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Starting a crypto project

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Re: Starting a crypto project

#11

Post by monkeydust »

PragmaticPulp wrote: post #2

Can 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…

Perhaps their initial approach was not the right one i.e. was the public token the right method to maximize the value of their actual offering? Maybe they need to rethink given what you have said.

I know of a very similar company (might even be the same one) the telegram forum they have setup is just full of people speculating what will / might happen ...will it go to the moon... etc.. They have now moderated that out but still main reason people join the group to start with.

Re: Starting a crypto project

#12

Post by pfisch »

henvic wrote: post #4

Society 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…

You realize doge coin is still worth less than 10% of btc by marketcap?

Not sure I would count on that prediction.

I mean is gme going to surpass apple?

Re: Starting a crypto project

#13

Post by berkes »

mkohlmyr wrote: post #3
PragmaticPulp wrote: post #2

Can 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…

How is this any different from the "web tech" space at large? Where investors will push towards "data-hoarding", privacy-invasion, dark patterns and/or addictiveness or other psychological "abuse", more often than not?

Re: Starting a crypto project

#14

Post by berkes »

user-the-name wrote: post #7

Always 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.

> 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.

This is one reason why I pulled the plug on my startup in the sphere. In the best case you're disadvantaged by all the scammers and liers: they can make promises, cut corners, rip investors where you are being careful, covering all bases, and trying to put a real case and working sofware out. In the worst case, your honesty is helping the scammers by adding credibility to their case.

Re: Starting a crypto project

#15

Post by spottybanana »

henvic wrote: post #4

Society 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…

> 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.

Just pointing out that both Doge and BTC are proof of work and consume energy in similar style with the mining process.

Re: Starting a crypto project

#16

Post by kayhi »

extr wrote: post #8
PragmaticPulp wrote: post #2

Can 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

or filecoin

Re: Starting a crypto project

#18

Post by fumblebee »

> 2. You aim to build a community, but in reality 90% of your telegram/discord are scammers and people asking why price is going down/accusations that you and your entire team should go to jail.

I'm consistently repulsed by the lack of thoughtful discussion in crypto communities. For a space littered with intriguing technology it's endlessly frustrating that there's no HN-like forum. Instead, any community that started off that way is now filled with speculators and shillers.

Take your pick for where to source your news: 1. crypto influencers on YouTube who are paid to shill, 2. forums likw Reddit filled with speculators and conmen, 3. pump and dump groups on Telegram.

The greed and FOMO on display in the crypto gold-rush is deeply depressing, and for the majority who join the craze at the peak of the bull run, it'll surely end in tears.

Re: Starting a crypto project

#19

Post by tromp »

Sounds like he's talking about tokens, rather than an honest blockchain built from scratch with no rewards for the developers other than creating innovative technology. Without a premine/instamine/devtax, there's no need to shill the coins, or care much about the price.

Re: Starting a crypto project

#20

Post by queuep »

fumblebee wrote: post #18

> 2. You aim to build a community, but in reality 90% of your telegram/discord are scammers and people asking why price is going down/accusations that you and your entire team should go to jail. I'm consistently repulsed by the lack of thoughtful discussion in crypto communities. For a space littered with intriguing technology it's endlessly frustrating that there's no HN-like forum. Instead, any community that start…

I think this depends on the coin. The IOTA discord is quite interesting, and people using the tech. Not sure IOTA will be a thing though, but I still like reading the discussions in the Discord.
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