Topic: Cryptonization Fail ? - page 3. (Read 644 times)
Yep, a ton of coins just used the word 'blockchain' as a buzzword to make people invest in whatever token they had, while many of them really didn't benefit much from using the blockchain in the first place or even operated less efficiently compared to centralized solutions in many cases. Unfortunately, that's still the case for some newer coins and it's likely that will be the case for a long time, but generalizing all projects on CMC as only for speculation is also inappropriate, though the majority of projects are. Most of these unoriginal projects end up fizzling out early and never take off, while some projects that end up genuinely solving a problem or creating a new service do take off.
There are certain ideas that cannot be executed on blockchain. Which is why their capability of being adopted as real projects, with working products might not be that easy. This is why some projects with no real and correlating usecase, will continue to sway to and fro, with so much dwindling.
Most of these ico projects were not even needed, they were solutions to problems that don't exist. Or even if they were some good ideas, people didn't have a plan to pull them off. Blockchain is not a magic bullet that somehow makes everything better, with some projects normal database just does the job faster and blockchain is not needed. I am pretty convinced that huge amount of these icos were gluing useless tokens on top of their project just because it was the only way for them to get the funding and they had to give something back. And there were times when crypto investors would have funded anything in the hopes of quick 2x flip returns.
And like any educated economist would reply, of course not. There are real projects out there that solve real world problem. All you need to do is dig deep through the layer of trash, marketing, and scams to find real projects that have real world impact.
Take for example how Ethereum as a decentralised smart contract platform has evolved into a service many institutions now depend on. I'll let you do the research on the rest.
Take for example how Ethereum as a decentralised smart contract platform has evolved into a service many institutions now depend on. I'll let you do the research on the rest.
Could you please give us a list of that institutions ?
Why am I posting all this? Because any educated economist who will see this situation will ask a simple question: Are all crypto projects listed on coinmarketcap used for speculation purposes only ? That is my question too.
And like any educated economist would reply, of course not. There are real projects out there that solve real world problem. All you need to do is dig deep through the layer of trash, marketing, and scams to find real projects that have real world impact.
Take for example how Ethereum as a decentralised smart contract platform has evolved into a service many institutions now depend on. I'll let you do the research on the rest.
Most of the many coins that appear today are only for speculation and extorting fresh funds from new investors to enrich themselves. of thousands of new coins, maybe only a few who are serious about developing their projects to benefit the public without speculating first.
it’s really true that most projects are not innovative or useful now, but for this, every person has a brain. every project needs to be analyzed, and if everyone will be doing that, the market will become calmer
It’s just that every crypto enthusiast had a chance to easily come up with his idea and make money from it. Why not. It seems to me that the creators of many companies were often guided by this. Moreover the legal field in some countries made it easy to do this and for fraudsters all hype was a paradise.
Most of the many coins that appear today are only for speculation and extorting fresh funds from new investors to enrich themselves. of thousands of new coins, maybe only a few who are serious about developing their projects to benefit the public without speculating first.
Are all crypto projects listed on coinmarketcap used for speculation purposes only ?
For the majority, the answer may be yes, but not for all. Essentially though it is, some are not only used for speculation. Suddenly we already can not expect that crypto will be used everywhere. Just remember when it was used in darkweb, now we have places we can use any cryptocurrencies as payment, and after some time we will develop further, and it will not be used only for speculation.Cryptocurrency has its own capacity to grow depending on the demand from people who belongs to it's desired community. How come it was speculated? Coinmarketcap was just a website who handles the monitoring of each and every coin's progress, pertaining to exchanges volume in trading. Furthermore, there's selected countries who have been using crypto as their mode of transactions that's why adoption also increased simultaneously.
Almost every project that is launched in the cryptosphere hides under he umbrella of block chain technology. Even if there is no correlation between the two, they still find means to justify their claims.
Those who are investing should be the ones that will participate with care. Know what you want and go for it.
Those who are investing should be the ones that will participate with care. Know what you want and go for it.
developer might works on focusing with uses on customs as moderating returns of tasks with initiation as preparing on expectation as appealing of extensive on running modulation as works might requires with differences on customs as limit on exchange as compilation.
No.
CMC is like the Biometrics or the attendace checker.
They just added more information about every coin for people to look into.
It is like website where links could be found. More like a reference.
You do not have to rely much with them. I use google instead.
CMC is like the Biometrics or the attendace checker.
They just added more information about every coin for people to look into.
It is like website where links could be found. More like a reference.
You do not have to rely much with them. I use google instead.
Because the majority project is a scam, many people view cryptocurrency used for speculation only but the truth is not. They are making a statement based on outer shell of cryptocurrency when scammer and fraudulent projects gather. If they dig deeper, they should know not all of them are purposed for speculation and they should know cryptocurrency created to revolution our technology. Crypto has not failed, it has not even matured yet because of the legalization issue.
I think that many projects weren't actually started as a scam, it's more that they were delusional about the impact they can make with the money from an ICO or so. If you don't have experience managing a company and its funds, 10m$ can be very little, but their promises were typically huge.
Also, many projects have "lost" a lot of the raised funds due to the bubble burst and weren't able to get additional financing (which, based on their traction, is understandable).
No, the majority are. in 2016 until 2017 it was very easy for a scam project to get money because we were in a crazy bull market and everything we have was moving up back then. Yes there were a few projects forced to go scam or close their company because of their incompetence in managing the company but it was only a few of them. Even there was a project using a celebrity to promote their project and spreading fake news about their partnership with Mastercard and Visa. If they were not intended to scam people, why would they spread a lie? it is very easy to scam people because cryptocurrency is not a regulated asset, and many scammers are fine after scamming other people.
unfortunately all the recent altcoins have been for pure speculation purposes and for years this has been the dominant reason for creation of them. but i wouldn't say all of the altcoins are like that. there are some rare smaller projects that have been created for advancement of the technology and these are the altcoins that had no fund raising, no premine and absolutely no ICO (tokens). they are stand alone blockchains. and unfortunately have small market caps because they aren't pumped like the shitcoins do.
In general, yes, the last two years, were awful for the whole industry. BTC was falling, as well as other altcoins, and during the last 18 months no altcoin has shown a solid growth. Only BTC pumped a little bit, but nothing more.
Because the majority project is a scam, many people view cryptocurrency used for speculation only but the truth is not. They are making a statement based on outer shell of cryptocurrency when scammer and fraudulent projects gather. If they dig deeper, they should know not all of them are purposed for speculation and they should know cryptocurrency created to revolution our technology. Crypto has not failed, it has not even matured yet because of the legalization issue.
I think that many projects weren't actually started as a scam, it's more that they were delusional about the impact they can make with the money from an ICO or so. If you don't have experience managing a company and its funds, 10m$ can be very little, but their promises were typically huge.
Also, many projects have "lost" a lot of the raised funds due to the bubble burst and weren't able to get additional financing (which, based on their traction, is understandable).
Because the majority project is a scam, many people view cryptocurrency used for speculation only but the truth is not. They are making a statement based on outer shell of cryptocurrency when scammer and fraudulent projects gather. If they dig deeper, they should know not all of them are purposed for speculation and they should know cryptocurrency created to revolution our technology. Crypto has not failed, it has not even matured yet because of the legalization issue.
There's a bunch of aspects to this:
1. Value is always based on trust - e.g. trust that you can exchange A for B. This is also true for all kinds of coins
2. One can't create new "money" which has value out of nothing. If nobody sees value in it, it won't have value
3. Tokens (at least in theory) are good at building economies. Why? Because through the token the actors in the economy can participate in a value increase of the economy through an increase of the token value
So the issue is that most coins / tokens don't really have an economy behind them. There's hardly anything (useful) that you buy with them that you couldn't buy with anything else, and they don't serve (enough) as an incentive to participate in the economy.
Btw participating in an economy typically includes SPENDING tokens. This is the biggest issue I have with pure HODLing as it does nothing to fuel the respective economy, it's only a means of "not increasing supply".
Tokens haven't failed, though. We'll see a plethora of great use cases in the long run. Unfortunately, only few of the coins currently in existance will be part of that successful future.
1. Value is always based on trust - e.g. trust that you can exchange A for B. This is also true for all kinds of coins
2. One can't create new "money" which has value out of nothing. If nobody sees value in it, it won't have value
3. Tokens (at least in theory) are good at building economies. Why? Because through the token the actors in the economy can participate in a value increase of the economy through an increase of the token value
So the issue is that most coins / tokens don't really have an economy behind them. There's hardly anything (useful) that you buy with them that you couldn't buy with anything else, and they don't serve (enough) as an incentive to participate in the economy.
Btw participating in an economy typically includes SPENDING tokens. This is the biggest issue I have with pure HODLing as it does nothing to fuel the respective economy, it's only a means of "not increasing supply".
Tokens haven't failed, though. We'll see a plethora of great use cases in the long run. Unfortunately, only few of the coins currently in existance will be part of that successful future.
Maybe 90% coins listed on coinmarketcap can be describe as for speculation, or simply to create more money. That's why 90% turns out to be scam in the end.
But there could be some coins out there that could really help or at last have real life usage that's why they are still in the marketplace after all. But it could be debatable as to what coin it will be. Just look at ETH now, way below it's ATH but still people thinks that it can still bounce back in the future.
But there could be some coins out there that could really help or at last have real life usage that's why they are still in the marketplace after all. But it could be debatable as to what coin it will be. Just look at ETH now, way below it's ATH but still people thinks that it can still bounce back in the future.
Many projects were created in order to help people, to make some area more successful and convenient to use. However, there are many projects with the goal of earning and nothing more. Cryptonization has just begun, let's see what happens next.
What hasn't happened is certainly very difficult for us to predict, because we have to wait so we can see what will happen next, because in the past year many have seen that the average project only prioritizes their own income, and this year is also not much different from last year. Jump to: