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RE: Snake oil, anyone? Getting rich quickly / easily off crypto currency
Initial Coin Offerings - ICO's - are the new OTC Penny Stocks.
Often launched with a glitzy parallax-shifting Web 2.0 site, some general blather about "disrupting" something, and a few short bios about the developer and management team.
That's all it takes apparently to raise hundreds of thousands, if not millions of dollars in funds.
Just like penny stocks, only a very small fraction ever persist to become something. Most pump to a all-time high and then fade away, crushing dreams and incinerating savings.
Your post is a good introduction to the "hard sell" and why anything structured to be "stupidly simple" is probably a con in the making.
You got that right. A lot of the otc penny stocks I've come across turn out to be nothing more than pump and dumps perpetrated by the so called "CEO" of said companies. I've read that nearly 100% of the pink sheet pennies are scams and I'll believe it.
Penny ICO's are probably an easy way to get rich quick if you're the one promoting / selling the coins but for those buying you have to trade them and not marry them or you'll lose everything or close to it.