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The target demographic is gullible, greedy software engineers who have a lot of disposable income but lack experience in conducting due diligence on speculative investments. Basically, Hacker News readers. Why do you think there are so many ICO related posts on this site? It's not accidental.

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I'm glad to hear skepticism--I always considered these e-coins to be the perfect scam to attract Millenial technocrats and then fleece them.

I don't have any evidence but I suspect it's technical people who got into Bitcoin early. Have a few million but no partner / no kids so maybe think they are "rich" and "set for life" so don't mind a gamble. Maybe the adrenelin of making all that easy cash is what they want to repeat. This would make sense because to hold Bitcoin for that long and not sell is kind of irrational gambling, even though the results have been good.

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