ICOs: The Cancer of the Digital Currency Industry - page 5.

Homeless_Victim

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Quote from: andrei56 on November 28, 2018, 05:00:48 PM

Thee is nothing sinister about what it is happening, people just want to find some kind of conspiracy against bitcoin when the most simple of the theories is enough to explain what it is happening, the price went down because no one is buying it, people thought that a recovery at the end of the year was inevitable only to discover they were wrong and they began selling their coins.

Maybe the governments of the world will prosecute the owners and operators of the venture capital firms under the RICO laws?

khaled0111

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I was going to read the article, but after reading the first reply I changed my mind.
Why don't you post it here since it is you who wrote the article or you just want to attract more visitors!

BitHodler

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I like ICOs with how easy it is for someone to raise capital without having governments with their regulations function as an obstacle. I think that's quite a significant form of innovation not yet seen in the world.

Of course, it also allows scammers and other ill minded individuals to exploit the freedom they enjoy here, but it's always your own responsibility to research what you invest in.

Every ICO is basically an idea, which means that your investment can be seen as a gamble. It either succeeds and you win, or it fails and you lose. Also, when things look too good to be true, they mostly are.

Research and common sense is what matters here.

Wingo

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Quote from: Homeless_Victim on November 28, 2018, 01:04:02 AM

Quote from: The Sceptical Chymist on November 28, 2018, 01:01:04 AM

O-o-o-kay. Did you write that article and want to point people to it, or was there something else you wanted to say about it? It's not a very in-depth piece of writing; it's basically calling ICOs scams without providing a real argument for why people should think that.

Not that I completely disagree with it, but I've got my reason for thinking so and if I just wrote "ICOs suck; they're killing the crypto industry" it wouldn't be worth much as a published blog article. Know what I mean? Want to spark some sort of discussion about this?

I wonder if we'll ever know how many individual investors lost money on the ICOs. I would think the number has to be in the hundreds of thousands, if not a few million.

Yes people lose millions because of the scam ICOs and those that are not managed correctly. But do not generalize the industry, many potential blockchain based financial instruments are now getting into the scene because it is offered by these ICOs. Many new generation blockchains that have better scalability are here because of these ICOs. This scheme made it possible for small startups to present unlimited ideas and get funded for their goal which is to change the financial industry.

ICOs are not trash, ICOs creates a way for BIG IDEAS to enter the crypto scene, they strengthen the foundation of the future for Blockchain and the cryptocurrencies.

DAVETUN

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I disagree that ICOs are the challenge behind the growth of digital currency, there are several scam ICO coming up daily due to lack of regulation in the industry that gives opportunity for several individual to come up with scam ICOs out to dupe investors, which cannot be trace. With policy formulation, we can be sure to reduce the cancer caused by digital currency industry.

andrei56

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Thee is nothing sinister about what it is happening, people just want to find some kind of conspiracy against bitcoin when the most simple of the theories is enough to explain what it is happening, the price went down because no one is buying it, people thought that a recovery at the end of the year was inevitable only to discover they were wrong and they began selling their coins.

Theb

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Quote from: Homeless_Victim on November 28, 2018, 10:14:18 AM

Quote from: Theb on November 28, 2018, 10:10:04 AM

~snip~

Umm, I think Bitcoin came out in 2009 and we didn't start seeing ICOs until 2016.

So please explain how the digital currency market is built on ICOs when ICOs came after the digital currency market. [/size]

There won't even be called a market if only Bitcoin is the only available in the industry. It is called the digital currency market for a reason and that is because there are a wide variety of cryptocurrencies to choose from not only Bitcoin. I don't think 2016 was the first time an ICO was introduces to the market how do you think Litecoin was introduce to the market back in 2011 or Ripple in 2013, it may not be called ICO back then but it is similar on how they introduced it to the market and how they made it available to us.

Homeless_Victim

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Quote from: disconnectme on November 28, 2018, 10:23:06 AM

ICO team are really killing the space, why greed can do to people, some of these developers because of their greediness decided to hold on to their ICO money in Crypto form, instead of convert some to fiat to help their operations for the first-two years but foolishly think the price will continue to grow and when the bear hit them the started the panic sell and crash the price of Ethers which resulted in crash of most Altcoins. This is another thing this developers need to be investigated for.

I agree. I would especially like to see the people who profited at venture capital firms investigated and sent to jail. They're really the root of all this because they provided the seed money to the ICOs. If they hadn't done that then the ICOs would not have been able to be created, or they would have had a much smaller role in the digital currency industry, and they wouldn't have done as much damage.

disconnectme

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ICO team are really killing the space, why greed can do to people, some of these developers because of their greediness decided to hold on to their ICO money in Crypto form, instead of convert some to fiat to help their operations for the first-two years but foolishly think the price will continue to grow and when the bear hit them the started the panic sell and crash the price of Ethers which resulted in crash of most Altcoins. This is another thing this developers need to be investigated for.

Homeless_Victim

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Quote from: Theb on November 28, 2018, 10:10:04 AM

Just as I thought I'll be reading a long ass article but really?!?!? You created a 2 paragraphed article and failed to even convince us why ICOs are the reason of the downfall of the market. May I remind you that the cryptocurrency market is built on ICOs that if there were none we won't really have a cryptocurrency market to begin with. Don't you generalize all ICOs into scamcoins making it a reason for its downfall because it is not even half of the story as there are other reasons why we are in a bear market right now and scamcoins is not one of it.

Umm, I think Bitcoin came out in 2009 and we didn't start seeing ICOs until 2016.

So please explain how the digital currency market is built on ICOs when ICOs came after the digital currency market.

Theb

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Just as I thought I'll be reading a long ass article but really?!?!? You created a 2 paragraphed article and failed to even convince us why ICOs are the reason of the downfall of the market. May I remind you that the cryptocurrency market is built on ICOs that if there were none we won't really have a cryptocurrency market to begin with. Don't you generalize all ICOs into scamcoins making it a reason for its downfall because it is not even half of the story as there are other reasons why we are in a bear market right now and scamcoins is not one of it.

Homeless_Victim

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Quote from: Ahimoth on November 28, 2018, 09:43:22 AM

Quote from: Homeless_Victim on November 28, 2018, 09:12:35 AM

Quote from: dothebeats on November 28, 2018, 09:06:00 AM

Ahhh, so what's your point here then? What exactly is the reason why ICOs are cancers of the digital currency industry? I agree to a certain extent that useless ICOs have no place in the cryptocurrency ecosystem, but we have seen several great projects from ICOs as well as some promising technology too, so that deserves credit somehow. I myself have never bought into loads of ICOs as I know some of them are just money-grab projects made by developers, though right now most countries are getting stricter day-by-day on ICOs popping here and there, so that would somehow solve the issue.

The regulation of the ICOs was way too little way too late. Too many small investors were burned. If anything the governments need to start going after the ICO creators and the venture capital firms which supported them.

The only problem of the ICO is nowadays there's more than scam than the one that can trust. Sometimes because of that many people encounter a not good ICO, many people complaining and cause it to lessen the people who believe to it. Even there are still some ICO has potential they become affected to those scam ICO. ICOs is one of the way to increase your coin so just choose the best one and analyze before participate.

I think one small way to mitigate this problem is for the digital currency news outlets to start giving much more exposure to the older altcoins which have good fundamentals. Then we would see those traded more and their values would rise and start bringing some level of balance to the digital currency prices.

Ahimoth

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Quote from: Homeless_Victim on November 28, 2018, 09:12:35 AM

Quote from: dothebeats on November 28, 2018, 09:06:00 AM

Ahhh, so what's your point here then? What exactly is the reason why ICOs are cancers of the digital currency industry? I agree to a certain extent that useless ICOs have no place in the cryptocurrency ecosystem, but we have seen several great projects from ICOs as well as some promising technology too, so that deserves credit somehow. I myself have never bought into loads of ICOs as I know some of them are just money-grab projects made by developers, though right now most countries are getting stricter day-by-day on ICOs popping here and there, so that would somehow solve the issue.

The regulation of the ICOs was way too little way too late. Too many small investors were burned. If anything the governments need to start going after the ICO creators and the venture capital firms which supported them.

The only problem of the ICO is nowadays there's more than scam than the one that can trust. Sometimes because of that many people encounter a not good ICO, many people complaining and cause it to lessen the people who believe to it. Even there are still some ICO has potential they become affected to those scam ICO. ICOs is one of the way to increase your coin so just choose the best one and analyze before participate.

Homeless_Victim

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Quote from: dothebeats on November 28, 2018, 09:06:00 AM

Ahhh, so what's your point here then? What exactly is the reason why ICOs are cancers of the digital currency industry? I agree to a certain extent that useless ICOs have no place in the cryptocurrency ecosystem, but we have seen several great projects from ICOs as well as some promising technology too, so that deserves credit somehow. I myself have never bought into loads of ICOs as I know some of them are just money-grab projects made by developers, though right now most countries are getting stricter day-by-day on ICOs popping here and there, so that would somehow solve the issue.

The regulation of the ICOs was way too little way too late. Too many small investors were burned. If anything the governments need to start going after the ICO creators and the venture capital firms which supported them.

dothebeats

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Ahhh, so what's your point here then? What exactly is the reason why ICOs are cancers of the digital currency industry? I agree to a certain extent that useless ICOs have no place in the cryptocurrency ecosystem, but we have seen several great projects from ICOs as well as some promising technology too, so that deserves credit somehow. I myself have never bought into loads of ICOs as I know some of them are just money-grab projects made by developers, though right now most countries are getting stricter day-by-day on ICOs popping here and there, so that would somehow solve the issue.

Wilhelm

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IMO ICOs and all other access to crypto will take the volatility out of crypto.
If you like volatility then yes it is cancer.

Homeless_Victim

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Quote from: eaglewhite80 on November 28, 2018, 07:26:20 AM

In a way, we can just assume that at some point, greed kicked in for so many, which includes both the team coming up with projects as well as investors looking to get rich over night. In the end, it all ended up in shambles. No real life product for a lot of them, pollution in the space, which is what I see them as, and now it seems everyone is trying to bail out with the little they can at least get back. Since it is an unregulated space, it is a normal thing to see stuffs like this happening. It is crazy, but one way or the other, most of us do have some roles and parts to play in it.

I think ultimately we can blame the venture capital firms and the people who own and operate them as the main source of the problem. I think more people will figure this out and some may take matters into their own hands and pay some of these venture capitalists a visit.

eaglewhite80

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In a way, we can just assume that at some point, greed kicked in for so many, which includes both the team coming up with projects as well as investors looking to get rich over night. In the end, it all ended up in shambles. No real life product for a lot of them, pollution in the space, which is what I see them as, and now it seems everyone is trying to bail out with the little they can at least get back. Since it is an unregulated space, it is a normal thing to see stuffs like this happening. It is crazy, but one way or the other, most of us do have some roles and parts to play in it.

Homeless_Victim

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This is quite damning...

Initial coin offerings have raised $1.2 billion and now surpass early stage VC funding
m/2017/08/09/initial-coin-offerings-surpass-early-stage-venture-capital-funding.html]https://www.c[Suspicious link removed]m/2017/08/09/initial-coin-offerings-surpass-early-stage-venture-capital-funding.html

Homeless_Victim

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Quote from: yitzjoe on November 28, 2018, 04:31:16 AM

there are many factors that make the crypto price fall a few days ago, one of which is the hardfork BCH and force the BCH account to break into 2 camps and this takes up a lot of crypto resources until the price falls very deep, but other problems also need to be taken into account to contribute to the price collapse crypto like ETH, BAKKT and FUD news that continues to hit crypto

I agree that those things are part of it. But I think a majority of the problem is the ICOs and the venture capitalists that started them. EOS is a big part of the problem too.

Topic: ICOs: The Cancer of the Digital Currency Industry - page 5. (Read 1283 times)