Speculator: ICOs – Irrational, conning and obvious

The internet coin offering (ICO) is a concept that looks like a rip-off wrapped in a mystery. ICOs are the ultimate Ponzi stocks, offering a unique nancial market with minimal supervision for those who want to invest in – or should we say donate to? – high-tech rms with a big burn rate and zero pro ts. It’s almost the perfect launch vehicle for many tech start-ups. Once again, 10 years after the global financial crisis, nearly 20 after the tech bubble burst, the storks are back in full production.