![]() ![]() And we are seeing a large movement - with respect - to the fiat currency to bitcoin interface, to crypto interface. But I would say there are actually much larger geopolitical fundamentals with the respect to the price for bitcoin itself. So ether purchasing for the purpose of transferring into ICO is definitely an economic driver for that. Matsumura: The most common platform is actually the ethereum blockchain. So all this ICO activity is actually increasing the price of bitcoin Silverstein: And is that one of the things causing bitcoin to go up? To have ICOs you have to use bitcoin. One case - for example - eos has probably estimated about 700 million USD that's been raised as a function of increase in bitcoin and ether. The value of which also continues to rise. And what’s interesting they’re raising it in bitcoin and ether. So we’re seeing companies raise as much as 200 million USD per ICO. Year to date we've seen about 3 billion go into the ICO market. Matsumura: Well we’re seeing about 30 new ICOs launching per day. Silverstein: And how many of these are there? And that’s basically used to buy goods and services in some kind of microeconomy. So it represents the physical or virtual goods of that token. So asset backed is literally what it means, which is there’s real estate back there. There’s really two classes of ICO tokens. ![]() And if that company continues to grow then maybe that coin will increase in value. Silverstein: So the ICO coins associated with those, new ICOs are spurring new companies. Silverstein: So kind of like the bitcoin - the value of the bitcoin is what keeps the bitcoin blockchain going right? So that’s pretty interesting and potentially concerning for people who hold them. Matsumura: One of the big concerns people have about coins and cryptographic tokens is that they don’t actually confer legal rights in most cases. Silverstein: So it’s not like you have a stake in an IPO? You don’t have a stake in what’s behind it? Matsumura: So what you're getting is that you’re getting a cryptographic token to store in a piece of wallet software and ultimately the value is determined by the value of the economy being created by this entity Silverstein: And what are you getting? So you're getting a coin. So essentially what is happening is that tokens are being created and they are being sold to the public. Matsumura: ICO is kind of a funnily named thing. Sara Silverstein: So I really want to learn everything I can from you about ICOs. Miko Matsumura: Hi, I’m Miko Matsumura co-founder of the Evercoin Cryptocurrency Exchange and here’s everything you need to know about initial coin offerings. The following is a transcript of the video. Miko Matsumura, co-founder of the Evercoin Cryptocurrency Exchange, talks with Business Insider executive editor Sara Silverstein about initial coin offerings. Account icon An icon in the shape of a person's head and shoulders. ![]()
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