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RE: My though about ICO and token sales
I agree many ICO's are shady and a lot will end with people losing their money. Its not a Ponzi, but people are definitely using the greater fool theory, expecting a greater fool will pay more than they did for the asset.
Yes greater fool theory seem more accurate than ponzi, but its even borderline pyramid scheme, where first level issuers sell the token at a certain price to intermediary who will sell it at higher price, and lot of the value seem to be based on such scheme.