Bitcoin, Litecoin, Ethereum and Bitcoin Cash are the only cryptocurrencies Bobby Lee trusts.
BTCC founder and CEO Bobby Lee at London Blockchain Week Business In an interview with Insider, he expressed concern about the risks associated with alternative cryptocurrencies. He specifically mentioned that he does not trust alternative cryptocurrencies provided by companies ICOs and will not invest in any of them.
Bobby Lee said the following in an interview with Business Insider:
Unfortunately I’m too old-fashioned. I stay away from alternative cryptocurrencies and ICOs. they are very dangerous. It doesn’t make sense to invest in these guys. Maybe I’ll change my mind next month, I don’t know.”
The ICO exploded in mid-2017 and has since become the preferred fundraising method for blockchain firms.. Companies have amassed a total of $4 billion through ICOs to date.
According to Coinmarketcap.com, there are 1491 cryptocurrencies on the market today. There is money and that number will rise rapidly with ICOs coming soon.
However, since this method of fundraising is not regulated at all, everyone is considering investing in an ICO, except for some regions.. This often results in underfunded business plans making millions and then failing to deliver on any of their promises.
An example of this is Tezos, one of the largest ICOs. earned $232 million. However, due to the disagreement between its founders and other managers, the project is now destroyed and investors are unable to even pay back according to predefined conditions.. A class action lawsuit has been filed against the founders of Tezos in multiple courts across the United States.
As Mr. Lee said:
“I only have Bitcoin, Litecoin, Ethereum, and Bitcoin I recognize and approve of Cash. I don’t invest in anything other than these cryptocurrencies, and I wouldn’t recommend investing in anyone else.”
Taking over numerous scams using ICOs, Bobby Lee shared his thoughts:
“Unfortunately, there will be more of them”.
“Buyers should definitely avoid. This technology is a double-edged sword. It can provide good things, but it can also provide bad things if you have a criminal mindset. This applies to everything.. If you have a steak knife, you can stab steaks, but if you have a criminal mindset, you can use them to stab people.. You can use the Internet to communicate via email, but you can also use it for fraudulent purposes.. Any new technology can be used in two ways. The problem is not the technology itself, but the fact that the people behind it can try and misuse it.”
Bobby Lee firmly believes regulation is necessary to minimize these fraudulent activities.. Recently it was revealed that Benebit made $4 million and defrauded investors with a well-organized fake ICO pre-sale.
The best markets in the initial ICO boom China and South Korea have banned the mechanism that leads to fraudulent activities. The watchdog of the United States, which is the largest market for ICOs, also issued warnings and asked potential investors to assess the risks.. On the other hand, regions such as Gibraltar have managed to regulate the controversial method of fundraising.
In any case, this market will surely continue to expand with ICO reports from companies like Telegram.
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