Topic: Cryptonization Fail ? (Read 644 times)

This is why I chose to stay with the top exchange because I really see that we have meaningless projects in the market and if you are not careful to be disciplined and stay with very well recognized projects alone, you may end up falling into some of these scam projects.

If we had regulations, I am sure that the 2000+ tokens that we have in the market would not have been possible because the regulators will really filter all the tokens and make sure that they exempt all the projects that looks like it’s a duplicate and also ensure that all the project team and developers are really verified before they can get to announce their project to the public or try to get money from the public just like they do in IPO which we may really find IPO projects free of scam.

I do not agree with your opinion. The kryptonization of our life is just beginning. Cryptocurrency is a completely new type of financial settlements. Of course, while there are a lot of difficulties and abuses. For the three years of the existence of ICO projects, it is still not worthwhile to negatively evaluate all these projects. Many of them are still successfully developing. So far, the dominance of tokens is negatively affected by the price dominance of bitcoin, which prevents them from developing normally in terms of price. To evaluate the tokens that have arisen in the course of the ICO, we need a lot more time.

In terms of coinmarketcap (CMC) we are aware that not everything listed there is legit, they are claiming that they are only checking those project who has a real volume and listed in 2-3 different exchanges, but we don't know what is happening behind the back as there's a lot of new projects that has only 1 exchange and very low volume but is listed there, there's a lot of shitcoins there too.

For ICO, we may say, yes it is a failed and not a good way to raised fund as it has been the instant way for scammers to have instant money, so this failed, as there's a lot of people who invested without proper research.

Overall, I don't think that Cryptonization failed, yes, there's a lot of projects failed, but that doesn't mean the crypto is failed, as those projects has no real use case and no development at all.

Well, that's how we have seen it. A lot of projects that are being released these days are just so that they can use it in making money and after that , the project cease to function. There are some projects you will see on the market today and they will have a really good purpose, but at the end, those running the project will still abandon it to fail. Some of these projects are being run by people that have no experience/skills, they just saw that it's what is trending and they decide to jump on it.

It's the same thing with the real world, there are lots of good projects but it's not all of them are successful at the end. Some end up not being successful at the end, so that's the same thing you're seeing in the cryptocurrency space.

I agree that crypto should be able to attract the attention of investors. But if there has not been a clear adoption, I think for a long time investor confidence will fade and could result in falling prices. Adoption is one of the important factors for crypto to survive

Of course not, this is one strategy to attract the interest of the community so they want to use it. The more people know about it the better it is to form market capacity. This is very beneficial for the long term. The wider adoption, both bitcoin and blockchain will increasingly make people aware of its functionality and effectiveness.

Crypto is an overachiever. In short amount of time crypto currency has risen to Central attention of the world. Recently China announced they would boost up their R&D on blockchain  to counter US dominance in the field. So, it's a win for crypto.
Regarding the coins in CMC, they too are of different kinds, some are purely speculative while some are also pegged to the net profit of a company and many other ways to maintain the price.

If altcoin is used only for speculative purposes, it does not mean that it cant be used for something else. After all, everything depends on the people themselves. If you promote the spread of cryptocurrency, it will be used by other people. And not just for speculation.

Many projects are certainly only speculative, and other real scams.
However, if you analyze carefully you can find excellent projects with a good chance of success.
And it is a pity that even valid projects are penalized by general distrust.

A very small number of people use cryptocurrency for its intended purpose, most people use it only for speculation. So far, this market is not regulated in any way and it is used to make money.

People don't seem to know what it exactly is that they want.... on one side they want to see this space actually picks up in use, but on the other side also want to see it go up and down the way it has done throughout the years.

It's not possible to have both.... use will only pick up when prices are stable, otherwise what's the point? Speculation will only continue when the prices pump and dump hard, otherwise what's the point of speculation?

I personally am fine with speculation considering the fact that in most cases we don't really need crypto.... it's volatile, not user-friendly, only attracts adoption when prices go up, and so on. Crypto is too hyped up in its current form.

Yes we cannot just blame the whole crypto industry for failure of unrealistic projects without a proper planning as there are currently 3053 crypto coins listen in coinmarketcap it does not mean every project will be successful and most of the countries are trying to adopt blockchain but skeptical about crypto due to it's decentralized nature which will require some more time as crypto industry is yet to be streamlined. We need to support it atleast for the fact that it has provided us so many facility which the centralized institutions lack.

Blockchain and cryptocurrency are still new. There are still many who try and seek profits through this hysteria. Some are serious, some are careless, and some are trying to cheat. It all depends on the development team, whether they really read the opportunity, the needs of the community, and find the right ecosystem niche to be developed, the mission of cryptonization will be successful.
There are many fields that have been touched by the blockchain, and many of them have had success, although we must realize that this cannot be used massively yet, well ... this industry is still quite controversial, slow but sure.

Crypto currencies are not failed,to be honest it reached great heights since it was created and the time take for this is reallty nothing compared to previous technology adoption but yes its not used a crypto currencies and mostly used for its speculative nature but this at least makes the crypto market move further and also companies like starbucks said they are going to accept as payment so in the next decade we have more places to spend our cryptos other than exchanges.

Hope for the best,enjoy the benefits.

The thing is that many powerful and promising projects will live. And speculators as they were before and now they have not gone anywhere. We just have to come to terms with the fact that speculations and speculators have been and are!

Let's not lie to ourselves. Today, cryptocurrency is an exclusively speculative tool. Few people are concerned budeschim project as all pursue the goal to quickly cash in. Projects have ceased to produce a quality product and are needed only for what would be profitable to trade on the stock exchange or deceive crazy investors. We have ceased to evolve.

The cryptonization of many establishments like hotels and casinos are the beginning of the age of crypto. There are a lot of cryptos because each of them aims to target a certain nature of business. Though it is also true that  many of them look like the same of the older ones. Many did not succeed because of this. The main challenge of many cryptocurrencies is to be relevant to the society so people will support the use of it.

Cryptonization is not only about making everything in every industry use cryptocurrencies but to integrate the communtiy to blockchain technology. It is not only about the money, the system itself of the industry can be "updated" using blockchain just like to the nature of new online gambling sites. Decentralization of some specific systems can help increase efficiency. Anonymity of the users can be used for canned transactions that do not require any liability from the law of the country.

My personal opinion is that most altcoins that are currently traded on exchanges are not needed at all and they will disappear over time. All these projects are completely meaningless and do not cost anything.

Most coins and tokens that are listed on coinmarketcap have little in common. You cant compare them since are made differently and for different purpose. Only thing to speculate is their price. Coins and tokens are there to be used. Well not all but some. Those that cant be used or will not be used have no purpose and are useless and worth zero. The rest have some value and that value is speculative.  

It's too early to declare cryptonization to fail because cryptocurrency is still in its infancy. The crypto market value is above $ 200 billion dollars and I think it's too big to say speculation. There may be some speculative coins on the market but there are plenty of coins that are working on the project to produce a good product

Maybe now, cryptocurrency can be said as a speculation tool but if adoption occurs, I don't think it can be said to be speculation anymore. Investing in new projects is speculation because we do not know the team behind the project and also how they will achieve the roadmap that has been made. But if the product is finished and can be used by many people, I think the investment will produce results

No one? I'm using my crypto asset for loan purposes, even paying my bills using my cryptocurrency. How come for speculation purposes only? That's only opinion of others but if its up to someone how can he used his cryptocurrency. Well someone looking on cmc is obviously concern about the price and its status, why not go to project update of that cryptocurrency, check out on github what is the latest trend or maybe they have new feature to try on. It's all about price right? I wonder only few here have real crypto enthusiasm for this tech.

In my opinion, all investments in any form, whether stocks, gold, or crypto including bitcoin are speculations. We know that no one expected bitcoin or ethereum the price would go up because at the beginning it was created, bitcoin had no price and in my opinion because it was speculation that the price of bitcoin could reach $ 20k because there was no underlying behind bitcoin.
This also applies to stocks, when we buy shares, maybe we buy because of good financial performance, but no one is able to predict the financial sustainability will last long or not.

Yes, unfortunately now almost no one uses cryptocurrency for other purposes, except for speculation. In addition, it is not always possible to use it for other purposes, so we have this result. We need to promote the spread of cryptocurrency. Then people will see it not only as a speculative tool.

This is a long way to go. This will take a lot of patience to happen. Tokenization of everything seems helpful but it needs to be studied before it implements. This is my honest opinion. I don't really don't see that people are valuing the uses of these tokens. They don't care at all. They only see cryptocurrency as a form of investment. That's why people immediately selling right after exchange listing because they've gained enough.

The fact is that cryptocurrency has two sides, one technological and the other economic.

The technological side is projects and their direct benefit to the world, their direct use, their direct implementation.
In this environment, constantly something happens, the project is developing, their blockchains continue their work and development.

But there is another side to the economy, associated exclusively with coins and money.
This side is purely speculative and nothing can be done about it so far, due to the fact that cryptocurrencies have high volatility, which means they are subject to speculation.

crypto is on early development stage, if there are many failed projects i think it's normal

there are many projects created just for stealing money from investor, that's why many project alive in cryptocurrency. but it doesnt mean that crypto is failed

the good news is there are many serious project in cryptocurrency which can make good development. i think those good one which can make crypto well-known in this world

Honestly this is the same question that keeps ringing in my head "whether crypto projects are mainly for speculation purpose" . Everyone is concerned about price movement and not about the development progress most times. Well, bitcoin is exempted, most altcoins do not really serve any purpose other than speculations. I'm looking forward to seeing a day when most of these altcoins will actually be adopted or applied in the sectors they claim to be relevant in.

Worse, they are used for pump-and-dump schemes. You can see ICO tokens from 1-2 years ago still being traded on exchanges and having some price action, despite clear lack of results and development progress. All they do is employ bots and shills to create some buzz on social media, and some fake news and announcements, all in order to lure noobs to buy their tokens again. So, no only ICO's scam the initial investors, they all scam everyone who trades their tokens on exchanges later.

You are right, virtually all projects that are on coinmarketcap are for speculation purpose only, but exception of the top coins, if you look at the top 10 coins like bitcoin, ripple, Ethereum, people are really making use of these products for transaction purpose on a daily basis, so they have other real working product that is helping other than just speculation alone, and that is why I keep advising many people that, they should focus more on investing and developing these project that have real working product, because all the other coin that  are used for speculation are just there for making money alone. I don’t blame them anyway, people are even more interested in the money they can get out of cryptocurrency market other than the technology of the project itself.

This is the real challenge, crypto projects should not depend on speculations rather they must show to the community their purpose and fulfill their promises. They must prove that all criticism's are wrong by showing their product, I think its about time to show off the results because it seems that most investors are not happy with the shape of ICO industry right now which is full of negativity and uncertainty.

It may be sad to accept it but it did fail, but for a single round only. It did not kill the cryptonization or tokenization project. It failed not because the world's cryptonization or tokenization project is bad in itself but because it is not yet the perfect time. The world might not be ready for it yet. But it does not mean that this initiative will stop and will be forgotten. It just had to make the steps smaller and the processes gradual. Little by little, this world will still be tokenized.

haha good question man, the short answer is... yes, yes they are  
everyone wanted to get in on this blockchain craze, and thats cool, but really most projects dont even NEED it, its just a hype thing
there was a study that showed all a company had to do was add "blockchain" to their name and its stock would rise 200-400%, so one can imagine the effect of that

We're in the time that those solved problems thru fiat are applied in blockchain that does not need by many so it did not get attention to new investors it's just like copying a existing project in a way it will be included in an exchange which is the only difference. Before around year 2017 projects atleast have a glimpse of uses, somehow you'll be amazed on teams how they come up to that idea but now after many project appears it's make no sense to support since there's no difference and progress.

Far too many in my opinion, but I do agree that at least the top 50 to 75 aren't scams or doomed to failure.  Everything below that is questionable.

Op, you are absolutely correct about these ico projects trying to impose blockchain tech onto areas where it isn't suitable, and I've seen some crazy ideas since I've been watching.  It's ridiculous to me that these projects keep trying to do what amounts to the same thing over and over...and they keep getting investors! 

The coins I mentioned on coinmarketcap might survive, but tokens are another story.  I would venture that the overwhelming majority are going to be worth zero, and it won't even take years for this to happen like it will with some of the worst altcoins.  It might take no more than months after launching for most of these crap tokens.  It's a fitting fate, too.

For me though, it's just that we're still not in the era ready for conversion to blockchain technology, or it's because the projects aim to convert something not needing conversion just as what you've said, and that's the main reason why we feel all of these are just speculative to invest in. Altcoin market is now too crowded, we just need a company that would initiate a revolutionary idea running on cryptography and blockchain, an idea that could run in a decentralized system, the power to the people, and would replace existing traditional system, which we can't predict when will happen, but surely will.

Basically it is. Everyone uses cryptocurrency for speculation, because so far few people trust it. For other purposes, it is used only by a few. Therefore, our task is to present crypto to people in the best light, and not just as a speculative tool.

Yes indeed, a lot of coins or tokens whose function is unclear. Their number exceeds the coins that have useful ideas, real use cases. Another story when we say speculation. Because basically speculation someone came because of further development of the coin, yes we can call fundamental information. Where this can provide benefits for someone, especially traders. So basically we can distinguish speculation and real use case itself. Speculation is used by traders based on the development of the coin technology. While the main function or use of a coin is to send money without intermediaries, fast and cheap, such as XLM, LTC and many others.

Yes the main agenda of starting up a project is to help people in their daily life like altcoins have provided so many wonderful projects in the past like lightening speed money transfer, chat applications, real estate platform, etc you name it we have a project with those domain in order to simplify our live but in last one year the market have been ruined due to entry of bunch of scammers who used it for their own benefits wherein some of them ran away with investor's money while some of them dumped their own project. Now the investors and community are well aware of all these things and only genuine projects will survive which is a good thing for us.

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.

Could you please give us a list of that institutions ?

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.

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.

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.

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. 

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.

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.

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.

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.

No. Not all, at least not from start. Just too many.
There are obviously a lot of projects with no substance, only to get money. This has become a problem and I see no good solution for it.
But there are also projects that wanted to get some money to start up: some got the money, some didn't, some used the money well, but most didn't. Some had success, some didn't. Some still have success, some are dead or dying.


Actually even the "honest" coins, with no ICO, IEO or whatever have also become subject of speculation, just because it's possible.
But isn't this something that also happens on stock markets and Forex?!

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.

To answer the question, not all crypto projects listed on coinmarketcap use for speculation purposes only because there are still good and promising projects created especially those belong on Top 10 and even most altcoins are only made to make profit which happened to ERC20 tokens cases. Data on CMC are just only a guide/reference that compile all informations about a token/coin.

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.

Starting from 2016 we have seen all kinds of ICO's and later IEO's related to almost any existing business. People tried to blokchenize aka cryptonize almost everything. Online shops, Banks, Insurance, Medical services, Tourism, Real estate, Social media, Cannabis e.t.c.... e.t.c.... and even prostitution, gays and lgbt.... Some of them used ERC20 tokens and smart contracts and some of them created new altcoins. 99.9% of them failed because all that businesses are already established with fixed rules and managed by specially educated employees aka qualified managers. Nor of that businesses needed so called crypnonization. Also nor of them needed a new payment instruments like bitcoin or any other altcoin. Typical example of that are some banks that tested XRP which was developed especially for them, but finally all of them refused to use it. Someone will say that some online shops, bookmakers and casinos are accepting bitcoins, but the amount of such adopters is critically low. OK, blockchain technologies are used officially in some countries like Georgia, Estonia, and few others for storing some public data and cryptocurrency is officially recognized and taxed, but others are still very suspicious towards blockhain and crypto in general. Despite all this, dozens of new, completely unknown crypto projects, with some crazy ideas are appearing on the market almost daily. (Check "Recently Added" on coinmarketcap) 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.