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RE: Bitconnect Pyramid Scheme Collapses
I think something like bitconnect could work. The whole give us your bitcoin and we hand you back a brand new crypto is why I thought it was a scam.
I think something like bitconnect could work. The whole give us your bitcoin and we hand you back a brand new crypto is why I thought it was a scam.
With that rationallity all ICO's are scams...You give a certain high value crypto (usually ETH) and recieve a brand new one. That part looked like a scam to you?
I can guarantee some of it is. You give me eth and I give tokens out of thin air and give you a white paper. I think alot of ICOs will end up disappearing. Shit I have seen people in forums wanting to create ICOs. Pretty nuts right? So I bet alot of them are shady.
Some of it definatly is...but it doesn#t stand on that factor alone. Alot of ICO#s will die out indeed, but not on the premise of ICO's itself.
It depends more on sustainble economic plan, goals and so forth.
And thats why I dont trust them. Why cant someone take my bit, high frequency trade it, give me back interest in bit?
Thats how it should be. Like NEO giving out Gas. If you had so many neos from early days and you staked them. You would actually be making pretty good returns. But to give 5 eth and get 10000 tokens of the coins I sell you and then dump it on a pump in an exchange. Honestly people chase profits. Alot of people invest in ICOs for that reason so when it hits exchanges they dump it and hope they get double what they invested. But then there will be those who hold no matter what and one day it goes bust. There should be some soft of dividend for investing in a company and holding their tokens. I like the model neo has adopted. Also OMG and others do the same. But even then a company could go bust. I am sure as the Crypto market gets bigger and bigger the bigger players will start to improve this model. Viltalik already hates ICOs so he seems to be introducing newer ways to improve them. Which is good.
I can only agree
Because like 90% of the ICOs are a scam? It is a lot of work to find a legit one that you can actually hold longer than half a trading day.