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I definitely believe ICOs are the future of funding. We are at a premature stage, but as the ecosystem matures we'll see a lot of great things come out of it un

by dgut 9y ago

I definitely believe ICOs are the future of funding. We are at a premature stage, but as the ecosystem matures we'll see a lot of great things come out of it unless the SEC and whatnot decide to nuke it. For instance, until now ICOs have been able to raise money without a prototype in hand, this I believe will change.

lucozade 9y ago
That’s an interesting position. What you’re effectively saying is, if you’re stupid enough to invest in a scam then you should be allowed to. The establishment shouldn’t put barriers in your way if you want to give your money to a hoax. There’s something to be said for that. If you’re not capable of managing your own money then maybe the con artist will do better? Personally, I’d prefer to give to a charity with a decent track record but it’s your money. You presumably don’t need nannying.
- skyfold 9y ago
  Gambling is legal, smoking is legal, and yet risky early stage investments aren't? And the reason these investment opportunities aren't available to us is because they are risky and dangerous? Hmm.... Point being the government deciding how to "protect us" is based on arbitrary criteria at best.
- dgut 9y ago
  That's some of the most short-sighted comment I've read on HN. As somebody else here points out, there are a ton of unhealthy activities (I can think of a thousand) that are not only legal but well advertised. In fact, the current US president owns one of those great places where people can flush their money down the toilet. You are fundamentally saying all ICOs are a scam, otherwise your comment doesn't make much sense. Because that's false but it's true there are a number of scam ICOs, it's also true we can lower that number. If you read my comment, you probably noticed the part about the need for the ecosystem to mature also.
  - lucozade 9y ago
    I'm not saying all ICOs are scams. I doubt that they are. But I don't know. Nor do you. Nor does anyone. And I'd like the ICO industry to die. Quietly. In its sleep if possible, not with all guns blazing. Why? Because the Satoshi network is one of the most important societal developments of the last 20 years (if not longer). It's important because it made more progress in the field of trust than we've made since, I don't know, the Templars probably. And what do we do with that gem? ICOs. ICOs, whose trust model consists of anonymous people asking for money with vague promises about a non-existent future. It's a travesty. It's like drawing a smiley face on The Scream. Das is nicht einmal falsch. And you're right. It's not worse than opioids or gambling. But really, is that the bar? Shouldn't we be building on the progress rather than pissing on it? Wouldn't it be better if we were working on the trust problem for exchanges? On the oligarchy problem of mining pools? Taking the flaws in the current network and fixing them? So yes. I'd like the SEC to step in. Maybe the old guard can help the rotten branch wither so the tree can flourish. I hope. If you want another cesspit, can't you dig it somewhere else?
whataretensors 9y ago
I hope you are correct, coins are the right abstraction for shares. It requires talented people to take a risk.

by dgut 9y ago

lucozade 9y ago

That’s an interesting position. What you’re effectively saying is, if you’re stupid enough to invest in a scam then you should be allowed to. The establishment shouldn’t put barriers in your way if you want to give your money to a hoax. There’s something to be said for that. If you’re not capable of managing your own money then maybe the con artist will do better? Personally, I’d prefer to give to a charity with a decent track record but it’s your money. You presumably don’t need nannying.

skyfold 9y ago
Gambling is legal, smoking is legal, and yet risky early stage investments aren't? And the reason these investment opportunities aren't available to us is because they are risky and dangerous? Hmm.... Point being the government deciding how to "protect us" is based on arbitrary criteria at best.
dgut 9y ago
That's some of the most short-sighted comment I've read on HN. As somebody else here points out, there are a ton of unhealthy activities (I can think of a thousand) that are not only legal but well advertised. In fact, the current US president owns one of those great places where people can flush their money down the toilet. You are fundamentally saying all ICOs are a scam, otherwise your comment doesn't make much sense. Because that's false but it's true there are a number of scam ICOs, it's also true we can lower that number. If you read my comment, you probably noticed the part about the need for the ecosystem to mature also.
- lucozade 9y ago
  I'm not saying all ICOs are scams. I doubt that they are. But I don't know. Nor do you. Nor does anyone. And I'd like the ICO industry to die. Quietly. In its sleep if possible, not with all guns blazing. Why? Because the Satoshi network is one of the most important societal developments of the last 20 years (if not longer). It's important because it made more progress in the field of trust than we've made since, I don't know, the Templars probably. And what do we do with that gem? ICOs. ICOs, whose trust model consists of anonymous people asking for money with vague promises about a non-existent future. It's a travesty. It's like drawing a smiley face on The Scream. Das is nicht einmal falsch. And you're right. It's not worse than opioids or gambling. But really, is that the bar? Shouldn't we be building on the progress rather than pissing on it? Wouldn't it be better if we were working on the trust problem for exchanges? On the oligarchy problem of mining pools? Taking the flaws in the current network and fixing them? So yes. I'd like the SEC to step in. Maybe the old guard can help the rotten branch wither so the tree can flourish. I hope. If you want another cesspit, can't you dig it somewhere else?

whataretensors 9y ago

I hope you are correct, coins are the right abstraction for shares. It requires talented people to take a risk.