Cryptocurrencies

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Chasing the Next Bitcoin, Investors Shell Out $700 Million for Coins With ‘No Purpose’
Startup block.one is benefiting from a boom in initial coin offerings as bitcoin’s price surges to dizzying heights
https://www.wsj.com/articles/chasin...-million-for-coins-with-no-purpose-1513602000
One of the hottest cryptocurrency investments of 2017 comes from a software startup that doesn’t plan to sell any software and describes what it is selling—something called a digital token—as having “no purpose.”

The company, block.one, has raised about $700 million and counting... A purchase agreement that investors must sign states the tokens “do not have any rights, uses, purpose, attributes, functionalities or features.”

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Imagine signing a waiver stating that the beans are not magic, and then still buying the magic beans...
 
Oh, I don't disagree, I just think there's still time before anyone needs to jump. How disappointing if someone jumps early! Where's the game in that?

Jumping would be a kindness. A lot of them can't even properly get out of it.
 
Chasing the Next Bitcoin, Investors Shell Out $700 Million for Coins With ‘No Purpose’
Startup block.one is benefiting from a boom in initial coin offerings as bitcoin’s price surges to dizzying heights
https://www.wsj.com/articles/chasin...-million-for-coins-with-no-purpose-1513602000
One of the hottest cryptocurrency investments of 2017 comes from a software startup that doesn’t plan to sell any software and describes what it is selling—something called a digital token—as having “no purpose.”

The company, block.one, has raised about $700 million and counting... A purchase agreement that investors must sign states the tokens “do not have any rights, uses, purpose, attributes, functionalities or features.”

* * *




Imagine signing a waiver stating that the beans are not magic, and then still buying the magic beans...
This is bonkers! Of all the mad stuff I have read about during this whole crypto surge this is by far and away the most ridiculous. And clearest sign yet of the bubble.

The company literally tell investors the coins are worthless and also admit that they will never build a "blockchain platform adopting EOS software."

They are saying give us your money for nothing and $700m worth of idiots have done it!!!
 

For those who invest in cryptos, is your strategy a long or short term one? Are you thinking of it as a way to earn cash and get out at the right time, or some kind of extension to your pension and long term financial plans?
 

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