Submitted via IRC for AndyTheAbsurd
Wu-Tang Clan rapper Ghostface Killah has co-founded a cryptocurrency firm and hopes to raise $30 million during its initial coin offering, according to a CNBC report Wednesday.
Killah's firm, Cream Capital, apparently takes its name from Wu-Tang Clan's 1993 classic song "C.R.E.A.M." But instead of standing for "Cash rules everything around me," the acronym this time represents the trademarked Crypto Rules Everything Around Me, Cream Capital Chief Executive Brett Westbrook told CNBC.
The burgeoning market for cryptocurrencies, which has grown so quickly that one bitcoin was worth more than an ounce of gold in March, has seen digital currency entrepreneurs flocking to ICOs to create and sell digital tokens to investors, who include celebs such as Paris Hilton.
Still, regulators aren't taking to ICOs well. The practice, which Bloomberg said netted $1.6 billion in the last year, has prompted security concerns from the US Securities and Exchange Commission.
I hear the Wu-Tang clan ain't nothing to &$@^%*[NO CARRIER]
Source: https://www.cnet.com/news/wu-tang-clans-ghostface-launches-cryptocurrency-firm/
(Score: 2) by Fluffeh on Monday October 09 2017, @02:29AM
If a token is always worth 1 USD, then what is the purpose of speculating on this - I don't even see why anyone would put money into it?
So, I put my hard earned dollars into this currency... and get what benefit? I have the same number of tokens as dollars I put in, except I can't really use them anywhere it seems? At least in other cryptos there is the concept that when you hold onto some of it, it could go up in value and therefore provide some return on your investment?