How to properly deal with ICO withdrawal symptoms

Leo Zhang

By Leo Zhang

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Editor's note

One event that helped sparked the wild cryptocurrency ride of 2017 was the remarkable ICO raise of Brave browser's Basic Attention Token. When the project first announced, the capital markets were both excited and scared by this new hybrid fund-raising animal.

Now it's been a year since the announcement of the project, and many more aggressive and "creative" ICOs have since launched. At the beginning of this year, almost half of the projects were already abandoned. In July, Techcrunch, a cheerleader of VC madness, counted over 1,000 projects as dead. It is overdue for the market to confront the reality of this phenomenon. In an epic thread below, Brendan Eich, the founder of Brave and Javascript, debates Francis Pouliot and Bitcoin developer Jimmy Song on the merits and faults of the ICO.

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A glimpse into the dark underbelly of cryptocurrency markets
(Nic Carter)

"The problem with the [altcoin casino | altcoin issuer | rankings site] troika is how neatly intertwined all their incentives are, and how poorly-educated users are about each. In many cases, “exchanges” is a misnomer. These things are more akin to the bucket shops of the 20s, the boiler rooms of the 80s, the unregulated poker sites of the early 2000s which ran fractional reserves or granted insiders special access to the hole cards of unwitting players, or the unregulated forex or binary options venues that popped up in the last decade."

This week's readings

Monday:Inside Grin's approach to resisting ASICs
Wednesday:The miner-trader parity
Thusday:The warring states of cryptocurrency

Further readings this week

Single points of failure and trust in financial market infrastructure
(diar, by Sara Feenan)

"Understandable is the desire for central banks to oversee monetary policy for issuance of fiat currency, but when it comes to providing settlement finality it comes as no surprise that many are looking to blockchain technology as a means to build a more resilient system. The Bank of England released the results of its proof of concept for the renewal of its RTGS system, in which Clearmatics' worked closely with the Bank, which we will cover in further posts."

Apple abruptly orders Coinbase wallet to remove crypto collectible
(CoinDesk,by Brady Dale)

"Stepping back, Apple has long had a complicated relationship with crypto in its app store. Coinbase was itself removed for a time early on (but that was a long time back). Plus an early game that allowed users to earn bitcoin for playing was also removed."

ICO tokens won't fix jounalism either, and certainly not with company scrip
(David Gerard)

"The problem is not logging the facts — it’s getting the facts, and divining the facts — you interviewed someone, but were they telling the truth, or were they even correct? — and putting them into a meaningful context: why should the reader care?"

How to create an online store & accept Bitcoin - step by step guide
(Bitcoinshirt, by Pav)

Google and Mastercard cut a secret ad deal to track retail sales
(Bloomberg, by Mark Bergen and Jennifer Surane)

"Google paid Mastercard millions of dollars for the data, according to two people who worked on the deal, and the companies discussed sharing a portion of the ad revenue, according to one of the people. The people asked not to be identified discussing private matters. A spokeswoman for Google said there is no revenue sharing agreement with its partners."