<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><meta http-equiv=Content-Type content="text/html; charset=utf-8"><meta name=Generator content="Microsoft Word 15 (filtered medium)"><style><!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:"Calibri",sans-serif;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:blue;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:purple;
text-decoration:underline;}
p.msonormal0, li.msonormal0, div.msonormal0
{mso-style-name:msonormal;
mso-margin-top-alt:auto;
margin-right:0in;
mso-margin-bottom-alt:auto;
margin-left:0in;
font-size:11.0pt;
font-family:"Calibri",sans-serif;}
span.EmailStyle18
{mso-style-type:personal-reply;
font-family:"Calibri",sans-serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-family:"Calibri",sans-serif;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b>From:</b> extropy-chat [mailto:extropy-chat-bounces@lists.extropy.org] <b>On Behalf Of </b>Stathis Papaioannou<br><b>Sent:</b> Tuesday, November 28, 2017 11:53 PM<br><b>To:</b> ExI chat list <extropy-chat@lists.extropy.org><br><b>Subject:</b> Re: [ExI] Initial Coin Offerings Horrify a Former S.E.C. Regulator<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal>On 29 November 2017 at 16:46, Adrian Tymes <<a href="mailto:atymes@gmail.com" target="_blank">atymes@gmail.com</a>> wrote:<o:p></o:p></p><blockquote style='border:none;border-left:solid #CCCCCC 1.0pt;padding:0in 0in 0in 6.0pt;margin-left:4.8pt;margin-right:0in'><p class=MsoNormal><a href="https://www.nytimes.com/2017/11/26/business/initial-coin-offering-critic.html" target="_blank">https://www.nytimes.com/2017/11/26/business/initial-coin-offering-critic.html</a><br><br>Jeff, and anyone else involved in ICOs: your thoughts?<o:p></o:p></p></blockquote><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>>>…There are no rules at all. The underlying projects are often very vaguely described, there is often little prospect for profit even if the project succeeds, and even if there is profit the holders of the coins are not usually entitled to any of it. <br>-- <o:p></o:p></p></div></div><div><p class=MsoNormal>Stathis Papaioannou<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>It’s 1999 again!<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>spike<o:p></o:p></p></div></div></div></div></body></html>