No More ICOs!
I am no longer investing in ETH based ICO's. I think they have outlived their utility and while there were some very good reputable ICO projects like VERI, PPT and others, but the new ones that are still coming out are very likely to be outright scams.
This is almost always the case, when something new comes out, usually the first projects are legitimate that do create the innovation, and then as the price rises, the early investor become rich. Then everyone becomes greedy, and they still want to make money despite the first trains of profit already left, the scammers know this, so they take advantage of the greed of the investors who missed out, and they create scam investments for them.
The situation with the ICO's have became so bad that they are now literally taking pictures from Facebook and photoshopping them into their website's "About Us" page, and invent bogus identities for them, saying that:
- "Johny Jackson from the UK with a PhD from Harward in quantitative finance is our CFO with 20 years of experience in investing and financial consulting... " while that guy might just be a random dude from Facebook.
Of course they get bogus HTTPS certificates, and all sorts of fake credentials, meanwhile the scammers might be some kids from a village pocketing millions of $ from suckers.
Literally done as described in this comic post:
"A sucker is born every minute", and I have to admit I have been scammed too by some lousy ICO project that crashed 90% in price. But fortunately I only invested a small amount of my portfolio in it, less than 1% / ICO.
And these lousy scams keep away money from legitimate projects. All of these motherfuckers that start up copycat services totally copying the smart code in some cases, they get to make money, and then they run away with it, meanwhile keeping that money off the original project that might be legitimate.
Just take a look at VERI or PPT, they are legitimate ICO project that are run by well respected people, but they are barely recognized since they are not in the business of overmarketing, they actually deliver things. Yet they are barely funded, while some scammer in China or somewhere is able to raise hundreds of millions only to get shut down later by the PBOC, thus losing money for their investors.
This is a grand rule when it comes to investing: Only invest in projects that have a long term goal and can actually deliver in my opinion.
Why is this?
It is because gauging the market is hard, finding the best point to enter is hard. So if you aim for short term day-trade style speculation, you are most likely going to lose money. But if the project is good, then even if you enter at the worst possible point, you can still make money.
Just think of the people who bought BTC in at 2013 at 1000$, and then cried for 2 years that they are in a -50% loss. Well guess what, by now they would wish they bought more. Even if they entered at the worst possible point back in 2013, at the literal top, and were in a drawdown for 2-3 years after, they still ended up making 500% profit if they held. It is because Bitcoin is a viable project with real goals and plans, and it's not a get rich quick "ponzi scheme" as some of the media scumbags are saying.
So at the moment I am in a drawdown with PPT & VERI, but I am confident that they will deliver just as BTC did. And from a 30-40% drawdown, we could see 500-1000% profit in my opinion, simple because they are good project with real ammo behind it.
While everyone else who put money in these shady ICO's that implode after a month, will probably lose money in the long term.
TRADE PPT HERE:
TRADE VERI HERE:
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Sources:
https://pixabay.com
I appreciate your thoughts in this subject and thanks for sharing... Upvoted!
Are you still bullish for AMP and Steem?
I am.
The AMP developers are working very hard behind the scenes to make the project succeed.
Steem on the other hand is even more obvious. It's massively undervalued now in my opinion , and the market could reprice it after those new things come out that the devs have been talking about like the mobile app and the new interface.
One thing is uncertain, is that on Steemit most newbies don't earn that much and are not incentivized to stay, so the activity rate is low. I wish the devs would make the website more rich in features to fix this.
So in the short term Steem is uncertain but in mid and long term I don't doubt Steem & Steemit's success.
Steem is pure gold compared to 90% of those ICOs.
I don't know I mean a lot of people made massive profits with ICO's. I was very unlucky, but at this point it's really gambling especially as the scams are now outnumbering the legitimate projects.
Steem on the other hand seems to have a very expected future: The network effect.
i totally agree: the ico days are over.
been investing in ICOs since the beginning of eth, stopped on May when the hype began and 1000 ICOs appeared
Great work on calling out the current situations with ICOs and how you shared a personal story of you been burnt yourself. I like how you expressed those feelings just how I did when I was burnt just like you.
Further tying it back to thr longivity of btc. You are right about thinking long term for coins, the short term or quick buck exposes you to the scammers who we usually outmaneuver because they are clear as day. Ive adjust my thinking and holding my valuable coins long term for sure!
yes, that's true. you can never eliminate these scammers around most specially in the internet that makes it all the while easy for them to dry you out of your savings. that's the reason why i don't invest money in ICO's that are very suspicious in nature.
People just have to do their due diligence and not invest based on greed. I have fell into this trap too, but I was expecting big profits based on quick market pumps, it didn't happened.
So now I only hold tokens that have a good roadmap and a competent leadership like VERI, PPT, XRL and others.