The Bitcoin Legend, Tim Draper, gives his views on ICOs
Q. What controls and regulations, if at all, should be in place for ICO’s?
A. Generally speaking, I think ICOs are like non-profit organizations in that they are for the good of society, and should not be regulated or controlled by any government. ICOs are transformative ideas that are giving us, new ways of governing, building applications and moving money from one place to another. This is really an exciting time.
Q. Should ICO’s be community lead or lead by the government?
A. ICO’s are world-wide, and provide opportunities for us to think of ourselves as global citizens. It’s a very exciting time because it will potentially transform how we operate.
Q. What would you recommend for the best due diligence when investing in an ICO? For example, what research or steps would you take before investing?
A. Well, I’m in the business of investing and ICO’s are a little different. I look at these as exciting opportunities, bitcoin is so exciting. What they have been able to do has allowed other ICO’s to come and try their hand out because bitcoin is to finance, what the internet is to media and communications. I think that this allows us an exciting new platform in which we can rethink banking, finance, legal services and many other industries.
Q. Are there any other ICO’s other than Tezos?
A. I won’t say there aren’t any other ICOs right now because we haven’t made anything official. However, I’m a believer in the new technology around bitcoin and I will continue to consider it, as for now I think Tezos is so fundamentally exciting that it’s here to stay.
Q. What are the biggest threats to cryptocurrencies in general?
A. I actually think it’s a matter of how rapidly cryptocurrency is deployed versus how fast the government can try to put a stop to it. This means that the company may lose business in a country, but if it gets pushed down in one place it just pops up somewhere else; I think that it’s just a matter of how quickly we can deploy all of this.