In a world driven by hype and FOMO [Fear Of Missing Out]It’s becoming clearer every day that a serious crypto enthusiast needs to make a case for choosing a token to help them capture money in a world where real viable projects are hard to find and good projects with long-term prospects are even harder. ‘shit coins’.
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With recent developments where most new cryptocurrencies are hitting record lows and new ICO Projects failing to live up to their hype after Crowdsale, it is now common for disappointed “investors” to blame ICO promoters on social media instead of blaming them. for not doing due diligence themselves to pick a sure post-crowdsale winner before buying a token during their ICO.
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From my extensive observation, most crypto buyers simply bought the coins based on an ICO based FOMO (Fear of Missing Out) created by the masters of the hype behind these coins. Many bought without understanding the coin’s post-ICO purpose, or what the token was supposed to do after the Crowdsale. When nothing happened after the ICO, as is the case with many ICOs now, they jumped on social media to cry bloody murder.
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Recently, me and my team just finished a tour in Africa and parts of the US to promote the Nollycoin ICO. We organized and sponsored different conferences, held AMA (Ask Me Anything) press conferences and held many one-on-one meetings with Crypto whales, small investors and crypto millionaires of all colors.
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Through it all, one thing that surprised me more than anything else was that MOST token holders had NO idea what the underlying business or project was involved in behind the token sales.
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Even more strange to my observation, it was surprising that many could not articulate the project’s value proposition, its goals or the company’s plan to disrupt the market and capture a portion of the buyers in their industry. They simply bought the ICO because the various telegrams or Facebook pages they visited told them to “Buy”. Hodl and buy more’. Most simply acted on herd instinct instead of objective deliberation.
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Now, if most of the people I met were teenagers or uneducated people, I wouldn’t be so surprised by the level of ignorance of many of the crypto “investors” I’ve met. On the contrary, many of those I met were college graduates and some middle-aged. However, less than 10% of them can easily say why they bought a coin in the hope that it would increase in value over time. Everywhere I went, very few people in the crowd told me the name, experience, and ability of the corporate executives of the company selling the coins.
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The only thing most of them could point out was that the coins were recommended by “respectable” influencers, when facts have shown that most of them paid colds to create respectability for FOMO and otherwise worthless shitcoins.
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Beyond the so-called fake influences, many crypto buyers knew the names of the ringleaders were Russian, Chinese or Korean, even though they knew nothing about them. As if all you need to have a successful ICO is to list the names of people in Korea or China or Russia that no one could verify with a simple Google search.
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While I agree that there are certainly many things to consider when deciding whether or not a project’s tokens will increase in value over time, I think the acid test and immediate evaluation criteria should be the utility of the coin itself outside of what would happen. on crypto exchanges.
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Although most crypto token owners I met didn’t know it, the reality is that if you bought a token from most ICOs, you weren’t actually “investing” in that company. You would not be buying shares in the company and you would not be buying any security from the company.
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And at best, what you were doing when you bought tokens in most ICOs was “donating” to a project, outside of the business ecosystem legally controlled by the issuing company, in exchange for a utility token or coin that legally had no real value.
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In short, apart from hoping that the price of the tokens will rise to “the moon” or become a millionaire, there is nothing else you can do with the token other than enjoy the utility attached by the ICO company, if any.
Since no one could predict for sure how Crypto would perform on a crypto exchange when it finally got there, and recent experience has shown that the prices of most tokens would likely dive within the first few weeks of being listed on an exchange (due to heavy selling by speculators), it would make sense for your exploring what other value or utility you can derive from the token, beyond the expected “moon” in exchange.
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As the crypto revolution continued to revolutionize, transform, and adapt to different market developments, the only way to make sure your money isn’t going down the drain is to make sure you can still use those tokens for great value and benefits. even if you could sell it for a profit in an exchange.
When making this decision, you should ask yourself this key question: What is the value, product or service that the company selling the token is creating that will give me enough value for my cash to make this purchase worthwhile?
In a world where token prices fall on different exchanges, the more opportunities you have to get a real-life use for a token outside of the expected list on a crypto exchange, the more likely you are to end up frustrated or broke. tabs that are useless to you.
So you have to ask again and again: If this coin was never traded on an exchange, would I be happy to support the vision? If this token has lost 70% of its value on an exchange, can I still use it and get my money’s worth with it somewhere else?
If you could not answer these questions positively after reviewing the RESEARCH and investment claims of the company, then you should think twice before buying that coin.
Final case study
Take a current ICO like Nollycoin, which is a token that powers a Blockchain-enabled film distribution ecosystem. The coin’s promoters have created different utility scenarios for the coin’s buyers to ensure that whatever happens to Nollycoin in the crypto exchange, their backers and token holders will continue to smile.
They are among the great utilities attached to the Nollycoin token in the Nollytainment ecosystem
• Ability to use Nollycoin tokens to watch exclusive movies in theaters and cinemas
• Ability to use Nollycoin tokens to access 1,000 movies on the Netflix-on-steroids blockchain Movie distribution.
• Ability to use Nollycoin tokens to purchase products and services on NollyMall, which is like an Amazon platform for entertainment-based products.
• Ability to use Nollycoin tokens to pay school fees on the NOLLY Academy platform and partner companies
As you can see, beyond the normal expectation that tokens can be listed on a crypto exchange platform, you need to look beyond the hype of an ico to the immediate and prospective utility of the token and the viability of the underlying project.