5 ms·
One source said an early investor who acquired a tranche of tokens at a price of $0.37 is actively seeking to sell for $1.30 — potentially a 3.5-fold increase f
by lacker 8y ago
One source said an early investor who acquired a tranche of tokens at a price of $0.37 is actively seeking to sell for $1.30 — potentially a 3.5-fold increase for a token that hasn’t left the gate yet.
People believing they can make a 3.5-fold increase is what makes them invest.
- gowld 8y agoNaive question: Does "selling" a token generate cash, or some non-/semi-liquid "money" sitting in a database of an unlicensed broker/exchange like a MtGOX?
- conanbatt 8y agoYou normally can exchange into bitcoin and sell out, so yes, it is cash.
- nostrademons 8y agoOn most of the exchanges that deal in ICOs, they're usually traded for other cryptocurrencies like Bitcoin or Tether. These are "funny money" in the sense that they're unbacked by any assets or hard currency, but are liquid in the sense that you don't have any practical problem finding a buyer for them. (This is changing rapidly, BTW, since Coinbase and other licensed crypto-to-fiat exchanges have recently announced support for the ERC20 tokens that ICOs typically use.) In practice it's not much of a problem, because you sell your ICO tokens for Bitcoin and then you sell your Bitcoin for dollars/yen/won/euros at a licensed crypto-to-fiat exchange like Coinbase, Bitthumb, Gemini, etc. You do lose anonymity because all the fiat exchanges have KYC identity-verification procedures, but each step of the transaction is legal (for the ICO buyer), so there's little risk.
- charlesdm 8y agoIt's not just believing they can make a 3.5-fold increase. People are actually making those kinds of gains on various ICOs, which is part of the reasons why cryptocurrencies were propelled to their recent highs.
- baby 8y ago3.5-fold increase is nothing. People make much more than that. I have a friend who made 100k from 100$