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RE: Overnight Wrap: Bitcoin and Steem Higher, Ether surges as Mastercard joins the Ethereum Alliance and stricter capital requirements for Aussie lenders
What in God's name are Tezos going to do with $200MM. What the fuck!
Thankfully not all in Ether. Most in BTC so a huge sell there should be... erm... probably not good either given the knee-jerk reaction the market takes when BTC sneezes.
Just amazing though eh. Projects like that getting an order of magnitude more cash than they need. What happens to that money?? All that happens is you make small groups of people obscenely rich who stick around to give the appearance of commitment, then slowly back out with enough cash for a family dynasty. Sure a few idealogues may stick around and truly innovate and put that money to work. But the vast majority are there purely for the payoff. They may feel like they are there to "revolutionise". But you put a few million dollars in someone's hand and priorities change quickly.
Honestly the shear scale of the cash influx is still so staggering to me.
It is amazing just how much has been raised by ICOs over the past couple of months. As you say, much more than they actually need to complete development.
I see no problem with people being rewarded for innovative ideas or hard work, but... if it's an ICO then they haven't created anything yet!
There was even a 'Useless Ether Token' created, which publicly stated that it has no use at all. And guess what, people are trading it! Why, it's of no benefit. Just proves that you can get money for nothing in this space at the moment, which is a shame.
EOS I'm not so concerned about, although it continues to raise lots of cash. It has Dan Larimer onboard, which says a lot. They will produce a product and it has the potential to be big.
Yes, they are selling Ether to fund it, but I see that as a temporary price reduction, which means we could buy Ether at a good price.
Tezos worries me though. Lots of BTC and Eth, seemingly arrogant folks in charge with no real experience in creating their own blockchain...