ICO到底泡沫在哪裡？

02-26

許多人都知道ICO是個潛藏巨大泡沫的機會，近似於一個博傻遊戲。但ICO的泡沫具體體現在哪裡，可能就有人說不上來了。實際上，判斷一種買賣是否靠譜，最直接的方法就是從雙方簽訂的合約入手，弄清各方的權利和義務，就能有個清晰的概念了。

下面是某個項目ICO的合約條款（http://fusion.org），及本人給出的逐條對照翻譯（重點關注第5,6和8條）：

Agreement on FUSION Voluntary Participants Sale Participation

FUSION項目VPS（VPS直譯為自願參與者銷售活動，實際上就是ICO）參與協議

This Agreement on Voluntary Participants Sale Participation (this "Agreement") is for the backers of the FUSION (the"FUSION", also known as the "FUSION Blockchain"), an open-source decentralized platform, to participate in the Voluntary Participants Sale campaign of the FUSION (the"Voluntary Participants Sale") initiated by the FUSION Foundation Ltd. (the "FUSION Foundation") to purchase the built-in cryptographic tokens of the FUSION, which token is called "FSN".

本協議適用於參與FUSION基金會有限公司發起的VPS活動的人群。通過該活動，開源去中心化平台FUSION的支持者們可以購買FUSION的嵌入式加密代幣FSN。

Please read carefully the following terms and conditions. By participating in the Voluntary Participants Sale, you confirm you fully understand and accept them all:

請仔細閱讀以下條件和協議。請確認您完全理解並接受它們後參與VPS：

1. Before taking any action with respect to the Voluntary Participants Sale or FSN purchase, you shall peruse and understand: (1) the Executive Summary of FUSION;(2) the Whitepaper of FUSION. The documents identified above are incorporated as integral parts to this Agreement. If you have any question or doubt on anything contained or unaddressed in any of these documents, please communicate with the FUSION Foundation at your convenience. You shall refrain from participating in the Voluntary Participants Sale or purchasing any FSN until answered to your satisfaction.

在參與VPS活動或購買FSN之前，您應仔細閱讀並理解：（1）FUSION的行動綱要;（2）FUSION的白皮書。以上兩項內容是本協議不可或缺的部分。如果您對這些文件中包含或未說明的內容有任何問題，請在方便時與FUSION基金會進行溝通。在回復讓您滿意之前，請勿參與VPS活動或購買FSN。

2. You shall only participate in the Voluntary Participants Sale through the Ethereum Smart Contract and shall in no case be allowed to purchase FSN from, or make any payment to, the FUSION Foundation directly.

您只能通過以太坊智能合約參與VPS，決不允許直接從FUSION基金會購買FSN或向其支付費用。

3. Only Ether will be accepted as payment for purchasing the FSN offered in the Voluntary Participants Sale. The number of FSN to be purchased by you will be determined by the FSN Voluntary Participants Sale mechanism.

只接受以太坊作為付款方式。購買到的FSN數量將由VPS活動預設的分配機制決定。

4. If you are a citizen, tax resident or green card holder of the Bangladesh, Bolivia, China (excluding Macau, Hong Kong, and Taiwan), Ecuador, Iceland, Kyrgyzstan, United States, Vietnam, you shall not participate in the Voluntary Participants Sale.

如果您是孟加拉國，玻利維亞，中國（不包括澳門，香港和台灣），厄瓜多，冰島，吉爾吉斯斯坦，美國，越南的公民，稅務居民或綠卡持有人，則不得參與VPS。

5. The Voluntary Participants Sale will not involve issuance of any currency, securities (whether equity securities or otherwise) or other kind of investment certificate. The FSN to besold during the Voluntary Participants Sale are merely cryptographic tokens usable on the FUSION blockchain. Such tokens are not redeemable, associated with financial return or backed by any underlying asset or repurchase commitment and do not necessarily have market prices or transactions between peers. Furthermore, FSN do not stand for any sort of investment contract for all intents and purposes. You shall not participate in the Voluntary Participants Sale with a view to investment or speculation or in pursuit of any profit.

VPS不會涉及發行任何貨幣，證券或其他類型的投資證明。在VPS活動期間出售的FSN僅僅是用在FUSION區塊鏈上的加密代幣。此類代幣不可換現，不與財務回報相關，沒有任何相關資產支持，也沒有回購承諾，且不一定具有市場價格或點對點交易功能。此外，FSN不代表任何形式的投資合同。不得以投資、投機或追求利潤為目的參與VPS。

6. Your payment for purchasing FSN will be non-refundable. So you shall be convinced of the desirability to participate in the Voluntary Participants Sale before making any payment.

您用於購買FSN的付款將不予退還。所以，在進行任何付款之前，您必須確信參與VPS是值得的。

7. After making a payment, you shall keep attending to the website "http://FUSION.org" for information as may be posted on the Website from time to time. Anything relating to the FSN could be updated, changed or fine-tuned at such time and in such manner as the FUSION Foundation may think appropriate.

付款後，您需要不時地登錄網站"http://FUSION.org"獲取可能在網站上發布的信息。FUSION基金會將在合適的時間以恰當的方式，更新、修改或微調任何與FSN有關的信息。

8. The FUSION Foundation disclaimsany representation, warranty, commitment or liability other than those expressly stated in the Voluntary Participants Sale agreement. You will not be entitled to any claim against the FUSION Foundation for whatever the FUSIONFoun dation is not expressly committed to or responsible for.

FUSION基金會不承認VPS協議中明確規定以外的任何陳述，保證，承諾或責任。對於FUSION基金會未明確承諾或負責的任何內容，您無權向FUSION基金會提出任何索賠。

9. The FUSION Foundation reserves the right to conduct further "know your customer"exercise and any other kind of customer due diligence on you at any time (including after the close of the Voluntary Participants Sale ). If the FUSION Foundation discovers your purchase of FSN violating this Agreement or any anti-money laundering, counter-terrorism financing or other regulatory requirements, your purchase of FSN under the Voluntary Participants Sale shall be invalid with retroactive

effect and the FUSION Foundation shall be entitled to immediately terminate this Agreement with you, deny your access to the Voluntary Participants Sale , reject delivery of any FSN and request return of any delivered FSN, irrespective of any payment that you could have made.

FUSION基金會在任何時候（包括在VPS活動結束後）都對客戶保留以下權利：進行深入「了解客戶」行為的權利，進行任何其他類型的合法清查的權利。如果FUSION基金會發現您購買FSN違反本協議或任何反洗錢，反恐融資或其他監管要求，則根據VPS協議，您購買的FSN是無效的且具有追溯效力。無論您是否已付款，FUSION基金會有權立即終止本協議，拒絕您訪問VPS頁面，拒絕交付任何的FSN，並要求退還任何已交付的FSN。

10. This Agreement will be governed by and interpreted in accordance with the laws of the Republic of Singapore. Both you and the FUSION Foundation hereby submit to the exclusive jurisdiction of the courts in the Republic of Singapore.

本協議歸屬新加坡共和國法律管轄和解釋。據此，您和FUSION基金會均受到新加坡共和國法院的專屬管轄。

You agree to comply with the relevant laws in your locality and confirm that you have read and accepted all the above terms and hereby agree to enter into this Agreement on Voluntary Participants Sale Participation.

您同意遵守您所在地的相關法律，確認已閱讀並接受上述所有條款，並同意簽署VPS參與協議。

FSN僅僅是用在FUSION區塊鏈上的加密代幣。此類代幣不可換現，不與財務回報相關，沒有任何相關資產支持，也沒有回購承諾，且不一定具有市場價格或點對點交易功能。此外，FSN不代表任何形式的投資合同。用於購買FSN的付款將不予退還。對於FUSION基金會未明確承諾或負責的任何內容，您無權向FUSION基金會提出任何索賠。

貌似解釋都顯得多餘。最後，引用《西部世界》的經典名言：這殘暴的歡愉終將以殘暴收場。祝大家玩的開心！