So claims the (in)famous Dr Doom, Nouriel Roubini, thus termed on account of his scarily accurate prediction of the 2008 financial meltdown.
https://www.livemint.com/Opinion/lk9NVvcRGKPdO17QvcfiZI/Initial-coin-offerings-scams-by-con-artists.htmltl;dr:
81% of ICOs are scams created by con artists and swindlers looking to take your money and run.
ICOs serve little purpose other than to skirt securities laws that exist to protect investors from being cheated.
all cryptocurrencies as securities, with the exception of the first mover, Bitcoin, which he considers a commodity.
implication is that even Ethereum and Ripple—the second- and third-largest crypto-assets—are currently operating as unregistered securities.
the ICO charlatans would effectively take us—not to the futuristic world of The Jetsons, but to the modern Stone Age world of The Flintstones where all transactions occur through the barter of different tokens or goods.
Some strong stuff that! Dr Doom is never the one to hold back, but this is less of a slap, more of a frontal assault.
