{"id":442,"date":"2017-08-26T15:57:18","date_gmt":"2017-08-26T15:57:18","guid":{"rendered":"https:\/\/davidgerard.co.uk\/blockchain\/?p=442"},"modified":"2017-09-18T09:59:26","modified_gmt":"2017-09-18T09:59:26","slug":"news-storj-doesnt-work-icos-as-lemon-market-ico-regulation-ico-nutters","status":"publish","type":"post","link":"https:\/\/davidgerard.co.uk\/blockchain\/2017\/08\/26\/news-storj-doesnt-work-icos-as-lemon-market-ico-regulation-ico-nutters\/","title":{"rendered":"News: Storj doesn&#8217;t work, ICOs as lemon market, ICO regulation, ICO nutters"},"content":{"rendered":"<ul>\n<li>You&#8217;ll be pleased to know Storj isn&#8217;t going to lead to cryptocurrency advocates&#8217; illegal porn stashes residing on your computer. <a href=\"https:\/\/shitcoin.com\/storj-not-a-dropbox-killer-1a9f27983d70\">Because it doesn&#8217;t work.<\/a> &#8220;If you\u2019re an investor in Storj I suggest you spend some time with the product.&#8221; The lead developer, bookchin (Gordon Hall) &mdash; who is possibly the <a href=\"https:\/\/news.ycombinator.com\/item?id=15105661\">only person<\/a> who understands how Storj is supposed to work &mdash; <a href=\"https:\/\/www.reddit.com\/r\/storj\/comments\/6llxpn\/so_long_friends\/\">left the project last month<\/a>, describing the work environment as <a href=\"https:\/\/www.reddit.com\/r\/storj\/comments\/6llxpn\/so_long_friends\/djvmfnv\/\">&#8220;toxic&#8221;<\/a> (and didn&#8217;t get any of that ICO money). <a href=\"https:\/\/news.ycombinator.com\/item?id=15105773\">&#8220;if i could rewrite git history for the sole purpose of not being associated with it anymore, i think i would. i think a few of us would.&#8221;<\/a>\n<p><\/p>\n<li><a href=\"https:\/\/medium.com\/@avtarsehra\/icos-and-economics-of-lemon-markets-96638e86b3b2\">ICOs as a lemon market:<\/a> why the quality of ICOs will only get worse and worse. &#8220;In such situations, the last ones left holding the assets are normally the investors acting on medium\/long term horizons, and who may also be least able to afford the losses.&#8221; This is an extract from a marvellous paper, <a href=\"http:\/\/www.allenovery.com\/publications\/en-gb\/Pages\/Economics-of-Initial-Coin-Offerings.aspx\">Economics of Initial Coin Offerings<\/a> by Avtar Sehra, Phil Smith and Phil Gomes that everyone here should go and read now.\n<p><\/p>\n<li>The hazards of crypto reporting: <a href=\"http:\/\/news.8btc.com\/an-ico-investor-threatens-to-kill-all-of-us-at-8btc\">&#8220;a person posted that he spent all of his assets on BTM and promised to kill the CEO and the rest of us at 8btc if BTM disappointed him.&#8221;<\/a>\n<p><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2017\/07\/david-gerard-by-pauline-martindale-225x300.jpg\" alt=\"\" width=\"180\" height=\"240\" class=\"alignright size-medium wp-image-371\" srcset=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2017\/07\/david-gerard-by-pauline-martindale-225x300.jpg 225w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2017\/07\/david-gerard-by-pauline-martindale-768x1024.jpg 768w, https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2017\/07\/david-gerard-by-pauline-martindale.jpg 1800w\" sizes=\"auto, (max-width: 180px) 100vw, 180px\" \/><\/p>\n<li>As the SEC spoke on ICOs in the US, <a href=\"https:\/\/www.scribd.com\/document\/357127766\/Csa-20170824-Cryptocurrency-Offerings\">so too in Canada<\/a>. And in China, which is actually the big news &mdash; remember that most crypto market activity is still in China, and it&#8217;s sufficiently pathological that <a href=\"http:\/\/news.8btc.com\/okcoin-ceo-host-non-public-ico-regulation-meeting-in-beijing\">the <i>exchanges<\/i> are calling for regulation<\/a>.\n<p><\/p>\n<li>Dubai property and bitcoins: <a href=\"https:\/\/twitter.com\/davidgerard\/status\/900875763347488770\">this tweet<\/a> will be a blog post in a week or two, I&#8217;ll be talking to the people involved about the precise details of what this in fact is. Leaving the house and talking to people, in <i>my<\/i> blog? It&#8217;s more likely than you think.\n<\/ul>\n<p>Oh, <a href=\"https:\/\/davidgerard.co.uk\/blockchain\/book\/\">the book<\/a>&#8216;s <a href=\"\/blockchain\/about\/\">about page<\/a> now features a photo of me doing my best to look like a trustworthy person to be talking about money. There&#8217;s a link to a print-sized version too.<\/p>\n<br><br><div align=\"center\"><p><a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\"><img src=\"https:\/\/davidgerard.co.uk\/blockchain\/wp-content\/uploads\/2021\/10\/become_a_patron_button.svg\" alt=\"Become a Patron!\" title=\"Become a Patron!\" width=217 height=51><\/a><br><p style=\"align:center;\" class=\"patreon-badge\"><i>Your subscriptions keep this site going. <a href=\"https:\/\/www.patreon.com\/bePatron?u=8420236\">Sign up today!<\/a><\/i><\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>Storj doesn&#8217;t work and never will. And the hazards of journalism in an area where unbalanced people are dropping their life savings on digital Beanie Babies.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[16,20,19,5,9,6,3,18,17,15],"class_list":["post-442","post","type-post","status-publish","format-standard","hentry","category-uncategorised","tag-avtar-sehra","tag-bookchin","tag-doug-barrowman","tag-dubai","tag-ico","tag-links","tag-michelle-mone","tag-phil-gomes","tag-phil-smith","tag-storj"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/comments?post=442"}],"version-history":[{"count":18,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/442\/revisions"}],"predecessor-version":[{"id":1024,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/posts\/442\/revisions\/1024"}],"wp:attachment":[{"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/media?parent=442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/categories?post=442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/davidgerard.co.uk\/blockchain\/wp-json\/wp\/v2\/tags?post=442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}