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RE: A Quick Response To The John Oliver clip About Crypto
I thought it was a funny spot, if somewhat painful for those of us involved in crypto. It's hard to argue about the number of douches involved so far. A new frontier of opportunity brings them out in force. Plenty of good projects and people also, though.
It's quite standard in other fields (not merely crypto) for angel, early VC, and crowdfunding investments to be made with the promise of a future product/service (and nothing tangible yet), so I thought that line of joking was rather lame. By the end, if I hadn't known anything about crypto, I would not have been turned off to it and I would have wanted to investigate more, so by that standard, the spot was not purely negative.
Thing is, most millennials, the heart and soul of the crypto boom are becoming increasingly skeptical of pretty much anything. Too much noise results in indecision. It also really hard to make up the good projects due to the immense clutter. I believe the best approach is 'spray and pray' with perhaps 1% of monthly income for newcomers. Perhaps an index would be much safer for most.
This is my theory exactly, almost all icos that have recently been released have traded well below ico price upon dropping on exchanges. Naturally as the price of Bitcoin and Eth have dropped and Eth being the usual coin of choice to buy into icos it is inevitable that they also would crash upon release. Coupled with the associated risk factor, I fear that interest in icos will decline as profits are much less guaranteed. Many investors will have funds tied up in under performing icos as well.
To reverse this trend the seedy icos need to be pushed out of the market with perhaps the help of some kind of decentralised regulatory apparatus so the community involved can decide, also the whole market needs see some green again or it makes much more sense to just hold already established coins