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A comment on SEC Emergency Action Halts PlexCoin ICO. Parent comment

Re:SEC Emergency Action Halts PlexCoin ICO by resonanttoe on Monday December 04, 2017 @10:51AM (#15844752)
I tend to agree. Every ICO page mainly struggles with number 3. I never get what they are selling, probably because they're not selling anything other than the idea of buying in to their ICO.

Let's take a (somewhat snarky and definitely superficial) look at a few of the "top gainers" & market cap from https://coinmarketcap.com/gainers-losers/ (as of Dec 2nd)

Gainers:

1. Petrodollar.. Website isn't even an owned domain.

2. BTCMoon - Well their website works, but it speaks just heavily of the token offering not what it does. Personally I like the first question in the FAQ: "Q: Why BTCMoon are there? " Which is as close to the pseudo-philosophical question of "why is the moon" as we can get.

3.iQuant - Nearest I can tell, a blockchain trading platform. They're the closest to actually telling me something, but their ICO ended so maybe thats why.

Market cap.

1. EOS - Just talks about the ICO offering over and over. No idea

2. OmiseGo - "OmiseGO is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer ...." I'm sorry we've reached our buzzword quota for the day.

3. Tether.. Well we'll leave that one where it lands.

Ok so its super snarky and highly superficial, but in all cases, the basic question of "What are you selling" isn't answered clearly and concisely. I just don't get it but if the requirement is either;

A. Drink the ICO cool-aid and you'll get it

B. "You have to think beyond how they'll sell to consumers, these are like platforms with boundless potential"

Then I don't want to get it, because ambiguity is definitely something investors should avoid.

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Re:SEC Emergency Action Halts PlexCoin ICO by billylindeman on Monday December 04, 2017 @04:04PM (#15847485)
To be fair about EOS, there is a technical whitepaper, very active github, and a development blog.

https://github.com/EOSIO/Documentation/blob/master/Technical...

https://github.com/EOSIO

https://steemit.com/eos/@eosio/eos-io-dawn-2-0-released-and-...

The test network just went live.

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Re:SEC Emergency Action Halts PlexCoin ICO by verroq on Monday December 04, 2017 @03:07PM (#15846937)
Tether is not an ICO and quite clear what it does. It is supposed to be a token that pegged to USD to facilitate the moving of USD via the blockchain instead of having to bother with the pain and fees of banks.

Its market cap rises as more USD is deposited into their banks.

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Re:SEC Emergency Action Halts PlexCoin ICO by alwaysnotright on Monday December 04, 2017 @03:42PM (#15847286)
Sadly there is a lot of red flags indicating that this is not the case, they haven't had banking since April so there are no way to deposit funds to them for regular users at least.

Also, one employee from Bitfinex suggested on reddit that Tether is funded by crypto deposit to them and not USD...

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Re:SEC Emergency Action Halts PlexCoin ICO by nickfromseattle on Monday December 04, 2017 @07:04PM (#15848725)
The tether scandal is highly concerning. Essentially Bitfinex and Tether are owned by the same people, the Tethers issued do not appear to be backed by USD, and there are almost a billion tethers issued - which many believe is responsible for the increase in BitCoin.

They've claimed they are ready to release audit details for 2+ years (no audit), and the founding team has also gone on the record about wash trading and other fraudulent financial activity.

Additionally, Bitfinex had some 'flash crashes' that wiped out people's margin accounts. Some believe the flash crash was caused by Bitfinex themselves on purpose to accomplish this exact goal.

Stay up to date at https://www.twitter.com/bitfinxed & https://reddit.com/r/bitfinex

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Re:SEC Emergency Action Halts PlexCoin ICO by SilasX on Monday December 04, 2017 @09:19PM (#15849278)
Wow, really? I don't know how you can phrase that objective without admitting to money laundering (or some ancillary financial crime).
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Re:SEC Emergency Action Halts PlexCoin ICO by busterarm on Tuesday December 05, 2017 @12:34AM (#15849966)
It's almost like we told an entire generation of people "write code, get rich" and then created the means for the most unscrupulous people to do so.

I know a lot of talented folks working in blockchain tech and I can only count two that I know for certain aren't in the space chasing 'fabulous wealth'.

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