Topic: Should IPOs be banned from the site? Poll - page 6. (Read 6755 times)

Minor point but if you all keep calling them IPO's long enough the SEC will be shutting them down for you.

Also surprised such a crypto-anarcho-libertarian crowd is pretty well split down the middle on....more governance.

If you don't like IPO's don't get involved.

Why try to stop that do want to invest just because you don't want to?

And most of you voting are doing this?


What is wrong with this picture guys?

to me it's PoW coins which should be banned. as miners are not needed anymore (since 100% PoS was made reality in Nxt) and with the polarizing of the miners market it is not even a fair model of distribution . also PoW mining is a threat to our environment (with estimated carbon footprint of Bitcoin alone likely to be 3x worlds total if it was to become the worlds currency).
miners now are just some sort of middle men between developers and investors and a detrimental category.
i'd rather see PoS developers distributing the coins for free (like in the "interested" threads lol) or see wallets automatically charged with some algorythm (proofofuniquewallet) rather distribute them to miners which have become an exclusive club which requires a minimum 1000$ rig ticket (unless you want to mine at a loss).
in bitcoin PoW miners were/are NEEDED to secure the network/carry out transactions, that's primarily why they were introduced in the system. and the coins were their reward for doing so.
but now with 100% PoS  miners are simply surplus to requirements...and as any redundant category they start with their strikes and protests (threads like this one ).
distributing coins to developers/investors makes more sense to me than distributing them to miners.
ProoFofinvesting > ProofofMining ( i refuse to call sitting on your ass watching rigs mine "work" lol)...and i see investing in technology and developers a more valuable job than mining.
for sure i prefer getting the coins directly from the developer than buying them from miners while they are being pumped&dumped on an exchange

an Ipo can actually be more democratic and inclusive if it allows even for tiny investments (and that tiny investment is better placed in an IPO rather than in mining where with a tiny investment actually means a loss)

also you have to keep in mind when Bitcoin and first altcoins were created there was no mining market so the developers themselves were able to mine a large amount and effectively have a large stake in their own creation. (rumours say satoshi was able to mine 950k of btcs....)
this would not be possible today...as the developers would be gazumped on release by multititudes of miners who would get all the coins and the profits (and for what? burning electricity and watching some fans spin..)....

if ethereum was just to do a PoW without any premine/ipo.....considering all the attention it received and all the miners ready to pounce on it.....the developers would be left with hardly anything to bring the project forward....and probably most of the trolls that jump in every IPO screaming "scam " would end up having bigger amounts than the developers lol.
r0ach with more etheriums than Vitalik if it was 100% PoW....yeah sure that would be fair lol.

edit:
having said this I feel there should be a code of practice for IPOs here. one cannot just put an IPO up without any evidence of a product.  first there needs to be some verified beta before it can be listed here or something. but then again if people want to invest in thin air you cannot stop them...
in this regard i think ethereum did well to postpone the IPO and first have a proof-of-concept client for download. and emunie too is allowing people to try the open beta before the IPO.
this should be as standard imo.

No...allow a free market its freedom.  

Having said that I will not invest in an IPO because I'm too afraid of being scammed.  Plus I favor a fair (i.e., non-premined) start.

You are correct, i understand not much beyond knowing a lot about markets. Know very little about nxt or any of them. Most are comically awful though. They just remind me of pokemon cards or beanie babies for nerds or a bunch of other bizarre manifestations of subcultures. If someone loses their life savings on tittiecoin i doubt they had much to risk.

This seemed to truly get out if hand with coin.io and simplification of cloning, maybe i am wrong on that but if so it is like a month old. There are only so many suckers in the pond so it will not last.

As for B of A they will do something like that, probably they will end up hiring serial devs to do it. Wall street will eat the space or the space will become wall street and you wont stop that. Human nature still.

Anyway i am naive and i get your collective outrage at the whole thing. But it is a really useful circus tent for learning the concepts for those of us not dumb enough to give money to the carnies.

110% agree with OP, well put.

I don't think you understand what this thread is about.  The vast majority of altcoins do not have IPO.  People started to release proof of stake coins using the lie that IPO is necessary to run the proof of stake model such as NXT, Ethereum, etc.  This is false, read the 3rd paragraph in the original post of this thread.

Next, the developers tend to try and hide all the code and not make anything open source for these IPO coins.  After enough community outrage, some release it, others will resist and eventually navigate cryptocurrency to a closed source model.  This is another huge negative of the IPO scheme that I didn't even mention in the original post.  Bitcoin is supposed to be an open source model.

If you don't start banning these clowns from trying to sell their IPO scams on the website, while trying to profit off something that's supposed to be open source, eventually you will have Bank of America itself trying to sell you their own IPO scam on the forum a year from now.  Nobody wins except scammers and a handful of random developers, 99.99% loses.

According to http://www.youtube.com/watch?v=AWtNeaZxT54&feature=youtu.be Satoshi owns about 980k BitCoins.  

List of Legit vs scams?


Legit (and working):

1) Nxt
2) Bitgem
Total = under 30btc

(feel free to add more)


Scams:

1) Visacoin
2) Verocoin
3) Neon
4) Shares
5) Shadowcoin
6) Aerocoin
7) Tomatocoin
8 ) Frictionlesscoin
9)Topcoin
Total = over 200btc

(feel free to add more)

Don't ban it.  It tells ppl which is scamcoin.  Otherwise. We need to waste lots of time reading analyzing to identify a scam

Just kill all the IPO's that don't allow Escrows or some proof of a client  

The Original Doge

http://www.youtube.com/watch?v=sICSyC9u5iI&sns=em

For you young uns. See pets.com wiki.

History does rhyme. 

[Citation needed]

I see both sides to this debate. On one hand developers do need money to make services and such to build a coin up but on the other side they shouldn't as everyone should (In a perfect world) have an equal opportunity to mine and get coins as other people to make it a fair market. Even bitcoin was originally invented to fix problems with our monetary sistem. Satoshi must have put a lot of time (remember  Time=Money) into building bitcoin and did he get much (if any) from it?
Although I personally am looking at bitcoin/alts more and more as shares rather than currency (From trading etc.)
tldr; I am undecided on the matter.

90% of IPOs on this site have been scams

I voted no but pressed for time. I think the people really opposed to the new coins are maybe just been here for awhile.

Having been here two months or less, have learned a lot about all of it from the altcoins. Mostly from the often hilarious responses, but whatever. We deal with the same thing IRL. Penny stock scams... Our solution (not mine) is canada. All the crap companies who cant get listed on us exchanges open in vancouver or toronto. If they cant make it there we have pinksheets (.pk). And ob.  

Not much different here. I havent bought any altcoins except vtc and had to buy bitcoin to do that. Most altcoin buys require bitcoin buys, and vice versa.

I would bet 80% or more of daily payment processing via bitcoin is currently altcoin trading.

So... You really want to try and kill it?

Let the market decide.  If you feel strongly against this premise promote a cryptocurrency wiki site that identifies these kinds of issues.

Both of you are either shilling, or missed the point completely.  The IPO coins are relying on the premise that it's necessary to have an IPO to run a 100% proof of stake coin, when if you read the 3rd paragraph in the original post, you would see this is demonstrateably false.

This is the altcoin forum section.  I'm talking about currencies only, not business venture IPO such as Cryptsy seeking investment to expand a business.

IPO's should be banned here.

This place is the wild west. If you ban IPOs because some are SCAMs (which of course they are), there are a lot of other offers you would have to ban as well. There wouldn't be much left