I wasn't exactly sure what I was going to write about today — for the last few days I've mostly been digesting the recent ”flash crash” in the crypto markets, particularly in our local Hive token.
Then I got to sitting down and looking at the many things that have traveled through my Hive-Engine wallet, which — of course — is where we all transact the majority of level 2 tokens that are part of this community.
There are so many I remember going off with great fanfare, enthusiasm and many promises that they were going to be "the game changing idea."
All these months and years later I find myself hard pressed to come up with any that have come even close to living up to their promises, let alone are even alive and doing anything at all.
Sometimes it makes me wonder if I just have the completely wrong approach to this whole thing. Notwithstanding that I'm primarily a blogger and content creator, I find myself wondering if my traditional approach to investing — which is to find something that seems like a promising project, buying into it and then holding on to it until it comes to fruition — is irrelevant within the realm of the cryptosphere.
Are these projects actually designed to fly skywards like a firecracker for a few weeks and then come crashing back down to earth... and that was all the project was ever intended to do?
Of course those are not the promises made by the project founders, but I'm more interested in the underlying intention than I am in the fancy words and colorful white papers that circulate to fill people with hope and urgency. Yes, I just used the word "colorful" in connection with a "white" paper.
Of course for those of us who are investing, I'm well aware that the onus is on us to do our homework and do our own research and all that good stuff, but are we really involved in an industry that is — at its foundation — more concerned with deception, lies, outright scamming people, as opposed to building anything of lasting and permanent value?
Is the actual promise of the Cryptosphere primarily that it is a way to part fools from their money?
One of the things that often troubles me about promising new crypto projects is the fact that they may have all kinds of good metrics, and great optics, and even reasonable tokenomics but they all take a great leap of faith in the sense that they blatantly ignore human nature.
If you promise anybody "free money," (via airdrops, for example) I can assure you that the people you attract are people looking for free money. That's just marketing 101!
As such, aren't we just creating endless scenarios in which everyone leaves town as soon as that bit of free mney has been harvested, and the projects themselves head down that long winding road towards nothing at all?
What do YOU think?
Feel free to leave a comment — this IS "social" media, after all!
As always, a 10% @commentrewarder bonus is active on this post!