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RE: Are we in a Cryptocurrency Bubble?
Actually I'm not so sure about Gnosis. They certainly did not want to be valued so excessively - that is one of the worst things that can happen to a startup. I would argue that the auction was designed to be fair, although using a new model like they did had this consequence. All the FOMO caused everyone to pay a much higher price than an objective valuation may have. Everyone just wanted to get into the sale so "yeah sure I'd pay exorbitant amount for a GNO token, the price will go down by the end of the auction" became what everyone did. And then it sold out and the price did not go down.
I think you are being naive when you think that.
The Gnosis ICO has been anticipated for so long that no other outcome was probable - so they are either incompetent and didn't know what they were doing, or they did it deliberately. Neither is good.
It would be very ironic that people creating a prediction market could not predict such an obvious outcome!
I agree. Could not distance myself far enough from the project.
I was just trying to bring a bit of the devils advocate to the table. Full disclosure: do not and do not plan to hold any GNO, I do hold REP however.
Me too - am holding some REP long term - I was going to buy into Gnosis too but when I realised the way the ICO worked I held off because it seemed scammy to me but it sold out faster than even I expected it to. Lucky it did because I tend to be susceptible to last minute FOMO - I think I must have the gambling gene lol!
Haha TBH I had to mentally tell myself that I would not get in the first day. I thought that the project was worth just a few million at most. The part of FOMO that gets us is that we are all susceptible. I think holding REP long term will be a very interesting prospect.