SEC Shuts Down Munchee ICO
Honestly, i&#x27;m kind of annoyed by everyone offering an ICO for [insert irrelevant product here]. It&#x27;s creating a misleading advertising scheme built on top of a current tech _craze_ that will likely leave a lot of &quot;investors&quot; out of money.<p>The problem is that you&#x27;re giving money to a relatively unknown company while speculating that the company will create inherent value. Unlike with stocks, you don&#x27;t have ownership in the company or any voting rights. There is nothing stopping the company&#x27;s creators from distributing the ICO money to themselves (there might be a board, but since the company isn&#x27;t public who knows who the board is).<p>In this case the SEC is right to step in so there aren&#x27;t a ton of unregulated securities going around and a lot of consumers potentially getting screwed.<p>Even with cryptocurrencies like Bitcoin, it can be scary. You&#x27;re literally getting into the ForEx market, which is known to be one of the riskiest markets in existence. With other currencies, at least they&#x27;re backed by a government that (at least at least attempts) to regulate it&#x27;s value and protect it from manipulation. With bitcoin, I saw that 40% of all coins in existence are owned by less that 1,000 people. How do we know that the current price inflations aren&#x27;t a manipulation (or collusion) to jack up the price, sell for USD, then crash the market? It&#x27;s not illegal&#x2F;collusion because Bitcoin isn&#x27;t regulated.<p>This is definitely a rant, but I have some serious concerns as to where this market is going. Would love to hear other&#x27;s thoughts.