In todays video I talk about the dangers of ICO'S. I dont want to give away too much so just watch and..
Enjoy
VLOG 210: THE DANGERS OF ICO'S
7 years ago in #trevonjb by trevonjb (74)
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Someone on here told me i was a liar when i said a large portion of the ICOs were scams
there have been coders who have messaged these people online asking for simple questions and none of them could answer it
thats what happens when you send bitcoin and ethereum to online addresses to people youve never met who have magical coins youll never see
Thanks so much for telling us about the dangers of ICOs. I'll keep this in mind for the future.
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you are very on point.
A major crash gives more buying power. The secret is buying along and selling along.
All those who sold off their BTC during mtGox crash are blaming themselves now.
I will only say, only invest what you can loose. such that when u loose, it wont break your back.
This, only invest what you can afford to lose, and do not put all your eggs in one basket. Diversification is key.
This message has been pounded into me since I have started my investing. The times that I have gotten away from this is when I have gotten myself in trouble. Also remember when if it sounds to good to be true it probally is!!!
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Tre, could you post your Genesis promo code here please?
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watched this video on youtube notification squad!!! Ioyal subscriber and newbie follower I made it this far hahaha thats a lot to say!!!
Can't wait to buy me some ico's for penny's on the dollar.
Yeah, I can't put my money in an ico. I gotta see how it works first.
For most projects, I'd agree with you, but for something like EOS the pedigree exists to make me think the project is legit. That and the fact that I'm still kicking my own teeth in for not having bought bitcoin back when it was $12.
Everybody on steem trying to get their voting power up for a few days but you got my like haha, enjoy the videos
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What you said about ICO's make sense. I got in on one called Crypto Ping that is a token for a trading bot. It goes live on the cryptopia exchange on the 3rd at .50 cents. I bought the token at 5 cents. I will cash out. Not going to hold it. Maybe hold just 1 just to see what happens with it.
@trevonjb, i didn't realize you played hit and run! (well almost) and btw its june the 30th XD
i dont like the look of ico's because i always end up in the scammy ones! i feel like anyone can create a website and make it look fancy with all the design ideas etc. but its always a ploy to get you to send them your money! (and we know how you feel trev when people ask for your money!)
investing purely in coins is the way for me. they are still extremely volatile and fragile just like etheriurm but at least im in a very big boat with thousands of others! i also like the freedom of being able to take out my coins whenever i feel like it. ico's keep it locked up for a certain amount of time. i want to be in control of my OWN money.
whenever others use your money for them they never take as much care as you would have!
anyway, i like the idea of your coin counting vids. maybe one day you could do a col-lab with another crypto wizard? i feel like that would make for an interesting video where you two can bounce ideas of each other and give an even more in depth answer to your questions put forward by us!
can we compare ico's to penny stocks?
Thanks for informing us on the dangers of ICO trevonjb. You can easily be fool by the ICO scam. Choose your ICO carefully!
I am new to this Bitcoin world. I want to know, what is ICO?
initial coin offering, risker than owning crypto, but projects launch tokens to raise funds to build their project.
Thanks, I better stay with Bitcoin, Dash and Monero.
It's an Initial Coin Offering, basically the first chance the public has to buy a crypocurrency (and a big portion of how the developers make money on the project)
me too...
Initial Coin Offering. It is when a project sells off a certain percentage of their coins to help fund development and give the project runway time to develop and bring their app/product/platform/whatever to market.
ICOs are especially risky because not only are you buying into a new cryptocurrency, but there may not already be any existing product or market for it, it could very end up being vaporware, a scam, or it could just legitimately fail despite the development teams best efforts.
It is supposed to be the crypto-equivalent to an IPO (initial public offering) of company stock, but in the crypto world there are much less (if any?) regulations to protect investors. Definitely do your own research and make sure you understand what you are buying and what you are investing in before investing anything into an ICO.
I'm pretty pumped about the EOS ICO myself, although it's mostly because I want to use the network access associated with the tokens to make a blockchain video hosting platform.
The way I see it, the cost of traditional video hosting is so great (in the ballpark $5 million just to start) that the only way anybody is going to make a viable YouTube competitor is if it happens on the blockchain.
Yo @trevonjb. If ico's are that bad then what's the point for any of them to ask to fund the project before it's even created
agreed man, ICO's can be very risky, they could drop heavily in price on the 2nd day in the market
I done the exact same with Eth bought some then sold as soon as heard about the DAO fiasco. Didn't lose too much if i remember correctly. Anyone seen the Vitalik video where he was inventing a collated version of Quantium Bitcoin Mining Computer. It was a total scam but was so complex the experts were doubtful but not sure.
Just make sure you know what the ICO is and what problem it solves. If it has a decent purpose and a good group or people behind it you're probably alright.
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Thought I'd put that 1 at the very top. Trevon, thanks for explaining your ICO strategy. I keep seeing people saying how they're getting rich flipping the tokens/coins. It looks too good to be true. I don't want to mess with them if there's a possibility they won't even come on an exchange for a long time. I'll remember to only buy in to one I really trust, I'm going to use, and I'm fully behind. BTW, I tested out the facebook pay in the focus group this morning and gave you a .25 fiat just to see how it worked.
I'm one of those whose playing the danger game with ETH. I'm holding currently but fully aware of the platform's vulnerabilities. I think the next month is going to be big for ETH 1 way or the other. How it responds to the recent hiccups should be very telling. Still, I'm ready to jump to LTC or BTC the second I catch a hint of complacency on the part of the ethereum development community. Thanks for your balanced and considerate thoughts!
Thanks for the warning brotha! Im gonna be in Myrtle in 4 days for vacation! I was serious we should linkup man, im staying at the Red Roof in off South Kings Highway
ICO's have there place for investment, but for me it's a case of wait and see, once the whitepaper is read and the project has been active for a couple of months
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ICOs are effectively just selling promises to users, and there is no guarantee that the finished product will actual exist in the future.
From watching your videos I think for myself that holding a few main cryptocurrencies and mining a few is the way to go. It's easy to see how users can fall into the trap of thinking all crypto tokens will rise at a crazy rate over time.
I appreciate you saying that you should only invest what you can afford and I've taken your advice. So thanks for keeping all the advice grounded in reality, much appreciated.
ICOS have more to do with the "good old-fashioned casino capitalism" instead of advancing the cause of cryptocurrencies as a decentralized key to freedom from the central banks. And it’s one reason for the recent crashes in the price of Ethereum and Bitcoin.
Hey man. First: whenever you make such a video in Germany, the cops would arrest you at once. Be happy that you live in the States. Driving while making a video: ACHTUNG, GO TO JAIL.
SECOND: MAN, I love your haircut.
THIRD: I will never buy IPOs or ICOs. Wasn't into that Ali Baba shit on the stock market and after your vlog I will never buy into ICOs as well.
FOURTH: stay tuned, dude.
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I think it really comes down to knowledge at the end of the day. If you have no knowledge of what the ICO is about and their plans, and you're just looking to invest, odds are you're going to lose your money. However, if you weighed the pros and cons, understand the company and their plan moving forward, etc., you're in a way better position to invest. I'm with you though, I'll pass on that.
@trevonjb I couldn't agree more. The risk of ICOs are so MASSIVE that I just can't see the benefits outweighing the risk.
well howdy howdy again - watched this on the youtubes - was in the live chat earlier as well :D i'll never get any office work done now that ya got me hooked on the steemits and your youtubes lolol - until next time !!
ICOs are tricky. It's easy to be distracted and to make bad decisions based on incomplete or misleading information. I try to stay away from them personally, I feel like I'm usually just not well-informed enough.
do your due diligence and invest in the best new companies possible there is a lot of upside in many of these companies $$$$$$
In the building!
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I totally agree with ico's being a silly investment. I've decided to wait and focus on genesis and connect. Already been scammed and not feeling like letting it happen again. They seem to pump and dump ico's and it will leave a sour taste in your mouth for investing PERIOD after wards! It took me a while to start dabbling again! Big up Tre! I appreciate you don't have to try to answer all the questions but still spread the love! 1! 👍🏾🕶
Numba One!
The danger of ICOs is that they are akin to Penny Stocks. Lot of investments with no background, no CEO, no CFO, no financials. Just a paper in a folder, shell company. It's important to recognize the APPL's of the cryptocoin world before you get suckered by "Midwest Oil co".
It would have been a great disaster if l had not found my way here on STEEMIT...No wonder steeming is all l get on my mind..Its truly my home now..Thanks for sharing this great idea..infact am new to this and cant wait to know and do more..We need to celebrate those people who introduced us to this great platform..Many thanks to my introducer and dviser @tj4real ....steeming for life
#1 ICOs are similar to IPOs. IPO's are a long term investment with the biggest payoff after 5 years. For example, it took Snapchat 5 years to reach mass adoption. Investors who got in on the Snapchat IPO, those who held the full 5 years made the most profit.
The bad thing is that even SEC cant do anything, I believe, so all of these scam ICO will get away unhurt.
Well, we need bad things in order to evolve
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Sell when they are greedy, buy when they are panicking.
In a time like this, only the sharks will be bold enough to accumulate.
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I know you are right about the ICO's... They(ICO's) are the same thing as any startup company. Besides, like the Dot.Com bubble, tons of people are trying to jump in on this craze. There are going to be alot of people jumping in and not doing their research and get burned in the process. If anything you can share with others is that everyone needs to do research and vet the startups as best they can.
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Yo @trevonjb "1" of the reasons why I'm doing this is becoz I'm "1" loyal subscriber and "1" other reason is that I'm still smiling about that trip you made to Iceland... oh!!! and "1" more thing I'm hoping that if I post my GEN Code you could use it. (GcZNuw) If its just this 1nce.
Peace Negus!!!
1 , well, most of the ICOs, not all, they start hi, and then go low, but to look at it correctly as i believe, we are the lunatics adopters, not even early adopters, but if you go by invest what you can lose, i think you are in of the lotery ticket, it may never hit you.
let's say now i decided to stop dinking for a while, so i can aford drinking money into crypto market, so if think about it even if end up losing i am not loosing all like when i was spending it on beers. so what i am trying to say kep your spending level as before, so it don't matter where you are spaneding,
following this phelosophy, i though 20$ of etherium at EOS, so let's see what happen.