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ICOs [Initial Coin Offerings] are becoming so hot that one issuer has been able to sell options prior to the funding round. Monkey Capital, a decentralised hedge fund that invests in SpaceX supply contracts, hostile public company takeovers and Blockchain systems, while simultaneously speculating on large blocks of Crypto, made history Thursday by becoming the first ICO to successfully sell options.
The options, called COEVAL, trade on Waves Decentralised Exchange (DEX), and did robust business out of the gate during a discussion in which Monkey Capital's CEO talked to hundreds of investors in the company's Slack about valuation premiums.
[...] Earlier in the week, Huffington Post labelled Monkey Capital's ICO "the billion dollar baboon" with senior writer Azeem Khan reporting that "chat rooms already have the offering pegged to raise a billion dollars or more, becoming the first ever 10-digit sum raised in a crowdfunding campaign."
[...] On July 15, Monkey Capital will launch its ICO when buyers will have a chance to subscribe for Monkey (MNY). Some months ago however, the management team distributed tokens called COEVAL out to friends and family, as well as "hot girls" according to Harrison.
Source: Coinspeaker.com
Previously:
https://soylentnews.org/article.pl?sid=17/07/27/1640225
https://soylentnews.org/article.pl?sid=17/07/20/1430212
https://soylentnews.org/article.pl?sid=17/07/19/0123201
(Score: 4, Interesting) by Mykl on Monday August 07 2017, @05:37AM (1 child)
It seems crazy to me that people are throwing real money into options to create a virtual currency with absolutely no backing whatsoever (asset or government based).
How many virtual currencies can the market actually bear?
But then, what would I know? I still don't get why Bitcoin keeps going up.
(Score: 2) by aristarchus on Monday August 07 2017, @06:52AM
Well, "currency" derives from the Latin "currÅ", meaning to run. So how solid your currency is depends on one of two things: how fast the money "runs" through the economy (principle of check-kiting, when practiced by private individuals), or how fast you can run when the the "mark" realizes you just pawned off a bunch of worthless numbers on them.
(Score: 2) by maxwell demon on Monday August 07 2017, @07:26AM (3 children)
From the name of the hedge fund, I get only monkeys would give their capital to them. ;-)
The Tao of math: The numbers you can count are not the real numbers.
(Score: 2) by inertnet on Monday August 07 2017, @08:30AM
Maybe they have a monster key that allows them to steal all that capital?
(Score: 0) by Anonymous Coward on Monday August 07 2017, @02:52PM
The only capital company name I have liked is "Lowercase Capital."
https://lowercasecapital.com/ [lowercasecapital.com]
(Score: 0) by Anonymous Coward on Wednesday August 09 2017, @12:58AM
Even worthless penny stocks have options. Doesn't really say anything about the value of the stock.
(Score: 2, Informative) by corey on Monday August 07 2017, @10:08AM (3 children)
I honestly don't understand what TFS just said.
(Score: 0) by Anonymous Coward on Monday August 07 2017, @01:17PM
While the language may be hard to follow, I think the summary is simple -- speculators are going to speculate, and some will lose while most likely the big money will win. Or in even simpler terms, gamblers will always be able to find some place to gamble, and this is just another option(sorry) for them.
(Score: 0) by Anonymous Coward on Monday August 07 2017, @08:51PM
that, and that the hedge fund used Slack to talk to people.
most real people I know refuse to use Slack because of reasons like lack of control and subscriptions and stuff.
but i guess not everyone out there knows how to set up an xmpp server and open ports and stuff. that requires an expert good with wizards.
anyway it just makes me think the place is a scam due to having the ceo or other 'high ranking people' throwing money away... to talk about investments in figurative concepts about values. i guess, though, they dont need to outsource some role to India to get chat working if they just pay some slacker to do it i guess.
(Score: 0) by Anonymous Coward on Thursday August 10 2017, @07:36AM
Don't worry: the guy who is managing your assets doesn't either.
Do worry: Still he buys all these wonderful new complex things, with your money.
(Score: 2) by darkfeline on Tuesday August 08 2017, @03:30AM
Clearly, the next step is selling options for options. Cryptocurrency is a bigger speculation market than stocks.
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