SEC Charges Kik With Conducting $100M Unregistered ICO • Hacker News Board

Re: SEC Charges Kik With Conducting $100M Unregistered ICO

#341

Post by penagwin » Fri, Jun 07, 2019, 5:18 PM UTC

linuxftw wrote: post #172

penagwin wrote: post #109

Earlier quoted context omitted.

Telling in a good or bad way?

I'm in 'they're all scams' camp. All crypto coin backers have their pet crypto that's 'totally not a scam and it's going to the moon' apparently, and they're all different.

I think you're confusing ICOs with market value. You don't back an ICO because its "value will go to the moon", you back an ICO because invents a new way for -- Creators to get paid instead of using advertisements, creative ways to organize some kind of distributed system.

The scam comes from them not completing their promises and leaving with the money and no "product". The coin's value is irrelevant (as long as it isn't 0)

Re: SEC Charges Kik With Conducting $100M Unregistered ICO

#342

Post by penagwin » Fri, Jun 07, 2019, 5:20 PM UTC

dangero wrote: post #290

penagwin wrote: post #113

Earlier quoted context omitted.

ICO is a fancy word for "Kick Starter" or crowdfunding. That's why all the crypto people are disagreeing with you. Are most ICO's scams? Yeah sadly. Are there lots of scams on Kickstarter/indiegogo/etc? Yes sadly. But an ICO itself isn't necessarily a scam (although I concede 99% of them are)

Kickstarter creates no expectation of profit by purchasers.

An ICO doesn't imply potential profit either.

The problem is that most of them are run by scammers, which do promise profit.

Re: SEC Charges Kik With Conducting $100M Unregistered ICO

#343

Post by abalone » Tue, Jun 11, 2019, 7:21 PM UTC

kaicianflone wrote: post #338

abalone wrote: post #328

Earlier quoted context omitted.

One, don’t mock people on HN. Two, you’re going to need to cite real examples to support your claim, not just spout a bunch of buzzwords. Quick search of “ethereum escrow” returns no real implementations that avoid fees or human intermediaries. Every single blog post I’ve read that tries to sketch an alternative is incredibly poorly thought through and still vulnerable to fraud. That is why they are just blog posts a…

I'm not going to argue against ignorance. One can simply google the technology and see for themselves instead of drinking the Kool-aid from others. There's a reason for the large push against crypto; an agenda. Programmable consensus and smart contracts are easy to learn concepts. https://medium.com/coinmonks/escrow-service-as-a-smart-contr... *Also one should know it is offensive to call another's work vaporware. Es…

That's for posting an actual citation. The author of that blog post explicitly states in a follow up comment: "I totally agree that it makes no business sense" and that his objective is merely "to explain how a smart contract implements the terms of a contract."

So yes, fair to say it's vapor i.e. not a real thing. That may be harsh but it is a fair and supported criticism, whereas your prior comment merely engaged in unsupported mockery.