Wolf of Wall Street (Jordan Belfort) - "ICO's are the biggest scam ever"!

[Gnosis7777]

http://www.24hgold.com/english/news-gold-silver-wall-street-piles-into-cryptocurrencies-others-speak-of-biggest-scam-ever-.aspx?article=11651517744H11690&redirect=false&contributor=Wolf+Richter


I don’t remember ever having seen crazier times of more pandemic proportions.

“It is the biggest scam ever, such a huge gigantic scam that’s going to blow up in so many people’s faces. It’s far worse than anything I was ever doing,” explained Jordan Belfort concerning ICOs (initial coin offerings) of cryptocurrencies. The former penny-stock broker portrayed by Leonardo DiCaprio in The Wolf of Wall Street should know: He spent 22 months in the hoosegow for securities fraud and money-laundering.

Just about anyone can call themselves a startup, make promises of future products or services, and sell digital tokens to raise funds. These digital tokens become tradable cryptocurrencies. Buyers do not receive any ownership of the startup, which is what traditional startup investors get. Instead they’re usually promised something in the future, such as free access to the service once available. It doesn’t really matter what the promises are because people buy the tokens to get rich, hoping that they’re getting into the hottest cryptocurrency on the ground floor. ICOs are not regulated and anything goes.


 

[Gnosis7777]

ICO's have ruined cryptocurrency.

Do not pass Go. Do not collect $200. Go to Jail.

And no, there is no 'good' ICO.

[sealofsun]

I watched Wolf of Wall Street, really successful
This is a true story. But we knows Ico's aren't the biggest scam this is also true.

[batang_bitcoin]

He don't have to conclude that all of the ICOs are scam. There are legit ICOs that are getting investors to pursue their project but there are others also that are collecting money from their investors and will eventually scam them. And it definitely there's an interconnection between this guy and also Jamie Dimon because they keep on talking against bitcoin every time there will be published articles.

[Gnosis7777]

He don't have to conclude that all of the ICOs are scam. There are legit ICOs that are getting investors to pursue their project but there are others also that are collecting money from their investors and will eventually scam them. And it definitely there's an interconnection between this guy and also Jamie Dimon because they keep on talking against bitcoin every time there will be published articles.

The problem is ICO's, not Bitcoin.

The problem is, 80% Premined 'Public Offering' coins like Ethereum pretending to be a 'cryptocurrency', and ruining bitcoin's name.

How is a 'currency' something that is produced and sold by a for-profit corporation?

That's worse than fiat!

You get-rich-quickster ICOsters are gonna find out the hard way, just like the wolf here did.

https://www.sec.gov/litigation/investreport/34-81207.pdf

ICO coins are SECURITIES, not CURRENCY.

http://consumer.findlaw.com/securities-law/what-is-the-howey-test.html

"Substance Over Form

In deciding Howey, the Supreme Court created a test that looks at an investment's substance, rather than its form, as the determining factor for whether it is a security. Even if an investment is not labeled a "stock" or "bond," it may very well be a security under the law, meaning that registration and disclosure requirements apply. After the creation of the Howey Test, some promoters masqueraded securities to try and escape registration requirements (such as by calling an offer of securities an interest in a general partnership). To deal with these charades, courts look at the economic realities behind an investment scheme, rather than at its name or form, to determine whether it is a security."

[shursight]

Yes those are old news, when i saw that the real Jordan Belfort said this, i really cried after seeing that, i really appreciate that guy because i enjoyed the movie, and i read a lot about his life and how did he raised his fortune.
But when i saw this.. i started to hate him, omg, maybe he is right because ico's have ruinned the market, and this is true, it is full of ico's that are only trying to raise funds in order to create a quick-rich scheme for the owners, not to the investors.
He is right, but i started to hate him because of this one..

[nicosey]

Interesting article on subject and quote form CommerceBlock

http://www.dailymail.co.uk/money/investing/article-5008127/Jordan-Belfort-warns-ICOs-biggest-scam-ever.html

[TokenAgency]

I read recently that a blind investment into every ICO to date would have generated a return of 1,320%. That's including the ones that have gone bust 

[batang_bitcoin]

He don't have to conclude that all of the ICOs are scam. There are legit ICOs that are getting investors to pursue their project but there are others also that are collecting money from their investors and will eventually scam them. And it definitely there's an interconnection between this guy and also Jamie Dimon because they keep on talking against bitcoin every time there will be published articles.

The problem is ICO's, not Bitcoin.
~snip~

Yes, good catch and additional info.They are all hiding in bitcoin's name and the most affected coins when the talk is about cryptocurrency is bitcoin. And with this statement of Jordan Belfort, bitcoin is the most affected coin for this because those people that really don't have an idea about crypto's when ICO's or cryptocurrencies are involved to scam, they are thinking that it's bitcoin.

[marekbartik]

http://www.24hgold.com/english/news-gold-silver-wall-street-piles-into-cryptocurrencies-others-speak-of-biggest-scam-ever-.aspx?article=11651517744H11690&redirect=false&contributor=Wolf+Richter


I don’t remember ever having seen crazier times of more pandemic proportions.

“It is the biggest scam ever, such a huge gigantic scam that’s going to blow up in so many people’s faces. It’s far worse than anything I was ever doing,” explained Jordan Belfort concerning ICOs (initial coin offerings) of cryptocurrencies. The former penny-stock broker portrayed by Leonardo DiCaprio in The Wolf of Wall Street should know: He spent 22 months in the hoosegow for securities fraud and money-laundering.

The biggest scammer called something a scam.
He is probably already in and making money out of it )

[13abyknight]

Never understood the point of collecting millions of dollars through crowdfunding just to be able to develop a project that would be nowhere close to that much worth of money (in most cases at least). It is fair to bring up that many of these so called ICOs have turned out to be outright scams, running away with all the funds raised. Also, look around in the altcoin market these days, you will barely find any tokens retaining their ICO value or going higher as the whole market is diluted with rubbish.

[myfranco]

Government regulations are necessary. I guess it will take another 2-3 years to feel confident about ICOs.

[Sirait]

http://www.24hgold.com/english/news-gold-silver-wall-street-piles-into-cryptocurrencies-others-speak-of-biggest-scam-ever-.aspx?article=11651517744H11690&redirect=false&contributor=Wolf+Richter


I don’t remember ever having seen crazier times of more pandemic proportions.

“It is the biggest scam ever, such a huge gigantic scam that’s going to blow up in so many people’s faces. It’s far worse than anything I was ever doing,” explained Jordan Belfort concerning ICOs (initial coin offerings) of cryptocurrencies. The former penny-stock broker portrayed by Leonardo DiCaprio in The Wolf of Wall Street should know: He spent 22 months in the hoosegow for securities fraud and money-laundering.

Just about anyone can call themselves a startup, make promises of future products or services, and sell digital tokens to raise funds. These digital tokens become tradable cryptocurrencies. Buyers do not receive any ownership of the startup, which is what traditional startup investors get. Instead they’re usually promised something in the future, such as free access to the service once available. It doesn’t really matter what the promises are because people buy the tokens to get rich, hoping that they’re getting into the hottest cryptocurrency on the ground floor. ICOs are not regulated and anything goes.


 

^ he might have been unlucky, following a scam project so he was depressed and tried to poison other people's minds in order not to contribute any more to any project. remember, not all ICO projects are SCAM.

[Nalienn]

ICO's have ruined cryptocurrency.

Do not pass Go. Do not collect $200. Go to Jail.

And no, there is no 'good' ICO.

You're either memeing real hard or you didn't dig deep enough. Sure, >99% of ICOs are either trash or outright scams, but that doesn't mean that there is no good ICO.

[YuurinBee]

ICO's have ruined cryptocurrency.

Do not pass Go. Do not collect $200. Go to Jail.

And no, there is no 'good' ICO.

You're either memeing real hard or you didn't dig deep enough. Sure, >99% of ICOs are either trash or outright scams, but that doesn't mean that there is no good ICO.

Agreed. I loved reading this article. ICO's are incredibly volatile - and now the whole PRE-ICO is even scarier of a concept (could go even better - or basically pre-fund a fund of a scam LOL)

[VanDeinsberg12]

http://www.24hgold.com/english/news-gold-silver-wall-street-piles-into-cryptocurrencies-others-speak-of-biggest-scam-ever-.aspx?article=11651517744H11690&redirect=false&contributor=Wolf+Richter


I don’t remember ever having seen crazier times of more pandemic proportions.

“It is the biggest scam ever, such a huge gigantic scam that’s going to blow up in so many people’s faces. It’s far worse than anything I was ever doing,” explained Jordan Belfort concerning ICOs (initial coin offerings) of cryptocurrencies. The former penny-stock broker portrayed by Leonardo DiCaprio in The Wolf of Wall Street should know: He spent 22 months in the hoosegow for securities fraud and money-laundering.

The biggest scammer called something a scam.
He is probably already in and making money out of it )

Oh, what is that? And oh? I'm not surprised with it. In USA there is a lot of bankers and at the same time, i can call them all as scammer, to replace the real gold as the real world currency with useless paper. I just ripped off my fiat money and boom it is worth nothing.
I heard so many times about that. Rusia gives a good feedback right now.
US just think if the world is only in the US. They are all may do a travelling into somewhere.

[Heye]

Some people use ICOs to scam people therefore all ICOs are scam
Some people use registered companies to scam people therefore ... ICOs are scam trust me I'm Jordan Belfort

all these wall street people calling ICOs scam and btc a fraud are just proving that they're terrified of cryptocurrencies. hashtag moon

[donotlean]

Maybe he can right.his's probably.i make a lot of money also i lose a lot of money on the ICO's i will never invest ICO's because its just unnecessary.I have to find very prommisng project to invest

[jlp]

Read:

3 kinds of ICOs - Protect Yourself
https://bitcointalk.org/index.php?topic=2243157

[yemiforu]

But is it always true that 90percent of ico are scam?