Should IPOs be banned from the site? Poll

[r0ach]

In the real world (I guess we are still in the real world on this forum), the entity who is closest to the creation of the money supply in the fractional reserve, fiat system benefits the most.  In other words, central bankers issue currency for profit.  People who establish IPOs and advertise for investment on the forum, are in effect, recreating the exact same system Bitcoin was designed to defeat.  Some might argue there's a difference because the systems are Austrian in nature, and not Keynesian, but there's really nothing that prevents them from using either method, so the difference is non-existent.

The normal Bitcoin protocol was not designed to be issued for profit, or to have a central issuing authority.  It was designed to be a trust free system where others work to acquire it through mining, and for any reward to be independent of the creator.  If one acknowledges the previous points as fact, you can clearly see that any IPO has absolutely no place on the forum in the context of money supply creation.  It is an evolution backwards in the technical domain of distribution, and in the ethics domain of corruption issues.

What's that you say?  You claim 100% proof of stake systems have benefits?  If you believe proof of stake is superior for coin dynamics and security, there's no reason you can't release a coin that uses normal PoW for distribution, then utilizes PoS entirely once all coins are mined.  The idea that an IPO is actually required to make 100% proof of stake work is an outright lie.  The term PoW/PoS hybrid exists for a reason and has already been accomplished.  If you wanted to be extremely lazy and have a proof of stake client entirely separate from the PoW client, you could always release a crap coin clone, have people mine it, then trade units of the crap coin for shares in the 100% PoS client coin.  Where does the need for an IPO fit into this anywhere?  It doesn't.  They should be banned.

[r47351]

Agree 100%.

[stompix]

They should be banned but I'm almost willing to bet they wont be.
Of course 95% are pure scams but for the rest 5% out of which 10% might return some money , people won't stop looking into IPOs

[r0ach]

Unbelievable that within 60 seconds of making the post, there are already five votes against, and five votes for banning.  The unbelievable part is that not a single person that voted no could provide any rational response to my post as to why IPOs should not be treated entirely as scams.  I expect this thread to see a MASSIVE NXT/Ethereum shilling campaign.  The amount of effort and propaganda required to try and debunk the original post is so monumental, we may not see an anti-ban poster reply for weeks, just votes only.
  

[stompix]

Unbelievable that within 60 seconds of making the post, there are already five votes against, and five votes for banning.  The unbelievable part is that not a single person that voted no could provide any rational response to my post as to why IPOs should not be treated entirely as scams.  I expect this thread to see a MASSIVE NXT/Ethereum shilling campaign.  The amount of effort and propaganda required to try and debunk the original post is so monumental, we may not see an anti-ban poster reply for weeks, just votes only.
  

Have you researched every ipo on this forum and all of them were scams?

[r0ach]

Have you researched every ipo on this forum and all of them were scams?

Read the third paragraph in the original post again.  There is no demonstrable reason for the IPO method of distribution to exist.  Proof of stake does not require IPO ever.

We're now at 6 votes for banning, and 9 against, with not a single reply demonstrating why an IPO is necessary instead of the method outlined in my original post.  This forum has far more criminal fraudsters than I imagined.

[stompix]

Have you researched every ipo on this forum and all of them were scams?

Read the third paragraph in the original post again.  There is no demonstrable reason for the IPO method of distribution to exist.  Proof of stake does not require IPO ever.

Then update your title because you're referring in the post only to coins related IPOs , but a lot of people will think that you want all kinds of IPO to be banned.

[kalus]

You cannot have an IPO for an idea.  IPO are to make a functioning, established private business to become a publicly owned one.

If there is a company or product that does have a net income or market value, then there's nothing wrong with an investment opportunity.

most 'IPO's on this site do not present the prospective investor with any type of valuation.  However, simply being 'overpriced' doesn't mean they're all scams.  

what people call 'IPO' on this site is in reality panhandling for cryptocurrencies.

[davetheshrew]

I voted ban for the sound reasoning OP gave, I dont feel the need to add further reasoning.

[axxo]

Ban or not all I can say is most of IPO's here turned into scam and many people lost their investment because of this. In the end it's all up to the people if they really want to invest or not on those IPO's.

[belltown]

This sounds like a big government and regulations. Why would you ban IPOs? Let people make their own decisions what is scam and what is not.

[billotronic]

rock on!

People always get funny when money is involved...

If I wanted to buy stock or stake, I would put money into the blood sucking greed culture that already exists in the world... why go through all the effort to create another?

[Disastrus]

you IPOlice you

[empoweoqwj]

This place is the wild west. If you ban IPOs because some are SCAMs (which of course they are), there are a lot of other offers you would have to ban as well. There wouldn't be much left 

[hasar]

IPO's should be banned here.

[r0ach]

This sounds like a big government and regulations. Why would you ban IPOs? Let people make their own decisions what is scam and what is not.

This place is the wild west. If you ban IPOs because some are SCAMs (which of course they are), there are a lot of other offers you would have to ban as well. There wouldn't be much left 

Both of you are either shilling, or missed the point completely.  The IPO coins are relying on the premise that it's necessary to have an IPO to run a 100% proof of stake coin, when if you read the 3rd paragraph in the original post, you would see this is demonstrateably false.

This is the altcoin forum section.  I'm talking about currencies only, not business venture IPO such as Cryptsy seeking investment to expand a business.

[anderl]

This sounds like a big government and regulations. Why would you ban IPOs? Let people make their own decisions what is scam and what is not.

This place is the wild west. If you ban IPOs because some are SCAMs (which of course they are), there are a lot of other offers you would have to ban as well. There wouldn't be much left 

Both of you are either shilling, or missed the point completely.  The IPO coins are relying on the premise that it's necessary to have an IPO to run a 100% proof of stake coin, when if you read the 3rd paragraph in the original post, you would see this is demonstrateably false.

This is the altcoin forum section.  I'm talking about currencies only, not business venture IPO such as Cryptsy seeking investment to expand a business.

Let the market decide.  If you feel strongly against this premise promote a cryptocurrency wiki site that identifies these kinds of issues.

[jballs]

Unbelievable that within 60 seconds of making the post, there are already five votes against, and five votes for banning.  The unbelievable part is that not a single person that voted no could provide any rational response to my post as to why IPOs should not be treated entirely as scams.  I expect this thread to see a MASSIVE NXT/Ethereum shilling campaign.  The amount of effort and propaganda required to try and debunk the original post is so monumental, we may not see an anti-ban poster reply for weeks, just votes only.
  

I voted no but pressed for time. I think the people really opposed to the new coins are maybe just been here for awhile.

Having been here two months or less, have learned a lot about all of it from the altcoins. Mostly from the often hilarious responses, but whatever. We deal with the same thing IRL. Penny stock scams... Our solution (not mine) is canada. All the crap companies who cant get listed on us exchanges open in vancouver or toronto. If they cant make it there we have pinksheets (.pk). And ob.  

Not much different here. I havent bought any altcoins except vtc and had to buy bitcoin to do that. Most altcoin buys require bitcoin buys, and vice versa.

I would bet 80% or more of daily payment processing via bitcoin is currently altcoin trading.

So... You really want to try and kill it?

[tk808]

90% of IPOs on this site have been scams

[Monetizer]

I see both sides to this debate. On one hand developers do need money to make services and such to build a coin up but on the other side they shouldn't as everyone should (In a perfect world) have an equal opportunity to mine and get coins as other people to make it a fair market. Even bitcoin was originally invented to fix problems with our monetary sistem. Satoshi must have put a lot of time (remember  Time=Money) into building bitcoin and did he get much (if any) from it?
Although I personally am looking at bitcoin/alts more and more as shares rather than currency (From trading etc.)
tldr; I am undecided on the matter.