To the moon or bust? Factors of success of an Initial-Coin-Offering

Whilst cryptocurrencies and initial-coin-offerings (ICO) have gained increased popularity and mainstream attention throughout the last decade, it is unclear as to whether investors rely on traditional investment criteria, or subjective indicators such as overall market sentiment, and additional psychological influences. This paper is an empirical analysis on whether the content and quality of an ICO whitepaper influences its success. The research has found that not all data on an initial-coin-offerings is significant, and therefor begs the question on whether psychological investment drivers have a more significant effect on their success.