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The SEC Created Its Own Scammy ICO To Teach Investors a Lesson ( 74

In its latest effort to fend off cryptocurrency scams, the Securities and Exchange Commission launched its own fake initial coin offering website today called the Howey Coin to warn people against fraudulent cryptocurrencies. From a report: The name is a tongue-in-cheek reference to the Howey Test that the SEC uses to determine whether an investment is a security, which the Commission would therefore have legal jurisdiction over. Click 'Buy Coins Now' on the Howey Coins site and you'll be redirected to an SEC page that states: "We created the bogus site as an educational tool to alert investors to possible fraud involving digital assets like crypto-currencies and coin offerings." It even has a white paper [PDF].

The SEC Created Its Own Scammy ICO To Teach Investors a Lesson

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  • by 110010001000 ( 697113 ) on Wednesday May 16, 2018 @03:34PM (#56622340) Homepage Journal
    Where do I send my money?
  • Site is taking forever to load.

  • by sexconker ( 1179573 ) on Wednesday May 16, 2018 @03:35PM (#56622352)

    This guy's arm just came off!

    And THAT'S why... you don't invest in fucking scam coins.

  • I nearly died laughing. That fake white paper is a nice touch, too.
  • This is going to result in clicks that aren't from people who bought into the site wanting to buy coins. That's a bunch of bogus data and hits artificially supporting the SEC's stand. Just watch, later they'll come out with numbers for how many people tried to buy coins from their bogus ICO site and almost all the hits will be from people rubbernecking after reading an article such as this.
    • so far nearly all ICO's are one kind of scam or another, or at best a really REALLY bad investment. sadly people are ignoring this and stil being dumb shits and buying into ICO's, this sort of site regardless of the data collected will probably create some much needed publicity. Though anyone dumb enough to fall for an ICO at this point in time thoroughly deserves to be parted with their money.
      • The bad thing is that there is such a thing as a legitimate ICO. If I discover/invent some new breakthrough in how a cryptocurrency works and develop a genuinely novel solution based on it an ICO would be a valid way to launch it.

        Unfortunately, creating yet another coin that is simply using the ethereum blockchain is what almost all of these ICOs are doing. I don't think that is necessarily a scam but I'd agree it is a horrible investment.
  • SEC can go screw itself. It wants to be in charge but needs to stay with securities instead of trying to label software technology securities and rule it. It has its own domain.. just because it wants its cut doesn't mean we should hand it over.
  • So, does this mean I can't buy any??

  • by Anonymous Coward

    Are (any) fiat-currency and (any) cryptocurrency really equivalent, as cryptocurrency fans claim?
    For example, US Dollar and Bitcoin are really equals?
    Value/validity/authorization of US dollar is provided/guaranteed by US Government (and in-turn whole US Public)!
    Also, not to mention, US Dollars in any US Bank is insured by US Government!
    What authorization/guarantee/insurance is behind Bitcoin? Nothing!
    Sorry but that is the end of discussion then!

    Why do you think Satoshi Nakamoto is really hiding his identity

  • by Tough Love ( 215404 ) on Wednesday May 16, 2018 @05:32PM (#56623064)

    An SEC page? Doesn't sit right. Personally, I pronounce it "sehk", so "a SEC page". Tough one.

  • I can't help but think that people who fall for this are going to learn two lessons, and one of them is socially destructive.

System checkpoint complete.