Talk for Article "Boom in Bitcoin and Ethereum brings surge in initial coin offerings"

Talk about this Article

  1. [ This comment is from a user you have muted ] (show)

    what about organized crime?

  2. [ This comment is from a user you have muted ] (show)

    In recent weeks, why has Ethereum (and for that matter Ripple, Litecoin, etc) not followed the same pricing pattern at Bitcoin? While I understand they are different Crypto’s (and Ethereum has had a number of perceived ‘setbacks’ in China/Russia/etc), my reading thus far suggests Ethereum is a more adaptive (but not necessarily better) technology than Bitcoin so theoretically it should have better potential/upside. Maybe the current market is being flooded with people not wanting to ‘miss the boat ‘and jumping only into Bitcoin as it is the only Crypto they are aware of. Or are other Crypto’s, like Ethereum, not really considered as a real store of value?

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    This is mostly about paid promotions by celebrities and their legal requirements to disclose info about them.

  4. [ This comment is from a user you have muted ] (show)

    SEC “Statement on Potentially Unlawful Promotion of Initial Coin Offerings and Other Investments by Celebrities and Others”: https://www.sec.gov/news/public-statement/statement-potentially-unlawful-promotion-icos

  5. [ This comment is from a user you have muted ] (show)

    Hi Jonathan. Not all cryptocurrencies are about making banks irrelevant, or dodging tax and regulation. People use them in different ways for different things. However, they do share the same trait of cutting out the middle-man which government often has. You’re right, there will still be a market for banks, but as this technology is still very new, the best answer I can give is only time will tell.

  6. [ This comment is from a user you have muted ] (show)

    Yes Geoff. The innovation of Bitcoin is the blockchain technology on which it runs, which, as you noted, removes the need for central third-party institutions. Some banks may be nervous, but others are finding ways to utilise it as you can read here: https://www.ft.com/content/615b3bd8-97a9-11e7-a652-cde3f882dd7b (paywall)

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    Is it really about making banks irrelevant, or is it about dodging tax and regulation? I thought that digital currency was about sidestepping all the controls that governments have introduced to cut down on money laundering and the finance of terrorism. That said the proliferation of new crypto currencies is clearly a speculative bubble of ponzi schemes. There may well be a market for a one or more secure digital currencies. But there will still be a market for banks, afterall the end target of much money laundering is laundered money sitting in a legitimate security or account.

  8. [ This comment is from a user you have muted ] (show)
    DU
    Deleted User

    Bitcoin is making banks nervous. Here’s why Technology blogs and financial news networks are buzzing about blockchain, a cryptographic, distributed trust technology. The key innovation is how it reduces the need for central third-party institutions to serve as central authorities of trust — banks, courts, large corporations, stock markets and even governments, for example. https://www.weforum.org/agenda/2017/10/bitcoin-is-making-banks-nervous-heres-why

  9. [ This comment is from a user you have muted ] (show)

    Thank you Jason.

  10. [ This comment is from a user you have muted ] (show)

    You need to be really, really careful on this story. There have been so many warnings about ICOs being scams that you will really make WikiTrib look terrible if you say something like “Many but not all ICOs are scams” if it indeed turns out that they all are scams. In order to show that they are not all scams all you need to do is find ONE that clearly is not a scam and look at it in depth just to be sure. The Financial Times Alphaville has had a whole series making fun of the industry as an obvious scam. Check out the details there, and take heed. The FT and the Wall Street Journal are the 2 best financial journalism outlets in the world – if you are going to contradict them have your facts nailed down and all your ducks in a row. The latest I’ve seen – from apparent ICO friendly news outlets is Stephanie Avakian of the US SEC saying some pretty nasty stuff “SEC Cyber Unit May Take Point Monitoring ICOs” at https://www.crowdfundinsider.com/2017/10/123751-sec-cyber-unit-may-take-point-monitoring-icos/ and similar at https://cointelegraph.com/news/sec-enforcement-division-says-icos-a-vehicle-for-fraud Try to contact her, or at least get an official copy of the speech.

    1. [ This comment is from a user you have muted ] (show)

      I think Peter makes a good point. Additionally, I’m concerned the the highest profile story on this fledgling news site is about something that’s not only directly questionable, but the very buzz around this topic has been criticized. ICOs live or die on hype and this article, at first glance, appears to be deliberately adding to the hype.

      This article has the potential to make Wikitribune look like a sock puppet rather than a new, legitimate source of quality news.

      There are far more interesting stories about blockchain technology than ICOs.

      1. [ This comment is from a user you have muted ] (show)

        Hi Chris. There may be far more interesting stories about ICOs than blockchain, but this one was written because the community asked for a story on it.

        I see your point that it appears to be following the hype, but in this case, the community said the hype needed clarification.

  11. [ This comment is from a user you have muted ] (show)

    Good article today from Fred Wilson, a VC who is overall optimistic about cryptocurrencies but says that most ICOs today are scams: http://avc.com/2017/10/i-scam-yous/ This is a balanced & informed take, I think, from someone who knows a lot about the industry and is optimistic about the technology—unlike politicians or Wall Street incumbents.

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    I’ve seen the CEO from https://www.tenx.tech/ doing quite a few interviews on places like Bloomberg. Seems to be knowledgable and willing to share. https://twitter.com/julianhosp

  13. [ This comment is from a user you have muted ] (show)

    “ICOS” or “ICOs”? You definitely need to define what an ICO is. As I understand it, an ICO is a substitute for an initial public offering (IPO) of securities – a new company or a previously private company sells “something” in exchange for crypto-currency. The “something” might be something like a coupon to buy another something from the company later (in which case the “something” wouldn’t be a security and the ICO wouldn’t be subject to regulation). Or the “something” might be a promise to pay back funds similar to a bond or shares, in which case it would be a security and subject to regulation. You should talk to the US SEC or the FCA about this – what would be regulated and what wouldn’t be? My guess is that they don’t quite know enough about it yet to have a definitive statement, but they should be willing to give general statements. I suppose that a 3rd possibility is that the “something” might be another crypto-currency. This would definitely raise the possibility of a pyramid scheme. The premise would seem to be that an infinite amount of crypto-currencies could be issued, and that it all would have some value – thus we could all get rich! As far as “All ICOs are scams” – that has yet to be shown one way or another. You should try to get hold of one of the more respectable issuers and talk with them about what made there ICO successful and what makes theirs different from all the others Something related – but it’s all pretty much rumor so far. The Israeli binary option is shutting down and this “king of scams” is pretty much dead in the water after so much bad publicity over the last year or so. The rumor is that the binary option firms are rebranding or moving to new centers (e.g. Ukraine, Romania) or moving into ICOs. The ultimate question that ICO issuers have to answer investors is “Why should we trust you? What is the promise that you are selling and why should we believe it?” Also “why are the protections offered by regulated IPOs not needed in this market?” Any ICO issuer that can’t answer these questions, and have the answers backed up with some audited financial statements, is a scam.

  14. [ This comment is from a user you have muted ] (show)

    This might be outside the scope of your article, but I’ll go ahead anyway. Insofar as CryptoCurrencies are deployment instances of the BlockChain structure, I’ve recently started looking into how it might apply to the next phase of development of The Internet. Widespread adoption could change the “client/server” paradigm we are used to, to a more peer to peer arrangement. That might equate to more and more gig economy work like uber and airbnb replacing ‘proper’ jobs on the workplace. Regulation looks like it is also a thorny problem there. BlockChain deployment is not limited to CryptoCurrency. This article from Harvard Business Review gives some examples of other possible spheres of activity. https://hbr.org/2017/01/the-truth-about-blockchain. Meanwhile back closer to alternatives to centrally (governmental)controlled FIAT currencies you might find this BBC documentary on the access to money facilities in Kenya in the absence of a banking infrastructure interesting (it’s on iPlayer for another 14 days) https://www.bbc.co.uk/iplayer/episode/b097rqr4/billion-dollar-deals-and-how-they-changed-your-world-series-1-2-money

  15. [ This comment is from a user you have muted ] (show)
    DU
    Deleted User

    Think need to answer question — why are we talking about this now? Why do they matteR?

  16. [ This comment is from a user you have muted ] (show)

    Thanks Mike, I added it onto the page as per your suggestion.

  17. [ This comment is from a user you have muted ] (show)

    Hi Cassie, it matters now because lately a lot of high-profiled people have been calling it a scam. Most recently, ‘Wolf of Wall Street’ Jordan Belfort described it as the “biggest scam ever.”

  18. [ This comment is from a user you have muted ] (show)

    Hi Paul, the October 10th Russian comments is defo worth considering. And those are great questions, which I reckon can be narrowed down further to help drive the subject of the piece. Can you elaborate more on how they can be linked to ICOs and scams?

    1. [ This comment is from a user you have muted ] (show)

      Hi Linh, wondering why there are no threads on this Talk page

      1. [ This comment is from a user you have muted ] (show)

        Should be working now?

  19. [ This comment is from a user you have muted ] (show)

    Let me know if I can help. I’m not an expert on cryptocurrency but I have a computer science background and I know the basics. I also might be able to point to people or resources.

  20. [ This comment is from a user you have muted ] (show)

    Thanks for the extra info Toni. I’m curious to know what it means to you that there’s no technological barrier?

  21. [ This comment is from a user you have muted ] (show)

    Yes, that’s a very important distinction to make. 🙂

  22. [ This comment is from a user you have muted ] (show)

    That not all ICOs**!

  23. [ This comment is from a user you have muted ] (show)

    Hi Derek. I agree that not all are ICOs are scams, and the piece aims to highlight that. Regarding interviews, which CEO do you suggest I get in touch with?

  24. [ This comment is from a user you have muted ] (show)

    There is virtually no technological barrier to creating one’s own cryptocurrency, for example Bitcoin and Etherium are open source: – https://github.com/bitcoin/bitcoinhttps://github.com/ethereum/go-ethereum One can use this source to start their own “fork” of an existing cryptocurrency in 5 minutes. Another bit of info: China banned ICOs entirely, Canada is working on regulation.

  25. [ This comment is from a user you have muted ] (show)

    I suggest that there be an elaboration of the October 10th Russian comments on crypto-currencies, and their contradictions. How can crypto-currencies be regulated and still function as anonymous and de-centralized (similar to encrypted communication regulation)? Can a state run crypto-currency be valuable to consumers? Have all crypto-currencies become primarily investment vehicles, or is there still significant commerce using some of them? What does that mean if there isn’t really anything but an exchange market for “coins” (where the “scam” allegations come from)?

  26. [ This comment is from a user you have muted ] (show)

    I’d suggest that many of them are scams, but that there are also many that aren’t. I think it’s unreasonable to simply lump them all together when there are 1000’s of projects, which is what most of the naysayers do. Perhaps try to get an interview with the CEO of one of the bigger projects that actually has a working product.

  27. [ This comment is from a user you have muted ] (show)

    It isn’t — ICO stands for Initial Coin Offering, which is when the organization creating a new cryptocurrency sells their coin initially, before it hits the market.

  28. [ This comment is from a user you have muted ] (show)

    Consider defining “ICO” in the first paragraph. I clicked into this not knowing that an ICO was a cryptocurrency.

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