The BlockMEX ICO

Last time we spoke about BlockMEX,thecompany pivoted into a digital asset exchange. Due totheICO craze, BlockMEX is exploring issuing a token.Thefollowing is a conversation between BlockMEX CEO Arthur Hayes, and Gary a principle at a VC firm. Gary recently pivoted as well. Unable to raise his second fund to follow on with Blockchain companies with no hope of exiting, he now runs a fund solely dedicated to ICO’s.Arthur:Did you hear about DogShit token? They just raised $100 million in under 5 seconds.Gary:Really, what does DogShit token do?Arthur:They take pictures of dog shit and put it ontheblockchain. Every time you want to viewthepictures, you have to spend DogShit token.Theticker is DOGE.Gary:Wow revolutionary, why don’t you issue an ICO?Arthur:Funny you say that, we are speaking internally about issuing one. We think we can bethefirst project to raise over $1 billion.Gary:That is amazing. One question, why would your platform ever need tokens to operate?Arthur:Well that’sthetrick, we need to invent some plausible reason why users of BlockMEX need to use a token to trade.Gary:Also, don’t you think some regulators might view ICO’s as securities? That could land you in some trouble. Especially if you raise $1 billion.Arthur:We aren’t worried about that. We just need to get some fancy Swiss lawyers and just won't sell equity.Thefinancial regulator rubber stamps all these token sales and we can hide there if we get into any trouble.Gary:Hmm, don’t you remember howtheUS government made alltheSwiss banks roll over on their clients. In one action, Swiss privacy protections were rendered worthless.Arthur:It’s a token, it’sthefuture. We aren’t worried.Gary:Ok so what is this token going to be used for?Arthur:Do you wantthesales pitch orthereality?Gary:Both.Arthur:We will tell potential token holders that in order to buy or sell any product on BlockMEX you must spend 1 MOLLY token alongside postingtherelevant Blockcoin collateral.Themore transactions that we do,themore useful MOLLY tokens are, and hencethemore valuable. In reality, we will just buy a Lambo in every color oftherainbow. Then houses onthePeak in Hong Kong for all employees.Gary:MOLLY isthename ofthetoken, that doesn’t make any sense.Arthur:Brah, I was inspired by Future’s song Mask Off. Seriously go to Youtube and listen to it. Music these days is sooo deep.Gary:So why should I buy this token, it sounds like you are just going to scam all your token holders.Arthur:Brah, didn’t you read Balaji’s recent Medium article on ICOs? I mean iftheguy can convince VC funds to invest hundreds of millions of dollars, you included, to build a Raspberry Pi to sell on Amazon, he surely must be right abouttheICO market. If he’s selling, I’m buying. Don’t worry about whethertheproject is worthy or not. Just buy it. It’sthenew paradigm.Gary:Ok, sold. Can I get in onthepre-ICO distribution. I only go in pre-ICO, it’stheonly way I can justify my 75% performance fee. Otherwise my investors can just visit your website and purchasethetokens directly from you. They don’t need to pay me.Arthur:Sure I’ll give you a 20% discount.