In a world driven by noise and FOMO [Fear Of Missing Out]It is becoming increasingly clear that a diligent crypto enthusiast must have a litmus test to choose a token to support in a world where it is difficult to find truly viable projects, and good projects with long-term prospects are even more important. -difficult to distinguish from the seizure of money “shitcoins”.
With the latest developments, with most new cryptocurrencies reaching record lows and new ICO projects not responding to their ads after Crowdsale, it is now common for frustrated “investors” to go around blaming ICO promoters on social media instead of blaming themselves for that they did not make the proper due diligence to select the most likely winner after the crowdsale before purchasing a token during the ICO.
From my extensive observation, it turns out that most cryptocurrency buyers simply buy coins during the ICO based on FOMO (Fear of Leakage), created by the masters of advertising behind these coins. Many simply bought without understanding the purpose of the coin after the ICO or what the token was supposed to do after Crowdsale. When nothing happens after the ICO, as is often the case now for many ICOs, they will jump on social media to shout bloody murder.
Recently, my team and I just completed a tour of Africa and parts of the United States to promote Nollycoin ICO. We organized and sponsored various conferences, held live AMA (Ask Me Everything) press conferences, and held many one-on-one meetings with crypto whales, small investors, and crypto millionaires of all colors.
Throughout all this, one thing that amazed me beyond everything else was that MOST token holders have NO IDEA about the main business or project behind the token sales they have been involved in.
Even stranger in my observation was the incredible fact that many could not tell you the value proposition of the project, its goals, or the company’s plan to distort the market and grab some buyers in their industry. They just bought ICO because a few pages in telegrams or Facebook they visited kept telling them, “Buy. Get and buy more. Most simply acted on herd instinct rather than objective reasoning.
Now, if most of the people I met were just teenagers or uneducated people, I wouldn’t be so surprised by the level of ignorance of many of the crypto “investors” I met. On the contrary, many of those I met had graduated from college and people with funds. Yet less than 10% of them can easily articulate why they bought a coin in anticipation that its value will increase over time. Wherever I went, very few in the crowd could tell me the name, experience, and abilities of the corporate managers of the company that sells the coins.
The only thing most of them might note is that the coins were recommended by “respected” influential people when the facts prove that most of them were paid to create FOMO and respect for otherwise useless shitcoins.
Apart from the so-called counterfeit influencers, all many cryptocurrency buyers knew was that the names of the team leaders were Russian, Chinese or Korean, even though they knew absolutely nothing about them. As if all you need to have a successful ICO is to list the names of people from Korea, China, or Russia that no one can even check with a simple Google search.
While I agree that there are certainly many things to consider when deciding whether a project’s tokens will increase over time, I think the acid test and the most immediate evaluation criteria should be useful. of the coin itself beyond what will happen in crypto exchanges.
Although most crypto token owners I’ve met didn’t even know it, the reality is that if you bought a token from most ICOs, you didn’t actually “invest” in that company. You will not buy shares of the company and do not buy any securities from the company.
And at best, what you did when you bought tokens during most ICOs was to “donate” a project in exchange for being given a useful token or coin that legally had no real value outside the business ecosystem controlled by the issuing company.
In short, apart from hoping that the price of the tokens will go up or rise to make you a millionaire, there is nothing to do with the token other than enjoy the usefulness attached to it by the ICO company, If someone.
Because no one could have predicted for sure how the cryptocurrency would perform on the cryptocurrency exchange when it finally got there, and recent experience has shown that the prices of most tokens are likely to fall in the first few weeks of entry. exchange (due to large sales by speculators), it would make sense to consider what other value or utility you could derive from your token, beyond the expected “delay” of the exchange.
As the crypto revolution continues to evolve, transform and adapt to different market developments, the only way to ensure that your money is not thrown into the canal is to make sure you can still use these tokens to get excellent value and benefits even if you can sell it for profit right on the stock exchange.
When making this decision, you need to ask yourself the following basic question: What is the value, product, or service generated by the company that sells the token that will give me enough value for my money to make this purchase worth the time?
In a world of collapsing token prices on various exchanges, the more opportunities you have to extract actual token usage beyond the expected listing of the crypto exchange, the greater the chances that you will not end up disappointed or blocked symbols that are useless to you.
So, you have to ask again and again: IF this coin is never traded on the stock exchange, would I still be happy to support the vision? If this token loses 70% of its value on the stock exchange, can I still use it and get value for my money elsewhere with it?
If you can’t answer these questions in the affirmative after reviewing the WHITE PAPER and investing in the company’s claims, then you should think twice before buying this coin.
A recent case
Take the current ICO as Nollycoin, which is the token that powers the Blockchain-activated movie distribution ecosystem. Coin organizers have created various utility scenarios for coin buyers to ensure that no matter what happens to Nollycoin on the cryptocurrency exchange, their supporters and token holders will continue to smile.
Some of the great useful applications related to the Nollycoin token in the Nollytainment ecosystem include
• Ability to use Nollycoin tokens to watch exclusive movies in cinemas and movie theaters
• Ability to use Nollycoin tokens to access 1000 movies in their Netflix-on-steroids blockchain Movie distribution.
• Ability to use Nollycoin tokens to purchase products and services at NollyMall, which is Amazon’s platform for entertainment-based products.
• Ability to use Nollycoin tokens to pay school fees in the NOLLY Academy platform and partner companies
As you can see, beyond the normal expectation that tokens can be listed on a cryptocurrency exchange platform, you need to look beyond the noise of the ico, the immediate and future usefulness of the token, and the viability of the underlying project behind it.