The ICO boom we’ve witnessed over the past year has created widespread access for retail micro-investors to participate in exclusive early stage capital formation rounds.This is significant and it’s why ICOs are so popular because everyday morons like me can play in a game that—by law—I’ve been excluded from playing in for years.It reminds me of my youth.
Remember when you were a kid and you’d line up with a bunch of other kids and the two captains would start picking through eager participants.One by one they’d choose until some poor kid gets picked by default. No one wants to be that kid.
Well capital formation is kinda like that today.Unfortunately the poor kids don’t even make it to the line.
Here’s some smart rich people talking about this capital formation game (10mins):
Sounds like a great idea doesn’t it?An egalitarian crypto sandbox where all the kids get a whack at home runs?What could go wrong?
Turns out plenty.Here’s the problem if you’re a poor moron you have no idea how to play this game.It’s kinda like taking the little rascals of the world and shoving them onto a field with NFL players, somebody’s getting rekt and it’s not his guy…
Listen, I love the idea of creating more inclusion in early stage investment and harnessing the power of global crowdfunding to make it easier for the little rascals to build their school projects.We should definitely figure that out.In fact it could be one of my favorite things about crypto.However, in the meantime stuff like this is happening:
A Vietnamese cryptocurrency company Modern Tech launched an ICO for its Pincoin token, raising $660 million from approximately 32,000 people. The company first ran the Pincoin ICO, promising consta…