Let's face it, we really f***ed ourselves over with these crazy ICOs. It's given governments the world over the invite they'd been waiting for to step in and "regulate" this space. And we all know what it will mean, banks coming in and taking over, red-tape everywhere, licensed traders only and needing to provide I.D/Iris scans/ blood sacrifices to Muloch if you so much as even fart in the cryptosphere.
Pretty much the polar opposite of Satoshi Nakamoto's original vision. They will bring with them the problems of fiat, only it'll be faster and more-convenient. They'll probably replace our cryptocurrencies with their own mutant bastard versions, controlled by central banks and Goldman Sachs. It wont be the people's currencies anymore, it will be the realm of the rich.
And we've only ourselves to blame. Once again basic human greed and short-term thinking has led us to this. But there's still time to turn it around. China, the U.S and now Dubai are using ICO fraud as a crowbar to invade our space, the only way to stop it is to take away that excuse.
There are many good ICOs still ongoing, but after they are over perhaps they need to die down, or at least everyone has a bigger role to play in calling the bad ones out. I knew it was going to end in tears when I saw the Useless Ethereum Token getting funded to $80,000 dollars. I don't really know what the answer is to be honest, I just know out-of-control ICOs have hurt cryptocurrencies; as many warned they would.
Perhaps we'll just have to get back to the basics, decentralised currencies, decentralised exchanges, and local trade of BTC to fiat/gold/goods.
I understand this argument . . but this is pure, unregulated Capitalism at its finest. There is so much money floating around, made by people who are now quite wealthy because of investing in crypto early . . who basically can throw tons of ETH around like it's nothing.
I think that education is best weapon against scammy ICO's. I prefer that approach over State regulation of some kind. There are some projects that people invest in just wanting to do a quick flip for a 2-5x gain.
Has it hurt the ecosystem? Maybe. But in my opinion, we really can't fault the system. I agree with you wholeheartedly, what is at fault is people's greed.
Educate people and allow them to make their own decisions with their money. If people are scammed, I'm not all for that. But if people choose to invest in ICO's, I see no problem with that either.
Eventually, I think it will die down, as we really are in an ICO bubble. Great post. Thoughtful. Thanks for sharing.
Yeah, I would not want regulation, a change has to come from attitudes, not from being forced on anyone.
I'm hoping it was a fad and it's passed now, and everyone looks back and feels a bit silly, like fidget spinners.
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