Get Out While You Still Can: Paris Hilton Pitches An ICO On Twitter

The ICO market just received an endorsement from the reality television star who tried to copyright the phrase "that's hot."

Hotel-empire heiress Paris Hilton revealed on twitter that she’s joined the ICO party just as the Chinese government has announced harsh new restrictions that will make it virtually impossible for its citizens, some of the most voracious buyers of these coins, to participate in new offerings.

Hilton said this weekend that she’s “looking forward” to participating in an offering called Lydiancoin.

According to Business Insider, LydianCoin is a platform that wants to combine the blockchain with "targeted, AI driven digital marketing and advertising services." In its white paper (of course, the company launching the offering hasn’t actually built the product yet), advertising-tech company Gravity4 aims to raise $100 million by selling 20 million Lydian coins at $5 a pop. As BI reports, Gravity4's CEO Gubaksh Chahal pleaded guilty to assault in 2014 after being accused of beating his girlfriend, and was accused of violating his probation by assaulting another woman.

Hilton joins a pack of celebrities who’ve used their presence on social media to hype ICOs. Floyd “Crypto” Mayweather, has publicized his investments in a handful of ICOs. Dennis Rodman notoriously wore a t-shirt advertising an ICO called “potcoin” when he returned from visiting Kim Jong Un in North Korea earlier this year.

Rapper the Game has been talking up Paragon Coin, a coin that aims to “revolutionize” the legal marijuana market.

As BI notes, the involvement of celebrities is a sign that ICOs are going mainstream. However, with governments from China to Russia – and even the SEC in the US – preparing to crack down on the nascent market, which is expected to raise nearly $2 billion this year according to analysts at Pitchbook, the combined power of regulators in some of the biggest markets for digital currencies could swiftly put an end to the party.

According to Bloomberg, fans and skeptics of ICOs will interpret Hilton’s involvement differently.

To critics of the booming world of ICOs, Hilton’s involvement is the latest example of a fad finance trend that has already seen the offerings raise $1.25 billion this year. To its supporters, it’s evidence of the networking effect that will quicken the development of ICOs.

Not that the market needs any help. Some of the most successful ICOs have raised more than $200 million – with little more than a white paper sketching out their product idea. Inevitably, the vast majority of these coins will quickly become worthless, while their creators will have extracted hundreds of millions of dollars in wealth from unwitting buyers.

Get out while you still can.

Comments

mtl4 The Management Tue, 09/05/2017 - 08:34 Permalink

The only reason why cryptos have taken off as of late is the massive bubble in government (which promotes controls/confiscation/opression).  The problem with comparing crypto to gold, grain, seashells, or anything that has been used an money in the past is that they are all physical commodities while crypto is not (meaning all cryptos are not equal, it's very tough for the average person to understand and folks are getting ever more creative at selling BS now).  There may be different types of commodities like grain or seashells but it's physical use/rarity can easily be assessed and thus valued accordingly.  Cryptos primary use is gov't avoidance.  Now as with any asset (crypto is not money any more than gold is, meaning things on Amazon are priced in dollars/Euro/Yen, etc) you can trade cryptos currently person-to-person for other things as long as people believe it has value.  Cryptos like the Dot Com era will have a very few winners and a HUGE number of losers.  Lydiacoin just highlights the fact that investors are having trouble figuring out how this will play out and for those promoting these ICO ponzis they are simply exploiting the investors' fear of losing out.  There will be alot of financial casualties when the dust settles on this one.

In reply to by The Management

runningman18 tmosley Mon, 09/04/2017 - 23:32 Permalink

Maybe, but notice she is NOT promoting gold.  She chose crypto-tulips just like you did.  The reason is obvious - its a fad while gold is a tangible resource, which is harder to hype for the dumb sheeple.  Bitcoin et al are enticing to idiots who think that their use of crypto terminology makes them appear intelligent to others.  They are only fooling themselves.  They are the social justice warriors of the economic world.    

In reply to by tmosley

Eager Beaver runningman18 Mon, 09/04/2017 - 23:51 Permalink

Are you really that fucking stupid? Do you even believe your own bullshit? Yet another "expert" who comes trotting out in his tutu, waving his dick in the air, pretending that his ignorance is intelligence. Oh, well, I guess when anyone uses words or discusses concepts you don’t understand, then it’s all just some kind of social justice crusade against you, eh? Fucking victim mentality, we’re assaulting your stupidity with our terminology, is that it?You don’t understand 1/1,000,000th of your world, the terminology used in the creation and maintenance of it, or how anything works around you, I suppose that’s all just some kind of magical world inhabited by evil spirits too, isn’t it? Those stupid sheeple trying to victimize you! How rotten of them! Explain how your bank gets a transaction from your bosses account into yours on pay day. Explain how a point of sale transaction is processed. Tell us all how gold is mined, smelted, and refined, eh smart guy? What’s the chemistry behind it? How’s it done, even at the bulldozer and tractor level? Have any fucking clue? No? Oh, then it must just be a bunch of social justice warriors of the mining world who are trying to pull something over on us all.

In reply to by runningman18

0valueleft tmosley Tue, 09/05/2017 - 00:25 Permalink

I concur. Though if headlines settle, there could be a bit of range bound. Not Paris H. headlines, East vs West headlines of course. 3150 is attractive as well, might be a lot of itchy fingers on the 3000 trigger.Mose do yourself a favor and get one 10oz bar if your alone, a Kilo if you have people. It's a universal plane ticket accepted at all established and freshly mowed airfields. If you really want to reserve a flight, keep a duffle with 1 bottle of single malt, a carton of cigs, a prescription bottle with at least 60 painkillers, an automatic pistol w/box of ammo, 10,000 cash USD, a charged sat phone and a big evian bottled water. Your not going to have time to explain blockchain and how your wallet works to flyboy who hasn't paid attention to anything that happened on the ground in the last 20 years.I know, I'm old and dumb. Insurance is for losers and you'll be taking an uber rocket to safety.

In reply to by tmosley

Iskiab Stuck on Zero Mon, 09/04/2017 - 22:18 Permalink

Nah, I think cryptos can be useful. What doesn't make sense are hundreds of different currencies, or cryptos with a specific purpose like etherium or the garbage celebrities are pushing.

There's a huge difference between someone mining so a transaction can happen and mining so a company can offload the cost of their supply chain. These currencies that are trying to specialize are stupid too, you want liquidity in a currency and mass appeal, a currency that self limits itself is dumb.

In reply to by Stuck on Zero

jaxville Iskiab Tue, 09/05/2017 - 05:48 Permalink

  I can see the value in cryptos.  The price of the them on the other hand....   Good grief.....those of you who are looking at substantial profits....get out while you can and rejoice in your good fortune.    Those of you thinking of buying in now.....don't be stupid!!!!     At least with tulips, you could eat the damn things when it all went south. 

In reply to by Iskiab

Justin Case ebworthen Mon, 09/04/2017 - 23:24 Permalink

These vapour coins are coming out like baseball, hockey cards, hmmm, which ones to collect? Wait, maybe there will be NFL or NHL coins to collect. Jello powder had plastic coins with pictures when I was a kid. You could even by a handy plastic storage carrossel. I collected the ones with airplanes. I also had shoe boxes of hockey and base ball cards. Stan Makita, Bobby Orr, Tim Horton and Gordie Howe.

In reply to by ebworthen

jaxville Justin Case Tue, 09/05/2017 - 06:01 Permalink

OMG....  I remember all those things.  Do you realize you can buy those jello tokens now for less than they cost to buy from Jello back in the day?  Inflation adjusted of course.  I wonder what bitcoin will cost in forty years?  My guess is a lot less...a really lot less than now. I wonder if anyone will remember it or be willing to admit to buying it?    Maybe I should just go back to my Luddite cabin and ink up my typewriter ribbon.  This electricity stuff hurts my head.

In reply to by Justin Case

fattail Justin Case Tue, 09/05/2017 - 07:27 Permalink

Actually baseball cards are my favorite example of how to ruin a fiat store of value.  When Topps had the monopoly there was a set number of cards produced and luck of the draw meant you were the lucky kid who got the Reggie Jackson rookie card.  When Topps lost their monopoly to Donruss, Fleer, Score, Sportflicks and the rest well there were just too many to collect and it stopped being fun.  Mark McGwire had 7 rookie cards, who has the energy to collect all of those, and they would never be worth $5,000 like the Mantle rookie card.  When everything is special, nothing is.I keep getting the sense that these digital currencies are starting to resemble baseball cards.  Which one is valuable?  Why is it more valuable that all the other ones?  It is just software, which can be pirated and improved and all of a sudden there is another next best thing.  Technology's overriding charasteristic is that it is deflationary.While BTC can limit the number of coins available, they are going to have constant competitors.  What happens if Amazon, Walmart, and Alibaba decide to go with their own digital coin?  Especially after the bitcoin cash fork and the next fork coming, iforget the name.  What is the half lives of all of these forks?  I don't see the scarcity that is required to hold value. 

In reply to by Justin Case

lester1 Mon, 09/04/2017 - 22:03 Permalink

You Tylers are just jealous that you didn't buy Bitcoin earlier in the year. You took Peter Schiff's bad advice and lost out on some  serious gains!