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A Chinese Bitcoin Multimillionaire Starts an ICO Project and Aims to Raise 200 Million Dollars in Three Days

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Li Xiaolai who claims himself a bitcoin multimillionaire but never shows his bitcoin wallet address started an ICO project—Press One this Wednesday. The project has no whitepaper and aims to raise 200 million USD in three days and the tokens invested in will be locked up for at least a year. I don’t know Li, so I cannot judge anyone whom I don’t know. But I do have something to say about his project.

Recently, I have analyzed 20 ICO projects, including Suretly, Strarta, TrueFlip and GigaWatt. I realized that though an ICO project differs from another, but they all have a detailed project plan that describes how the team will make it happen.

Specifically, an ICO project is supposed to cover the following in its project management plan:

  • An overview of the reasons for the project
  • A list of application scenarios.
  • An analysis of market potential
  • A breakdown of the roles team members will play
  • A description of profit distribution

Now let’s see what Press One has.

An overview of what they do? Bingo!

Return on investment? Nope.

The project technical plan? Nope

How they are going to manage risks and uncertainties? A list of team members? A detailed project plan? No, no, no, no.

As we can never be certain about anything, I’d say the project could be successful, especially considering the fact that Li is a famous wealthy investor. But is he showing any respect to investors to start a project without revealing any detailed information? Instead, he leaves himself room for manoeuvre while quoting Masayoshi Son that he failed at most of the things he did.

Advocates of Li believe that they will be the ones who laugh last. They think they will be rich when the project gets successful. But they mistakenly take success of the project as their own victory. The project is likely to be a success, but it doesn’t mean investors can get a lot of money.

Press One aims to raise 80,000 BTC and 16,000 BTC could hold 20 percent of Press One tokens (PRS). Hypothetically, Joe buys 1 bitcoin worth of PRS and the project earns 20 million yuan a year later, which means Joe will get 250 yuan. If the team could make 200 million yuan in a year, then Joe could get 2500 yuan. Do you think 250 yuan or 2500 yuan is “a good return on investment”?  Just think of two little questions:

How much can you earn if you hold your bitcoin for a year?

Is it possible for a startup to make 200 million yuan in a year?

Clearly, the biggest problem of the project is its teeny tiny return on investment. He only cares about himself. How can you expect to get rich when he doesn’t even give it a shit? Bear it in your mind that the success of Press One only belongs to Li.


  • me-i-am
    5 years ago me-i-am

    This shit is essentially about bitcoin, not China. Stop posting it.

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