Russia’s central bank joins the list of regulators warning against initial coin offerings (ICOs), hot on the heels of China going as far as banning them.
A warning may not be enough to curb the hype, however, as statements from the US’s SEC, Singapore’s Monetary Authority and Canadian regulators didn’t seem to make much of a dent. It took China’s outright ban to spook the market. And since memories tend to be short, especially if the tantalizing promise of easy riches in dangled in front of investors large and small, the effect could end up being short-term.
I hope not. The sector needs a shake-out and a return to reality. The potential innovation is getting drowned out with empty ideas and white papers that read like marketing documents.
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Just when I thought overwhelm couldn’t get more overwhelming, I find out that there are three Marvel movies planned per year until 2020. Pile on the Netflix sequels and spinoffs, and I… just… can’t… keep… up.
(Your favourite so far? Mine’s Jessica Jones. The Defenders was pretty good, too.)
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These thoughts on how the retail clothing sector in the US got it wrong by following trends (ie. focusing on “fast fashion” and renewing designs frequently, without checking that that’s what customers wanted) could well be applied to the blockchain sector.
Do you have to raise an ICO, or are you doing it because it’s fashionable?
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Paris Hilton pumping ICOs is nauseating. Please, someone call the top. Regulators step in. Whatever. This is getting painful.
— Paris Hilton (@ParisHilton) September 3, 2017