SEC Emergency Action Halts ICO Scam

truetype said:
https://www.sec.gov/news/press-release/2017-219

Washington D.C., Dec. 4, 2017 —

The Securities and Exchange Commission today announced it obtained an emergency asset freeze to halt a fast-moving Initial Coin Offering (ICO) fraud that raised up to $15 million from thousands of investors since August by falsely promising a 13-fold profit in less than a month.
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not the first one, and will not be the last one. why do you think there are +1300 different cryptocurrencies and numbers are still growing?

compare it with the nikkei index. japanese miracle that only could go up. the index represents at least real companies with real assets, not thin air. 30 years later the value is still - 50% compared with the top. nobody was right with their prediction then.

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The SEC is just a sour grapes nanny state, wants to stop the good times' roll!!!

People needs to learn the hard way, let them invest!
 
Pekelo said:
The SEC is just a sour grapes nanny state, wants to stop the good times' roll!!!

People needs to learn the hard way, let them invest!
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people should learn the hard way. then over time they forget. then the next generation repeats the same mistakes as the previous generation.

the SEC wades in usually long after the horse has left the barn and then collects large amount of fines, which is good for the reputation of SEC enforcers and the SEC budget.
 
In this case the reasons why people don't learn are FOMO and "this time it is different". With cryptos we have something new, paradigm shift and other kind of baloney arguments, so they think it is NOT like the 90s tech bubble. And with FOMO, they already missed the bitcoin train, but hey, here is this new shinny invention, even better than bitcoin, sure it will take off....
 
This is not a general ICO halt I hope?

New cyber unit created in September huh? Might be time to bail now that the banks have a group of Trump backed brown shirts to go after crypto.
 
aqtrader said:
I do not understand. why is this ICO illegal? is its promise too high, so it becomes illegal or something else?
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They do what many ICO's can do now. They raised without any investment 15 million, could sell their own (free) coins for 15 million and go on pension with this free money.
All cryptocurrencies have the same aim: push prices up at the limit and cash in.

Trust and greed is the only thing that is supporting these cryptocurrencies, for the rest there is only thin air. Till one day trust disappears. Trust is used to built up these scam constructions. And don't use blockchain technology as an argument as this technique is already used with other applications. Has nothing to do with crypto's, they just use this technique as banks use them too for other applications.

This looks like a game: You should keep the crypto's, grow them and cash them in before the music stops to play. Those who will have the crypto's when the music stops to play will be the people who will pay the bill. If today the music would stop to play those who have bitcoins can lose over $10,000 a piece.

Yes I know that this will NEVER happen. LOL. Nobody every lost his entire investment. Black swans don't exist.
If you buy crypto's, do it with money you can afford to lose. It is a game, play it like a game.
 
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