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Author Topic: Charles Hoskinson – co-founder and ex-CEO of Ethereum saw this fallout coming.  (Read 1568 times)
Hyperme.sh
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September 05, 2017, 06:02:50 AM
 #21

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We said there would be an ICO fallout back in March that would occur during the end of summer. This Charles guy is slow to predict... The entire Altcoins market has been run up by these ICO scams but now they are illegal as predicted and goodbye market. HODL THE Bitcoin not the Altcoins.

To be fair, I've been critical of most ICOs since the DAO and have publicly stated so. After seeing the wave of stupid/greedy money chasing P&Ds, I decided to become much more public about it with the Bloomberg article. No one seems to answer a simple question, "if you get a 10x, then who is buying the asset from you to realize the gains and why are they buying it?" If the answer isn't because they can do something with the token, but rather because they believe it's going up, then you have a Ponzi scheme brewing.

Nothing grows to the sky and pure greed has replaced rational thought.

The thing is tho, after everything falling and collapsing, what's left is only greed.  Whatever it is, be it ICO tokens or pennystocks, 'greedy people' (or smart people?) will always come up with 'investment vehicles' to make money and get rich quick.  There's no other way around it.

And what's going on with ICO's and all that, it's really nothing new.  Honestly, I hope it lasts longer than the tech bubble.

ICOs are dead and ICO-issued tokens will eventually be illegal to trade every where. But fundraising can still be accomplished without ICOs, in a legal way.

So yeah I agree in the sense that the speculation will simply shift to the legal way. But the ICO-issued coins are hot potatoes now. Potential losses due to frozen tokens on exchanges, potential fines, and potential jail time awaits those who continue to trade them.

Note the legal way will change the nature of fundraising. No longer will it be possible to pre-mine tokens and sell them while making promises about expectations-of-profit. Instead it will require that the shares investors receive are not-tradeable and can’t receive a dividend until the project and ecosystem are fully matured some years hence. This will remove all this ridiculous nonsense we had with the Ethereum ICOs recently.

Thus the supply of legitimate opportunities will shrink and the bonafide ones will receive more focused attention from our market.

It’s all good. We should cheer. Especially if you had listened when you were warned 2 days ago to sell all ICO-issued tokens.

can be banning existing ICO

Existing ICO-issued tokens will become illegal, because investment securities are illegal to exchange if not on a registered exchange. And illegally issued investment securities are never legal to trade.

Thus ICO-issued tokens can not be spent decentralized. They are useless because can’t function as a cryptocurrency. At least not legally.
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kryptqnick
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September 05, 2017, 09:13:27 AM
 #22

Yeah, I've never really trusted ICOs, because there're too many of them and it's hard to see the difference between innovative great projects and total scams unfortunately. Surely there are a lot more icos than real projects they are supposed to represent. Such lack of balance wasn't able to do any good to the market. I think it's good it caused only some price dumps and no economic crisis, because it could've resulted in it.
By the way, I think it's good that finally our market will be cleaned from useless trashy projects. Maybe the surviving icos will be taken more seriously and will deserve to be a part of real crypto world.

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September 06, 2017, 02:23:27 PM
 #23


With all the money that's in the market now, and with all the new money that will be coming in over the next few years, I do wonder what effect this will have on the non-ICO coins, or at least the coins considered to be a quality project.

The money has to go somewhere.


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September 11, 2017, 01:01:06 AM
 #24


With all the money that's in the market now, and with all the new money that will be coming in over the next few years, I do wonder what effect this will have on the non-ICO coins, or at least the coins considered to be a quality project.

The money has to go somewhere.



Indeed.

Do not get shafted by Filecoin's SAFT ico "scam" concept.
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September 11, 2017, 01:10:23 AM
 #25

ICOs are all getting negative reviews because not one of them has created a working product. But what if one of them built an excellent product that turned out better than the main stream implementations?

Will that change our opinions on ICOs? I reckon some of them have already been judged as scams too early.

williamevanl
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September 11, 2017, 01:33:26 AM
 #26

Hmmm, charleshoskinson == smart guy. Smiley

What's your take on Tezos Charles?
Hyperme.sh
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September 12, 2017, 08:12:36 AM
 #27

Will that change our opinions on ICOs?

Regardless, it will not change the fact that tokens are securities and thus it is a scam to pretend that investors can  legally trade ICO-issued tokens on unregulated exchanges and spend tokens P2P.

If it's not a security (and that is the $64 billion "if")...

...Issuers [and investors!] have little regulatory certainty (i.e. you might not know that you're breaking the law, but ignorance won't be a defense).



What's your take on Tezos Charles?

Appears to be a stellar team, but afaics (of what I read) they haven't make any significant important epiphanies.
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September 13, 2017, 01:41:42 AM
 #28

Of course, it was necessary to establish order in the ICO, excluding fraudulent manifestations from it and making this activity more transparent. True, the Chinese government did not do enough work to explain its steps, which called for an unjustified panic and a fall in the course of all the Crypto-currency.

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September 13, 2017, 02:23:17 AM
 #29

Of course, it was necessary to establish order in the ICO, excluding fraudulent manifestations from it and making this activity more transparent. True, the Chinese government did not do enough work to explain its steps, which called for an unjustified panic and a fall in the course of all the Crypto-currency.

ICO badly needs to have some rules and regulations. It cannot be simply used whatever the projects like. Too easy access to it causes so many scams using it and getting so much money that went nothing else but in their own personal pockets only. China was doing some straightening up with this. Too bad, the effect was bad.


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