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Initial
coin offerings create currency cryptopia of charlatans and swindlers - 14th May
2018
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Bitcoins
are considered by US regulators to be a commodity. All other cryptocurrencies
are unregistered securities. David Rowe
Initial
coin offerings have become the most common way to finance cryptocurrency ventures,
of which there are now nearly 1600 and rising. In exchange for your dollars, pounds,
euros, or other currency, an ICO issues digital "tokens", or "coins",
that may or may not be used to purchase some specified good or service in the
future. Thus
it is little wonder that, according to the ICO advisory firm Satis Group, 81 per
cent of ICOs are scams created by con artists, charlatans, and swindlers looking
to take your money and run. It is also little wonder that only 8 per cent of cryptocurrencies
end up being traded on an exchange, meaning that 92 per cent of them fail. It
would appear that ICOs serve little purpose other than to skirt securities laws
that exist to protect investors from being cheated. (The
Australian Financial Review) 
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