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

[jlp]

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

No, but a large percentage are just crap. Read:

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

[Muhtaixa]

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

its true but paradox is that statement coming from jordan belfort

[k@suy]

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.

Yes, there are legit ICO's and having a legit projects. They want to raised funds by issuing tokens. Like the kickstarter, ICO's is another way to do it where digital currency is used. Too bad, ICO's are not regulated where anyone can do it even scammer.

[soham]

I somewhat agree with what Mr. Belfort said about ICOs. Not all, but a majority of the ICOs are scam and if it can't be controlled now, it will become similar to the hyip market. People will raise money by showing a great concept to the mass and then run away with that money without actually bringing that project into reality. China has already banned ICO and as per some recent news, Canada has started cracking down some ICO scammers recently. ICO market needs a big time cleanup otherwise, it will only bring down the reputation of crypto currency market.

[rizkyhiw]

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

No, but a large percentage are just crap. Read:

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

Well written thread for education , for me personally it's pretty obvious that recently ICO used as a scam opportunity ,
Too much bad people , the one who have a real plan and real products sometimes has no interest in it ,
It's because the scam ico always offering non sense rewards ,
And people as always hooked and get trapped there , not surprising at all greedy people everywhere.

[digaran]

You talk about ICOs being scam, you are the first idiot investing on every new ICO, it is so easy to get money from people, they are posting threads to sell you tokens. you think because it's on Ξ blockchain it must be legit? lol you not. I am the girls jumper of wall street.

[rommelzkie]

I also watched that movie and im saddened because in order to achieve great wealth you need to dump other people. The movie story is somehow true.

[rube08]

He does have a point that anyone could start up a token, sell a token that has no product but a vision, then disappear or defunct the project.  Everyone would have to use due diligence to find the best ones that suite the cyrptocurrency market.  Every ICO is a risk but as they say, the higher the risk, the greater the reward.

[sweetpeaches]

I think that not all ICO's are scam. Not all, but a majority of em. If you believe what team is doing you can invest.
I believe in Confideal.

[Sadlife]

This is one of the disadvantage crypto currencies or altcoins is it's decentralized nature cause it is not own by anyone thus people can use it however they like whether good or bad. So now the job of one the of the biggest CEO in the US is to accused bitcoin everyday as fraud when bitcoin enters a dip they buy lots of it because they think it is more profitable than their actual business. I rather invest or altcoin or bitcoin than listen to a capitalist who is threatened by this digital currencies.

[sharan_vij]

With more and more currency daily, its becoming hard to identify genuine ones

[VackFromOhm]

While some of you in this thread are arguing that there are good ICOs - yes, thank you, every single time anyone says that a general population of something are bad, there has to be that one person that says, "Well, not all ___ are bad!".

Yes, we know, there are the FAR and few between ICOs that have truly good projects, a great dev team, and create a new and groundbreaking project that becomes a staple for what it's known for. But that's not enough, there needs to be a lot more that are making new ground for the total of ICOs to be considered as having a positive impact in the altcoin space. Currently, they're really not, and more often than not in threads, you find people that avoid them at all costs, as it's so difficult to tell the good from the bad. I'm one of those people, and I'm excited for the day I'll get to actually invest in an ICO because we've reached the point where it's not so plagued with scams.

[Denamen]

Don't worry! ICOs have some disadvantages, for sure. But I don't think we should worry about them. To be a profesial investor, you have to pay somethings. Maybe you will lose a mount of money with Scam projects. But after that, you have knowledge and experience to find a good ICO.

[thepo1m]

This guy is talking from experience because he has seen this all, 99% of ICO will end up been a scam, I believe most of these developers don't set up to be one, but as we can see greed all over the place, how can they team be controlling 90% of the tokens and  even selling out their ICO to whales to help pump and dump

[imjustp]

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

I would always think twice before ever quoting something from the Daily Mail yet alone taking it serious. They have been known to do nothin gbut spread absolute BS in the UK. It is somewhat used as a barometer of gullibility over here.

[pablopsantos]

Well, we know that in the near future more people will know and join the world of cryptocoins. Among these people, a good part is easily duped by promises to multiply their capital quickly and becomes easy prey to scammers of all kinds. So I must say that I fully understand what he means when it comes to ICOs as a scam modality.

[stealth.money]

ICO's have ruined cryptocurrency.

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

And no, there is no 'good' ICO.

Most ICO now are trade below their price on first day, now that say something.

[dx_twisted]

Based on the movie, people are spending dollar on such investments which are intangible, like what ICO's are. They are chronic these days and people like Jordan Belfort in the past will use this kind of venture to earn easy money. But, not all ICO's are the same. Look at ETH, LTC, XMR and other coins that are currently in the Top 10 or 20 of crypto. they designed their ICO (project) for the future and people support it as they were created within this generation needs. Hence, they receive more backing and support.

If you will go with an intangible asset or investment look what the project lies ahead in the future and not just in short term. Ask yourself if the project has a good motive and will truly break into this generation as a necessity.

[Nalienn]

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

I don't know if 90% are a scam. But most that aren't will fail anyways because they lack experience and skills or simply made promises that can't be fulfilled for other reasons.

[veeloup]

Most ICOs just took place this year... give an ICO company time to develop their products!