The sad truth about ICOs
I'm into crypto for long enough to have witnessed ICOs before they where called ICOs. Back then everyone just created a shiny new blockchain and somehow distributed the coin to believers. There were some coins that I believed in and I'm sad that they didn't made it.
For my own investment decision I made some charts of coins that I was interested in. Partly because I use and like the applications that they are tangled to. Lately I discovered Renko charts that allowed me to get a better feeling of the general trend of the assets in question.
This is the chart of BitShares. The bars represent different time spans, since only when the price moved by 0.00001 BTC a new bar is shown. The first bar on the left represents the price of BTS in BTC on February 2nd 2015. The decline was followed by a spike starting May 8th 2017 represented by the first green bar on the left. Since June 6th 2017 the price in BTC is falling. The low was at 0.00000268 BTC and the current price is 0.0000091 BTC.
This is the same chart for STEEM, but with different bar sizes in increments of 0.0005 BTC. STEEM started to take of July 12th 2017 and keeps on declining from July 21st. Minimum price is the current price at 0.000190 BTC. The former minimum price was at 0.000288 BTC.
Voila! This is Peercoin. Most of you might not know this one. It once was ranked at CoinMarketCap as 2nd after Bitcoin with Litecoin coming third. The chart starts in March 2014 and is now at its all time low valued at 0.000248 BTC. And the best thing about it is, that the second last bar from the end was painted on December 11th 2015! The price movements of the whole years 2016 and 2017 are included in that small last bar.
The last one is ETH. It started small in march 2016. On June 20th 2017 it started to fall. Singularity didn't happen. It peaked at 0.15 BTC and it's current low was at 0.004 BTC on my birthday in 2015.
The idea is the following:
Whenever there is a coin that is not advancing in value compared to Bitcoin, sell it. It will never advance against Bitcoin again.
How about ZCash?
Wanna have some Ripple?
I love the concept behind IOTA, but...
Well, lets try one of the more successful ICOs. How about Basic Attention Token (BAT)?
I'm out of ideas guys. But accidentally I found 1 coin that looks a bit healthier than the rest.
Maybe get some Monero?
Monero started in 2015 like BitShares and Ethereum, so its quite matured already. Monero didn't spike in June like most of the other coins, but with some goodwill you can read higher highs and higher lows in the chart what makes up a upwards trend in BTC value. But just to make sure, I will wait at least till the trend is reversed by 2 bars before jumping in.
Therefore here is the [link](https://www.tradingview.com/chart/xxXncZQe/) to the Monero chart.
There are zero fundamentals in play with the crypto market right now - it is a small group making a lot of money pumping and dumping icos. The SEC and other regulators are inbound and will put an end to this crap, at which time tokens with some intrinsic value will absorb the value that will be stampeding out of shitcoins.
Thanks for the upvote!
I see your point of ICOs and regulation. this will happen as you said. The thing is that I didn't post shitcoins here. Everything but Bitcoin is just fuel for a toy that you can play with.
Peercoin wanted to make Bitcoin better. It addressed a problem, wasn't able to push the king from the throne and got copied. Now it has nothing special anymore. BitShares is one of the followers of Peercoin as it copied its main concept PoS but advanced it further and introduced DEX.
Now the most important decentralized exchange is not BitShares anymore but EtherDelta. And others are in the making. They will advance over BitShares and make it obsolete before it is able to reach significance despite all its good attributes, e.g. lightning speed and almost free transactions.
IOTA is revolutionary and it's loved by german car manufacturers. Ripple is the bankers coin: wide adoption to transfer balances between exchanges and an exchange itself to transparently convert currency on the fly. Ripple probably served as the blueprint for BitShares which decentralized the concept.
But storing wealth is the only true application that reached mass adoption in the crypto sphere to date and Bitcoin is the gold standard.
img credz: pixabay.com
Nice, you got a 4.1% @minnowbooster upgoat, thanks to @happy-goldberg
Want a boost? Minnowbooster's got your back!
The @OriginalWorks bot has determined this post by @happy-goldberg to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
To enter this post into the daily RESTEEM contest, upvote this comment! The user with the most upvotes on their @OriginalWorks comment will win!
For more information, Click Here!
Special thanks to @reggaemuffin for being a supporter! Vote him as a witness to help make Steemit a better place!