SEC Emergency Action Halts PlexCoin ICO
1–10 of 142 posts
Re: SEC Emergency Action Halts PlexCoin ICO
#2It might be useful to change the title to
"SEC Emergency Action Halts an ICO Scam"
Just clarifying that the emergency action is halting a single scam ICO and not halting all ICOs.
For clarity, the original title (and the title of the linked article) was "SEC Emergency Action Halts ICO Scam"
Re: SEC Emergency Action Halts PlexCoin ICO
#3It might be useful to change the title to "SEC Emergency Action Halts an ICO Scam" Just clarifying that the emergency action is halting a single scam ICO and not halting all ICOs. For clarity, the original title (and the title of the linked article) was "SEC Emergency Action Halts ICO Scam"
I've updated the title to try to be a little clearer on that point. (It confused me as well when I first saw it)
Re: SEC Emergency Action Halts PlexCoin ICO
#4> [The SEC] obtained an emergency asset freeze to halt a fast-moving Initial Coin Offering (ICO) fraud that raised up to $15 million from thousands of investors since August by falsely promising a 13-fold profit in less than a month.
To me, the PlexCoin homepage [1] is indistinguishable from all the other ICO homepages I've seen.
- bootstrap homepage: check
- beautiful graphics with actors and coins: check
- unclear statement what the company is or will do: check
Re: SEC Emergency Action Halts PlexCoin ICO
#5> [The SEC] obtained an emergency asset freeze to halt a fast-moving Initial Coin Offering (ICO) fraud that raised up to $15 million from thousands of investors since August by falsely promising a 13-fold profit in less than a month. To me, the PlexCoin homepage [1] is indistinguishable from all the other ICO homepages I've seen. - bootstrap homepage: check - beautiful graphics with actors and coins: check - unclear…
> PlexCoin is the next decentralized worldwide cryptocurrency, based on the Ethereum structure. Its mission is to broaden the possibilities of uses and to increase the number of users by simplifying the process of managing cryptocurrency to the maximum.
But they're going to simplify the process of managing cryptocurrency to the maximum!
Re: SEC Emergency Action Halts PlexCoin ICO
#6> [The SEC] obtained an emergency asset freeze to halt a fast-moving Initial Coin Offering (ICO) fraud that raised up to $15 million from thousands of investors since August by falsely promising a 13-fold profit in less than a month. To me, the PlexCoin homepage [1] is indistinguishable from all the other ICO homepages I've seen. - bootstrap homepage: check - beautiful graphics with actors and coins: check - unclear…
Its pretty low hanging fruit, the issuer was someone they had previously sancitoned and was probably prohibited from issuing Securities-like things for several years
That and promising a particular return, no ambiguity on the expectation of profit, directly from the issuer!
Re: SEC Emergency Action Halts PlexCoin ICO
#7So iiuc, the problem was that they promised a given profit in a given timeframe?
Re: SEC Emergency Action Halts PlexCoin ICO
#8> PlexCorps marketed and sold securities called PlexCoin on the internet to investors in the U.S. and elsewhere, claiming that investments in PlexCoin would yield a 1,354 percent profit in less than 29 days.
Is this claim the crux of the securities violation?
Re: SEC Emergency Action Halts PlexCoin ICO
#9> [The SEC] obtained an emergency asset freeze to halt a fast-moving Initial Coin Offering (ICO) fraud that raised up to $15 million from thousands of investors since August by falsely promising a 13-fold profit in less than a month. To me, the PlexCoin homepage [1] is indistinguishable from all the other ICO homepages I've seen. - bootstrap homepage: check - beautiful graphics with actors and coins: check - unclear…
I tend to agree. Every ICO page mainly struggles with number 3. I never get what they are selling, probably because they're not selling anything other than the idea of buying in to their ICO.
Let's take a (somewhat snarky and definitely superficial) look at a few of the "top gainers" & market cap from https://coinmarketcap.com/gainers-losers/ (as of Dec 2nd)
Gainers:
1. Petrodollar.. Website isn't even an owned domain.
2. BTCMoon - Well their website works, but it speaks just heavily of the token offering not what it does. Personally I like the first question in the FAQ: "Q: Why BTCMoon are there? " Which is as close to the pseudo-philosophical question of "why is the moon" as we can get.
3.iQuant - Nearest I can tell, a blockchain trading platform. They're the closest to actually telling me something, but their ICO ended so maybe thats why.
Market cap.
1. EOS - Just talks about the ICO offering over and over. No idea
2. OmiseGo - "OmiseGO is a public Ethereum-based financial technology for use in mainstream digital wallets, that enables real-time, peer-to-peer ...." I'm sorry we've reached our buzzword quota for the day.
3. Tether.. Well we'll leave that one where it lands.
Ok so its super snarky and highly superficial, but in all cases, the basic question of "What are you selling" isn't answered clearly and concisely. I just don't get it but if the requirement is either;
A. Drink the ICO cool-aid and you'll get it
B. "You have to think beyond how they'll sell to consumers, these are like platforms with boundless potential"
Then I don't want to get it, because ambiguity is definitely something investors should avoid.
Re: SEC Emergency Action Halts PlexCoin ICO
#10This is really good to see. Separating the scam ICOs from the non-scam ICOs is only going to become more important in the future.