There’s a new ICO that’s gaining lots of web traffic in the last month. Howeycoins.com is a website for this new ICO that claims to “Combine the two most growth-oriented segments of the digital economy” which are Blockchain and Luxury Travel. Boasting the following key sales points:
Mapping out different membership levels of Platinum, Gold Silver, and Bronze, it shows the massive discounts they will be able to award their consumers. Complete with headshots of the executive team and customer testimonials and endorsements from their “celebrity” investor base.
Sounds promising? Well, there is one major issue with Howey Coin that all potential investors should take into consideration, and that’s the fact that it is 100% made up! Howeycoins.com is actually a website that was developed by the SEC (Securities Exchange Commission), the United States regulators who have been assigned with the tasked with overseeing the Cryptocurrency Markets. They developed the website to educate potential investors of how quickly they can be drawn in and deceived by flashy websites with false promises. The site is rather intricate including a White Paper PDF download for the product.
When you click on any of the numerous “Buy Coins” options throughout the website, you are redirected to an SEC webpage warning you about the dangers of ICO’s and what to look for and avoid while looking at these potential investments. The redirected site also includes resources for consumers to further educate themselves in Cryptocurrency, Bitcoin and ICO markets, warning potential investors to keep their wits about them during this ICO craze that continues to be on the rise.
I must admit it is a creative idea, and they put a lot of detail into the site, we can only hope they are putting this kind of energy into fair rules and regulations for the ICO market in general. They seem to have been particularly assertive and vocal when it comes to ICO’s and their circumvention of properly registering as a security. They could crush the market forcing US-based companies to head overseas which would likely lead to even more fraud being that ICOs could then reposition themselves in countries with little to no regulatory oversite. There is a happy medium somewhere, and it’s my opinion that it’s their obligation as regulatory authorities to find that spot and hold ICO’s to that standard. Time will tell I suppose, but we should have answers soon, it’s been a hot topic of theirs for some time, and many significant coins have been anxiously waiting for this outcome, so they may know their fate in continuing to operate within the US.