Josh Brown: ICO is a Tool for Fraud

September 22, 2017

Josh Brown: ICO is a Tool for Fraud

Josh Brown, the stock manager, had some harsh words for initial coin offerings (ICO). In his words, this is the funding model where the frauds will take place. Also, Brown has criticized tokens, according to his opinion, tokens do not differ from security papers, but unlike traditional securities sales, there is no regulation here and tokens are exactly related to a concrete platform.

Brown concluded by saying that, from his perspective, overall enthusiasm for the tech or cryptocurrencies in particular shouldn't preclude a degree of skepticism about ICO.

"You may be an optimist and be interested in blockchain and Bitcoin, but don’t be a naive, fanatical moron about ICO. It is my point of view," said the money manager.

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