The ICO story

A video log exists on YouTube at the following link:

https://www.youtube.com/watch?v=4bMf4xZg_4U&feature=youtu.be&t=4m19s

At the time of writing, it has gathered only 285 views. This is a clip from the Bitcoin 2013 conference in San Jose. At 4:19 in the clip, a panelist posed an idea he about developing a new protocol on top of the bitcoin blockchain protocol with some new X, Y, and Z features, using a group of trustworthy software developers. He also emphasized that he wanted to create this start-up without going to any venture capital firms. Rather, he would release a few tokens that the mass crowd could buy as an investment, which will act as the kick-starter fund. The value of these tokens will increase as the start-up grows, which in turn will reward the early adopters of such tokens.

"I'll take them," someone shouts, and the video ends.

This person in the video is J.R. Willet and the idea he pioneered in this video is the concept of initial coin offering (ICO). Sadly...