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What ICO valuations tell us about the state of modern monopolies

Summary:
We live in a world where free lunches are not supposed to exist, which is why it’s puzzling that start-ups can suddenly raise millions overnight in ICOs without giving anything material away to investors other than a bit of code.Small surprise then that this new source of free money funding has been so popular in the investing space (with almost every man, his dog and his dentist attempting an ICO).Sources tell us the market has finally started to cool off a bit of late, down in part to the sheer volume of ICOs hitting the market.Nevertheless the phenomenon remains an academic curiosity.There are two key questions at hand.Are these companies so good that people are prepared to invest in them with zero legal recourse to anything? (Consequently, would these companies be fools to fund in a

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We live in a world where free lunches are not supposed to exist, which is why it’s puzzling...

Izabella Kaminska
Izabella Kaminska joined FT Alphaville in October 2008, which was, perhaps, the best time in the world to become a financial blogger. Before that she worked as a producer at CNBC, a natural gas reporter at Platts and an associate editor of BP’s internal magazine. She has also worked as a reporter on English language business papers in Poland and Azerbaijan and was a Reuters graduate trainee in 2004.

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