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For those of you who have been reading my recent articles, I have been focussing my attention on the necessity of regulations in the crypto world. The number of scams among ICOs seems to be growing and on a daily basis, I receive invitations to join another ICO as an ‘advisor’. I do not have to do anything, just give my name, and reputation, to this ‘startup’ and they will list me as an advisor on their website. Most of the time, they do not have any code, no community, barely a team, a badly-written white paper, hardly any information on their token and why they need a token and if I ask them several critical questions, I never hear back from them.
Still, many of these scams manage to raise millions, simply because the ‘investors’ in these ICOs do not care about the product, but simply want to make a quick buck. As may be clear, I do not believe in such ICOs and I certainly do not lend my name to these startups. Neither should anyone else, as it gives them a podium to raise money from poorly-informed ‘investors’.
Fortunately, there is some light at the end of the tunnel …
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