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Elon Musk likes Bitcoin—but he just told a jury most crypto coins are scams [Fortune]
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Recommended Video When asked to explain crypto inside an Oakland courthouse on Wednesday, Musk said, “Some of them have merit, but most of them are scams,” according to a tweet from New York Times reporter Mike Isaac. The comment came in response to a question about OpenAI's short-lived plans to create a cryptocurrency via an initial coin offering, or ICO, to fund the then-nonprofit in 2018. An ICO, which is a play on the term IPO, happens when crypto teams sell tokens to the public. These offerings drew reams of speculative investment in the late-2010s, but the era is largely remembered for the many ICO projects that quickly flamed out after raising funds. The ICO plans came to light as part of an ongoing legal battle between Musk and OpenAI over the mission of the hugely popular AI firm. Musk, who co-founded OpenAI in 2015, claims that the AI company breached its founding contract when it struck an investment deal with Microsoft and started selling commercial products. In
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