Content originally published at iBankCoin.com
Let's review the extent of the carnage inside of the dark, cavernous catacombs of the ICO world -- a place where outright scam artists get rich by tricking people into believing their 'coin' will make them rich. This has never been about preserving value, supplanting fiat, but promoting a bubble that is backed by venture capitalists. Let me repeat that for you thick brained fuck-sticks who think that by purchasing ETH or BTC you're 'sticking it to the man.' Remember Uncle Fred Wilson, the man behind Twitter, Etsy, Zinga, and a slew of failed IPOs? Fred's been involved in Coinbase and the blockchain since 2011. After Fred got in, his whole cadre of followers and sycophants followed suit. As of today, the industry is teeming with vultures looking to continue this Ponzi scheme -- thrusted ahead by lunatics like John McAfee. Here are some of the losers over the past 24hrs Sprouts -87%, $1.6m mkt cap MergeCoin -59%, $768k mkt cap MegaCoin -56%, $785k mkt cap Asch, -52%, $10.6m mkt cap Hshare -40%, $227m mkt cap DogeCoin -33%, $102m mkt cap SysCoin -33%, $80m mkt cap SiaCoin -31%, $114m mkt cap NAVCoin -30%, $42m mkt cap And for the big ones Bitcoin -16%, $54b mkt cap Ethereum -16.5%, $21.7b mkt cap Ripple -13%, $6.7b mkt cap BitCoin Cash -20% $6.7b mkt cap Litecoin -25%, $2.5b mkt cap You get the gist. We're talking -30% to -60% moves over the past 7 days. I hate to see anyone lose money -- but these people truly deserve to. They're buying 'coins' with zero voting rights, zero regulations, zero oversight, zero compliance other than Github and Reddit peer review, and zero ownership in the companies they're investing in. These ICOs are the 'essence' of the company and mean nothing. The Reddit forums, as you would expect, are filled with people on suicide tilt, and true believers with confirmation bias who're trying to say this pullback and China ban is a 'good thing.' This pretty much sums it up.