Are ICOs Are ‘Attracting the Wrong People’?

CoinDesk reported on comments about BitCoin and ICOs by Joi Ito, MIT Media Lab Director

Ito told the crowd:

“The problem is we’re creating a system where people can pump or dump and speculate. Anyone who has issued an ICO needs to sit down and meditate: are you making society better? Or are you making money unfairly?”

In contrast, Ito framed the “whole point” of cryptocurrency as being about using technology to prevent the societal ills he believes have resulted from economies defined by government-issued currencies and the financial institutions necessary for their use.

He included what he’d like to see:

Ito espoused the idea that cryptocurrencies should think more about their intent than their value, with one of his examples focusing positively on the insular economies of online role-playing games as an example of how restrictions can heighten an asset’s worth.

And clearly feels Bitcoin is doing thingsĀ right while ICOs are missing the point:

“We haven’t won the battle yet. [But] I think the thing that is interesting is that Bitcoin Core has substantially more brain fire power than any of the other networks.”