Crypto Trading Ethics and the Anatomy of an ICO Flipper
I found myself in the WAVES slack last night, WAVES was due to be added to Bittrex on the 16th of June. Unfortunately, a decision was made by the WAVES team to postpone the launch due to ongoing withdrawal and user issues. The WAVES team had thus far been exceptionally professional and this event was just a minor setback. To my knowledge, there has yet to be a completely smooth ICO launch, but to my astonishment some of those in the chat were quite upset about it all. Even after an announcement that it will be launched on the 20th of June and that Sasha is working with all “MAJOR exchanges”. Why were they so upset? Surely waiting a few more days isn't the end of the world. Or is it?
These people/speculators are what I like to call, ICO flippers. After the success of the Ethereum project and LISK, we are seeing a flood of money being poured into the cryptosphere. For example, on the last day of the WAVES ICO, a tsunami of Bitcoins flowed in, practically doubling the crowdfunded total. A vast majority of this money is coming from speculators. ICO flippers essentially invest in ICOs and hype it after the ICO finishes. Then upon being added to the exchanges they dump their coins, make a handsome profit, then rollover their profits to the next ICO. The question I want to address is, is this ethical?
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http://coremedia.info/index.php/blockchain-news/item/263-crypto-trading-ethics-and-the-anatomy-of-an-ico-flipper
Yes, it is ethical. It the DAO of money, the DAO of life ;-)
Unethical is when the coin devs use ICO to get money, leaving the coin investors with worthless shitcoin >:-(
Yes, I 100% agree, very unethical. I think they call that fraud :)
I think ICO flippering is not unethical, you just ride the wave ;-). And there are some risk to loose all your money.
Whats unethical is to make a ICO whit a shit coin and with a lot of marketing and never deliver any new technology. Look at synereo, its a scam, but I even think to invest into it, because the story they tell is great. My post in german about this:
https://steemit.com/synero/@kingkrung/ist-synero-amp-ein-serioeses-projekt-oder-ein-scam
Thank you for posting! Hope you get this to snowball to the top!
BTW, should steemit let us steemers advertise using steem?
Be sure to tell everyone you know to come vote here at: https://steemit.com/steemit/@kingtylervvs/if-steemit-ever-does-decide-to-advertise-there-is-only-1-way-it-could-work-in-my-opinion-debate
This is a democratic community decision.
Hello ~:) Thank you for visiting Steam It ~ Follow me!
I just want to share the coin information and share it.
In addition to the NeverDai ICO information posted today, I would like to ask you for ICO information frequently.
https://steemit.com/ico/@maxtill94/nevedie-ico-full-analysus-why-you-should-buy-neverdie-coin-gaming-cryptocurrency-coin-comparision-with-gamecredit-mobilego-first