Within the world driven by hype and FOMO [Fear Of Missing Out], it is becoming clearer every day that your particular diligent crypto enthusiast needs to have a litmus test regarding picking a token to support in a world where genuine viable projects will be hard to find and good projects with long term prospects are actually harder to distinguish from money grabbing ‘shitcoins’.
With the recently available developments where most new cryptos are hitting capture lows, and new ICO Projects not living up to their whole hypes after the Crowdsale, it is now common for disappointed ‘investors’ to go around blaming the ICO promoters on Social Media, in lieu of blame themselves for not doing the proper due diligence to pick any most probable post-crowdsale winner before purchasing a token for the duration of its ICO.
From my extensive observation, it sprang out that most crypto buyers simply bought coins during a strong ICO based on the FOMO (Fear of Missing Out) brought to life by the masters of the hype behind those coins. Lots of simply bought without understanding the post-ICO Whitepapers purpose of the gold coin, or what the token was supposed to do after the Crowdsale. As soon as nothing happened after the ICO, as is often the case now for lots of ICOs, they would then jump on social media to scream that heads would roll.
Recently, myself and my team just finished some sort of tour of Africa and some parts of USA to promote the exact Nollycoin ICO. We organized and sponsored different group meetings, did live AMA (Ask Me Anything) press appointments, and held lots one-on-one meetings with Crypto whales, little investors, and crypto millionaire wannabes of every coloration.
Through it all, one thing that amazed me beyond everything else was that MOST token holders had NO CLUE around the underlying business or project behind the token profits they participated in.
Even stranger in my observation, is the Amazing fact that many could not tell you the value proposition of your project, its objectives or the plan of the company that will disrupt the marketplace and grab a chunk of the buyers with their industry. They simply bought the ICO because several telegram or Facebook Pages they visited kept telling it to ‘Buy. Hodl and buy more’. Most simply acted on sheep instinct rather than objective deliberation.
Now, if most of the people I just met were just teenagers or people without instruction, I would not have been so surprised at the level of ignorance of many of the crypto ‘investors’ I met. On the contrary, a number of00 I met were college graduates and people of quite a few means. Yet less than 10% of them could readily elegantly communicate why they bought a coin in expectation that it could increase in value over time. Everywhere I went, very few during the crowd could tell me the name, experience and capability of the company managers of the company selling the coins.
The only thing quite a few could point out was that the coins were recommended by way of ‘respected’ influencers when facts have proved that most advisors were paid chills to create FOMO and respectability intended for otherwise useless shitcoins.
Beyond the so-called bogus influencers, all many crypto buyers knew was that the titles of the team leaders were Russian, Chinese or Korean language though they knew absolutely nothing about them. It was almost like all you needed to have a successful ICO was to list labels of people from Korea or China or Russia of which no one could even verify with a simple Google search.