ICO SCAMs — “let’s build a better world together”

Nikolay Syusko
Aug 28, 2017 · 2 min read

People who run SCAM ICOs are damaging blockchain industry — they steal money from blockchain & transfer them back to real world.

Common SCAM “how it works” scheme looks like this:
1. ICO collects money from investors in Bitcoin or Ethereum.
2. Exchange money for tokens.
3. Exchange Bitcoins+Ethereums to dollars/euros.
4. Run for your life or give promises (like politicians!).

In other words, investments in SCAM ICO’s don’t contribute to the product, infrastructure, HR, marketing & education. They don’t push the market forward, but return to “real world”.

Only in 2017 through SCAM-schemes would be stolen more than $1 billion. It means blockchain industry would lose much-needed growth potential. Imagine how it would blossom if not ICO bubble!

On other hand SCAM ICOs attract the attention of wider audience: mass media, venture capitalists, regulators & governments all around the world. ICO’s are literally everywhere: on Forbes cover, TV shows & Burger King ads.

Funny enough, but maybe SCAM ICOs not only damage the market but make it bigger? More money, more publicity, more people involved in the industry. Bubbles are moving an industry forward: to collapse or new dimensions (choose yours). That’s why here & now we need regulations — for the sake of a market, not your Putin or Trump prosperity.

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Nikolay Syusko

Written by

Business acceleration lead @ www.linkedin.com/in/syusko

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