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View Full Version : Initial Coin Offerings Horrify a Former S.E.C. Regulator



ynot2k
11-29-2017, 12:20 AM
Is the horror the possible fact that the toothpaste is out of the tube and pretty difficult to get back in at this point?


https://www.nytimes.com/2017/11/26/business/initial-coin-offering-critic.html


Initial coin offerings are a relatively new method that entrepreneurs have used to raise money for start-ups, by selling custom-built virtual currencies. The practice has taken off this year, despite the warnings of regulators...

Joseph Grundfest...a commissioner at the S.E.C. in the 1980s...said he had been contacting current commission officials..to urge them to bring cases,

I.C.O.s represent the most pervasive, open and notorious violation...since the Code of Hammurabi,

...Start-ups have raised more than $3 billion this year..say the coins they are selling will be...payment in the services they are building.

Coin offerings generally happen without the involvement of financial institutions or regulators because investors pay for the coins using Bitcoin and other virtual currencies, which can be sent outside the traditional financial system.

"since the Code of Hammurabi," I had to look that up. Dang it is pretty old :)

IceAged
11-29-2017, 04:45 AM
You know my take on the ICO's.

90% are ruining this space and their valuations do not support the current market price and many have already taken the money and run.

If I did not have morals, I could have already cranked out chitcoin, given 10,000 chitcoins away to all here that wanted some and listed it on ether delta just to prove what a shim-sham most of the ICO's are

During my investigations, I found someone already did this with dogecoin

https://en.wikipedia.org/wiki/Dogecoin



Dogecoin code: DOGE is a cryptocurrency featuring a likeness of the Shiba Inu dog from the "Doge" Internet meme as its logo. Introduced as a "joke currency" on 8 December 2013, Dogecoin quickly developed its own online community and reached a capitalization of US$60 million in January 2014 as of November 2017, it has a capitalization of US$227 million.

ynot2k
11-29-2017, 01:03 PM
I don't have any information that would dispute your 90% figure - or validate it either. In any case I don't find it productive to spend my time focusing on the crapola that is out there. Other than weeding them out during due diligence I wouldn't give them another thought.

There are some very interesting things occurring that do use ICO to capitalize their business and it will be a shame if Mr. Grumpfest, in the article, has his way to dampen the endeavors.