Visions of Blockchain Magazine Visions of Blockchain Pillar Unepisode | Page 34

VoB: That’s incredible. the things of real value. There are people who go out, and their goal is Grace Rachmany: IIt’s especially incredible be- to raise money and run away with it. This do- cause they say now 80% of ICOs that raised esn’t bother me at all. It really doesn’t bother money are failing. me because it’s not valuable. So, that means 80% of the ones that go to Sometimes, people come to me who want to raise money didn’t raise, and 80% of the ones raise money with an ICO, and they’re doing it that wrote a white paper didn’t even go to ra- in a way that doesn’t quite make sense. ise money. But, probably 80% didn’t write the They want to do a utility token but, actually white paper because they didn’t get through their company should be doing a security to- that first interview with me or I’m only seeing ken, to share the profits. the best ones. I’ve had people say to me, well, we’re doing it Of the best ones I’ve already screened, only as a PR stunt, it’s good for our company, and 30% finished the white paper. we’re going to get our name out there. It’s hard! Taking other people’s money takes a I can work with them, that’s fine with me. lot of responsibility. I know they’re never really going to get to an And, I tell people the truth. ICO, so we write it in a luffy way, and it’s al- right. VoB: It’s a responsibility but, as we discussed I don’t have an ethical judgment about that. already, not for everybody. For a lot of people involved, the only goal is to raise money. We know that the utility token probably won’t work. I had one client say, listen, we know that the Grace Rachmany: No, it’s not for everybody. utility token might be a problem if the markets That’s a very interesting thing, and that’s a re- crash, or when the markets crash, and we’re sult of our society. going to work one on one with our investors We have a society where we value things that to figure out what to do if and when that hap- have no value. Money has no value. It’s only pens. So, can you just kind of write it like it an agreed upon value. makes sense and fluff it over?” If you ask anyone in this world, what’s the I can work with that person because they’re most valuable thing to you, almost nobody will honest with themselves, even if I think that so- tell you something you could buy with money, mebody’s business is going to fail, or I think right? they have a bad idea, or that there’s no way Nobody would say, my house is my most va- their utility token will work. luable thing. My time, my family, my relation- If we have an honest discussion with them, ships, my freedom. I can write it and, the reason is, I’m not right People will never tell you something involving about everything. money is the most valuable thing to them. And Just because I think they’re going to be a fa- if they do, it’s incorrect. Air is the most impor- ilure, it’s not an indication that they’re going to tant thing to humans. Air. That’s obvious, but be. It’s an indication that I’m arrogant. What’s nobody will give you than answer, either. But important is that they must be able to have back to money. Money is not used to describe honest conversation. So, that’s really my filter.