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What’s Wrong With ICOs?

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As the blockchain community works hard to gain more mainstream appeal, there’s still one main hurdle that they’ve yet to overcome: its Wild West reputation.

This reckless reputation has scared off more conservative investors, and for good reason. The last wave of ICOs was riddled with empty promises and misinformation with nearly 80% of the ICOs in 2017 were outright scams. What’s more, too many of the legitimate projects weren’t practical in that they weren’t designed to solve problems, but rather force blockchain technology into an app which only a handful of users would find useful.

Blockchain Attracts the Wrong People

Barring the obvious scams, there has been too much focus on up-front money. Let’s think about this for a moment. Does a 28-year-old CEO of a blockchain project, with no experience in investing or running a business, really need $20 million in investments to greenlight a project? Quite simply, the answer is no. Unfortunately, this scenario happens time and again promoting, and perhaps even encouraging the Wild West subculture which believes ICOs lead to “Lambos” and five-star hotels.

Naturally, this type of mentality is being heavily associated with ICOs and crypto investing which can drive away traditional investors; the folks who actually have the capital to take blockchain technology to the next level.

Focusing on all the Wrong Things

The blockchain community has been struggling to find direction for some time now. Instead of focusing on creating innovative solutions which solve real-world problems, many start-ups have been trying to attract whales interested in sinking big investments as part of their get-rich-quick strategy.

This leads to a number of problems, including:

    • No real support. Investors are looking to get in on the ground floor and sell when there’s an opportunity to make money.
    • Increased speculation on the strength of the project and its tokens. It’s hard to tell which investors actually believe in the project versus which ones want to make a quick million.
    • No real long-term strategy. Instead of planning a project roadmap, many startups focus on launching their ICOs as quickly as possible to maximize money coming in.

We Need a Better Solution

At the moment, many blockchain projects are struggling to get mainstream support because of the community’s lawless image. We must build credibility to reverse this negative image within the blockchain and crypto communities. Here’s how:

    • Rather than focus on whales looking to buy low and sell high, startups need to attract investors who are interested in the actual technology.
    • There needs to be a greater push to identify and remove scammers from the blockchain community.
    • Projects need to focus on solving real-world problems that average people experience in their day-to-day lives.

One of the biggest barriers blockchain startups face is practicality. Too many projects are providing services which an average person has no use for. Mainstream blockchain adoption needs more projects like SuchApp, which uses the power of blockchain technology to enhance popular applications like messenger services and e-commerce.

Want to see how we can take blockchain from the Wild West to the modern era? Stick around for our next blog post! In the meantime, have a look at the ICOSuccess website to learn more about creating an ICO campaign that’s perfect for you and your project.

Learn more about how you can use distributed ICOs to grow your platform by visiting the ICO Success website today.

Bitcoin

SEC Postpones Bitcoin ETF Decision Once Again

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The new announcement by the US SEC (Securities and Exchange Commission) states that the decision regarding the potential approval of several applications for a Bitcoin ETF (exchange-traded funds) is once again postponed. This time, the SEC declared that the decision will be made by February 27th, 2019.

The application requesting that VanExk SolidX BTC fund get s listed on Cboe BZx Exchange that was published on July 2nd needs to be given order by the commission within 180 days. Originally, the deadline for doing so was December 29th. However, the SEC decided to extend the period for another 60 days, effectively moving it to February 27th.

The SEC stated that designating a longer period for making a decision was found appropriate, as more time is needed in order to properly consider the rule change.

Cryptocurrencies need a sufficient monitoring mechanism, claims SEC chairman

Recent reports claim that the SEC received over 1,600 comments after requesting the public opinion regarding the ETF applications issue. In the past, the SEC rejected many such applications, some of which were even submitted by SolidX itself. In addition, they also rejected the applications submitted by Gemini, the exchange owned by Winklevoss twins. Brothers were attempting to gain ETF approval ever since 2013, although to no avail.

Other applications were also submitted by Direxion, ProShares, as well as GraniteShares. The SEC rejected them…

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What to Expect in 2019: BTC, BAT, and Steem

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There are only a few weeks of 2018 left, and considering how bearish and crypto-unfriendly this year was, a lot of investors will likely be pleased to see it gone. Many believe that 2019 will be the year that will correct BTC prices and bring forth the period of great recovery.

But what does that mean for digital currencies? Which ones are a good investment right now? This is something that we will, hopefully, be able to answer right now. Here are the top 3 coins that everyone should keep an eye on in 2019.

1. Bitcoin (BTC)

Of course, we have to start with Bitcoin, the first and largest cryptocurrency. Bitcoin has lost a lot in 2018, and its losses are unparalleled by any other coin. In fact, in terms of market cap, Bitcoin has lost as much as the rest of the crypto market put together.

Many believe that its rapid growth, which started in late 2017 and has brought it to its all-time high, is responsible. That the bearish 2018 was only a one large price correction of the last year’s price surge. Even if this is true, price corrections, luckily, all end sooner or later, and when this one comes to a close, Bitcoin will likely be ready for a big comeback.

2019 is expected to bring a lot that will serve BTC’s…

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The Three Biggest Problems with Crypto

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In this bear market, everybody’s asking the same questions. Why is Bitcoin falling? When will the market turn around? Is this the end of the crypto boom?

However, before we can answer questions like these, we need to step back and do an honest appraisal of where our industry stands and what is really holding it back. Despite its growing popularity, cryptocurrency still struggles to gain mainstream appeal. While crypto has managed to distance itself from the early days, when it was used to buy illegal goods online, the currency still conjures up negative feelings for a lot of people unfamiliar with the technology — and all too often, for good reasons.

Cryptocurrency is still relatively new, which means that many casual users are still exploring different ways to use crypto in their day-to-day lives. Unfortunately, this lack of knowledge leaves a lot of users vulnerable to scammers seeking to take advantage of their ignorance and inexperience.

We’ve contacted various types of people within the crypto community, surveying newbies, traders, investors, and professionals, asking what the biggest problems in crypto are. We found there to be three major problems holding the industry back:

Scammers

Failed projects

Immature technology

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