This blog post takes apart the current state of the crypto space:
Almost always it’s a last-ditched attempt to fleece retail punters out of millions of dollars, selling a utility token that will never be used for the utility outlined in the abundance of whitepapers that have been written. These utility tokens are also extremely volatile assets. Most will lose the majority of their value. There are now thousands of projects with thousands of different tokens, with surprisingly few focussed on building products people will actually use…
– Almost All Crypto Projects Are Complete Bullshit and Will Fail
It’s not a good look. But I have witnessed to much of what the writer says: I have seen the cooky business models. Projects petering out without even a try. The insane promises of coins ‘mooning’. The brigading on Telegram groups. The fawning and bickering on Twitter. News as PR.
Two years ago in the midst of the initial coin offering craze, I did a talk (YouTube) about the right fit for decentralisation in a business or product. An attempt to bring some sense of rationality. Some of the presentations at that very event were clearly ideas that were taken seriously only because they had a ‘crypto token’ associated with it. They were not successful. That talk is as relevant now as then.