11-Year-Old Launches Gaming-Related ICO

Faith Obafemi
  • 29 Mar 2018
  • /
  • In #ICO
  • 11-year-old George Weiksner launches his own ICO to raise 1,000 to 2,000 ETH.
  • Issued tokens called Quarters are to be used only for online gaming.Th

In the spirit of true decentralization, an 11-year-old, George Weiksner, has just launched his own Initial Coin Offering (ICO). The project's company, Pocketful of Quarters, of which he is the CEO, intends to create a cryptocurrency which can be used for online gaming.

Usually, online gamers are unable to spend a game's coin outside said game, as these game coins cannot be transferred from one game to another. An example of such coins are Riot Points, the in-game currency used in League of Legends, a popular online game.

A solution to this is what Weiksner offers by issuing a token called Quarters (Q). His aim is to help gamers unlock game coins from games they no longer play. Considering that money is spent purchasing the game coins, this solution will help free up money tied down in form of ‘stuck’ coins, according to the project's whitepaper Quarters can be bought using a credit card or ETH, but not BTC as the young CEO reveals in a video that he's not a fan of bitcoin.

On the legal compliance front, Weiksner has structured his token as a utility rather than a security. This is expressly stated on the website.

“HODL? NO! Unlike other cryptocurrencies, Quarters are used to play games only. Quarters are not suitable for investors or speculators, by design.”

Pocketful of Quarters website

In his YouTube video, in which he explains how his project works, he also gives the world a glimpse of his strict daily routine which leaves him just two hours to work on the ICO. Expected cap for the ICO is between 1,000 to 2,000 Ether, which at press time equals $410,000 to $820,000.

Weiksner also said in the video that partnership discussions with several gaming providers are currently ongoing. Successful partnerships mean the gaming platforms will accept the tokens, enabling gamers everywhere have access to one crypto that is accepted in every gaming platform. One crypto to play them all.

Reactions to the news of an 11-year-old launching an ICO have been both positive and negative, and include some on the fence. Comments trailing the news on BitcoinTalk have questioned the genuity of the project. On the bright side, some have hailed the project, commending the role this will have in onboarding the next generation into blockchain and crypto.

SEC Accuses California Scammers of Using Fake Crypto Trading Bot to Defraud Investors

Michael LaVere
  • The SEC has accused the founders of Dropil, Inc. of defrauding investors with a fake crypto trading bot and falsified profitability reports.
  • The complaint alleges the Dropil founders diverted investor funds from the DROP ICO to their personal digital asset and bank accounts. 

The U.S. Securities & Exchange Commission (SEC) alleges three California scammers defrauded investors of millions using a fake crypto trading bot and falsified reports. 

According to the complaint filed by the SEC on April 23, the SEC has charged Dropil, Inc. and it’s three California-based founders with defrauding investors in a “fraudulent and unregistered” initial coin offering (ICO) which raised more than $1.8 million from thousands of investors. 

Dropil, Inc. founders Jeremy McAlpine, Zachary Matar and Patrick O’Hara were accused of selling DROP tokens from January to March 2018. The complaint states investors were told their funds would be pooled and used to trade various digital assets by a “trading bot” named Dex, using a proprietary algorithm designed by Dropil. Investors were promised a distribution of the profit in DROP tokens every 15 days. 

However, the complaint alleges investor money was diverted to other projects, as well as the founders’ “personal digital asset” and bank accounts. Dropil also allegedly created false profitability reports, giving the appearance that the program was profitable. 

The founders were accused of misrepresenting the volume and value of DROP sold during and after the ICO, claiming they had raised $54 million from 34,000 investors despite only receiving $1.9 million from less than 2,500 participants. 

Featured Image Credit: Photo via Pixabay.com