Let’s review the extent of the carnage inside of the dark, cavernous catacombs of the ICO world — a place where outright scam artists get rich by tricking people into believing their ‘coin’ will make them rich. This has never been about preserving value, supplanting fiat, but promoting a bubble that is backed by venture capitalists.
Let me repeat that for you thick brained fuck-sticks who think that by purchasing ETH or BTC you’re ‘sticking it to the man.’
Remember Uncle Fred Wilson, the man behind Twitter, Etsy, Zinga, and a slew of failed IPOs? Fred’s been involved in Coinbase and the blockchain since 2011. After Fred got in, his whole cadre of followers and sycophants followed suit. As of today, the industry is teeming with vultures looking to continue this Ponzi scheme — thrusted ahead by lunatics like John McAfee.
Here are some of the losers over the past 24hrs
Sprouts -87%, $1.6m mkt cap
MergeCoin -59%, $768k mkt cap
MegaCoin -56%, $785k mkt cap
Asch, -52%, $10.6m mkt cap
Hshare -40%, $227m mkt cap
DogeCoin -33%, $102m mkt cap
SysCoin -33%, $80m mkt cap
SiaCoin -31%, $114m mkt cap
NAVCoin -30%, $42m mkt cap
And for the big ones
Bitcoin -16%, $54b mkt cap
Ethereum -16.5%, $21.7b mkt cap
Ripple -13%, $6.7b mkt cap
BitCoin Cash -20% $6.7b mkt cap
Litecoin -25%, $2.5b mkt cap
You get the gist. We’re talking -30% to -60% moves over the past 7 days.
I hate to see anyone lose money — but these people truly deserve to. They’re buying ‘coins’ with zero voting rights, zero regulations, zero oversight, zero compliance other than Github and Reddit peer review, and zero ownership in the companies they’re investing in. These ICOs are the ‘essence’ of the company and mean nothing.
The Reddit forums, as you would expect, are filled with people on suicide tilt, and true believers with confirmation bias who’re trying to say this pullback and China ban is a ‘good thing.’
This pretty much sums it up.
To be sure, the ICO scene is a stink of Old English proportions and needs to be sanitised. There are also way too many coins that are clearly rubbish and need to be vaporised. Check out ‘pinkcoin’ and ‘gamercredits’ for examples. Seriously, look: https://gamecredits.com
I couldn’t give two shits about sticking it to the man, but I honestly believe in the blockchain tech and companies behind some of these coins and am willing to risk the investment. Obviously the pertinent question is where does the real valuation lie? I’m willing to put skin in the game to find out.
Suckers
beanie babies. is this what it takes to train people about money? good bye money.
The swamp is slowly being dipped but it comin. Dnc and DWS will be in court soon. Fun how there’s multiple copies of the server floating in the cloud. You can not hide data!
Come on. The jump the shark moment on ico was Paris and hip hop getting in. You can’t go back after that. Any digital coin I’d fucked. Your cursed by hilton.
BTMFD
And HODL!!!!!!!
Despite his overt hatred for crypto, I sense that The Monsieur is intrigued enough to be having a look at this space. Not all crypto investors are millenniums either. It’s just another way to diversify.
The orchestration between Communist China and our illustrious Jamie Dimon at the same damn time, makes me wonder. Extra “Future”.
I’ve spoken of the risk several times here of governments banning cryptocurrencies. Now that China half doing it causes a massive fucking crater, you say BTMFD.
What possesses you to think that Yellen won’t do the same, followed by the EU Central Bank? Then treating it like offshore illegal banking, tarring and feathering those still holding, Panama Papers style?
“Investing in the cool new tech” while it is going up in value 10% a week is quite a different proposition from buying an outlawed currency and risking fines and rooming with Shkreli while the value plummets 10% a week.
Happy trading!
Innovators and early adopters will off-load their digital tokens onto dupes and cash out into fiat like bandits, early/late majority will lose shirts, laggards will break even, dumbbells will hold and hope.
FUCK YES!
I’ve been waiting for this to be said more. There was a dick grabber on CNBC today talking about how great it was that there are only some 300k wallets with more than $5k of fake fiat in them. The panel kinda gave him a WTF are you talking about moment before moving on, but its a big negative in a liquidity crisis.