Main ICO started yesterday.
1 SAT = $0.14
Softcap already reached and 14% of token's total sold. What do you think? It has the potential to reach the hardcap ($40M) ?
$40 million is a hell of a lot for just a social network site. I think if they achieve to raise more than $10 million it should be well enough to build their product.
You forget that it's not only making the site/platform, but also marketing, mobile apps, etc. Just making the product is not enough, you have to get people to use it and that takes marketing, not matter how good the product itself is.
With facebook there is a solution which is powerfull and many years time for development. The $40M hardcap does makes sense for me. At least the developers foor the platform and frontends, the complete plan how to get profit out of the solution and to get sponsors is hard and the risk ist very high for the invesment.
A small start is not possible. It have to be an alternative to an complex solution facebook.