So cryptocurrency is the new Gold Rush. As the story goes, the only people who reliably made money during the original gold rush was the people who sold the spades.
What are the "spades" here?
What are the "spades" here?
These and basically anyone supplying them like voltage suppliers (Vicor) or even the more basic materials like silicon wafers (Shin-Etsu Chemical).
Once the house comes crashing down, it will be the same people who scoop up the coins back even at lower prices. Because of their belief in the coins unlike others who are just chasing cryptocurrency for the "1000%+ rise".
They're raising ridiculous amounts of money on completely unproven markets, with unproven teams. These are mostly teams that would struggle to raise a tenth of that money with a traditional VC where they'd have to be accountable for their product.
These ICO raises need to be huge since selling X00m of ETH or BTC moves the price... its absolute madness.
I.e. the spades are the ICO scams.
At least quite many companies seem to be offering this kind of "ICO service" products - essentially they setup the ICO tools etc for you, help with converting the collected funds to dollars, etc.