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Video start-up can’t outspend YouTube, so it created new currency

November 28
17:16 2017
That’s the bull case. As happens whenever a new, unregulated way for speculators to make money emerges, the ICO craze also has its share of shadiness, chaos and the threat of government crackdown. Promising projects have descended into infighting; banking regulators recently issued a statement seemingly aimed at Paris Hilton after she hyped a token called Lydian Coin; and Jordan Belfort, the real-life subject of “Wolf of Wall Street,” called ICOs “the biggest scam ever.” YouNow wants to thread the line between  hype and skepticism. Sideman avoided using the term ICO, saying it carries “connotations of speculation.”

On Tuesday, the company announced it would sell the first batch of Props — between $ 13 million and $ 19 million worth — on November 29 through CoinList, which works only with accredited investors, and handles screening for compliance with money-laundering rules. YouNow will sell the rest of the batch of tokens to the general public in December and January. From that point on, people can acquire Props either by earning them by using services that have adopted them or by buying on exchanges that swap cryptocurrencies. There’s a pretty obvious bear case here. YouNow’s growth has slowed in the face of coe company’s way. But a brazen gamble beats the alternative.

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