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> There are token sales that are not scams. This whole discussion would be much easier with an example. I have spent quite a lot of time debating cryptocurren

> There are token sales that are not scams. This whole discussion would be much easier with an example. I have spent quite a lot of time debating cryptocurrencies with people and explaining why they could be useful. But with ICOs I find myself on the other side of the fence. I have yet to find a white paper that isn't either useless or impossible. > and thus doesn't meet securities regulations In this context "doesn't meet regulations" more often than not means "we lie about what we will use the money for". I'm not sure that's a good idea. It is impossible to be serious in a space dominated by liars as they will outcompete you every time.

CryptoPunk 9y ago
BAT and FunFair are neither impossible nor useless. >I'm not sure that's a good idea. But if someone thinks it's a good idea, we should forcibly deny them the right to invest their own money in it? I simply don't understand the justification for such a strong-arming intrusion. >It is impossible to be serious in a space dominated by liars as they will outcompete you every time. Reputation is a very real and powerful thing in the marketplace. In the long run scammers and other unscrupulous types cannot compete against honest providers who deliver. And by the way, I'm fine with going after confirmed scammers. I'm not okay with centralizing/banning an industry to preemptively prevent scams.
- Nursie 9y ago
  Who needs reputation or the long run if you can net a decent amount as a one-off?
  - CryptoPunk 9y ago
    I was referring to this: >>It is impossible to be serious in a space dominated by liars as they will outcompete you every time. And making the point that the space will be dominated by the competent and honest in the long run if left to its own devices. My comment was explaining why I believe that would be the long-term outcome.
    - Nursie 9y ago
      It may, or it may collapse under the weight of the less scrupulous.
      - CryptoPunk 9y ago
        The cryptocurrency market is incredibly resilient. I've been involved in it for years and seen that even after the worst crises, it comes back stronger. Absent centralizing regulations, eventually all of the industries created by the new use-cases it enables will mature, with innovative technological solutions and much higher levels of consumer awareness, which is a much more robust outcome than the regulatory one that would devolve into a closed Old Boys/Girls club like the traditional financial sector.

CryptoPunk 9y ago

BAT and FunFair are neither impossible nor useless. >I'm not sure that's a good idea. But if someone thinks it's a good idea, we should forcibly deny them the right to invest their own money in it? I simply don't understand the justification for such a strong-arming intrusion. >It is impossible to be serious in a space dominated by liars as they will outcompete you every time. Reputation is a very real and powerful thing in the marketplace. In the long run scammers and other unscrupulous types cannot compete against honest providers who deliver. And by the way, I'm fine with going after confirmed scammers. I'm not okay with centralizing/banning an industry to preemptively prevent scams.

Nursie 9y ago
Who needs reputation or the long run if you can net a decent amount as a one-off?
- CryptoPunk 9y ago
  I was referring to this: >>It is impossible to be serious in a space dominated by liars as they will outcompete you every time. And making the point that the space will be dominated by the competent and honest in the long run if left to its own devices. My comment was explaining why I believe that would be the long-term outcome.
  - Nursie 9y ago
    It may, or it may collapse under the weight of the less scrupulous.
    - CryptoPunk 9y ago
      The cryptocurrency market is incredibly resilient. I've been involved in it for years and seen that even after the worst crises, it comes back stronger. Absent centralizing regulations, eventually all of the industries created by the new use-cases it enables will mature, with innovative technological solutions and much higher levels of consumer awareness, which is a much more robust outcome than the regulatory one that would devolve into a closed Old Boys/Girls club like the traditional financial sector.