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).

About JeffKoeppel

I am a corporate/securities attorney in the Washington, DC area. Prior to joining the firm, I was a Senior Attorney Advisor in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. I am a member of the Bars of the States of Maryland, New York and the District of Columbia. You can also follow this blog on LinkedIn at:
This entry was posted in accredited investor, balance, Banking, Broker dealers, checkbook, Crowd Fund Act, Crowd Fund Act of 2012, Crowd Funding At the Margins, Crowd Funding Platforms, fraud, Funding Portals, Investments, Legislative Intent, SEC, technology, VC, Venture Capital, Wall Street and tagged , , , , , , , , , , , , , , , , , . Bookmark the permalink.

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