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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.

Altcoins

3 Cryptocurrencies Most Likely to Follow Bitcoin’s Performance

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For more than a year, the cryptocurrency market has been dominated by bearish influence, with most coins seeing constant drops, or stagnation, at best. This all changed in the past few months, starting with Bitcoin which once again started leading the market up, bringing one minor rally after another.

BTC itself experienced massive losses in 2018, with its price going down by around 84%. Most other coins among the top 10 mirrored its performance, and some of them experienced even greater losses. However, now that Bitcoin sees gains again, these cryptocurrencies are still following its example, and many of them have seen massive breakouts. Some of the more notable altcoins that followed Bitcoin’s recent example are Ethereum (ETH), Stellar (XLM), and Cardano (ADA).

Ethereum performance mirroring Bitcoin’s price

As mentioned, Bitcoin led every rally so far, but before it did, its price first went through what is known as an ascending triangle pattern. The pattern held for around five months, which is exceptionally long for the crypto world. However, once the pattern was finally broken — the coin’s price skyrocketed, more than doubling itself within only two months.

One thing to note is that Ethereum performed in pretty much the same fashion. After five months of struggle and confusion for investors, the second largest cryptocurrency also managed to break the pattern and skyrocket as well. It…

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Bitcoin

4 Reasons Why the New Bitcoin Rally Is Unlikely to Stop Now

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After more than a year of declining prices, the crypto market is finally seeing a period of serious recovery — one that has already brought digital currencies to heights not seen in over half a year now.

Only days ago, Bitcoin surged past several major resistance levels and managed to exceed its yearly high of over $8,000. Already, many skeptics are predicting the soon end of the bull run, and the possibility of yet another sharp decline. However, there are signs that suggest otherwise — that this bull run is only getting started, and that it will not end anytime soon.

There are four reasons why this is the case, and they are as follows:

1) Bakkt

There is the long-awaited Bitcoin futures exchange, Bakkt, which recently announced that the July test date for Bitcoin futures is soon to be set. Bakkt’s launch was delayed multiple times already, so the announcement came as quite a surprise. However, it appears that it will happen quite soon, after all.

As soon as its arrival becomes a certainty, Bitcoin will likely skyrocket even further, just like gold did when gold ETF appeared in 2013.

2) Bitcoin completely ignored the hacking of Binance

Binance has been the largest crypto exchange by trading volume for a while now, and as such, many expected that, if anything were to happen to it, Bitcoin…

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Bitcoin

The New Rally Has Arrived: Crypto Market Cap Goes up by $24 Billion Within a Day

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The crypto market’s recovery progresses further, and at a rapid pace, at that. Bitcoin has just surpassed the $8,000 mark, which is the first time its price has been that high since July of last year. In addition, the entire crypto market is making billions within hours.

Bitcoin (BTC) sees another serious surge

In the past 24 hours, the total crypto market cap has gone up by around $24 billion. Meanwhile, BTC price has grown by $1,000 within the same period, as the largest coin traded barely above $7,000 on early Monday. At the time of writing, the coin’s price sits at $8.014.31, with a 14% growth in the last 24 hours. Meanwhile, the BTC market cap has gone up to $141.85 billion, and even the coin’s trading volume surged to over $31 billion.

While many are wondering whether this is a return to the massive heights seen back in 2017 or only a temporary surge which will soon see a correction — no signs of an upcoming decline have been noticed as of yet. In fact, new heights were made and then exceeded multiple times in the past week, with a massive 33% gain during that time. And, with Bitcoin’s dominance at 60%, many are expecting that massive altcoin surges are to be expected as well.

The growth of altcoins can already be seen, as Bitcoin

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