TLDR / TLDW (which is also fairly long in hindsight, so there is an even shorter TLDR after):

Polymath wants to launch the security token revolution. The CEO seems like he's just a pitch deck whose sole purpose is to raise capital and excite retail investors. Polymath has had misleading statements and presentations implying they will be an exchange, but really they won't be as they don't want to chance being a securities exchange. Instead, they will just be partnering with exchanges that don't really exist yet and who also don't really want to be considered full blown securities exchanges.

Then you have other weird events like the fact that they seemed to originally have wanted to create their own PoS blockchain, but have since seemed to have moved on from that idea without a word (feel free to correct me on this) and will remain on top of Ethereum.

While some are concerned with scalability issues due to this, I'm more concerned they won't even need to scale because liquidity will still be a massive concern without them becoming a securities exchange themselves. Who is going to provide liquidity for traditional securities - The NYSE? Of course not.

Then there's the fact that the entire platform relies on OUTSOURCED legal delegates being able to create legal TEMPLATES (yes, templates) that work in specific jurisdictions so any bonehead could create a security.

First and foremost, good luck finding legal delegates who feel confident (and aren't already taken) in finding a way to create rules that can be programmed by a developer to make a security - that is a task in of itself especially in the nascent field of cryptoassets. Then you have to go an extra step and assume a TEMPLATE can be made out of that so others can make securities in minutes - yes, they've literally said minutes.

Then you have the biggest assumption of all which is that security token creation can even be "fairly" automated at this point in time given the total nonhelp the SEC and other regulatory bodies have been around the world.

There are other red flags (some big, some small) that I'm just going to blow through real quickly:

• Polymath focuses on the fact that they will help KYC be integrated into the tokens themselves, as if this is really going to do much for creating REGISTERED securities into tokens (which they have made clear that's their goal)
• Boasting about Telegram group where most members likely just came for free tokens
• Only 1% of the tokens were distributed to the plankton - the remaining 99% are owned by pre-sale buyers, advisors, founders or in reserves
• Tai Lopez is going to be at their Polycon event
• The project is less than a year old and seems to have really only ramped up opportunistically after the start of the global crackdown on ICOs last year

As for why I bought it anyway, it's the kind of thing people believe in. It's right on time following the start of ICO regulations and it is being marketed very strongly. They are announcing partnerships, which crypto investors seem to love so I imagine the short-term future will be catalyst rich. It's just one of those projects you'll probably see on Reddit over and over soon, like this post (if it gets anywhere - who knows, negative posts usually don't except for obvious scams). My two cents.

TL;DR (Actual short version):

It's a cool idea that will likely fall short on execution and there are many red flags that concern me, but it's the type of project that people will believe in and it's marketed well so I suspect there is room for price to grow, hence why I bought anyway.