The Hidden Costs of Initial Coin Offerings. Jeffrey Bussgang, Ramana Nanda, November 7, 2018, Paper, “In recent years, much has been written about how the Blockchain is poised to transform traditional industries such as banking, real estate, and healthcare. More recently, it has gained attention as a way to finance new ventures, through what is known as an Initial Coin Offering (ICO). Less noticed, though, is ICOs appear almost antithetical to the standard approach to financing a risky venture.Link