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I'm betting many of these participants will get in considerable legal trouble. They are dealing in trackable cryptocurrency as opposed to hard cash. The paper t

by AJ007 9y ago

I'm betting many of these participants will get in considerable legal trouble. They are dealing in trackable cryptocurrency as opposed to hard cash. The paper trails are quite clear. If they were smart enough to only spend the funds on the project perhaps they just get hit with securities violations. If they instead chose to spend it on personal stuff, there will be Interpol warrants, extraditions, and prison time waiting. Earlier in the year I began going through the list of alt-assets and ICOs. I appreciate how the lists of advisors (or whatever they are being called) are full of people with experience in completely irrelevant areas. Cryptography is one of those areas where you really need to be good at what you do or your skills have a deeply negative value. To create some sort of cryptographic asset with a team devoid of cryptographers and people with deep software security experience is a joke.

api 9y ago
Yeah I have this sense that the hammer is hovering over some of these peoples' heads and we are about to see mass arrests. Some of these are flagrant scams with very identifiable names attached to them. I'm sorry but if you raise capital for a venture it is not your money, and if you behave as if it is you are committing a crime. If that does happen crypto will crash. The crash will bleed over into Bitcoin too because sheep. In the long run it might be a good thing. Maybe ICOs will get re-invented as something more reputable. I know Naval Ravikant (AngelList) is involved in a project to create a reputable sort of ICO vehicle patterned after the SAFE and he has an excellent reputation. I feel bad for the people right now trying to do legitimate work in this space and having to compete with a bunch of obvious cranks and fakes.