ICO Craze, Throwing away Money?!
With all the ICOs going around today, I honestly understand why the SEC wanted to step in to regulate it.
Back in the day, Mos tICO had legitimate uses and applications such as Ethereum but these days are long gone.
A prime example of this is EOS.
As noted on their ICO agreement:
"The EOS Tokens do not have any rights, uses, purpose, attributes, functionalities or features, express or implied, including, without limitation, any uses, purpose, attributes, functionalities or features.."
This statement alone reinforces the fact that most ICOs are simply fund gathering machines meant to inscrease their pockets.
This is not to discredit those that are legit, i am simply stating the over saturation in the market.
Have you been looking into ICOs? With the recent Floyd Mayweather Plug, Does this not prove my point?
What do you think on EOS?
Happy Hodling!
No more ICOs.
The dot.com bubble has long past the train station and it's hay day to lie in the sun are over. While it was a short run.
The SEC had to step in because it showed just how easily someone could just create a coin with no financial experience necessary and exploit people's unexperience in purchasing into IPO's or whatever background needed to do this successfully in the stock market.
It is just a quick cash n grab for anybody with a computer to do and they do not not even need to show any proof (what do you think these "whitepapers" they produce are any proof in what they are shovelling in your face is true?! Come on now get serious now! :-\ ).
So they are just a facilitating a new way to scam just like these individuals are doing with the Binary Opitions scams they were doing over the phone.
They just revised it to work in the cryptoworld and facilitate it in a more easier way for them to do it with out having to repeat themselves on the phone with their bullshitting and let the internet spamming processes send out their promotional material for them.
An even easier way for them to be even more lazier.
If that is even possible since they do not want to go out and work for living or even have the sense to go out and find a real job but have to scam people and rake in millions of dollars with their ICO schemes.
Just think about it.
One person can be running numerous ICO's at the same time. And the investors would not have a clue it was this same person that they are getting fleeced from.
The internet can make them "The man with a thousand faces!"
if you get what I am getting at. because anonymity can be achieved by anyone with a keyboard and screen.
IMHO.......ok, I get this, but.....it all comes down to the fact that no one want's to take responsibility for their actions. I was the compliance officer of a brokerage firm for years. When clients were making money, all was good with the world, and they were brilliant. But when the markets went against them? Look out. It was their brokers fault for not "warning them". And stock trades were all unsolicited. Why do we need the SEC to "oversee" these ICO's? Buyer beware. For those that aren't educated enough to manage their own finances and investments, and understand the risks involved, then, too bad. Of course, there are those bad people that target and hard sell, but for the most part, I don't think that's how people end up investing, at least in Cryptos and ICO's. I may be misinformed on the ICO's however. Not sure how those investors are acquired. As a side note, I worked in the financial industry that was overseen by the SEC and Finra for many,many years. Believe me, they don't necessarily make it all better.
Do you believe this can limit the growth for Developers?
@frogtron hard to say. If so, it will probably be a while but just seems like another way for regulators and the government to get their fingers in the pie.
Well you did hit it on the nose there.
These ICO are not regulated in any way. Except they can not offer them to US citizens because of the law in attributed to selling for financial gain in an offshore business hence the non-regulation in any jurisdiction.
I have no financial background but have been well informed in how ICOs work and how they operate.
I have been involved in a few since April of 2016 as an investor and have seen just how easily it is to scam with them since they are "So very new" to the ones not in the know about how crypto works.
There is alot of behind the scenes going on when it comes to ICOs
Let me tell you this much Teddifer.
Nice to get your take on this since you are experienced in money markets and know how those work.
Those same things can be transitioned into the crypto world but only with certain tweaks attributed to them. In order for them to work out with the same outcome to be expected.
Thanks for your comment! It will be very interesting to see how it all plays out, that's for sure.
I would expect that more of the exchanges (if they want to obtain U.S clients) will have to register with individual states as well. I have found a few that aren't authorized in my home state, so I am unable to open an account. I guess I could, but I choose not to (that's the compliance officer coming out. LOL) Others it seems don't care. Gemini is requesting registration from individual states, and there are just a handful that they are waiting on. Pretty interesting to read terms and conditions.
That's very well said! Great content man.
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