In this subthread I am arguing that someone who can create an altcoin or ICO from their home in a weekend is not necessarily a financial genius who should be paid millions, as it's fairly easy to do.
In other subthreads I am saying why I think the ban on ICOs might be welcomed, even if it could take the good down with the bad. I'm not arguing in any thread for an outright ban on digital currencies.
Re:China's Central Bank Bans ICOs
by omarchowdhury on Monday September 04, 2017 @08:27AM
(#15167738)
You only argued a portion of the point I was making. Simply making a cryptocurrency isn't enough. Differentiating in a way where I would be convinced to buy it, now that will obviously take genius since the mere creation of a cryptocurrency is commodity code. And it's not fair to say that just launching an ICO will mean an influx of money either, that is, token buyers are just shoving money into anything, because I can show you failed ICOs as well.
>> Differentiating in a way where I would be convinced to buy it, now that will obviously take genius
Evidently it doesn't really though, because we're in a stage where these are magic, and people are investing based on a little bit of hype which becomes self-sustaining.
There are lots of altcoins out there, most with not much value, but slowly trickling along. And there have been lots of ICOs of dubious value.
I obviously don't know what it takes to persuade you, personally, to invest. But it seems not to take much for the crypto-currency world at large to dive in right now.
It's the equivalent of banning startups to protect investors from stupid/malicious founders, which has obvious negative effects on the economy. And with crowdfunding making its way to startup investment, it's not a reach to compare the two.