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
6.3 billion dollars has been scammed from people so far via ICOs
HoweyCoins – An educational tool to alert investors to possible fraud
111–120 of 138 posts
Re: HoweyCoins – An educational tool to alert investors to possible fraud
#112Earlier quoted context omitted.
I made a genuine small profit mining Dogecoin back in the day. Between that and Litecoin I was able to make my two 400$ HD7970s pay for themselves, even after accounting for electricity. Edit: Wanted to add that the success (Well, maybe not 'success', but popularity) of Dogecoin should highlight the value of making things accessible. Not everything needs to be a silly meme, but making things fun and building a commun…
My 3 months of mining back in the day (aka heating my apartment with video cards instead of electric heaters) netted me about $4000 a few months ago. I found it hilarious.
All I can say is wow.
Re: HoweyCoins – An educational tool to alert investors to possible fraud
#113I 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…
In its hubris the SEC forgot one thing, the most important thing, the only thing...yes the SEC knows the law well, but this is smart contracts, Case Law/precedent/stare decisis don’t apply to ICOs... the code is the law
Which is worth the paper it's written on.
Re: HoweyCoins – An educational tool to alert investors to possible fraud
#114Earlier 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…
People are changing their strategy.
As an American I now want to find a foreign country I can relocate to that is safe and has regulatory frameworks that are friendly to this type of new fundraising.
Re: HoweyCoins – An educational tool to alert investors to possible fraud
#115It's a nice idea, but the meat of the site ( https://www.investor.gov/howeycoins ) is far too complicated for an ICO investor to read and understand.
Disagree, the "Red Flags" sections are very simplified and prominent, and there are additional resources that follow for more sophisticated consumers. Unless you're taking a strongly sardonic swipe at ICO investors...
Re: HoweyCoins – An educational tool to alert investors to possible fraud
#116Much wow only 2.7 mins to load at 38.2MB transfer. Feel sorry for whoever paying for bandwidth
It's a .gov, so US taxpayers are paying for the bandwidth.
Re: HoweyCoins – An educational tool to alert investors to possible fraud
#117HoweyCoin is fake, but is it? And, that's how Dogecoin got started.
I met the guy who made DOGE at a conference in Portland and he was hilariously apologetic to everyone about having accidentally made (at the time) one of the most popular coins.
It's still pretty popular, and arguably works better than Bitcoin and had a better community.
Re: HoweyCoins – An educational tool to alert investors to possible fraud
#118Re: HoweyCoins – An educational tool to alert investors to possible fraud
#119So 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
A lot of them are combination money-laundering schemes and scams. Someone who stole a bunch of shitcoins wants to "clean them up", so they create an ICO and buy their ICO-coins with stolen shitcoins. 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…
Don't forget flight capital from China, Russia, etc.
Re: HoweyCoins – An educational tool to alert investors to possible fraud
#120This wasn't that great; no ICO accepts credit card purchases because that would imply buyer protections
They explain this as a red flag on the SEC page. https://www.investor.gov/howeycoins
> Investors should understand that most licensed and registered investment firms do not allow their customers to use credit cards to buy investments or to fund an investment account. We urge investors to work only with a licensed or registered investment professional or firm and not attempt to use a credit card to fund investments.