They will raise billions of dollars that they don't need, we will soon see Dan on his yacht and in a new Penthouse in Caymans Islands where he registered EOS company to avoid taxes. I'm out of this ICO as it feels like a scam more than anything else at this point. The tech is good and I will make an APP but I will not send any money to EOS, uncapped ICO that repeat itself everyday for 1 year, insane.
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Block.one has 100 shareholders from across the industry.
b..b..but scammy ponzi! :)
I can foresee this becoming a sprawling venture. Tip of the hat, @dantheman
The ICO money is not for the shareholders, it's for the development. Shareholders can sell their tokens on the market like everybody else.
where does it say an ICO has to be for development? yeah, sure I want to know where the coins go but that doesn't mean anything in this context.
If its not for development then why do they need to raise any money at all ? ICOs its the same as IPOs, there is a reason behind an IPO, to raise money to develop the company. The reason is never to dump shares and buy yachts.
I'm sorry but I don't have the answer to your question and can only speculate but I'd imagine the company is going public to give the average joe a chance to own a piece. yeah, sure they could have been open about the investors from the start but anyone who knows anything about development knows development costs time/money. Plus, people make mistakes and a good person corrects their mistakes once brought to light and all we can do is wait and see what the eos team says about everything before we draw conclusions.