This week we selected these three stories that matter in The Blockchain Economy:
Story 1: Don’t send money because you read about a hot ICO on Twitter
Scammers are using Ethereum spam bots to post thousands of tweets in hope of catching somebody naive enough to send some money.
Anything free tends to be used for spam. Spam works on really low conversion rates, because with free who cares? If email or social media cost even a micro amount we would have no spam. Something that can get some people to send money online – cryptocurrencies – is bound to attract the scammers and spammers. Preventing this requires action by Twitter and they are trying to figure it out. Along with Facebook, LinkedIn and all social media, Twitter are trying to tread a fine line between being censorship free and allowing bad actors to use their network. Don’t expect a solution any time soon and expect more spam and scam.
Story 2: SEC gets a laugh by creating a scam coin.
Continuing our scamwatch this week. In its latest effort to fend off cryptocurrency scams, the Securities and Exchange Commission (the SEC in America) launched its own fake initial coin offering website today called the Howey Coin to warn people against fraudulent cryptocurrencies. The name refers to the Howey Test that the SEC uses to determine whether an investment is a security (in which case the SEC can regulate it).
The great comedian, John Cleese, also had an education business. When asked about the connection between the two he replied along the lines that when we laugh is when we open our minds to something new. So this was a clever EAU (Education Awareness Understanding) move by the SEC to promote their broad interpretation of what constitutes a security.
Story 3: HTML5 and Blockchain get married – in a casino.
HTML5 and Blockchain are a “marriage made in heaven”. If you want to build a service that works equally well on a PC and a mobile device with a single code set, you use HTML5. With time to market and lack of developers being top of mind for Blockchain entrepreneurs, this combination was only a matter of time.
The company seizing the day is Egret Technologies, HTML5 specialists, and they are launching this in the gaming market, which has always been a leader in technology adoption.