I called it bullshit when Giga Watt ran an ICO last summer.
Here are the results today (emphasis mine):
The firm filed for Chapter 11 bankruptcy at a court in the Eastern District of Washington on Monday, revealing that it still owes its biggest 20 unsecured creditors nearly $7 million in court documents seen by CoinDesk. (…)
Giga Watt has estimated assets worth less than $50,000, whereas estimated liabilities are in the range of $10–50 million, according to the court documents. (…) The company held initial coin offering (ICO) plan in May 2017, aimed to enable investors to buy a stake in the company’s services, that raised about $22 million-worth of cryptocurrency at the time.
Think about this. Giga Watt raised $22 mn in May 2017 when Bitcoin cost less than $1.5K. By that December, the fiat equivalent of that amount would be over $280 mn. By today’s rate, it would still be $65 mn. And these people blew it on bungalows made of plywood and have nothing to show for it.
Update: Giga Watt revised their asset figures, claiming the initial value of less than $50,000 was entered by mistake. They have now amended their estimated assets value to the $10m-$50m bracket. (Source: Coindesk.com)
I am a small business owner from Bulgaria. I have been tinkering with personal computers ever since I was a kid. I feel enchanted by Bitcoin technology; last time I felt this excited was some 23 years ago when I first started surfing the internet using a 28.8k modem.