“Bob’s Repair” might be the dumbest name for an ICO that we’ve ever had the pleasure to come across. And that’s saying quite a lot. But the ass clowns (🍑🤡) at Tokenicide would never think of giving an ICO a shitty review merely because it had a stupid name. Especially not when there are so many other reasons to give Bob’s Repair a shitty review.
According to the landing page of the Bob’s Repair ICO website, the project intends to use “Blockchain to eliminate review fraud and provide lower pricing in the home repair industry through a decentralized platform.” Considering that fraud reduction and greater efficiency through transparency are hallmarks of blockchain technology, that actually makes sense. And it makes a lot more sense than naming your ICO “Bob’s Repair.”
Another noteworthy factor in the project’s favor is that Bob’s Repair appears to have a successful non-blockchain business model in place. This demonstrates to us that the founders know how to run a business, which is a skill that many ICO project founders lack. That said, there is clearly one skill that the Bob’s Repair founders themselves lack, and that’s how to come up with a name for their ICO that doesn’t suck.
The Bob’s Repair whitepaper states that their blockchain solution will “solve review fraud, hidden costs due to advertising fees, and inflated costs to lack of pricing transparency.” As already mentioned, these are all the types of problems that blockchain technology can purportedly fix, which means it might actually be justified for this project. However, when it comes to things like actual data and statistics to support its claims (the type of information that would require doing actual research as opposed to just pulling broad generalizations out of your ass), the whitepaper ain’t got much.
One of the dirty little secrets about ICOs is that it doesn’t cost very much to develop a distributed application on an existing blockchain network (like STEEM, or Ethereum, or something). As a result, if you’re asking for $20,000,000 to fund your project, you’d better have a damn good reason why you need that much to do it.
The Bob Application
It probably shouldn’t come as too much of a surprise that the blockchain solution for Bob’s Repair is named the “Bob Application.” All we can really say is that given the historical success rate of other software applications named “Bob,” it seemed like a pretty odd choice if you expect people to buy your tokens…
Running on STEEM, or Ethereum, or Something
Given the fact that its own founder likened the power of the Ethereum network to a smartphone from 1999, along with the fact that fucktons of other projects are being developed that need to connect to that one 1999 smartphone, no one should take seriously any new ICOs that claim to be building on Ethereum. We were therefore very impressed with the fact that the Bob Application is going to be built on STEEM. Unlike Ethereum, STEEM uses a Smart Media Token, or SMT, which … wait. Sorry, our bad. It’s going to actually use ERC20 compliant tokens … hang on. That doesn’t make any sense. Okay, here it clearly says SMT, so that means okay why the fuck does it say Ethereum now?!?
Looks like the proofreader missed some last minute changes to the whitepaper. However, there was one thing that did make the cut…
The Shill in the Machine
A few months ago, when we first stumbled across Bob’s Repair (and after having a really good laugh at how stupid the name was)…
…we noticed that none other than the King of the ICO Whores™ John McAfee was plastered all over the Bob’s Repair website and whitepaper as an advisor to the project.
Side Note: McAfee may be a lot of things, but sure as hell ain’t cheap. The last we heard he was asking somewhere in the neighborhood of 25% of the funds raised during the ICO to service his clients. That means in the case of Bob’s Repair, he would be skimming a cool $5,000,000 right off the top as soon as the ICO closed. Cha-ching!
Fast forward to today, however, and McAfee is gone. Totally gone. Poof! Where did he go, you ask? We think it may have something to do with the fact that the documentary film Gringo: The Dangerous Life of John McAfee came out on Netflix a few weeks ago. In case you haven’t seen it, the film doesn’t really paint the most sympathetic picture of the fella. As a result, we can understand why he’s not the sort of person that you would want as the “face” of your ICO.
In summary, the team knows how to run a business, but there is no indication that they have the technical expertise to execute on their solution, and no mention of who will be providing that expertise. This also seems like a relatively modest project, and although the whitepaper does a good job of explaining how the solution will work, there is nothing to suggest that they need anywhere near $20,000,000 to pull it off. Knowing that 25% of that money is going directly into John McAfee’s pocket explains part of it, but that’s hardly a good reason to invest in what appears to be yet another “hey let’s put our existing solution on the blockchain so we can do an ICO and raise a fuckton of money” project. Although we’re sure the founders regret hiring John McAfee as an advisor, it’s not like he put a gun to their head…
Oh well. Not our fucking problem. They made their bed. They gotta sleep in it.
Our final Honest AF Rating on this project is a 1.3 😡 – An embarrassment for blockchain