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Dollar figures in cases like this shouldn't be trusted. ICO scammers have an incentive to make it look like they're getting more investment than they really are
by jimrandomh 9y ago
Dollar figures in cases like this shouldn't be trusted. ICO scammers have an incentive to make it look like they're getting more investment than they really are, since that gets them more attention. They can easily achieve this through self-dealing--taking their own money and giving it to themselves under another identity. They can even reuse the same money to do this multiple times; that would leave evidence on the blockchain, but I'm not aware of anyone who checks for such things.
- jcoffland 9y agoAnd article authors have an incentive to make the numbers as big as possible to attract the most attention. They happily use the highest wild estimate in the title.
- matthewdgreen 9y agoSomebody should look for this. However, it's very easy to launder this money through an exchange to hide the obvious tracks.
- 908087 9y agoI've always assumed that the majority of these shitcoins that come out of nowhere with a copied and pasted whitepaper, then suddenly receive $10M+ in "investment", are just schemes designed to launder cryptocurrency drug/gun/etc profits.