MIT Media Lab Director: ICOs Are ‘Attracting the Wrong People’

One of the people most responsible for the creation of a dedicated cryptocurrency research effort at a major U.S. university is speaking out against initial coin offerings (ICOs).

Addressing attendees on day two of the Scaling Bitcoin conference at Stanford University, Joi Ito, director of MIT’s Media Lab, gave an impassioned talk about complex systems that sought to encourage thinking on the larger, societal impacts bitcoin could have, one that pushed back that these motivations should be purely economic.

Extending this criticism, Ito took aim at ICOs, or sales in which newly created cryptocurrencies are offered to buyers as a way to bootstrap open-source protocols, going so far as to state that those who engage in the practice are stealing money from an under-educated public.

Ito told the crowd: […]

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