To bullshit ICO’s
Everywhere I read tech news I come across an article screaming that crypto is a bubble and you should GTFO! We went through a similar bubble with the Dot-com Bubble. In that boom cycle, founders were registering clever domains and raising millions with the promise to investors that they would change the world. Fast forward 30 years and we’ve experienced a similar event although not quite the $5T lost back in 2002.
In 2017, more than 1000 ICO’s launched and failed. Yes, you read that right. 1000 have failed. That’s probably a conservative number too. It’s estimated that more than $1B was lost in that year too. Those kind of numbers make me sick to my stomach.
The fact there is that many crooked “startups” and that many dumb investors got me shook. Although I didn’t participate in any scam ICO’s, I still feel a bit guilty. I never read the white paper for Litecoin, BitcoinCash, Ethereum. So in a way, I feel guilty about throwing money at them last year. Coinbase made it so easy and the markets were raging. I was like, oh shit I better get some Litecoin.
So how do we fix this?
This is a tough question to answer and I certainly don’t have THE answer but have some ideas. The first thing we have to do is read whitepapers. For those of you unfamiliar with the term whitepaper, it’s a technical document with little to no pictures that will bore you to death. Next thing to do is follow the crypto blogosphere. DYODD (Do Your Own Due Diligence). Start following hashtags on twitter, lookup keywords on YouTube, and also head over to Reddit. The last thing would be some kind of governance or regulation. I am not a fan of this but I had to write it down.
Crypto is soooo young that this kind of bubble and correction should be expected. Afterall, good money drives out bad money…. in a free market.
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