
An Ethereum Startup Just Vanished After People Invested $374K - gridscomputing
https://motherboard.vice.com/en_us/article/j5j34x/ethereum-startup-confido-vanished-after-people-invested-374k-ico
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Analemma_
ICOs are a scam. In other news, that guy selling you the Brooklyn Bridge might
not be legit.

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ngan
ICOs, just like any other investment opportunities, need to be researched
properly. Not all ICOs are scams, some are great ideas backed by a reputable
team. Just gotta do your homework.

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bhouston
ICOs are worse that over the counter penny stocks at this point being promoted
by boiler room call centers.

[https://en.wikipedia.org/wiki/Boiler_room_(business)](https://en.wikipedia.org/wiki/Boiler_room_\(business\))

The ones that win are those who get the discount prior to ICO and then
liquidate during the ICO for a main currency like bitcoin/Etherium. Which is
nothing more than the standard boiler room scam, updated for 21 century
technology.

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ghostbrainalpha
Does anyone know how many investors this is? What was the average size of the
investment that people lost?

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dreit1
Most of the money lost was people who bought post ICO. I've heard it range
from 7 dollars to 90k dollars. 90% drop in one day is brutal

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huangc10
Unfortunate for all the early investors of Confido. Ink announced on their
blog that they will airdrop Ink tokens for all current Confido token holders
(as of 11/20/17 1:30pm PST). [https://medium.com/@PayWithInk/ink-airdrop-for-
confido-token...](https://medium.com/@PayWithInk/ink-airdrop-for-confido-
token-holders-54340af8d163)

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make3
what does airdrop mean in this context?

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ngan
You get tokens deposited to your address, free. It's one of the cool things
about cryptocurrencies, people can just give you random monies without your
approval.

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nivertech
if the airdropped token is a security token, then it's illegal. And since this
a gray/developing area every token has a high chance of being classified as a
security token.

This also may result in unwanted tax and other liabilities on the receiver's
side.

It's a flaw in Push payments design. Either receiver need to confirm tx or use
a design based on Pull payments.

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hkmurakami
For those wondering before clicking the link, yes this was a ICO round.

