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I’m pretty sure the original intent of ico’s was to figure out a way to rip off investors by issuing unregulated securities.
by empath75 8y ago
I’m pretty sure the original intent of ico’s was to figure out a way to rip off investors by issuing unregulated securities.
- olivermarks 8y agoI disagree. The original intent for ICO's was (and is) honorable, as is crowd funding. We have to get out of this mindset that ICO's are inherently fraudulent. The early days of the internet were rife with scams and fraud (and it still is). That doesn't make the internet 'a way to figure out how to rip people off'. The big banks would love everyone to think ICO's are wild west country, just as the early days of open source were laughed out of the room as crazy give aways of ip. Look were we are now with Oracle 'openworld' a few years later...
- decentralised 8y agoIt was really to fund research and development of open-source cryptographic protocols which are usually out of the VCs radars. The mechanism used was itself a revolutionary development, fungible digital tokens (ERC20). There are new protocols for fundraising that are designed to give token holders more control over the disbursement of rewards to the development teams but the wider market still needs a good cleanup imho.