Many have claimed the ICO market to be full of scams and fake projects, thus lending more credibility to established cryptocurrencies. Many others, however, claim the ICO space to be the birthing ground of so-called disruptive and revolutionary ideas. Tone Vays, a Bitcoin [BTC] maximalist, quashed these ideas at a conference earlier this week, where he said that ICOs exist to solicit funds from unqualified investors.
Other ideas expressed by Vays during his treatise included his perspective that there were zero good ideas in the ICO space, with the closest the market got being Ethereum [ETH]. He has been a fervent dismisser of Ethereum in the past, continuing his stance by saying that it was just a platform for other people to create securities. He went on to say:
“Bitcoin is actually revolutionary. There are not that many revolutionary things. Airbnb and Uber have done well but again, it’s not that revolutionary, it’s just a way to pick up people in cars. I haven’t seen anything that revolutionary, I think that word is grossly misused.”
This consists of the ICO market as well, which Vays said amounted to separating unqualified investors from their money. Drawing on the example of VCs, he stated that they can barely beat the returns that the S&P 500 offers, even as it is their jobs to find profitable companies to invest in. Analogizing it to the cryptocurrency market, he stated:
“This concept that an average person that has a job or an ability to pick out winners and losers in a brand new industry, they don’t understand speculative companies. People always say, what if you had the opportunity to invest in Facebook before it went IPO. You would have lost all your money in Myspace or Friendster or god knows any of the twenty or thirty other social media platforms.”
Vays revealed that the reasons for VCs to invest in companies was because they wanted something in return. However, in comparison, those who have invested in ICOs have lost a lot more money than they have made, with a few people getting out at the top.He then went on to speak about Bitcoin, and how many parties were looking to demonize the cryptocurrency due to its electricity consumption. He stated:
“I think Bitcoin mining is going to revolutionize the way we gather renewable energy. I think it’ll revolutionize the way energy is being processed. I think the chip manufacturers are going to revolutionize the way we process information in computers. I think there are lots of good coming out of it. The whole concept of separating money from the control of government is going to be amazing.”
The power of Bitcoin lay in transferring money across borders to yourself, friends and family in an unstoppable way, stated Vays. He further said that this was what was going to change the world and that soliciting money from unqualified investors are going to go away. He then stated:
“If your distant cousin that you know has never achieved anything comes to you and asks you for a bunch of money to start his company, you would laugh and not give it to him. But yet you’re going out and buying someone else’s ICO, that cousin of yours probably knows what he’s doing better.
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