Crypto Exchange Huobi Starts IEO with Blockchain Phone on Sale, New Chance or New Scam?
Crypto exchange Huobi is introducing new gameplay for its latest Huobi Prime project, in which users can obtain Prime participation eligibility by simply purchasing the project’s blockchain smartphone dubbed “Acute Angle”.
Acute Angle, priced at $515, is hailed as a less expensive blockchain phone compared with Sirin Labs’ Finney blockchain phone and HTC’s Exodus, and it is now available on Huobi Prime. It is produced by Whole Network (NODE) who is the sixth Huobi Prime project, and can be purchased with the exchange’s native Huobi Token (HT) at 95 HT (a HT is currently traded at $4.15) as a part of the sixth Huobi Prime project launch.
According to Huobi, users who purchase Whole Network’s Acute Angle phone are eligible to participate in the IEO of the project’s NODE token, with 3,000 HT equivalent Prime quota allotted.
While users, especially those who hold large amount of Huobi Token, are disgruntled about the new rule. In the previous Prime projects, only users who have held a certain amount of HT for a certain period are eligible to participate in the token sale, and the trading cap for HT holders is limited to 5,000 HT.
When it comes back to the phone itself, Acute Angle includes built-in crypto-ready features like push trade notifications, a dapp wallet, an optional cold-wallet plugin and the NODE native token. However, most crypto traders don’t think it’s worth the price, saying it is a low-config phone taking advantage of the trendy blockchain/crypto concepts, and those who buy it is simply eyeing on the 3,000 HT (roughly $12,000) equivalent trading quota.
On the other hand, the Whole Network is found to be the team of a 2017 crypto project named Acute Angle Cloud, whose AAC token has dropped all the way to almost zero since release. It would further heighten potential investors’ concerns considering the previous project the team worked on seems dead.
Despite that, it doesn’t seem investors have been stopped from joining the IEO, the initial sales of the phone (limited to 10,000 units) has run successfully in these two days, as most of them want to buy the tokens and cash them out for a higher price.
In the fast-changing crypto market, IEOs have been wildly successful at the beginning of the year, while the ROI (return on investment) has seen decrease these days, the majority of them are not profitable for investors as most IEO tokes cannot sustain value over the long term.