Starting a crypto project
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Starting a crypto project
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Re: Starting a crypto project
#2Can confirm. I’m friends with a group of very smart distributed systems engineers who were excited to launch an actually useful crypto project that gets talked about here from time to time.
As much as they’re excited about the technology itself, very few people are actually interested in using it. Instead, their business seems to revolve around the value of the utility tokens for their project.
Few people are buying the utility tokens to pay for the service. They’re buying them to horde so they can resell to other speculators when the price goes up. They have a lot of tokens in circulation, but only a small number of them get used to pay for the service. Many of them are sitting in the wallets of exchanges where they get traded back and forth but never come near the blockchain.
Investors only care about getting more press releases out so they can pump up the price of their discounted tokens, which have a shortened lockup period relative to something like stocks. It’s almost like a pump-and-dump scheme for investors.
Maybe their underlying project will become popular in the future, but the volatility of the token price makes it increasingly unattractive for companies that want to actually use it.
Re: Starting a crypto project
#3Can confirm. I’m friends with a group of very smart distributed systems engineers who were excited to launch an actually useful crypto project that gets talked about here from time to time. As much as they’re excited about the technology itself, very few people are actually interested in using it. Instead, their business seems to revolve around the value of the utility tokens for their project. Few people are buying…
> Investors only care about getting more press releases out so they can pump up the price of their discounted tokens, which have a shortened lockup period relative to something like stocks. It’s almost like a pump-and-dump scheme for investors.
"almost"
If even useful services are being abused for speculation, it's time to realise the entire space is fundamentally broken. We've already seen massive fraud in the space, it's only a matter of time before people who fundamentally don't understand what they are "investing in" are left holding bags. It will necessarily collapse because of how it's being used. (imo)
Re: Starting a crypto project
#4Society is losing the opportunity to create a lot of wealth because people are investing in silly proof-of-work (or: energy/resource wasting) ideas. It's awful, and I guess we're only going to see this over once Bitcoin is surpassed by Dogecoin (I'm sure this will happen), and then Dogecoin gets surpassed by any other stupid shitcoin out there.
The idea of cryptocurrency is interesting, but the idea of having no back at all makes no sense. Wasting energy is not creating wealth.
Re: Starting a crypto project
#5> 16. And my personal pet peeve is that, by and large, most of crypto actually does want Bitcoin to die. Perhaps not in a "I want Bitcoin to go to zero", but in a, "Bitcoin doesn't do anything and so I want its value to be rightly distributed to my project, which has real utility".
This is the most frustrating thing about crypto and has been since at least 2016. Most of the projects with the highest market cap in the space either don't do anything, don't plan on doing anything and don't have any purpose.
And then you have a myriad of projects that are rewriting the traditional finance playbooks. Or blockchain infrastructure projects that are laying the foundations of what could be a fully decentralized and anonymous web. And they're worth a 100th of DOGE's market cap. Granted, they might still very well be grossly overvalued. Especially at this stage of the bull market. But the fact that there's such assymetry with projects that are at best vaporware and at worse outright scams is by far the most frustrating part of crypto.
Re: Starting a crypto project
#6"4. You realize that most of the "influencer" network of crypto is actually a cartel of individuals who all know each other and collude in pumping the same bags. They all cost around $20k-30k for a review, btw."
This is the sad truth about all these people on Youtube / Twitch. I know two individuals who are sucked into their "shows" and use what they are saying as gospel. It drives me nuts because they spout off numbers like "BTC @ 100k" and theres no date given.. I just respond by saving an even more ridiculous number like "BTC @ 100bn"
Re: Starting a crypto project
#7Always treat every single crypto project as a scam. It is one of the safest bets you can make. Everyone involved is a scammer, every exchange is untrustworthy, and nobody can be trusted.
If you're trying to start an honest project in this space, you really need to ask yourself why you would put yourself in a situation where you are the only honest person in a room full of scammers.
Re: Starting a crypto project
#8Can confirm. I’m friends with a group of very smart distributed systems engineers who were excited to launch an actually useful crypto project that gets talked about here from time to time. As much as they’re excited about the technology itself, very few people are actually interested in using it. Instead, their business seems to revolve around the value of the utility tokens for their project. Few people are buying…
Sounds like Chainlink
Re: Starting a crypto project
#9I started a crypto startup once (don't do it unless you're Vitalik-tier intelligent) and this is pretty damn accurate. lol
Re: Starting a crypto project
#10[deleted]