There was a recent comment on Reddit that during the first dot-com bubble there were a lot of people who just used start-up money to have fun. That didn’t really happen a lot this time and people now in SF are super famous for their irrational belief in their company and working 130 hour weeks ala Melissa Mayer.
Anyway I think ICOs are like some start-ups in the first bubble, using the money to party because no one is looking closely. After all, if you have a great company or a shit company, you still raise the same amount of money. Why work hard when you know the upcoming bubble correction will wipe out your gains?
There is no step 3. It's not an investment, you don't own a portion of the company as a result. It would be like selling monopoly money except that monopoly is a trademark so that stuff's probably worth more.
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[ 2.1 ms ] story [ 20.4 ms ] thread* start up
* cash in
* sell out
* bro down
Anyway I think ICOs are like some start-ups in the first bubble, using the money to party because no one is looking closely. After all, if you have a great company or a shit company, you still raise the same amount of money. Why work hard when you know the upcoming bubble correction will wipe out your gains?
* Sell it to people who've gone mad.
There is no step 3. It's not an investment, you don't own a portion of the company as a result. It would be like selling monopoly money except that monopoly is a trademark so that stuff's probably worth more.
As long as buyers are ok with potential to lose 100% of their investment - everyone (but government regulators) are happy.