Thanks for the summary - I share pretty much all of your misgivings and can't help but take the cynical view that this ICO provides additional cashflow to help prop up the existing bitconnect lending platform.

It's a shame that, given their following and suspense-driven build up, that this is the best that they could come up with - another "me-too" currency that offers no discernible advantages over what's already out there.

It will be interesting to see what their top promoters will make of it - many, I suspect, will be relieved that they are barred from the ICO if US resident ;)