The profit from the token sale goes into a foundation setup to oversee the project, not the founding team's pocket.
> The profit from the token sale goes into a foundation setup to oversee the project ... [truncated] ... that is controlled by the founders and could presumably be used for whatever they'd like. The usual approach is to create two companies. One a shell to own the ICO itself, and the second a tech services company that does development for the shell corp. So it ends up something like: " We definitely need the experti…
This is the main reason the traditional VC model works so well. You can't get rich unless the VC's make money.
From what I can tell, the ICO wasn't hacked as such. The ICO customers were just scammed. Edit: title is better now
The attackers gained control of the official website, slack channel, Twitter handle and mailing list. That's even worse than what happened to coindash.
That's not Authy/Google Authenticator. That's social engineering their way into getting a persons text messages for SMS 2FA.
If you can compromise the iCloud account of an iOS user (pretty sure iOS 2fa is only SMS based), then you can install google authenticator on your own device. I'm sure it's more complicated than that in reality, but if you have SMS access, you only need to find one weak link in the chain including iCloud/google, email provider, app provider, etc.
> install google authenticator on your own device.
You sure can, but will you then have the requisite TOTP secrets?
Question: in light of the SEC decision regarding the DAO, is there any way to do an ICO that doesn't run the risk of later the whole company being shut down for not registering securities? Like maybe opening the company in Crypto Valley, Zug? Is there a way to do a public offering of tokens? Or does it necessitate all the same reporting that a publicly listed company has? Could still be worth it! Because the investor…
Yes: Do an ICO like a kickstarter. It's not illegal. The tokens just need to not be financial instruments. You can say "Buy my tokens to fund my project."
How to make money in ethereum, from high to low risk: 1. Dump the leftovers of your bi-weekly software engineering paycheck into buying ETH, BTC, or whichever altcoin is popular this week. It went up 5000% in the past, it's got to keep growing right? 2. Participate in an ICO and stock up on whatever platform token they're hawking. It's more profitable if you get in early due to some presale mechanism (hopefully here…
turning your comment into a 10-week pdf course as we speak, just gonna pick a theme over ath theme forest brb
Could I invest in your course academy via some sort of ICO?
How to make money in ethereum, from high to low risk: 1. Dump the leftovers of your bi-weekly software engineering paycheck into buying ETH, BTC, or whichever altcoin is popular this week. It went up 5000% in the past, it's got to keep growing right? 2. Participate in an ICO and stock up on whatever platform token they're hawking. It's more profitable if you get in early due to some presale mechanism (hopefully here…
turning your comment into a 10-week pdf course as we speak, just gonna pick a theme over ath theme forest brb
This might as well be a scam created by the CEO himself. I mean, who in this 'crypto world' would be stupid enough to use the same, previously compromised, password on all his accounts? P.S. there was a story on reddit (can't find it now unfortunately) about how the attackers tried to deposit the money to Bittrex but luckily someone alerted them and the exchange froze the account. So there is still some hope that fun…
> who in this 'crypto world' would be stupid enough
Never attribute to malice what can be explained by stupidity, and never underestimate just how stupid a person can be.
Cryptocurrency is probably doomed because the makers of cryptocurrencies have a fundamental conceptual disconnect with money: what it is, why it works and what it represents. Money only works when you have a powerful state actor enforcing the legality of the transaction. When you try to escape that, you get at best a parallel system that still goes back to the state for help in keeping functioning or a system prone t…
I think you are making an assumption that seems common sense but might not actually hold: that cryptocurrency will fail if it is prone to fraud, speculation, theft, etc. I think it's interesting that cryptocurrency has achieved its current level of success despite those things being widely known and publicized. Users accept the risk to gain the benefits of the platform.
It appears one of the benefits of the platform is the ability to easily commit fraud, speculations, theft, etc.
I'm not sure I buy the premise that every service needs its own coin. Surely in most cases it would be better to just use the most widely used, most stable coin? If the concept of cryptocurrency is going to survive I think there needs to be one or two clear winners to eventually bring some stability to their value. Of course, not issuing your own coin doesn't leave as much opportunity to get rich quick off a bit of h…
> I'm not sure I buy the premise that every service needs its own coin. Surely in most cases it would be better to just use the most widely used, most stable coin? The team cannot finance itself without selling a new token These projects don't use equity and there is nothing that will make the equity more valuable as there. There are lots of things that will make their token be more valuable as it is a new commodity.
One thing I don't understand about ICOs is - what do the companies promise their coins to be worth? That is, if I have a Coin from your brand new endeavour - what can I, hypothetically, exchange it for? Do I get a vote in how your company is run? Can I give it back to you in exchange for a product or service later down the line? Or is it just a geegaw for me to put on a shelf, like a printout of a Patreon receipt?