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SEC Warns Famous Crypto-currency Backers (bbc.com)
A reader shares a report: Celebrities, sports figures and social media stars have been warned by US regulators about endorsing crypto-currencies. Paris Hilton, boxer Floyd Mayweather and others have all publicly backed digital currency funding drives. The Securities and Exchange Commission (SEC) said the endorsements could break laws on selling securities. Those promoting crypto-currencies must say if they are being paid for the endorsement, it said. In its official warning, the SEC pointed to the growing numbers of public figures who have talked about the funding drives, known as Initial Coin Offerings (ICOs), that crypto-currencies run to raise cash. About 270 separate crypto-cash start-ups have sought funds via ICOs in 2017, said the New York Times. In total, the ICOs have raised more than $3bn, it said. The SEC said any virtual coins or tokens bought by investors through an ICO were subject to the same laws governing the sale of stocks and shares sold via mainstream stock markets.
And it's around on sites everywhere...
Getting close to time to liquidate I guess.
say we're sorry, pay fine, no time served. reload.
"LydianCoin is haaawt..." /Paris Hilton
the preceding comment is my own and in no way reflects the opinion of the Joint Chiefs of Staff
A bit ironic perhaps, but they're not getting the investor's money.
Mimetics Inc. Twitter
Is it too late to start my own?
When is Musk going to get in on this and announce SolarTeslaX Coin? He still has plenty of suckers who would buy.
Just like any investment you need to really understand what your investing in and it's risks vs rewards. A new ecoin can just as easily be a ponzi scheme just as anything else. Celebrities endorsing such really is the same as them backing a stock.
The Crazy Train!
Destination Bubbleland followed by a devastating financial crash!
Wu Financial is a registered financial advisor, list on the Staten Island Stock Exchange, so C.R.E.A.M is all good, right? https://boingboing.net/2017/10/05/wu-tang-clans-ghostface-kill.html
Scott Adams does a good job explaining how these tokens work. http://blog.dilbert.com/2017/1...
They're trying to convince retirees that crypto is the best investment idea ever. Speculation as investment. Yeah, this isn't going to end well.
The only backing the U.S. currency has is the military forcing oil-producing countries to sell their oil for U.S. dollars, which the rest of the world must buy (supporting the currency) in order to buy oil. Meanwhile, the communist U.S. prints trillions of new dollars to support its lifestyle. The rise of cryptocurrency reflects the reversion to the mean, a worthless U.S. currency.
If you take financial advice from someone who's job is to take repeated blows to the head, you're a fucking idiot.
The Crazy Train!
Destination Bubbleland followed by a devastating financial crash!
It's crazier than that, when the train just flies past the devastation with the help of Socialization Of Losses Anti Too Big To Fail Pixie Dust.
The point is that at some point, if truly 90% of the global population is dependent on bitcoin, then when someone figures out the math to crash the ponzi scheme, it's really they who are at the most risk. The 90% will look the other way as the knowledge of how to break bitcoin becomes orwellian unknowledge.
Once again we are entering an era where the rich are able to be those of the first to get on something new, drive it up in price, and benefit from it the most. While the average Joe cannot participate in bitcoins and the like because he cannot afford to buy in at a rate where it can be profitable. If cryptocurrency ever takes a foothold and become a dominate accepted currency - I can only imagine it would make regular currency worthless and then all of our dollars become mexican toilet paper.
If you want mine your own cryptocurrency, you need a motherboard with 19 PCIe 1X slots to plug in 19 GPUs and a couple of 1200W PSUs.