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do what? I mean it's one thing to defraud someone and disappear, but in the case of ICO, you put your name out there - there is no escape.
by vasilipupkin 9y ago
do what? I mean it's one thing to defraud someone and disappear, but in the case of ICO, you put your name out there - there is no escape.
- vkou 9y agoYou then pay yourself salary for the next three years, as well as a generous contract to your uncle Bob's consulting firm, which is supposed to build the product. Sometime in 2020, you post about your incredible journey on your blog, say that all the money has been spent, and the project failed. Whoops, sorry guys. At least, that's a legal way to take ICO money and run. It's not even fraud if you put some effort into delivering on what you promise.
- vasilipupkin 9y agohmmm. then you face a massive class action lawsuit that finds an email or two where you joke about an ICO with friends, you easily spend 20-30 million defending yourself, you win, but you go bankrupt in the process. No, that doesn't work
- s73ver_ 9y agoExcept that won't happen.
- vasilipupkin 9y agowhy not?
- s73ver_ 9y agoIn order to bring the suit in the first place, you have to have some kind of reason to believe that they defrauded you. That they weren't able to achieve their goal isn't good enough.
- vasilipupkin 9y agoI am sure attorneys will find a good reason.
- s73ver_ 9y agoI am not. And I am sure they will not want to waste time with a goose chase. Remember, in this scenario, you don't really have any knowledge or suspicion that they are just ripping you off.
- CryptoPunk 9y ago>>You then pay yourself salary for the next three years, as well as a generous contract to your uncle Bob's consulting firm, which is supposed to build the product. That's still fraud, and could invite a criminal investigation and result in a criminal conviction. You could bet on the government not enforcing the laws, but that equally applies if token sales are banned.