Tag Archives: Risks

Rookie crypto investors look past risks, flock to London show
March 12, 2018 6:01 pm|Comments (0)

LONDON (Reuters) – Dozens of stallholders, pitching anything from a happy retirement to commercial property to the future of electronics, set up shop in central London last weekend to pitch their wares.

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. REUTERS/Dado Ruvic/Illustration

The companies and their salesmen were not there to part ways with the actual product, however. They just wanted to encourage buying into the digital coin craze that is raising billions of dollars.

At what organizers claimed to be Britain’s first large-scale “Crypto Investor Show”, attendees were looking to get in on the next initial coin offering (ICO).

The talk of Silicon Valley, ICOs are a mostly unregulated funding mechanism for start-ups to raise capital by creating and then issuing their own virtual coins or tokens. Last year, they raised a record sum as interest in cryptocurrencies like bitcoin surged.

“I came here to learn about ICOs. You have to do your research, but I would invest, it’s the upcoming thing,” said 30-year-old Shahzad Anwar, who installs electric charging points and had traveled down from the central England town of Solihull with his brother to attend.

“To me, stocks and shares and bonds are over, they are done,” he said, as attendees listened to a pitch at a nearby stall for an ICO wanting to raise tens of millions of dollars to build and race a supercar. Another promised to build a network of rest homes for the elderly.

Regulators say ICOs are highly speculative and investors should be prepared to lose everything. Unlike stocks, most ICOs do not confer ownership rights in the underlying business, just the possibility that the tokens will be worth more in future.

Supporters say ICOs are revolutionizing the capital-raising industry, a crowdfunding alternative that gives ordinary people the chance to invest in start-ups, normally the preserve of the venture capitalist elite.

From circulating on tiny online chatrooms a few years ago, cryptocurrencies and ICOs have moved to the mainstream, with public advertising common.

Some companies have pushed back, however. Facebook said it would ban all crypto adverts because of the risks to investors. Twitter said it was taking measures to prevent cryptocurrency-related accounts from running scams on its platform.

GENERAL PUBLIC

London regularly hosts conferences on blockchain, the technology underpinning cryptocurrencies, where tech wizards exchange ideas, but the London show was geared towards the general public as well as experts.

The crowds arrived, some families for a day out, touring the stalls and listening to panelists. As well as marketing, there were sessions that discussed the risks.

Several attendees who worked in the industry said they were disappointed with the ICOs on offer, with staff hired for the day to hand out flyers and with little understanding of blockchain technology, or if it was even relevant to their idea.

“Don’t fall for some of the marketing out there … [You have to ask] is it actually solving a problem or is it just making one up?” said Linda Leaney at Globcoin, which claims to be a stable cryptocurrency backed by global currencies and gold.

One Leeds-based company, offering a token backed by commercial property, crypto trading and the founder’s online discount shopping platform, said it had raised $ 4 million in seed investment, and was targeting $ 10 million, with bonus tokens and referral awards for attendees that emailed their details.

Nearby, one programmer and salesman after another took to a small stage to explain their business. No company promised anyone a specific financial return, and aside from the price of each token and early-bird discounts, they stuck to talking up their product.

Sam Smit, a 34-year-old electronics engineer from Horsham in southern England, is a self-styled “dirty flipper” – someone who buys a token at the pre-ICO stage before token sales are opened to the general public, then sells them when they begin trading on an exchange.

“Have you seen `Wolf of Wall Street’? This is the same, pump and dump!” he said, referring to the 2013 film about the stock broker and convicted fraudster Jordan Belfort.

“People here are illiterate idiots. Often after the pre-ICO stage, it’s already too late to buy,” he said – while admitting that he had lost around $ 400,000 in January when cryptocurrency prices slumped.

Editing by Sujata Rao, Larry King

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In 6 Words, Elon Musk Explained Why So Many People Are Afraid to Take Risks and Achieve Greatness
January 3, 2018 6:00 am|Comments (0)

This series examines the stories behind some of the best inspiring quotes of all time. Check out the full list: the best inspirational quotes for 2018.

The most powerful threat to greatness isn’t evil. It’s mediocrity.

Of all the colorful ways to articulate that truth, one of the best is what Elon Musk told Chris Anderson of Wired magazine, back in 2012.

They were talking about Musk’s space exploration company, SpaceX, which grew out of Musk’s “crazy idea to spur the national will” to travel to Mars–by first sending a private rocket to the red planet.

He tried to to slash the cost of his quixotic dream by buying Cold War Russian missiles to turn into interplanetary rockets. While negotiating that deal, he realized that it wasn’t lack of “national will” that held the U.S. back from exploring space.

Instead, it was a lack of affordable technology–and the high cost, he told Anderson, was the result of some “pretty silly things” in the aerospace industry, like using legacy rocket technology from the 1960s. 

Anderson: I’ve heard that the attitude is essentially that you can’t fly a component that hasn’t already flown.

Musk: Right, which is obviously a catch-22, right? There should be a Groucho Marx joke about that. So, yeah, there’s a tremendous bias against taking risks. Everyone is trying to optimize their ass-covering.

That’s the quote that I liked so much, especially those last six words: a “bias against risk,” because everyone is “trying to optimize their ass-covering.”

It’s funny–but also poignant. And, of course, it applies to a lot more than space exploration.

It applies to the vast majority of successful companies that get stuck producing legacy products–because they can’t risk that innovation might upset their own profit models.

It applies to the service providers that make a mockery of the word “service” (say for example, big airlines and utility companies)–because cost-cutting with crappy service maximizes shareholder value.

It applies also to temptations in our personal lives, and in the lives of those around us.

Think of the colleagues you know who hold onto uninspiring jobs for fear of going after the careers or entrepreneurial dreams they really want.

Or think of the friend you might have (I think most of us do), who stays in a lousy relationship because he or she is more afraid of being alone than of living with less than they deserve.

We’re all a little bit afraid of risk. Yet, each day represents a new chance and a new beginning. At the start of the year, that sense is especially acute. 

And sometimes we need a little inspiration to take the leap.

Whatever is the thing you’re afraid of trying–a new business, a new adventure, a new relationship–maybe now is the time to give it a try.

Cast aside your risk aversion. Be uncomfortable for a while as you try something new. Accept the chance that you’ll fail.

Don’t optimize your ass-covering. Instead, optimize your opportunities. And find your own mission to Mars.

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Look hard at the risks involved before leaping into the cloud
July 31, 2016 9:25 am|Comments (0)

Cloud computing” has been an information technology darling since it became increasingly widespread over the past decade. Offering more flexible …

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Week in Review: Risks of DX Failure + Hope for AI in Workplace
April 3, 2016 7:45 pm|Comments (0)

Steep Cost of Digital Experience Failure You can try to spin failure as a learning opportunity. But when it comes to digital experience, the data shows that disappointing your customers has a brutal cost. Read more. Top Stories What got us talking this week: Customer Experience New Majority Investment Values Sitecore at $ 1B How Social Media Helps You Optimize ABM Wrestle Big Data Into Better Customer Experiences The Future of MarTech Centers On CX Social Business There’s Hope For Artificial Intelligence in the Workplace Work in Tech? Exercise Your Emotional Intelligence Why Office 365 Is Your Path to Streamlined Productivity Collaboration is Not an Outcome

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