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> how gullible people are and how evil people will readily exploit it This really shouldn't be a surprise to anyone at this point. At least this one didn't cre
by dumbfoundded 6y ago
> how gullible people are and how evil people will readily exploit it
This really shouldn't be a surprise to anyone at this point. At least this one didn't create a war or recession. ICOs are innovative the same way other crowd funding initiatives are. It's a way for poorly networked but high quality people to get funding. There will be less scams over time as the people get smarter. It's no different than when radiation was discovered in the early 20th century, irradiated products became all the fad (1). Innovation always brings this risk.
(1) https://www.washingtonpost.com/health/the-lethal-legacy-of-early-20th-century-radiation-quackery/2020/02/14/ed1fd724-37c9-11ea-bf30-ad313e4ec754_story.html https://www.washingtonpost.com/health/the-lethal-legacy-of-e...
- matkoniecz 6y agoICOs seems to have vastly higher rate of fraud than say Kickstarter
- dumbfoundded 6y agoYes, but you don't get equity or securities equivalents from Kickstarter. Here's an article about how $115B was scammed from crowdfunding investors in China (1). The biggest individual scam was a simple $8B Ponzi scheme. (1) https://www.crowdfundinsider.com/2020/08/165315-115-billion-in-losses-reported-due-to-scams-involving-chinas-p2p-lending-platforms/ https://www.crowdfundinsider.com/2020/08/165315-115-billion-...