This is how a fake ICO works:
The foot soldiers commit to buying a certain amount the coin during the ICO. The leaders get 100% of the BTC generated from the ICO back, and refund the foot soldiers what they bought, without taking back the coins involved. This means the soldiers can sell these coins later at any price above 1 satoshi – and it is all pure profit, since they got their original BTC back already.
Of course fig leafs are needed for such a play. Large chunks of ICO are set aside for “marketing” and “development”. Conveniently, it is the ICO leaders who control these addresses.
One would think this sort of thing would eventually boomerang back on the leaders. And usually it does. But only for awhile. Because after the fud subsides, the only people left in the coin are those who are “investors” and “believers”. And for very different reasons, these stakeholders have no interest in seeing truth emerge.
Investors don’t want to demand truth and accountability. That would tank the price forever and they would never be able to realize any gain, or even get out alive.
The believers are a species unto themselves. They develop a cult like devotion to the coin and its supposed technology, blocking out all reasonable outside voices. They cultivate a devotion to the leader of the coin – usually the dev – and join with him in his messianic complex, which is defined roughly like this: CoinX is going to change the world, and the world doesn’t want that to happen. Paid forces are out to get the leader, and we must circle around him.
If it all gets too much, the leaders of the coin just remove it from the public eye. They retreat to a private forum or bb, where only the voices of the leader and followers can be heard.
so... you saying ripple is a pure scam like *name scam coin here* and that the devs will drop the project like *name scam coin here* as soon as they made money and will be laughing all the way to the bank?
if so, then ripple labs is scamming the banks! THAT IS AWESOME! hahahaha
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