This video from Bloomberg shows a new cryptocurrency as it came to market in an ICO or Initial Coin Offering. An ICO is similar to an IPO but for cryptocurrency.
What is an ICO?
From the NY Times:
Initial coin offerings have come out of nowhere in 2017 to become the talk of Silicon Valley and Wall Street. Programmers have raised over $3.2 billion this year by selling their own virtual currencies to investors. That is 3,000 percent more than the amount raised using coin offerings in 2016.
Coin offerings are a way for start-ups or online projects to raise money without selling stock or going to venture capitalists — essentially a new form of crowdfunding. The programmers raise money by creating and selling their own virtual currency, generally with rules similar to well-known virtual currencies like Bitcoin. The new tokens are usually designed so that they can be used only on a computing service the programmers are building.
Would you invest in an ICO? Why or why not?
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