The Celsius ICO raised $50 million and every operation has been performed legally, according to the lawyers involved. There are a lot of bad ideas in any innovation wave, and likewise, 90% of cryptocurrencies can become worthless because they’re not competitive enough.
#MASHINSKY CRACK CRACK#
ICOs break all regulations, are scams, and eventually the SEC and CFTC will have to crack them down.Īlex Mashinsky: (who had recently done an ICO for Celsius): Over 90% of the internet companies which were operating in 1995 have run out of business within 5 years. Also, he references a recent statement of the SEC chair who said that all the cryptocurrencies with the exception of Bitcoin are securities. He then goes on to cite statistics according to which 80% of ICOs are scams, and 61% of them are already out of business. Nouriel Roubini: If companies are registered and have stocks and bonds, then ICOs are based on a whitepaper that is total vaporware. It’s a challenge to trace, but it’s also a great opportunity for financial transparency. The blockchain is perfectly traceable, but you often don’t know who’s at the end of the chain.
Q6: How much illicit activity is there in the crypto space and how good is the government at tracking the transparent blockchain?īrent McIntosh: As crypto presents challenges and opportunities for tracking.
Nouriel Roubini (Chairman of Roubini Macro Associates).Brent McIntosh (General Counsel at the US Department of the Treasury).Alex Mashinsky (CEO of Celsius Network).The debate was entitled “ Cryptocurrencies: Irrational Exuberance or Brave New World?” and hosted 4 of the most prominent figures in the fields of cryptocurrencies and economics: “Coiners” This is the second part of CryptoGlobe’s coverage on the Milken Institute Conference cryptocurrency debate.
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