There’s literally a ‘token’ called F*ck that’s up 370% in the last 24-hours

theroadtoriches (46)in #ico • 7 years ago (edited)

If you don't know who Simon Black of the Sovereign man is, you should really check him out, he's definitely someone worth listening to.

He's a value investor and a strong proponent of cash flow. In 2006 during the real estate bubble he vividly recalls talking to a woman flipping condos in Florida:

"I remember as she told me this story she was practically cackling at how quickly and easily she was doubling and tripling her money, and at one point said, “It is just soooo easy for me.”

Those words stuck.

I remember thinking, “Investing isn’t supposed to be easy. There’s supposed to be risk and hard work involved.”

She wasn't alone though, thousands of people were flipping homes for practically nothing "NINJA" (no income, no job, no assets) loans. It didn't matter, everyone was getting rich.

And when you're getting rich, you think you're really smart. We double down and triple down.
It doesn't occur to us that this might be dangerous and we might lose everything.

Simon continues:

"It’s like gamblers at the craps table-- people delude themselves into believing that they’re on a ‘hot streak’ and ‘can’t lose’, so they keep increasing their bets instead of cashing in their chips.

Eventually the luck runs out... and the money vanishes quickly.

I’m telling you all of this because I see the same thing right now in the “ICO” market."

ICO's

If you're on steemit, you probably know what an ICO or Initial Coin Offering is. For those of you who don't, it is like an IPO or an Initial Public Offering for a stock, whereby the company raises money by 'selling' tokens (instead of stock) to finance their project. The difference being you're buying a stake in the success of a future blockchain business.

However most people have been using them as the the Dot com Boom 2.0. Just like in 1999, every stock that had a "dot com" behind it went up, and people rushed in to throw their hard earned money in.

And many did go up... WAY UP. People were quitting their jobs left and right to be day traders, and why not? Even a blind chimp could make money in a market that only went up!

And today? Investors are doing the same sh*t!

According to Simon:

"There are countless startup companies now issuing tokens. And, just like the price of the cryptocurrencies themselves, many ICOs have soared in price.

There’s a token issued by Stratis, for example, that is up 101,168% since its ICO last summer. The NXT token is up 672,989%.

*Those are not type-o’s. *

There’s another token that’s actually called “Fuck” which is up 370% in the last 24 hours.

The returns are absurd… especially considering the assets are priced in Ether or Bitcoin, which have also soared to all-time highs.

So on top of a 1,000% return in Bitcoin, ICO investors have also made a 100,000% return in the token.

But I’m hearing exactly the same cackling that I heard from the real estate bubble days more than a decade ago.

- It’s soooo easy to make money in ICOs.
- It’s a foregone conclusion that the tokens will go up in value.

Sorry, but it just doesn’t compute.

If the tokens represent ownership in a business, then the only thing that matters is whether or not the underlying business performs well.

Does the company have a compelling long-term strategic plan?

More importantly-- are the managers successfully implementing the plan and achieving milestones?

Is the company on a path to financial sustainability?

Nobody seems to be paying attention to these details. They just buy tokens with the expectation that the price will rise.

It’s not to say that there aren’t any good businesses issuing tokens. But it’s pretty clear this trend is a massive bubble."

Source

Until Next time.

It's your move.

JESS

There’s literally a ‘token’ called F*ck that’s up 370% in the last 24-hours

Simon continues:

ICO's

And today? Investors are doing the same sh*t!

Coin Marketplace