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Just because some ICOs can be scams is no reason to write off the entire concept as a scam.
by Karunamon 9y ago
Just because some ICOs can be scams is no reason to write off the entire concept as a scam.
- user5994461 9y agoThe entire concept is a multi level marketing scheme.
- Karunamon 9y agoAnd this reductive reasoning can be applied to the stock market or for that matter any cryptocurrency - that doesn't make it right.
- kryptiskt 9y agoNo, when I buy stock the company has obligations to me as a shareholder. There is nothing but disclaimers if I buy into an ICO.
- 6nf 9y agoCompanies listed on the stock exchange are actually out there making things or providing services, employing people, and making money. Anyone and their dog can start an ICO with nothing but a website filled with fluff and bullcrap.
- whataretensors 9y agoNo, not all of it. It only appears that way before looking into it more.
- weej 9y agoWould love to hear more on legitimate use cases for blockchain (not being sarcastic) that cannot already be solved by centralized database, merkle trees and/or public key encryption.
- rublev 9y agoI think they meant that concept behind an ICO are a scam not that blockchain is.
- weej 9y agoThat's the problem. The investors for ICOs are backing on blockchain as if it's some amazing new innovation that's "going to change the world".
- notyourday 9y agoBlockchain is just a distributed public ledger. That's it. There are very few applications that have properties that can be mapped into a distributed public ledger.
- ojr 9y agothe online gambling market is adopting bitcoin, or do you prefer cashing checks from Taiwan?
- weej 9y agoNot sure I'd equate online gambling with legitimate (legal) use case. Even still if legal for use in given location (territory) why not leverage credit card or paypal? Unless you're doing some illegal (e.g. money laundering), there's no need and zero add for cryptocurrency for gambling. I don't need a distributed ledger with block consensus and wasting power computation to carry out a merchangt transaction.
- rublev 9y agoThat's exactly the level of plausible deniability they need, so people like you come to the comments defending them. I promise you 0% of these coins will be a thing 10 years out. I'll put money on that.
- whataretensors 9y agoRespectfully I think you are wrong, but not by much. I think there will be some unicorns and mostly failures. Maybe a lower percentage than investing in seed round startups(huge failure rate).
- Karunamon 9y agoI'm not sure how you can say that in good conscience when people were saying (and still say) the same thing about Bitcoin. It seems as if anyone can say it'll be gone Real Soon Now® and never be conclusively wrong. It's still reductive, bogus logic at the end of the day.
- tedeh 9y agoCould we express this wager as a smart contract perhaps?
- deleted 9y ago[deleted]
- s17n 9y agoIs there a market for shorting tokens because if so I want some of that action.
- Relys 9y agoNow I get it! If you bend over backwards you'll see that it's really an upside down triangle scheme. /s
- s73ver_ 9y agoHow many of them have to be scams before we can? Cause it seems to be more than "some".
- deleted 9y ago[deleted]
- s17n 9y agoThere are reasons to write off the entire concept, though. Tokens are a stupid idea - universality is the whole point of currency. And it's pretty obvious that everybody who is promoting an ICO is doing it cause it's easy money (compared to more traditional means of raising capital), even if they are actually planning to build the product that they say they are. As a general rule of thumb, any Ethereum contract that doesn't use an oracle is probably stupid.
- random_rr 9y agoYeah, universality is the whole point of currency. That's definitely why every holiday season, millions of people buy gift cards to people's favorite stores. Please.
- dguaraglia 9y agoThis... this has nothing to do with universality :/
- s17n 9y ago1. Gift cards are dumb 2. If "the gift cards of the future" was the pitch for tokens, nobody would pay them any attention.
- s17n 9y agoAlso, gift cards are almost always denominated in terms of an actual currency.
- vasilipupkin 9y agohttps://hackernoon.com/ico-analysis-shitcoins-or-real-investments-5f6b63e96dfb?source=linkShare-3ef666994b11-1509582622 https://hackernoon.com/ico-analysis-shitcoins-or-real-invest...