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0 pointszitterbewegung7y ago0 comments

Except IRS has guidance on ICOs and it has become a real big problem that bullshit ICOs are out there. If large investment banks are interested in the space then regulation will eventually come forth.

Remember that Coinbase was asked to reveal people who made trades over $10,000.

I was at a conference with someone who gave a speech saying that ~80% of all ICOs are fraudulent. I think that is a bit low in my opinion.

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garmaine7y ago

I think the actual facts you gave regarding enforcement support my point, don't they? All we've seen so far is very targeted, specific actions against the most egregious offenders, whether it is outright scams and ponzi schemes or a financial institution handling billions of dollars worth of transactions while trying to avoid reporting anything.

Basically if you're running a ponzi scheme, an investor con, an unlicensed custodial bank, a non-conforming public securities offering, or a money-laundering operation, expect some agency of the Feds to come calling. But, uh.. duh? That has nothing to do with whether you are handling crypto currency or not.

So far we haven't seen action against legitimately innovative, non-scammy operations in this space. Just the offenders that are quite clearly and quite brazenly flipping their middle finger to the regulations.

zitterbewegungOP7y ago

Up to this point yes . Sorry I think I read your post too fast . Right now at this time you are right . I think I may be changing my concept of what will eventually happen. I thought it was a sure thing but now it’s something completely different .

garmaine7y ago

Yeah, I was myself quite shocked at the (lack of) enforcement against some of the wild west ICOs in the ethereum space, and the ethereum founders & foundation especially. Even rather annoyed -- I've for years been saying they'll go to jail, and turning down very lucrative opportunities by people in that space that would have made me very wealthy today, because I thought they were certain to see massive fines and possible jail time. But they actually got a grandfathered exception and not even a slap on the wrist. Doesn't exactly motivate me to conservatively follow the rules in the future :(

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0 pointszitterbewegung7y ago0 comments

Remember that Coinbase was asked to reveal people who made trades over $10,000.

I was at a conference with someone who gave a speech saying that ~80% of all ICOs are fraudulent. I think that is a bit low in my opinion.

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garmaine7y ago

zitterbewegungOP7y ago

garmaine7y ago

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