Check out this New York Times article on the pretty incredible developments in the land of cryptocurrencies. The article focuses on the explosion in so-call Initial Coin Offerings or ICOs.
"The pitch is that once the products are up and running, the currencies — with names like BAT, Mysterium and Siacoin — will be redeemable for services like data storage or anonymous internet access, and could appreciate in value in the meantime.
Known as initial coin offerings, this latest twist in online fund-raising has made it easier than ever for entrepreneurs to raise large sums of money without dealing with the hassles of regulators, investor protections or accountants.
Since the beginning of the year, 65 projects have raised $522 million in these offerings, according to Smith & Crown, a research firm focused on the new industry."
“It’s very Wild West,” he said. “It’s very easy to get into a situation where you can send things to a scammer very easily, and there is no recourse for it. That’s kind of the beauty of it, too.”