Andreas Antonopoulos

No, I mean, with the current level of volatility in cryptocurrencies, it makes sense for most businesses to convert their raised funds into fiat temporarily.

You know, the thing is, cryptocurrencies are still quite volatile.

This is really the early days.

So we see a lot of these ICOs will convert, you know, 60, 80% of their funds into fiat, which then drives the price down.

ironically, for those investors who just invested in an ICO.

I would respond with rational actors implementing market economics and their own incentives is how the system works.

And, you know, there's no cheating the system or you should, or, you know, if you want to do that with your money, go ahead, be prepared for losses.

If I was running a business like that, I would certainly diversify my holdings beyond the single cryptocurrency, just as I do as my personal investments.

in this space.

This is not a matter of ideology.

It's a matter of being a rational actor.

More than 90% of these ICOs will fail.

That's what I foresee.

I mean, it's really obvious.

But the founders get rich.

90%, yeah, they do, because investors are doing very little to evaluate these things or are not following the most important rule of investments, caveat emptor.

You know, be a smart investor, you have to beware as the buyer of these things that you're

startups at best fail 90% of the time and in this particular case we're seeing a lot of immature projects coming to ICOs in this ICO craze and people are infected by greed and fear of missing out and they're making poor decisions so they're going to basically give

a lot of their hard-earned and perhaps not so hard-earned and that might be part of the greed is because they made a lot of money on the way up with very little efforts and therefore it's easy money and so they're investing it unwisely.

That's what's going to happen this cycle is going to burn through a lot of money and in the process we're going to learn a lot about initial coin offerings and to the maturity of cryptocurrencies and how to build this new crowdfunding industry.