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Legitimate frauds? Or "Fake it till you make it" type frauds who think their idea is legit and just inflate some numbers and their capabilities to get the mone
by gooseus 8y ago
Legitimate frauds? Or "Fake it till you make it" type frauds who think their idea is legit and just inflate some numbers and their capabilities to get the money they need to prove it?
What matters more, it seems to me, is that both the cryptocurrency and tech startup world are filled with bad investments which are going to make the next economic bust exponentially worse.
- AdamM12 8y agoI think the difference here would be that Angel's List and SEC rules in general provide/create/act-as gatekeepers for investment and thus can better filter outright fraud (note: not fake it till you make it "fraud") and limit investment to those who can afford to lose money. ICOs are circumventing that and allowing outright fleecing of small time investors on an unheard of scale and velocity. Obviously a snake oil salesmen is nothing new and you would only have to watch American Greed to see small time investors getting fleeced well before ICO's ever existed.
- favorited 8y ago> think their idea is legit and just inflate some numbers and their capabilities to get the money they need to prove it how is that not "legitimate fraud?"
- duskwuff 8y agoBecause there's at least an actual idea, and an intent to execute on it. A lot of the fraudulent ICOs, on the other hand, don't even have that -- their real business plan is "take the money and run".