Are cryptocurrencies story investments?
What lies beyond the attractive narrative of cryptocurrencies, asks Joe Zammit-Lucia A friend in the real estate business recently asked me whether I would like to invest in his business. They were intending to raise investment through an Initial Coin Offering rather than through conventional equity investment or a traditional partnership structure. When I examined the offer, it seemed to me that all it offered me was increased risk and uncertainty with no advantage. For the business, it meant that... Читать дальше...