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Author : Crypto Income Staff 9 September 2017
Change wants to finance this network via a cryptocurrency called Change Coin; that will be made available through a Token sale on September 9, 2017. Change Bank is a great example of the inherent potential in ICOs. It will probably be the first of many cryptocurrency-based banks that will enter the marketplace via ICOs. HOW TO INVEST IN ICOS. The greatest appeal of ICOs is the ease of investment, which can also make them very dangerous. Here are some simple steps for buying into ICOs. 1. Buy some Bitcoin, or Ethereum, because most ICO promoters only take payment in those altcoins. 2. If you buy cryptocurrency through a major wallet, such as Coinbase, you will have to get a user controlled wallet. Shin recommends My Ether Wallet at https://myetherwallet.com/, Parity, and the solution from info at https://blockchain.info/. Such wallets are necessary because services like Coinbase will not let you invest in ICOs. 3. Go to the website promoting the ICO or token sale. All you will need to do follow the instructions there and send your address. 4. Buy your coins. 5. Store your coins. Shin recommends that you store them in a hardware wallet like the Trezor or the Ledger Neo. 6. You can also store the coins at an exchange. Some of the larger exchanges like Poloniex, Kraken, and Bittrex let you trade ICO tokens and store them. 7. If you want to buy into an ICO that has already been held you can do so through an exchange such as Kraken, Bittrex or Poloniex at https://poloniex.com/. Poloniex and Kraken may support new coins if you ask.
8. If you are planning to buy and hold your ICO coins the best place to store them is in a hardware wallet. It is usually a good idea to store the hardware wallet in a very safe place such as a safe or safety deposit box. WATCH OUT FOR ICO SCAMS. The present-day ICO market reminds a lot of people of the IPO jungle of the late 1990s because it is full of scams. One reason why IPOs fell out of favor was that any scam artist with a compelling business plan could use one to fleece suckers. Today’s fraudsters are doing much the same with ICOs. A number of high-profile token sales have been exposed as Ponzi schemes and get-rich quick scams. A Ponzi, or pyramid scheme is a scam in which a fraudster uses funds from future suckers to pay off earlier investors. A prime example was OneCoin, a fraud shut down by police in Mumbai, India, April. The scammers behind OneCoin were able to rake in $350 million before they were caught, Atlanticwriter David Z. Morris reported at https://www.theatlantic.com/technology/archive/2017/05/cryptocurrency-ponzi-schemes/528624/. OneCoin was supposed to be an advanced cryptocurrency – but it turned out to be only a sales pitch and an Excel Spreadsheet. Con artists like ICOs because they are unregulated and investors are unfamiliar with them. The anonymity provided by Bitcoin and Ethereum also makes it harder for authorities to track down fraudsters.
Some signs of an ICO scam to watch out for include the following aspects. 1. Promises of an instant or quick payout. A legitimate ICO might not pay off for years because it is a new technology. 2. Requires payout in a fiat currency, government-issued money. Legitimate token sales will only accept payment in cryptocurrencies such as Ethereum or Bitcoin. 3. Outrageous claims such as “this will be bigger than Bitcoin” or “everybody who buys this will become an instant millionaire.” 4. Lack of coverage in the established news media or in regular cryptocurrency news outlets such as Coindesk. You should be able to find several legitimate articles by professional reporters or writers on a real ICO. Fake ICOs will have no coverage or just press releases. Good news outlets to check for ICO coverage are Forbes and newspapers such as The Financial Times, The Economist, and The Wall Street Journal. One reason why scams get little coverage is that reporters might ask embarrassing questions like: “does this actually work?” 5. Promises ownership or stock in the company this is illegal, unethical and a lie. Under current law it is not possible to transfer ownership via blockchain or ICO. 6. Emphasizes vast new markets that make huge amounts of money. 7. Sets an unrealistic timetable or goals such as one million new users by next year. 8. Is not associated with established figures or companies in the cryptocurrency industry.
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