Vitaliks cure for the ICO Virus

There seems to be a new ICO being announced every day, "thiscoin", "thatcoin", "check out our unoriginal blockchain use-case". It’s a mess out there and it's spreading like a virus with no cure in sight. However, we may have a saviour and yes you guessed it that saviour is the father of Ethereum himself Vitalik Buterin.

Vitalik alongside Jason Teutsch creator of TrueBit released a whitepaper introducing a bold concept which they have named "Interactive Coin Offerings" It's purpose help with the issue of price evaluations of a new coin. Their strategy comes in two parts: Firstly they suggest that no limits should be set on the amount of money an ICO can raise; I know that sounds crazy and sounds like it would just increase the amount of people creating ICO's but here's the method behind the madness. ICO's usually play on a major human psychological weakness, FOMO (Fear Of Missing Out), a lot of them put a limit on the amount they want to raise and act like the coins will sell out fast "so you better hurry and come get some". This method also addresses the issue of large investors buying up the majority of coins in a limited supply.

The second method is just as crazy and bold as the last (depending on your point of view): Allowing people to pull out of an ICO and get their money back "potential buyers may enter and exit the crowd sale based on behaviours of other buyers, and in doing so tend the valuation towards a market equilibrium”.

Both parts of this strategy would need to be implemented to work, each ICO would have a set time period in which you could buy in or change your mind, but when the currency goes live you would no longer be able to get tour money back.

This is a radical Idea but I believe something radical is needed to shake things up and clean up this ICO mess without some type of tight regulation that would bottleneck the crypto world.

You can read the full whitepaper here-- > https://people.cs.uchicago.edu/~teutsch/papers/ico.pdf