Post
Topic
Board Altcoin Discussion
Re: What's the Point of ICO Escrow?
by
Bigbrowndingleberry
on 10/01/2017, 09:38:58 UTC
So, lets say you've developed a new altcoin and you're going to do an ICO. How does escrow protect coin purchasers? I mean, the dev team is eventually going to get access to the BTC at the end of the crowdsale, at which point they could just steal it all.
You call it "steal", but it's just what an ICO (or IPO in general) is meant to do: raise money for the old owners/creators. Don't make the mistake thinking they do it for you.

What if the owners/creators/developers take none of the proceeds and its all used to further the altcoin in ways that don't involve paying salaries, etc?

So they would work for free and out of the warmness of their heart? OK. How are you going to live without being paid? You work full time for free haha