I was originally pretty interested in this one as we certainly need more and easier ways to buy and sell crypto. The Bread app already exists and the ICO is supposed to help them become a true online financial institution which is great. As I continue to research more I am less and less intrigued by their ICO. I do really like the company and the concept so don’t take this as a negative on what they are or want to become. My concern is all about the need for an ICO and what the token actually seems to be for.
Let’s start with the amount they want to raise. They are looking to raise around $30 million which to me feels like a lot especially when they already have a working product and have received VC funding (https://www.coindesk.com/7-million-bitcoin-wallet-startup-breadwallet-raises-new-funding/) recently. This alone might be fine. Its hard to hate on their possible success. My main issue is the tokens actual use. What does it do? It appears to be to be used for lowering transaction fees and also for their social rewards program. So hold on a minute. They want to raise $30 million to create a token for reduced fees and rewards? The token isn’t critical to anything they do. I am not thrilled with the fact that the token has no critical use in the system. If it went away tomorrow they would be fine. That’s a lot of money for not much blockchain bang basically.
I may very well use the Bread app for something at some point but the ICO isn’t for me.