With yearly inflation of 4% which adds about 1.3 million ELA to the circulation every year, ELA token supply is literally infinite and to maintain the prices the ecosystem needs to grow bigger and bigger every year, basically elastos need to become more popular than Ethereum and Bitcoin to see the incremental increase in price .The time of baseless hype based surge in price in the 2017–2018 era is over , the bubble has burst ,most tokens lost more than 90% from their ATH and Elastos is one those sh!t coins.
Comments
Post a Comment