Long before the Ethereum-based ICOs of today, legally dubious crypto securities were traded on exchanges like Ethan Burnside's BTC-TC. This is an interview with Burnside on what he thinks of the current hysteria around ICOs.
from Forbes Real Time http://www.forbes.com/sites/ktorpey/2017/08/22/founder-of-defunct-bitcoin-securities-exchange-warns-against-ethereum-ico-hype/
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