MIT Media Lab Director: ICOs Are stealing money from an under-educated public

[CryptoGirl]

Joi Ito, director of MIT's Media Lab, talked about the positive impacts bitcoin could have, one that pushed back that these motivations should be purely economic.

Attacking ICOs, or sales in which newly created cryptocurrencies are offered to buyers as a way to bootstrap open-source protocols, going so far as to state that those who engage in the practice are stealing money from an under-educated public.

Ito told the crowd:

    "The problem is we're creating a system where people can pump or dump and speculate. Anyone who has issued an ICO needs to sit down and meditate: are you making society better? Or are you making money unfairly?"

https://www.coindesk.com/mit-media-lab-joi-ito-icos-attract-wrong-people/