THE BIGGEST SCAM EVER!!!

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So i haven’t gotten enough hate comments lately and that made me decide to make another video talking about a bitcoin and cryptocurrency related topics so if you guys are looking for a video to drop some thumbs downs on due to the fact that i’m talking about cryptocurrency with an unfavorable opinion then you are going to be happy with this video because today i’m

Going to be talking about why most of these i cos our complete scams now before you go ahead and start commenting on this video saying that i am wrong i just want to make this point that a lot of smart people out there are outspoken about these icos and believe that they are scams on that list is jordan belfort – the infamous wolf of wall street and also jimmy wales

The co-founder of wikipedia both of these two men are very outspoken about these icos especially jordan belfort now you may argue that jordan belfort is one of the biggest scam artists of our time and why would we ever listen to him well my philosophy is if a scammer believes that it’s a scam then it’s probably a scam okay now i wouldn’t say that jordan belfort

Is a scam artist now i actually had the opportunity to meet him a couple of weeks ago at that synergy global forum and he seems like a pretty honest guy in like he’s trying to turn over a new leaf but obviously he did some shady activity in his past but the point is if jordan belfort is calling it a scam then personally i’m gonna trust him because he would know a

Scam better than anyone so first of all let’s identify what an ico actually is so when ico is an initial coin offering and the name comes from the ipo which is an initial public offering so when a private company wants to go public and raise funding they will have an ipo and they offer shares to the public through the ipo now the ico is going to be the same kind

Of deal but instead of offering shares of ownership they’re offering you tokens so tokens okay what is the value of these tokens well it’s all based on perception and speculation where shares give you ownership of the actual company tokens give you i don’t know i have no idea what they give you so here’s how it works in a nutshell you’re going to see a company

Offering an ic o—- they’re offering up a new type of cryptocurrency it’s a new and exciting form of cryptocurrency and what you have to do is exchange the bitcoin or aetherium that you currently own and you’re going to exchange it and you’re going to get this new token from this company it’s called an ic o—- the initial coin offering or the first time a new

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Cryptocurrency token is being offered to the public now this isn’t just a very small activity here in fact to date 2.3 billion dollars have been raised in 2017 from these ic os and that’s not even a current figure that was from a couple of weeks ago so i’m sure it’s even higher now so we’re talking about billions of dollars moving into these icos these offerings

Of new cryptocurrencies so rather than following these traditional ways of raising capital like a venture capital or the ipo these blockchain based companies raise money through the ico so the best way for me to explain this ico is it’s a combination of crowdfunding plus cryptocurrency so they’re going to be funding a project of some kind and in exchange you’re

Going to get a token now like we said guys there have been billions of dollars raised this year alone through these icos so my main question was why are people buying these things why aren’t people investing in these tokens the main reason is the elevated interest in cryptocurrency and blockchain technology thanks to bitcoin and ethereum so what’s happening here

Is people are trying to catch the next wave they’re trying to get in on the ground floor of the next bitcoin or the next aetherium or altcoin so what they’re doing is buying whatever else is out there in hopes that they’re going to have a bitcoin like experience where they’re going to see a 1,000 plus percent appreciation in one year what this reminds me of is

When we saw facebook ipo we saw their stock take off after they had a little bit of trouble there in the beginning and since then every social media company that has gone public has had a bit of a rise at first and then they taper it off look at twitter and look at snapchat so it reminds me of people investors who are trying to get in on the next facebook just

Because they saw that rapid appreciation of facebook stock they believe the same thing will happen with twitter and snapchat and that was not the case as we have seen so far so that is what i look at with these icos it reminds me a lot of people trying to catch the wave of facebook people are trying to catch that wave of bitcoin by getting in on something else

On the ground-floor now in my opinion and i may be wrong here i believe this whole crypto craze is a repeat of the dot-com bubble and at this point i am sure this is when all the crypto fanboys are going to give this video a thumbs down and write a negative comment about my shirt so just like the dot-com bubble i believe that this crypto bubble is rooted in the

Technology that is very great and in this case it is blockchain technology i have no doubt in my mind that blockchain technology is very useful and is going to play a big role in our future i just think that people are overly excited right now and the alt coins and these bitcoins are trading solely on hype and speculation so the way i see it is this the rapid

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Appreciation of bitcoin anythi reham has gained the attention of the herd and now they are going to throw money at anything under the crypto family because they believe it’s going to have a 1000 plus percent appreciation in a very short period of time because that’s the same thing that happened with bitcoin and aetherium if there’s one thing that i have learned as

An investor it is that past results do not guarantee a similar outcome now i may be wrong about this but i do believe that this is a bubble at this point that people are investing in this stuff solely due to the hype of bitcoin and aetherium now i’m not saying that all of these ai seos are a scam but in my opinion most of these icos are a complete scam and i want to

Give you guys a few reasons why that is and i’m hoping that if you’re on the fence about it maybe some of these facts are going to deter you away from putting your hard-earned money into one of these icos the number one reason is because the ico is a total loophole you have to understand that an ipo an initial public offering is heavily regulated and there is far

Less regulation involved with the ico so this is a way for companies to raise money without going through the process that you go through in order to have an initial public offering the second reason is because there are very low barriers to entry as far as having an ico yourself what that means is pretty much anyone out there with a computer and a legal document

Known as a white paper can i see oh there are far lower barriers to entry associated with an ico than there are with an ipo the third reason why i believe most i seos are a scam is because you don’t need to have any kind of track record in order to raise money this isn’t like raising venture capital when you have to have an actual business and actual numbers and

Actually be making money to have someone invest in your business in this form you don’t even have to be making any money so unlike raising money through things like venture capital you do not need to have a track record to raise money through an ico reason number four ties in with number two as far as those minimal barriers to entry and that is because all you

Need to have an ico is essentially a website and a document known as a white paper and that white paper is a document that’s about 20 pages in length where you’re going to be describing what you are raising money for and at that point if you have a website and you have a willing audience then you yourself can have an ico reason number five is because there is zero

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Accountability with an ico this is not like an ipo where they are offering up a piece of the company they’re not offering any equity in that company all they are offering up is these tokens so there is no accountability on the company’s part to actually follow the promises they made and do what they said they were going to do reason number six is because there is

A large potential here for a pump and dump where a company is going to simply have an ico they’re gonna buy their own tokens and once they’re trading at elevated levels they’re gonna dump their position and they’re gonna walk away from the whole thing that is what happens with penny stocks most of the time people are going to buy a position in some kind of penny

Stock then they’re going to talk it up and tell everyone this is the next hop penny stock and then once that penny stock is trading at a higher level due to that demand they go ahead and sell and everyone is left with a worthless piece of stock and the final reason is the fact that i believe that these companies are solely taking advantage of the hype and really i

Don’t blame them if this is what your business model is if you’re looking to take advantage of people then good for you because you’ve picked up on a good thing and there’s a lot of interest in the cryptocurrency and blockchain technology i think a lot of companies are doing these i seos solely due to the fact that there is an elevated level of interest in this

Blockchain technology i don’t believe that their businesses have anything to do with blockchain or would even benefit from blockchain technology in most cases anyways guys that is all i got for this video i’m guessing this is going to be one of my more unpopular videos it’s going to be popular in terms of views i would assume but i’m thinking it’s going to get a

Lot of dislikes based on my previous videos related to bitcoin but i wanted to give you guys my opinion on this if you guys enjoyed this video please drop a like we’re gonna need as many likes as we can get if you’re new to my channel please consider subscribing to be notified of any future uploads if you agree with me or disagree with me please leave me a comment

In the comment section below and i thank you guys for taking the time to watch this video you

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THE BIGGEST SCAM EVER!!! By Ryan Scribner

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