Re:What is an Initial Coin Offering and How Does it Work?
by simias on Monday July 03, 2017 @11:39AM
(#14689033)
I don't hate on cryptocurrencies but I think it should be blatantly obvious to anybody that this ICO system, as it is today, is a "get rich quick" scheme that should raise all possible red flags.
Extremely complex and abstract "products" based on an incredibly complex and unproven systems and yet managing to raise millions of dollars almost daily? I don't know what is a scam and what is just extreme optimism in the long term performance of those blockchain startups but it feels more like playing in a virtual casino than investing in a startup.
How many of these ICO investors/gamblers would be able to explain in details what the startup they're funding is doing and how they're planning to generate revenue in the long term? Not many I bet.
Extremely complex and abstract "products" based on an incredibly complex and unproven systems and yet managing to raise millions of dollars almost daily? I don't know what is a scam and what is just extreme optimism in the long term performance of those blockchain startups but it feels more like playing in a virtual casino than investing in a startup.
How many of these ICO investors/gamblers would be able to explain in details what the startup they're funding is doing and how they're planning to generate revenue in the long term? Not many I bet.