The Initial Troll Offering

There is now a crowdfunded Initial Coin Offering  to respond to the open letter published in the Wall Street Journal by Interactive Brokers.

If you recall, the IB letter claimed that Bitcoin valuation had no relation to reality.

Now, the crowdfunding effort is trying to raise 44.03 Bitcoins for a ” fundraising campaign for ridiculous and fun concepts involving the trolling of institutions with Bitcoin.”

The idea is to troll IB and others (like JP Morgan head Jamie Dimon) who denounce Bitcoin.

They first want to buy a full page advertisement in the Wall Street Journal which they claim will cost about $350,000.  Here’s  the investment plan: “If you participate, you will not get your money back. Unless we fail. Then you will get your money back. If we succeed, we’ll get the Bitcoin Wizard into the Wall Street Journal.”

(Clearly, no endorsement intended).

https://www.btcwizard.fund/

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Crowdfunding Site Sued For Complicity In Harassment

Subscription crowdfunding portal Patreon is being sued for $20 million for failing to enforce its terms of service.

George Ouzounian, whose internet name is “Maddox,” and Jane Doe, a woman thought to be his former girlfriend, claim that a former business partner (“Dick Masterson” – not his real name) have been “doxxing” them on the Patreon site and on Masterson’s site which is funded through Patreon.

Doxxing is the art of online harassment and threat.

Ouzounian claims that he notified Patreon about this several times and Patreon did nothing to stop it.

Query whether Patreon has insurance to cover this litigation which is apparently a new type of claim against a crowdfunding web portal?

https://siliconangle.com/blog/2017/11/16/patreon-sued-allegations-complicit-harassment-failing-act/

Posted in accredited investor, balance, checkbook, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Film, fraud, Funding Portals, Investments, Jobs, Legislative Intent, Small Business, technology | Tagged , , , , , , , , , , , , , , , , , , | Leave a comment

Broker Objects To Bitcoin Futures

Crowdfunded Initial Coin Offerings (ICOs) have now surpassed early stage venture capital investments.

CNBC reports: “In 2017, there has been 92 ICOs which collectively have raised $1.25 billion.”

The Chicago Mercantile Exchange stated that Bitcoin futures will begin to trade in December.

However, in a full page advertisement in today’s Wall Street Journal, the internet brokerage firm InteractiveBrokers wrote an open letter to the Commodities Futures Trading Commission stating that it objects to clearing crypto currency futures in the same clearing system with other products because “there is no fundamental basis for the valuation of Bitcoin…(and) there is little relationship to any economic circumstance or reality in the real world.”

 

 

Posted in accredited investor, balance, Banking, Broker dealers, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, fraud, Funding Portals, Investments, Jobs, Legislative Intent, review, technology, VC, Wall Street | Tagged , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Worst Crowdfunding Reward: A Hug?

Crowdfunding rewards have run from a cool new high tech product to a DVD of a horror film.

But those who 4,765 backers who donated $661,452 to the Kickstarter campaign for the Marina Abramovic Institute for the Preservation of Performance Art (MAI) in Hudson, New York, will have to make do with the hug she gave you.

That is, only if you turned out at the Kickstarter headquarters in Brooklyn, New York, when she spent 3.5 hours paying back her loyal fans with an arty embrace.

She has scrapped the $31 million project and the $2.2 million raised was spent solely on schematics and a model by the famous architect Rem Koolhaas.

As the Kickstarter spokesperson said: ““It’s not unusual for creative projects to change direction over time, or to not work out at all…”

https://hyperallergic.com/411422/marina-abramovic-institute-money/

Posted in accredited investor, balance, Charity, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Film, Funding Portals, Investments, Jobs, Legislative Intent, review, SEC, Small Business | Tagged , , , , , , , , , , , , , , , , , | Leave a comment

UK Campaign To Stop Arms Sales Crowdfunding Court Fees

The British Campaign Against Arms Trade (CAAT)is crowdfunding to pay court ordered fees.

Not to be outdone by the United States, the United Kingdom has authorized and shipped £4.6 billion in missiles and bombs to Saudi Arabia for its proxy war in Yemen against the Houthis who are backed by Iran.

CAAT has filed suit in UK courts to stop the arms sales but has recently lost the case and is now appealing.

It’s reported that “CAAT has already been ordered to pay £40,000 in court fees, and has applied for the costs of the appeal to be capped at a further £30,000, but as yet has no guarantee that the associated costs will not be even higher than this.”

CAAT believes that a majority of the British population agrees with its cause.

http://www.ekklesia.co.uk/node/24609

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Charity Crowdfunding Trends

YouCaring, one of the charity crowdfunding web portals, published a survey with some interesting statistics, including:

  • DC, CO, MA, WA, CA and NY are the most generous states donating the largest amount per household;
  • women are two times more likely than men to donate but when men donate, they donate larger sums; and
  • trending causes included gender re-assignment up 78% year over year, fertility treatment 36.5% and social justice 34%.

But campaigns for medical expenses lead the pack and continue to grow. (A nod towards the need for better health insurance coverage, perhaps?)

https://www.prnewswire.com/news-releases/youcaring-launches-first-state-of-compassion-report-analyzing-geographic-and-demographic-trends-in-us-crowdfunding-300552298.html

Posted in accredited investor, balance, Charity, checkbook, Congress, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, Funding Portals, Investments, Jobs, Legislative Intent, Small Business, technology | Tagged , , , , , , , , , , , , , , , | Leave a comment