iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
16,724 Blog Posts

Former Art Advisor Turned Crypto Guru Seeks to Raise $100 Million Fund to Buy ICOs

For those of you unfamiliar with what an ICO is, I recommend you read one my previous missives on the subject.

In short, they are scams built on top of scams that are scams.

However, just like in previous bubbles and scams, at least before the bubble popped, there are winners. Back in the dot com bubble, I got rich, until I lost most of my money in the 2001 meltdown.

Jehan Chu, a former art advisor in posh Hong Kong, made a fortune investing in Bitcoins — starting off in 2013. He made so much money, he quit his job and is now seeking to raise $100 million to invest in ICOs.

If you’re worried about the speculative nature of investing in an ‘asset’ that does not have voting rights, ownership in the entity, regulated by anyone outside Github and Reddit forums, don’t worry. Mr. Chu said he ‘isn’t interested in speculation’ and will only buy coins with strong funds and potential.

How nice.

To br clear, this isn’t speculation.

Source: BBG

“When we make a call for what we think is a good investment, it’s not because we think it’s a speculative play,” Chu said in an interview in Hong Kong. “It’s because we’re looking at the fundamentals based on years of experience.”

His pitch.

“We have a different level of access to tokens than the average person off the street,” Chu said. “We have relationships and we add value to these teams and these businesses and companies that we’re committed to longer term.”

Presently, the cryptocurrency market is valued at $152 billion, a new record. Most of the gains are found in Ethereum backed ICOs — as evidenced by Bitcoin’s 45% dominance in the entire cap.

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13 comments

  1. vale

    How can I stop all the embedded videos on this site from starting to play automatically.
    I’m often on the road with an air card, and they’re just using up data for something I don’t want to watch … and they are annoying … just like the pop up ads

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  2. doughjadank

    This fad is so stupid. The average person is so computer illiterate I doubt they even understand the purpose of the blockchain, let alone the “value” of any of these scamcoins.

    Luckily the average person cant figure out how to convert their USD into BTC so they can then buy ETH or SHIT or whatever. And of course when BTC slows to a crawl and people with large holdings decide they need to cash out (covert back into spendable money USD), the liquidity trap is going to be set.

    Dumb shit going on all in the name of anarchy.

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  3. sarcrilege

    Exits will be too small when people start voting with their feet in the crypto-token circus. These tokens are practically worthless to buy anything useless with them in daily lives.

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    • ironturd

      Only thing with real value is physical bitcoin, buy it and store it deep in the marshes by the old family shack Uncle Job used for fishin

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  4. joseph25

    I strongly suggest anyone wanting to enter this funnel to read,
    Extraordinary Popular Delusions and the Madness of Crowds.
    If people read anymore. “Prolly not”.

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  5. aflow90

    What I’ve learned from this article, is that despite being a rather intelligent person, Dr. Fly has no clue what the real value in crypto is.

    Nor does it appear that you have made any real effort to educate yourself.

    Blockchain-based transaction verification is structurally anonymous and completely outside the auspices of the “globalist/leftist/yaddayaddattheytookourjobs” forces you all decry on here daily.

    I would think this crowd, of ALL crowds, would be able to see value in that. Get with the times my man.

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    • Dr. Fly

      I am not diminishing the value of the blockchain, you blockhead. I am, however, telling you that DOGCOIN isn’t worth $150m and Reggie Middleton’s VERI coin isn’t worth $300m, as much as I like the guy.

      No one said the internet was a bad idea in 2000. There were market dislocations in the market at the time that ended up in disaster. The same will happen here.

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      • aflow90

        You’re not diminishing blockchain tech by referring to crypto as “scams built on scams?” That’s pretty contradictory.

        I agree that the fringe coins are in a bubble. BTC may very well retrace 50% from here. I simply take issue with your across-the-board dismissal of crypto’s legitimacy as currency. Every criticism you’ve levied against it, save for regulation, could also be said of USD or any other fiat currency.

        Crypto will be around in 10 years. Certainly not all these ICOs, but one or two will persist through to legitimacy.

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        • Raul3

          Just like the dot com bubble. There’s whispers my city is forming it’s own crypto ….this could be a most interesting turn of events against the establishment force known as Dan’d Gill

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          • sarcrilege

            Until we can buy a carton of milk and bag of diapers anytime and anywhere with crypto-tokens, they always will be nothing more than tulip bulbs. And sure, we still like tulips in our gardens and they are nice and valuable but can you buy a carton of milk and bag of diapers anytime and anywhere with tulip bulbs? I can’t.

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  6. roundwego

    What’s the longest us government shut down? I say trump will break it.

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