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Charles Hoskinson in abc NEWS

On Sept. 21 at the Nexus Conference, an intimate gathering in Aspen, Colorado, focused on decentralized and disruptive technologies, millionaire investor Roger Ver made an unexpected announcement: He has helped raise over $100 million to purchase sovereign territory from a to-be-determined government and start a sovereign country.

The announcement of his project, dubbed Free Society, came as a surprise to the largely Libertarian audience, who expected the 38-year-old Bitcoin evangelist and early investor in the cryptocurrency to discuss the advertised topic: Bitcoin Cash, the new cryptocurrency that emerged Aug. 1 after a split in the Bitcoin community. Instead, the man nicknamed “Bitcoin Jesus” laid out his plan, which he emphasized will be based on the ideas of voluntaryism, the non-aggression principle and free markets.

“We already have more than $100 million of private capital committed to this,” Ver told the crowd. “And that’s just the start. To make it clear -- the lawyers have told me to make it clear -- that this is not an ICO.”

While providing few details on potential locations for his sovereign country, who the investors are, and giving a vague timeline of maybe within 10 years for Free Society come about, Ver repeated one phrase throughout his presentation: “This is not an ICO!”

Dominick Hicks/handoutInvestor Roger Ver, seated next to "The Keiser Report" co-host Stacy Herbert, speaks at the Nexus Conference in Aspen, Colo., Sept. 22, 2017. What is an ICO?

The relentless hype around ICOs, or Initial Coin Offerings, has gripped Silicon Valley and the venture investing landscape over the past year. Similar to company’s Initial Public Offering, ICOs involve a company creating a new, unregulated digital coin at a discount to raise funds. This allows startups to avoid surrendering power in their companies to shareholders or venture capitalists. Nearly $2.3 billion has been raised to date using ICOs, Forbes report...

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