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There's no room for buyer beware? I mean c'mon. People participating in ICOs are still pretty sophisticated technically. Seems like we're regulating interaction
by armenarmen 9y ago
There's no room for buyer beware? I mean c'mon. People participating in ICOs are still pretty sophisticated technically. Seems like we're regulating interactions between well informed consenting adults.
- vkou 9y agoHow familiar are you with the history of securities laws? Do you know why they were drafted? Every con artist in history has claimed that their mark knew what they were getting into.
- armenarmen 9y agoDAOs and the JOBS act for sure open up opportunities for crooks to do some "boiler-maker-esque" stuff. I cannot disagree with that. And I do not doubt that gullible people can be hoodwinked by bad people. I would say that fraud and property theft can be handled on a case by case basis. That protecting hypothetical gullible crypto enthusiasts at the expense of the entire industry and putting up huge legal barriers to entry is the wrong move.
- deleted 9y ago[deleted]
- xorcist 9y agoEvery one of these scams that have imploded, including the DAO itself, have had participants crying out for interventions. That should speak volumes about the amount of consent involved (and indeed the sophistication).
- Jabanga 9y agoThere are hundreds of projects that have held token sales. The vast majority have not imploded. For what it's worth, I think the majority will fail to produce a profit. That's okay. A high failure rate is fine in an emerging industry. Venture capitalists can easily tolerate 90% failure rates for example.
- julian_1 9y agoThe business case may have been questionable, but the DAO was not prima facie a scam. It lost value and mission due to poor technical implementation.
- maneesh 9y agoCitations? I know of maybe 5-10 coins that have been hacked or imploded in a fraudulent way due to the intrinsic nature of the coin, out of thousands created