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posted by Fnord666 on Monday August 07 2017, @03:39AM   Printer-friendly
from the monkey-business dept.

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.



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  • (Score: 4, Interesting) by Mykl on Monday August 07 2017, @05:37AM (1 child)

    by Mykl (1112) on Monday August 07 2017, @05:37AM (#549781)

    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.

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  • (Score: 2) by aristarchus on Monday August 07 2017, @06:52AM

    by aristarchus (2645) on Monday August 07 2017, @06:52AM (#549804) Journal

    Well, "currency" derives from the Latin "currō", 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.