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Let's be honest: ICOs=cancer

This post is in preparation for all the "X country bans ICOs" that are coming in the next days/weeks/months.
ICOs are cancer because they are not really serving the purpose of "funding new and innovative projects" they are mostly unnecessary tokens sold by people wanting to enrich themselves fast and bought by mainly:
1) naive people 2) people wanting to make a quick buck from naive people
Long term, it is good for Bitcoin to reduce the absurd dilution of the "digital value token" space that ICOs bring to the table without providing anything really innovative or worthwhile.
Now, you're free to upvote/downvote according to your ICO token holdings at this moment in time.
/rant
EDIT:
I appreciate the moderate responses of good people that says "well, not all ICOs are SCAMs" and I can agree with that. There must be some well intentioned entrepreneurs that use this as a way of getting funding without all the hurdles of the traditional VC way. The problem is they are very, very scarce among all the quick/easy money schemes (that are, by the way, some of the most visible examples). I think it is difficult to say the opposite.

To the people saying: "we should all be anarchists/you're a statist/you're basically Jamie Dimon for saying this". Thanks for participating but no thanks. I believe in personal freedoms but not in the freedom to SCAM other people without any repercussion. Not everybody should be super intelligent to not be scammed by the guy next door.

To the people saying "this is like a train for people that missed earliest Bitcoin opportunities", I believe you're right. As a personal anecdote, when speaking about this with a VC that manages a pretty big fund, he told me something like "well, maybe ICOs will crash, but first let us who lost the initial Bitcoin train to make some 100x money". Imagine that...
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Jamie Dimon testifies about blockchain, cryptocurrency and ... JP Morgan CEO Jamie Dimon Rant on Bitcoin Jamie Dimon BUSTED Buying Bitcoin! (Bix Weir) Bitcoin Is Free Speech: Why Jamie Dimon Was Wrong and ... URGENT!! BITCOIN PUMP TO $10,000 AS JAMIE DIMON FINALLY ...

Jamie Dimon is the famed CEO of JPMorgan whose net worth is $1.1 Billion and previously underwent chemotherapy for throat cancer. In a memo to his employees, he announced he was getting ready to undergo eight weeks of intense chemo for cancer that was thankfully caught early and reportedly curable according to Dimon’s doctors. He Believes Bitcoin is a Fraud. Jamie Dimon does not have anything good to say about the digital currency. He says that people who are buying it are “stupid” and that later on, they will pay the price. The banking executive reported that the blockchain technology behind the cryptocurrency was valid. He has Transformed the Financial Industry. The grandson and son of stockbrokers has been a ... A “fraud” it may be, but Bitcoin could reach $100,000 before it collapses says CEO Jamie Dimon. Appearing at a CNBC/Institutional Investor Delivering Alpha conference in New York Tuesday, the ... Investors were in a hurry Wednesday to dump the cryptocurrency Bitcoin, after JPMorgan CEO Jamie Dimon warned that it “is a fraud” and will eventually “blow up”. Bitcoin is the original--and still the biggest--cryptocurrency, and has been on a tear in recent months. According to Reuters, it hit a record high just below $5,000 at the start of September after a more than fivefold ... Bitcoin 'is a fraud' and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co, said on Tuesday. Speaking at a bank investor conference in New York, Dimon said, 'The currency isn't ...

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Jamie Dimon testifies about blockchain, cryptocurrency and ...

💛 50% OFF Ledger: https://www.ledger.com?r=f988 💛 BITCOIN TODAY: Jamie Dimon and Jp Morgan has announced that they will provide banking services to Coinbase ... Wall Street JP Morgan CEO Jamie Dimon calls Bitcoin a fraud and discusses Bitcoin, Blockchain, Cryptocurrency, Bubbles, Bitcoin Bubble, The Fed, Monetary Policy, Cryptomania, Tulip Bubble, and ... The "Squawk Box" crew discuss J.P. Morgan Chairman and CEO Jamie Dimon's latest comments on bitcoin and the trade war. » Subscribe to CNBC: http://cnb.cx/Sub... JPMorgan CEO Jamie Dimon breaks down his view on bitcoin while speaking Friday at the Institute of International Finance. » Subscribe to CNBC: http://cnb.cx/... The JPMorgan Chase CEO explains why he doesn't believe the digital currency will become a major player.

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