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: 1, Funny) by Anonymous Coward on Sunday October 08 2017, @01:37PM (1 child)
... decentralized cryptos with pre-mine were still considered risky and not worth speculating in. Now we have semi-decentralized "ICOs", 100% pre-mined promises that some day it will be something with value. All the things cryptos were supposed to fix/workaround, now nicely packed in a speculation vehicle.
(Score: 0) by Anonymous Coward on Monday October 09 2017, @04:47AM
Agreed. I'm optimistic about and a fan of the the idea cryptocurrency, but unfortunately the success of a few have caused a lot of people to think that as long as it's a digital currency it will make you rich if you buy in.
I don't know what this is about. I have mad respect for Wu-Tang members as artists but I'm afraid to read the details because I can't imagine it being anything but a bucket of bad ideas.
(Score: 0) by Anonymous Coward on Sunday October 08 2017, @01:39PM (2 children)
So, why should I care? What does it do? And how does it fix something that other attempts failed?
Expected that info in a summary... instead of where it's fancy name comes from.
(Score: 0) by Anonymous Coward on Sunday October 08 2017, @06:04PM (1 child)
I guess they are going to attempt pegging it to the dollar:
http://creamcapital.io/token-ecosystem/ [creamcapital.io]
I don't see how this could possibly work... how is "one dollar worth of ether" determined?
(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?
(Score: 5, Insightful) by Geezer on Sunday October 08 2017, @01:48PM
Charles Ponzi is calling.
(Score: 3, Funny) by looorg on Sunday October 08 2017, @02:24PM (2 children)
Oh so in about 2.5 years you are going to own half the market, a market that doesn't really seem to exist at the moment. Sure. OK. Sounds legit. Still open tho is the question of what I can buy for these creamcoins? Is it just for buying Wu Tang music or is it going to be mostly for drugs and stuff like the other CCs? But then considering how he looks like some 60's pimp I'm left to wonder if his coins are meant to be used to pay for hoes and their services.
(Score: 0) by Anonymous Coward on Sunday October 08 2017, @03:37PM
Other coins are trying the same... for already a longer time than their expected 3 years. Yeah, good luck with that.
(Score: 4, Funny) by Gaaark on Sunday October 08 2017, @03:43PM
You use Wu Tang coins for buying Poontang.
(You will also get crypto-crabs: while supplies last!)
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---
(Score: 0) by Anonymous Coward on Sunday October 08 2017, @05:00PM
My favorite is their 1980's hit, "Dance Hall Days."
(Score: 2) by arslan on Sunday October 08 2017, @11:36PM
Laugh and mock all we want but these folks are cashing in on an unregulated scheme. At some point it will all explode and the regulator's (at the behest of politicians) response will be we need a back door to this crypto shit which is yet another thinly veiled attempt to erode your privacy and there's naught to stop them because bubble!