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Topic: Charles Hoskinson – co-founder and ex-CEO of Ethereum saw this fallout coming. (Read 1902 times)

hero member
Activity: 1050
Merit: 508
Of course, it was necessary to establish order in the ICO, excluding fraudulent manifestations from it and making this activity more transparent. True, the Chinese government did not do enough work to explain its steps, which called for an unjustified panic and a fall in the course of all the Crypto-currency.

ICO badly needs to have some rules and regulations. It cannot be simply used whatever the projects like. Too easy access to it causes so many scams using it and getting so much money that went nothing else but in their own personal pockets only. China was doing some straightening up with this. Too bad, the effect was bad.
full member
Activity: 714
Merit: 104
Of course, it was necessary to establish order in the ICO, excluding fraudulent manifestations from it and making this activity more transparent. True, the Chinese government did not do enough work to explain its steps, which called for an unjustified panic and a fall in the course of all the Crypto-currency.
member
Activity: 98
Merit: 10
Will that change our opinions on ICOs?

Regardless, it will not change the fact that tokens are securities and thus it is a scam to pretend that investors can  legally trade ICO-issued tokens on unregulated exchanges and spend tokens P2P.

What's your take on Tezos Charles?

Appears to be a stellar team, but afaics (of what I read) they haven't make any significant important epiphanies.
sr. member
Activity: 404
Merit: 253
Hmmm, charleshoskinson == smart guy. Smiley

What's your take on Tezos Charles?
legendary
Activity: 3122
Merit: 1492
ICOs are all getting negative reviews because not one of them has created a working product. But what if one of them built an excellent product that turned out better than the main stream implementations?

Will that change our opinions on ICOs? I reckon some of them have already been judged as scams too early.
member
Activity: 98
Merit: 10

With all the money that's in the market now, and with all the new money that will be coming in over the next few years, I do wonder what effect this will have on the non-ICO coins, or at least the coins considered to be a quality project.

The money has to go somewhere.



Indeed.

Do not get shafted by Filecoin's SAFT ico "scam" concept.
full member
Activity: 223
Merit: 105
Utrum OOT

With all the money that's in the market now, and with all the new money that will be coming in over the next few years, I do wonder what effect this will have on the non-ICO coins, or at least the coins considered to be a quality project.

The money has to go somewhere.

legendary
Activity: 3248
Merit: 1402
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Yeah, I've never really trusted ICOs, because there're too many of them and it's hard to see the difference between innovative great projects and total scams unfortunately. Surely there are a lot more icos than real projects they are supposed to represent. Such lack of balance wasn't able to do any good to the market. I think it's good it caused only some price dumps and no economic crisis, because it could've resulted in it.
By the way, I think it's good that finally our market will be cleaned from useless trashy projects. Maybe the surviving icos will be taken more seriously and will deserve to be a part of real crypto world.
member
Activity: 98
Merit: 10
Quote
We said there would be an ICO fallout back in March that would occur during the end of summer. This Charles guy is slow to predict... The entire Altcoins market has been run up by these ICO scams but now they are illegal as predicted and goodbye market. HODL THE Bitcoin not the Altcoins.

To be fair, I've been critical of most ICOs since the DAO and have publicly stated so. After seeing the wave of stupid/greedy money chasing P&Ds, I decided to become much more public about it with the Bloomberg article. No one seems to answer a simple question, "if you get a 10x, then who is buying the asset from you to realize the gains and why are they buying it?" If the answer isn't because they can do something with the token, but rather because they believe it's going up, then you have a Ponzi scheme brewing.

Nothing grows to the sky and pure greed has replaced rational thought.

The thing is tho, after everything falling and collapsing, what's left is only greed.  Whatever it is, be it ICO tokens or pennystocks, 'greedy people' (or smart people?) will always come up with 'investment vehicles' to make money and get rich quick.  There's no other way around it.

And what's going on with ICO's and all that, it's really nothing new.  Honestly, I hope it lasts longer than the tech bubble.

ICOs are dead and ICO-issued tokens will eventually be illegal to trade every where. But fundraising can still be accomplished without ICOs, in a legal way.

So yeah I agree in the sense that the speculation will simply shift to the legal way. But the ICO-issued coins are hot potatoes now. Potential losses due to frozen tokens on exchanges, potential fines, and potential jail time awaits those who continue to trade them.

Note the legal way will change the nature of fundraising. No longer will it be possible to pre-mine tokens and sell them while making promises about expectations-of-profit. Instead it will require that the shares investors receive are not-tradeable and can’t receive a dividend until the project and ecosystem are fully matured some years hence. This will remove all this ridiculous nonsense we had with the Ethereum ICOs recently.

Thus the supply of legitimate opportunities will shrink and the bonafide ones will receive more focused attention from our market.

It’s all good. We should cheer. Especially if you had listened when you were warned 2 days ago to sell all ICO-issued tokens.

can be banning existing ICO

Existing ICO-issued tokens will become illegal, because investment securities are illegal to exchange if not on a registered exchange. And illegally issued investment securities are never legal to trade.

Thus ICO-issued tokens can not be spent decentralized. They are useless because can’t function as a cryptocurrency. At least not legally.
legendary
Activity: 3976
Merit: 1421
Life, Love and Laughter...
Quote
We said there would be an ICO fallout back in March that would occur during the end of summer. This Charles guy is slow to predict... The entire Altcoins market has been run up by these ICO scams but now they are illegal as predicted and goodbye market. HODL THE Bitcoin not the Altcoins.

To be fair, I've been critical of most ICOs since the DAO and have publicly stated so. After seeing the wave of stupid/greedy money chasing P&Ds, I decided to become much more public about it with the Bloomberg article. No one seems to answer a simple question, "if you get a 10x, then who is buying the asset from you to realize the gains and why are they buying it?" If the answer isn't because they can do something with the token, but rather because they believe it's going up, then you have a Ponzi scheme brewing.

Nothing grows to the sky and pure greed has replaced rational thought.

The thing is tho, after everything falling and collapsing, what's left is only greed.  Whatever it is, be it ICO tokens or pennystocks, 'greedy people' (or smart people?) will always come up with 'investment vehicles' to make money and get rich quick.  There's no other way around it.

And what's going on with ICO's and all that, it's really nothing new.  Honestly, I hope it lasts longer than the tech bubble.
full member
Activity: 221
Merit: 100
ICOs are here to stay, too many coins with real value propositions like omg, ppt, veri, salt etc... folks just need to be wary of the sh*tcoins and not fall for the hype
VTS
member
Activity: 112
Merit: 10
Licensing & Monetizing Digital Content!
Quote
We said there would be an ICO fallout back in March that would occur during the end of summer. This Charles guy is slow to predict... The entire Altcoins market has been run up by these ICO scams but now they are illegal as predicted and goodbye market. HODL THE Bitcoin not the Altcoins.

To be fair, I've been critical of most ICOs since the DAO and have publicly stated so. After seeing the wave of stupid/greedy money chasing P&Ds, I decided to become much more public about it with the Bloomberg article. No one seems to answer a simple question, "if you get a 10x, then who is buying the asset from you to realize the gains and why are they buying it?" If the answer isn't because they can do something with the token, but rather because they believe it's going up, then you have a Ponzi scheme brewing.

Nothing grows to the sky and pure greed has replaced rational thought.

I think the community should become active and make at least some small movements to add some value to trust/non trust. Not regulatory but "as a service" ad some extra value and give some extra trust.

 Community Driven Audit: https://bitcointalk.org/index.php?topic=2135456.new#new

I know it is not that easy solvable and contains many problems maybe also risks, but I believe the community should start thinking about some kind of solution. Its just an impulse / thought....
member
Activity: 81
Merit: 10
how i wish i saw your video before going in too deep.. =(
full member
Activity: 210
Merit: 100
I also did an interview on Bloomberg about this topic: https://www.youtube.com/watch?v=LNS8ucQj-rM

You should have done a crusade on all the ICOs. I read your article on bloomberg but was surprised not many heed to your advice.
hero member
Activity: 1568
Merit: 511
Charles Hoskinson said this ICO fallout was coming several months ago; he really nailed it.

https://www.bloomberg.com/news/articles/2017-07-18/ethereum-co-founder-says-crypto-coin-market-is-ticking-time-bomb

Hoskenson believes only the quality coins will be standing after the fallout.





The ICO hype is getting stronger and stronger time by time, especially this year where projects fulfil and hit the cap within seconds-minutes and even causes ethereum network to go stuck. The huge money flow is just creating some sort of "Bubble", maybe i should not call it as a bubble but some overflow of cash

Industry is going too fast, a pause might be good for things to go further

Guess Quality coins should rebounce within 2 weeks as i realise the recover period for crypto is kinda of fast compare to Fiats
member
Activity: 98
Merit: 10
Hoskenson believes only the quality coins will be standing after the fallout.

The person who had warned Charles before he joined Ethereum that a Turing complete blockchain would be a “can of worms” and warned about ICOs here on BCT since 2016, predicted this ICO collapse event 2 days before.

With that public record of correct predictions, it’s notable that he is expecting eventually only non-ICO tokens will be standing:

Are Most Cryptocurrencies Doomed to Collapse — because they’re “ICO-issued”?
full member
Activity: 126
Merit: 100
I also did an interview on Bloomberg about this topic: https://www.youtube.com/watch?v=LNS8ucQj-rM

Its nice when we get to see influent people frequenting the forums. Thanks for your insight and good luck with your future projects Smiley
newbie
Activity: 19
Merit: 0
Quote
We said there would be an ICO fallout back in March that would occur during the end of summer. This Charles guy is slow to predict... The entire Altcoins market has been run up by these ICO scams but now they are illegal as predicted and goodbye market. HODL THE Bitcoin not the Altcoins.

To be fair, I've been critical of most ICOs since the DAO and have publicly stated so. After seeing the wave of stupid/greedy money chasing P&Ds, I decided to become much more public about it with the Bloomberg article. No one seems to answer a simple question, "if you get a 10x, then who is buying the asset from you to realize the gains and why are they buying it?" If the answer isn't because they can do something with the token, but rather because they believe it's going up, then you have a Ponzi scheme brewing.

Nothing grows to the sky and pure greed has replaced rational thought.

ICOs where always a bad ideia.

A shame that your words will fall in deaf ears... even with whats happening at the moment people are still thinking about buying everything they can without taking into consideration what exactly is the "thing" they are buying.

No one with their head in the right place needs an expert to predict the rage and tears that are bound to come once people realize they have lost their pants and have no chance of getting them back.
sr. member
Activity: 342
Merit: 250
I don't think its fair or accurate to say that all ico's are in trouble.

But the days of funding 50million usd for a whitepaper are OVER, and thats a good thing for crypto.
full member
Activity: 223
Merit: 105
Utrum OOT
Quote
We said there would be an ICO fallout back in March that would occur during the end of summer. This Charles guy is slow to predict... The entire Altcoins market has been run up by these ICO scams but now they are illegal as predicted and goodbye market. HODL THE Bitcoin not the Altcoins.

To be fair, I've been critical of most ICOs since the DAO and have publicly stated so. After seeing the wave of stupid/greedy money chasing P&Ds, I decided to become much more public about it with the Bloomberg article. No one seems to answer a simple question, "if you get a 10x, then who is buying the asset from you to realize the gains and why are they buying it?" If the answer isn't because they can do something with the token, but rather because they believe it's going up, then you have a Ponzi scheme brewing.

Nothing grows to the sky and pure greed has replaced rational thought.

Since your talk on this subject I've been trying to follow the coins you seem to favor; and though I have missed out on the 10x moves on some of these ICOs, I've also seen my portfolio grow, but more importantly, i'm able to relax without constantly watching the exchange.

This may only be the beginning. If other countries follow suit then all the ICOs will be in trouble.


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