ICOs are charity fundraisers

According to Google the definition of a public good is: “a commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.” (bold is mine)

The problem with (1) and (2) is that, despite best efforts, neither governments nor charities are designed to build goods, so their efforts are highly inefficient & wasteful of resources. The problem with (3) is that entrepreneurs & investors are starting to get wise: hence receding efforts & investments in “eventual public good” open source projects (see graph below)

But we still need public goods built. What if, instead of companies doing charity work, the future users of the good paid in advance for it? Think Kickstarter for tech “highways”: a crowdfunded public good charity. What would that look like:

That sounds like a successfully executed ICO!

Don’t be surprised when you’re left holding the bag. Instead, understand that ICOs are public good charity fundraisers and buy tokens only for the goods you’d like to see exist in the world, with no profit motive.

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