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The Flipside Of The Coin An Investor Level Investigation Of Blockchain Based Fundraising Initial Coin Offerings
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Book Synopsis The Flipside of the Coin - an Investor-level Investigation of Blockchain-based Fundraising (Initial Coin Offerings) by : Carolin Petra Brückmann
Download or read book The Flipside of the Coin - an Investor-level Investigation of Blockchain-based Fundraising (Initial Coin Offerings) written by Carolin Petra Brückmann and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: ICOs are a recent innovation in early-venture financing, in which ventures raise capital by collecting small capital contributions from many investors. This dissertation is devoted to ICO investors, aiming to understand how they behave in such a novel investment environment, characterized by buzz and high uncertainty. I investigate the behavior-based composition of ICO crowds, study how heterogeneity of individual investors affects crowd dynamics and analyze whether crowds channel capital to high performing ventures.
Book Synopsis Blockchain-based financing with Initial Coin Offerings (ICOs) by : Dmitri Boreiko
Download or read book Blockchain-based financing with Initial Coin Offerings (ICOs) written by Dmitri Boreiko and published by Universitas Studiorum. This book was released on 2019-04-30 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: The great and fastening strides of the Fintech revolution continuously transform once-static traditional financial industry and provision of credit in particular. Blockchain innovation has led to creation of new industry of raising funds without the need for financial intermediaries such as venture capital or banks. In this book we build up a holistic picture of the token sales or initial coin offerings (ICOs) from their inception in 2013 to our days. We analyze the initial phases of the industry’s development, collecting information on all campaigns or ICO attempts in this period, providing a thorough quantitative analysis of the phenomenon. We also provide a detailed account of token sales mechanics and overview all the main actors in this new ecosystem of blockchain-based financing. By leveraging the open data on token sales contributions, we study the behavior of token sales investors and find out that recurrent investors do not succeed in selecting better ICO projects but bigger investors do. In the last part of the book, we study crypto tokens as investments and overview their functionality and risks involved, as well as look at the alternative methods of creating and distributing tokens and compare them to token sales.
Book Synopsis Understanding Initial Coin Offerings by : Dmitri Boreiko
Download or read book Understanding Initial Coin Offerings written by Dmitri Boreiko and published by Edward Elgar Publishing. This book was released on 2024-03-14 with total page 275 pages. Available in PDF, EPUB and Kindle. Book excerpt: Delving into the comprehensive evolution of Initial Coin Offerings (ICOs), this innovative book traces their origins and transition into modern forms such as Security Token Offerings, Initial Exchange Offerings, Initial DEX Offerings, and Non-Fungible Tokens. It provides an in-depth analysis of the factors behind the appeal of ICOs, the complex ecosystem surrounding them, and the key developments within the blockchain and cryptocurrency space.
Book Synopsis Initial Coin Offerings as a new way to raise money? Investigating risks and opportunities from a consumer perspective by :
Download or read book Initial Coin Offerings as a new way to raise money? Investigating risks and opportunities from a consumer perspective written by and published by GRIN Verlag. This book was released on 2020-04-23 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2018 in the subject Business economics - Review of Business Studies, grade: 1.3, LMU Munich, language: English, abstract: The term initial coin offering (ICO) seems to be the new hype of the crypto community. It offers never before seen possibilities for consumers and companies but suffers from draw backs like a lack of regulation. In 2017, an impressive number of 4.6 billion USD was invested in ICOs. Consequently, ICOs are of large public interest. Therefore, it is interesting to determine what influences the behaviour of investors. Accordingly, the aim of this thesis is to investigate how general investment factors change in the disruptive environment of ICOs. Hence, in this context, relevant general investment factor - such as reputation, media coverage, corporate social responsibility, risk and other factors including macroeconomic situation, past performance and technological uncertainty - are considered. The results show that, due to a lack of reliable measures for quantitative factors, qualitative investment factors gain greater importance for ICOs. Furthermore, the highest importance was assigned to media coverage, which is important for investors who want to overcome the high information asymmetries that exist for ICOs.
Book Synopsis Initial Coin Offerings - A Paradigm Shift in Funding Disruptive Innovation by : Nikolaus Lipusch
Download or read book Initial Coin Offerings - A Paradigm Shift in Funding Disruptive Innovation written by Nikolaus Lipusch and published by . This book was released on 2018 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial Coin Offerings (ICOs) emerged as a new type of fundraising that is conducted over the web and is mainly used by open-source blockchain-type start-ups to get their business started. While ICOs recently attracted a lot of attention from investors as well as the media, research on this topic is still nascent. The aim of this paper is to collect and analyze currently available information on ICOs in order to provide foundational knowledge on this rather young phenomenon. To derive a first working definition of the concept, we compare ICOs to more established fundraising mechanisms (i.e. Crowdfunding, Venture Capital and Initial Public Offerings) to identify main differences and commonalties. Furthermore, we provide a short overview of how ICOs work as well as the business models that are associated with this type of funding. Finally, we discuss the broader implications of this new type of fundraising. Therefore, the paper discusses two major potentials of ICOs, which lie 1) in the democratization of venture capital as well as 2) in incentivizing the creation of new protocol technologies that form the basis for new innovative business models. Our main contribution lies in providing researchers an overview and a conceptualization of Initial Coin Offerings. In doing so, we hopefully encourage more researchers to pick up this interesting topic and to produce research on their own to further advance the field.
Book Synopsis A Critical Appraisal of Initial Coin Offerings by : Dominika Nestarcova
Download or read book A Critical Appraisal of Initial Coin Offerings written by Dominika Nestarcova and published by BRILL. This book was released on 2019-09-02 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Critical Appraisal of Initial Coin Offerings: Lifting the “Digital Token’s Veil” examines the merits of regulating initial coin offerings under traditional securities regulations and provides and in-depth analysis of digital tokens as a new asset class.
Book Synopsis Masters of Blockchain and Initial Coin Offerings by : Andrew Romans
Download or read book Masters of Blockchain and Initial Coin Offerings written by Andrew Romans and published by Createspace Independent Publishing Platform. This book was released on 2018-05-24 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: How can I raise funding for my startup via an ICO? What are winning strategies to invest into ICOs, blockchain startups and trade liquid cryptocurrencies? How can large corporations benefit or be disrupted from blockchain? What is Bitcoin and how does the blockchain work? What is Ethereum and how can smart contracts transform my industry? How will blockchain change my business, government and society? How can I tokenize my business? What do lawyers say about regulations and legality of ICOs in specific countries? Romans tapped into the collective wisdom of over 200 top practitioners to answer these questions and help you become a master of blockchain and initial coin offerings (ICOs). Blockchain presents a huge opportunity for every large corporation and government in the world. In 2016 startups raised $240m via ICOs, 2017 over $5.6bn. In Q4 2017 ICO funding outpaced traditional VC funding for blockchain related startups. We are just at the beginning of a massive transformation of business, government and society. "What the internet did for communications, blockchain will do for trusted transactions." - Ginni Rometty, chair, president, and CEO of IBM "The biggest opportunity set we can think of over the next decade." - Bob Greifeld, CEO NASDAQ "The consequences of this breakthrough are hard to overstate." - Marc Andreessen, inventor of the web browser & Andreessen Horowitz "Blockchain is a technological tour de force." - Bill Gates "This is bigger than the iron age, bigger than the Internet, bigger than anything. This is global and will affect everyone." - Tim Draper, VC investor in Tesla, Skype, SpaceX
Book Synopsis Understanding Initial Coin Offerings by : DMITRI. BOREIKO
Download or read book Understanding Initial Coin Offerings written by DMITRI. BOREIKO and published by . This book was released on 2024-03-28 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Delving into the comprehensive evolution of Initial Coin Offerings (ICOs), this innovative book traces their origins and transition into modern forms such as Security Token Offerings, Initial Exchange Offerings, Initial DEX Offerings and Non-Fungible Tokens. It provides an in-depth analysis of the factors behind the appeal of ICOs, the complex ecosystem surrounding them, and the key developments within the blockchain and cryptocurrency space. Countering common misconceptions such as equating ICOs with fraud, Dmitri Boreiko emphasizes the need for robust regulation in the field. Chapters explore the economics of ICOs, offer practical research guidance and navigate the complexities of ICO regulation. The book concludes by highlighting emerging mechanisms in blockchain fundraising, focusing on the increased security, transparency, and flexibility of newer mechanisms. Concise and incisive, this is a timely read for economics students focusing on ICOs and blockchain applications, as well as fintech more broadly. Written in an accessible style, blockchain practitioners, investors and entrepreneurs, and start-ups in tech will also find this to be an interesting read.
Book Synopsis Potential for Venture Capitalists in an Initial Coin Offering Market by : Dominique Salzgeber
Download or read book Potential for Venture Capitalists in an Initial Coin Offering Market written by Dominique Salzgeber and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: With the development of the Blockchain technology a new alternative of funding for start-ups was introduced to the market: Initial Coin Offerings (ICOs). At its core, an ICO is a fundraising mechanism, which facilitates the issuance of digital coins to a crowd of investors. Two prominent projects that were funded via ICO were Ripple in 2013 and Ethereum in 2015, the emergance of ICOs on a big scale however only started taking place in 2017. The hype that ICOs experienced in 2017 was ended on the 17. December of the same year, with the collapse of the coin prices. Since then, the ICO landscape has experienced deep reaching changes, not least due to regulations. One example being the FINMA guideline of February 2018, on how to legally handle ICOs. As a result, ICOs are starting to represent a widely accepted alternative funding method to venture capital. Therefore, an impact or causality between the two funding methods is possible. This potential interplay is the subject of this paper, for which cases conducting ICOs were examined in detail in a first step. The qualitative analysis resulted in four observations: Firstly, the advantage of utility tokens for start-ups offering a business model based on user interaction. Secondly, the benefit of the liquidity of the ICO market for investors. Thirdly, the fact that start-ups need more support than just fundraising and lastly the short time to market of ICOs, which results in a competitive advantage. In a second step these observations were used to form four propositions for venture capitalists (VCs) to participate in an ICO environment: firstly, VCs investing into utility coins can leverage their resources to increase user interaction on the platform and thus secure their investment. Secondly, a VC can contribute to the ICO market with value-add. Thirdly, the liquidity of ICO markets opens up potential for a VC to offer a more diversified portfolio of investments. Lastly, ICOs can sh.
Book Synopsis Initial Coin Offering. New form of corporate financing by : Simon Kröger
Download or read book Initial Coin Offering. New form of corporate financing written by Simon Kröger and published by GRIN Verlag. This book was released on 2022-07-20 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,0, University of Cologne, language: English, abstract: Since the introduction of Bitcoin in 2009, cryptocurrencies and the blockchain technology behind them have grown in popularity. A new funding mechanism has emerged from blockchain technology, referred to as Initial Coin Offering (hereafter abbreviated as ICO). Recently, this instrument has been increasingly used to finance blockchain-based projects and represents a new alternative to traditional forms of capital raising such as venture capital financing. Although the investors often receive neither co-determination rights nor a share in the profits of the project in return for their financial resources, the organizations implementing the ICOs manage to collect millions of euros within a few hours. The venture capital raised through ICOs has grown from around $300 million to around $19.4 billion since January 2017 to June 2018. Due to the rapidly increasing popularity of ICOs, the new financing mechanism is the focus of this bachelor thesis. This serves as introductory literature for the reader and gives him an understanding of the new form of corporate financing. In addition, it should be examined whether the recent success of the ICOs can be justified.
Book Synopsis A New Fund Raising Mechanism on the Blockchain by : Daniel I-Fan Wu
Download or read book A New Fund Raising Mechanism on the Blockchain written by Daniel I-Fan Wu and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial Coin Offerings (ICOs) as a capital raising method on Blockchain has been the fastest growing capital raising method in the past two years with more than USD 6 billion total fund raised in 2017. This thesis develops an empirically grounded model to explain ICOs with deep analysis of their key elements, which has not been seen in existing literatures so far. To further classify ICOs into different archetypes for a deeper understanding of ICOs, this thesis develops an empirical taxonomy based on its grounded ICO model. The empirical taxonomy goes beyond the current conceptual classification and identifies four generic archetypes of ICOs: Blockchain Infrastructure, Product Pre-sale, Traditional Funding Substitute, and Pure Digital Currency, all of which differ in the defining elements of ICOs. The grounded model and the taxonomy both show the diversity and complexity of ICOs and provide a solid ground for understanding ICOs as well. The thesis contributes to the literature and ICO research by clearly depicting the ICO landscape and identifying different ICO archetypes. For practitioners, this thesis helps a better understanding and hence a better organisation of ICOs. For regulators, the understanding to the nature of ICOs through this thesis benefits to do a more sophisticated policy making.
Book Synopsis Initial Coin Offerings by : Jue Wang
Download or read book Initial Coin Offerings written by Jue Wang and published by . This book was released on 2019 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis introduces a newly emerged funding method based on blockchain technology, namely, the Initial Coin Offering (ICO), and examines the impact of regulations on this funding method. Drawing on both financial and innovation theories, the thesis argues that regulations negatively impact the ICO market at a macro level in its early stage of development. Using a panel analysis of hand-collected cross-national data from 2013 to 2017, the findings of this thesis are consistent with the hypotheses. Overall, this thesis provides an important implication for both policymakers and regulators, indicating the need for a "balance" between investor protection and market development when regulating financial activities that are driven by emerging technology.
Book Synopsis Initial Coin Offerings, Speculation, and Asset Tokenization by : Rowena J. Gan
Download or read book Initial Coin Offerings, Speculation, and Asset Tokenization written by Rowena J. Gan and published by . This book was released on 2020 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial Coin Offerings (ICOs) are an emerging form of fundraising for Blockchain-based startups. We examine how ICOs can be leveraged in the context of asset tokenization, whereby firms issue tokens backed by future assets (i.e., inventory) to finance growth. We (i) make suggestions on how to design such ``asset-backed'' ICOs--including optimal token floating and pricing for both utility and equity tokens (aka, Security Token Offerings, STOs)--taking into account moral hazard (cash diversion), product characteristics and customer demand uncertainty, (ii) make predictions on ICO success/failure, and (iii) discuss implications on firm operating strategy. We show that in unregulated environments, ICOs can lead to significant agency costs, underproduction, and loss of firm value. These inefficiencies, however, fade as product margins and demand characteristics (mean/variance) improve, and are less severe under equity (rather than utility) token issuance. Importantly, the advantage of equity tokens stems from their inherent ability to better align incentives, and thus continues to hold even absent regulation.
Book Synopsis The Geography of Initial Coin Offerings by : Winifred Huang
Download or read book The Geography of Initial Coin Offerings written by Winifred Huang and published by . This book was released on 2018 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial coin offerings (ICOs) are a rapidly growing phenomenon wherein entrepreneurial ventures raise funds for the development of blockchain-based businesses. They have recently sprouted up all over the world, raising millions of dollars for early-stage projects. Few empirical studies are available to help understand the emergence of ICOs across countries. Based on the population of 915 ICOs issued in 187 countries between January 2017 and March 2, our study reveals that ICOs take place in countries with developed financial markets and advanced digital technologies. The availability of investment-based crowdfunding platforms also plays a significant role in the emergence of ICOs, while venture capital and private equity markets do not provide similar effects. Countries with ICO-friendly regulations have more ICOs, whereas tax regimes are not among the main drivers of ICOs.
Book Synopsis Initial Coin Offerings - Ico's by : Marvin Alexander
Download or read book Initial Coin Offerings - Ico's written by Marvin Alexander and published by . This book was released on 2017-08-22 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Initial Coin Offerings - ICO's How to make a million dollars in passive income Introduction to ICO Token Sales This is a step-by-step illustrated guide to investing in Initial Coin Offerings - ICO's. Millionaires are being made every month with ICO's. Initial coin offerings have raised $327 million this year. A new crop of technology entrepreneurs is forgoing the usual routes to raising money. Bancor Foundation raised $153 million in three hours. ICO's have broken loose over the last 12 months, repeatedly setting new fundraising records for the amount of capital raised and in very short periods of time. Never in history, have private enterprises and new tech initiatives, without access to startup capital or even, in some cases, a prototype model, been able to access so much capital, so quickly, at such a low a cost. Qualified observers have stated that this unregulated market is unsustainable, but never the less ICO's have been able to easily by-pass the traditional model of investment protocols and create a massive new capital raising market of significant value. This has basically taken the investment world by storm, and the speed and tenacity of this new economy has left a lot of the traditional investors behind and in a state of absolute bewilderment. They never saw this coming.
Book Synopsis Initial Coin Offerings, Blockchain Technology, and White Paper Disclosures by : Chen Feng
Download or read book Initial Coin Offerings, Blockchain Technology, and White Paper Disclosures written by Chen Feng and published by . This book was released on 2019 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine voluntary disclosures made by issuers of initial coin offerings (ICOs) in their “white papers” and use them to rate the blockchain technology being developed by the ICO issuers. First, we find that most ICOs receive a low rating. In fact, over 80% of the ICOs do not need to use a blockchain. Second, ICO projects with a higher rating raised more funds than their counterparts, after controlling for other project-, issuer-, and token-related features. Third, ICOs with a high rating are more likely to have their digital coins/tokens listed on a cryptocurrency exchange within 180 days after their ICO end dates. Finally, results indicate that providing technical details in the white paper can be an effective way to signal the quality of an ICO project. Overall, these results are consistent with ICO token buyers/investors taking into consideration the underlying blockchain technology of the ICO projects when making their purchasing/investing decisions. Since the white paper is the main source of ICO information, our findings imply that the credibility of this information is important to protect the interests of ICO buyers/investors and to ensure the long-term viability of the ICO as a capital-raising tool for blockchain-based ventures.
Book Synopsis Blockchain-Based Token Sales, Initial Coin Offerings, and the Democratization of Public Capital Markets by : Jonathan Rohr
Download or read book Blockchain-Based Token Sales, Initial Coin Offerings, and the Democratization of Public Capital Markets written by Jonathan Rohr and published by . This book was released on 2018 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: Best known for their role ...
