The Status Network Token Phenomenon

I remembered doing my best to stay awake as the STATUS NETWORK TOKEN ICO took place. I was pretty excited then because it was the first time I participated in an initial coin offering. I got 3.6 ETHs in line.. I was there before the ICO started and had to sleep it up when I got the message from MyEtherWallet that my transfer isn't pushing through due to high traffic and that I should try it again after an hour or something like that.

Anyway, SNT ICO ended and I didn't get any. Then the whole ETH blockchain reached its limit and broke down. A handful of ICO members became instant rich people with 300,000 ETHs at their disposal. A couple of days afterwards, there's a buzz that an intent to cash out into fiat is imminent.

I never had any proof that it did take place, but all I know is that the price of ETH fell and along with it, the price dropped into $0.10 for a few seconds before going back up to around $350.

A few days afterwards, the price dropped again to around $200.. not just one day, but two consecutive days, at almost the same times of the day.

Fast forward to the present.

SNT is now on Bittrex.com and its price dropped 100%.

I can still remember how 1 ETH = 10,000 SNTs on ICO. The price of ETH then was $350.. so that means 1 SNT = $0.035.

Seeing the price of SNT now at Bittrex ($0.04 lowest rate) doesn't seem to be too far from the original price. If only a lot of people knew this will happen now, there won't be clogged blockchain and delayed ETH transactions.

But perhaps it's a good thing that that happened.. at least we now know the limitations of the existing ETH blockchain system.