71–80 of 138 posts
The SEC has missed the point entirely. Savvy investors want proof that the ICO organizer is running a scam, and that it has legs. The SEC has merely created a playbook, not a fraud deterrent. The ICO scam is a genre of investor literature. As such certain obligatory signs and conventions will be present: - the countdown (made its first big appearance with the Ethereum crowdsale) - use of the term "blockchain technolo…
Earlier quoted context omitted.
> Under the Howey Test, a transaction is an investment contract if: > 1. It is an investment of money > 2. There is an expectation of profits from the investment > 3. The investment of money is in a common enterprise > 4. Any profit comes from the efforts of a promoter or third party I don't know if the crypto-currency community have a widely accepted view of how this applies to specific currencies, but I feel that "…
Most people in the crypto community know that the majority of ICOs are illegal securities offerings. And by ‘in the community’ I mean people who run funds and regularly go to industry events with other fund managers, not people subscribed to random crypto subreddits. People in the industry generally know who is dirty and likely to get indicted.
I just saw and clicked an ad for this ICO and it looks just like Howey Coin's site - https://icerockmining.io/en.html (I don't know whether this is a scam or not, i don't recommend investing or avoiding it, I just wanted to point out how similar the website looks to the howeycoins website! DYOR) (Being overly neutral for its own sake here, but it seems very questionable)
Looks like pure bullshit or utter incompetence. Yeah, your mountain is actually at 12°C, but with 50kW or more of processing power, you're actually creating an oven if you haven't got ventilation or cooling. Stupid
So if ICO frauds are so easy why aren't there more of them> The answer is, promoting an ICO is extremely difficult and expensive. The market is not that big
By doing this, they also inflate the "market" value of their ICO, which leads to increased popularity and others notice and throw some money in.
It's not clear to me what proportion of ICOs are money-laundering vs. real purchases, but I suspect it is quite high.
I really want to meet the team at the SEC who put this together. The level of trolling the ICO community is incredible. Not sure if anyone else opened the white paper, but it is acutally better than most of the ICO papers I read in general. There are gems like: > "Upon a successful ICO, the nondisclosure agreements terminate and we will be able to disclose the largest network of travel partners" > "we expect a biddin…
I really want to meet the team at the SEC who put this together. The level of trolling the ICO community is incredible. Not sure if anyone else opened the white paper, but it is acutally better than most of the ICO papers I read in general. There are gems like: > "Upon a successful ICO, the nondisclosure agreements terminate and we will be able to disclose the largest network of travel partners" > "we expect a biddin…
I really want to meet the team at the SEC who put this together. The level of trolling the ICO community is incredible. Not sure if anyone else opened the white paper, but it is acutally better than most of the ICO papers I read in general. There are gems like: > "Upon a successful ICO, the nondisclosure agreements terminate and we will be able to disclose the largest network of travel partners" > "we expect a biddin…
The title of the PDF is golden: Microsoft Word - HoweyCoin White Paper v4
Earlier quoted context omitted.
> Most people in the crypto community know that the majority of ICOs are illegal securities offerings The SEC has already said as much in respect of ICOs.
As far as I can tell, the SEC statements have changed almost nothing. Most people understood the situation even before the SEC said anything, some people still refuse to acknowledge reality even afterwards. I have yet to meet anyone who has changed their opinion on the legality of ICOs as a result of the SEC statements. In this respect professional fund managers are basically no different than redditors, where you sh…
Sure, but there is a difference between “I had a different interpretation of the law when I issued securities” and “I blatantly violated SEC guidance.” The latter is easier to prosecute and litigate.