[FACTS] ICO = 100% Premine

[Spoetnik]

and NO ..that is not a good thing !

But yeah that has been my belief for a long time now.
What do you all think ?

All ICO's have done is steer us further away from decentralization
and making a CURRENCY !

These ICO systems at work are not an advancement in Crypto Currency Technology.
It's giant step backwards..

And it's funny because you all chanted SCAM when people use to premine 1% of a coin for stuff.
Yet here YOU all are defending a new scheme that is far faaaar worse.

And i know it's worse because we all collectively and unanimously said so here long before the greedy NOOBS showed up to "profit"

I recall Ripple being the first big ICO attempt and it just could not get going..
It got flamed here to hell & back for being an ICO scam.
It took a LONG time for it to get on Cryptsy for example.

This behavior *WAS* unacceptable long ago people when i registered here.
Did you know that ?
Or did you show up after the bar was lowered so bad it's scraping on the ground ?

What kind of retard bullshit hypocrisy is this ?
Premine=Scam but ICO's are legit ? WHAT THE FUCK

Explain this to me for once people.. NONE of you ever have !
The closest ANYONE has ever come to refuting my point here is..
Some users occasionally tried to claim that ICO's were simply not a 100% premine (as their defense for them)

..call them what they are. (scammy digital pyramid schemes)

[StinkyLover]

Premine = Money for team, but no guarantee of return for investors
ICO = Even more money for team, but no guarantee of return for investors

Most are scams but people don't care as long as they can dump when it hits an exchange and make profit. That's what it's all about. If ICO participants double their money, then they don't care if the dev runs away and the project dies. It's straight onto the next one.

[YIz]

I agree, ICO is basically a 100% premine for making giant amounts of money, which will be used for development (hopefully).

[robdark]

and NO ..that is not a good thing !


And it's funny because you all chanted SCAM when people use to premine 1% of a coin for stuff.

I recall Ripple being the first big ICO attempt and it just could not get going..
It got flamed here to hell & back for being an ICO scam.
It took a LONG time for it to get on Cryptsy for example.

This behavior *WAS* unacceptable long ago people when i registered here.
Did you know that ?
Or did you show up after the bar was lowered so bad it's scraping on the ground ?

Yeh I was thinking that the other day. How bad ripple was and is still flamed, and how 1% premine was considered absolutely unacceptable and devs would be flamed to hell for taking any cut whatsoever. How attitudes have changed in such  short time. Guess the influx of noobs and the amount of people who just think what the hell let me make some profits is far outweighing the idealistic types..

[Minecache]

To be honest there should be a ban on new ICOs. Now that we have ETH and MAID there really is no point in creating any new coins.

[Spoetnik]

@robdark

Exactly you see what i am saying then..

These newer guys show up then mouth off saying well leave.
Why should i ?
You leave !

They don't even know they are lowering the bar.. more & more.

All for one reason.. so they can make a few cents profit (off the destruction of crypto)

Do you all honestly think people care if their behavior is self-destructive ?
They will simply push on with out any second guessing.
THEN ..blame others for it all.

Flushing crypto-credibility down the toilet for a couple of pennies each flush. $$$
..then count your ICO pennies / profits and proclaim it all a giant success.

[robelneo]

To be honest there should be a ban on new ICOs. Now that we have ETH and MAID there really is no point in creating any new coins.

Why not this is an open market as long as people invest and trade on this ICO there will always be project that offer ICO only when people stops investing on this ICO that this kind of project really stopped..

[Spoetnik]

@robelneo
Don't think you are immune to regulations.
The SEC issued a Crypto-Currency Investor Fraud Alert WARNING Dec 4th 2015 via PDF online.
They mentioned 'a' forum but we all know damn well who they were talking about.
https://www.sec.gov/investor/alerts/ia_virtualcurrencies.pdf

Further more Ripple ..fined by FINCEN

FBI ?
Yup arrested users via the Picture ID requirement laws (anti-money laundering laws in Florida etc)
Arrested via LocalBitcoins selling / buying BTC (they met in a parking lot and were arrested with 30k cash)
SAME laws that countless exchanges have admitted to handing over your info
for legal investigations.. such as Cryptsy or Coinbase who admitted it. (Poloniex ? Bittrex ?)

Canada 3 years ago stated you HAVE to claim your crypto currency "Earnings"
and we all know 90% of you don't !
(Canada is not the only one with laws like that)

Just because you ARE doing something now don't mean you won't be in jail in a few years
or have your funds seized randomly or drama hit so fast you won't have time to dump your coins..
Seen it all happen before time after time.. and you all have been warned countless times.

I heard for years they can't regulate us and they can't stop us !
From defiant naive brats..

You are dead wrong !

I said 3 years ago we should be embracing some regulations and working with authorities
on crafting them to make sure our input is included.
I was unanimously flamed and insulted etc.

I said if we don't they will simply make the laws THEY want then force them on us.
Now look around people..

You had your chance to speak up.

You really think govt authorities is going to look at this ICO bullshit as ANYTHING even vaguely positive ?

Crypto, it's time to grow up.
You are 7 years old now.. act like it !

[takingthis4]

you are right unfortunately most of the icos are just premine scams and the inventors of them try to make as much money as possible in order to benefit

[robdark]

@robdark

Exactly you see what i am saying then..

These newer guys show up then mouth off saying well leave.
Why should i ?
You leave !

They don't even know they are lowering the bar.. more & more.

All for one reason.. so they can make a few cents profit (off the destruction of crypto)

Do you all honestly think people care if their behavior is self-destructive ?
They will simply push on with out any second guessing.
THEN ..blame others for it all.

Flushing crypto-credibility down the toilet for a couple of pennies each flush. $$$
..then count your ICO pennies / profits and proclaim it all a giant success.

I hear you man, but then it becomes a paradox, cause it's like how can you restrict what people do with their money, because that would also be ruining the free market. Its just unfortunate the world is full of dumbasses. I think the whole ICO thing is gonna (maybe already has) run its course though because these ICOs just tend to immediately drop in value now.