Tone Vays, a Bitcoin [BTC] maximalist and influencer, recently appeared at Blockshow Asia on a panel to speak about the ICO market. Over the course of the discussion, he spoke about how ICOs were not “revolutionary”, stating that they were a way to “get around the regulatory space”.
When asked about whether lessons were learned from the ICO boom of last year and this year, he declined to agree. Drawing on his background as a trader, he spoke about how he never understood the dotcom boom and how websites with only a website and no clients and developers were trading for $100 a share on NASDAQ. He stated:
“It took 15 years for the NASDAQ to recover financially. Meanwhile the internet was being used and used and used. I never understood why people got into this group thing and irrational exuberance of buying into this stuff until i was smack in the middle of this ecosystem.”
He then spoke about how Bitcoin was revolutionary, as it was a way to separate money from government intervention and give people the freedom to spend their value. However, this then devolved into how everyone wanted to print money, with more people believing in it, stated Vays. He then stated:
“The ICOs were not revolutionary, it was just a way to get around the regulatory space and the regulation is finally catching up. I was very critical of the Ethereum ICO and i thought it would only lead to something bad and i guess now other people are somewhat starting to realize it. I was on the other side of it i was warning people the whole way up, the whole way down i will continue to do so.”
Jane Lippencott, the co-founder of ZenCash and Head of Business Development of CoinFi, also pitched on his opinion by elaborating that a lot of founders in the ICO space “went for the money grab without solving any hard problems”. This ensures that they are not lasting through the bear market, she said. She went on to say:
“I think they never really figured out how blockchain applies to their business and how to create token economies that are actually sustainable. I think there’s a lot of work still to be done and that there are a lot of fundamental building blocks for any altcoin project before were going to see real businesses that are going to be VC backed that are built on blockchain and incorporate it.”
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