I am kinda surprised that no one knew this was a scam from the get-go...or maybe you knew it was a scam and just wanted to go along for the pump n dumpget rich quick ride. IMO that's a level of risk I'm not interested in because I know that:
1. The vast majority of crowdsales fail.
2. The vast majority often don't survive past the first dump
3. The vast majority of scams don't go beyond a first homepage.
4. And so on and so on.
This coin met all the suspicious criteria plus tax. The only funny bit was that they showed their faces, but that means nothing to me as how many people have shown their faces and still left people holding the bag? What matters to me is community reputation and results, and even that doesn't guarantee anything. They claimed they were partners with Merkle, and other 'name brands' but only linked to a badly written article that was part of the 'hype'. And then they mysteriously cease communication after the crowdsale and people with complaints can't reach them? They climbed ranks on coinmarketcap and that has given them 'some' legitimacy, but we know the truth.
It's for this reason why I rarely 'angel invest' in crowdsales, and prefer to simply watch from the sidelines. Some of them have promise and actual reputation....In very rare cases will I invest in a crowdsale or ICOs, (1) If I truly believe in the viability of it's future and see it as useful to me and others (in which case it has to meet other criteria for me to jump in). (2) I believe that the hype being generated will carry it away such that it will be pump n dumped quickly so I can enter and exit quickly + the backing of 'name brand' people which increases the potential for reward. (i.e in such a case it doesn't matter if it's a pump n dump because I myself plan to dump it at the first exit).
I don't tend to enjoy being the 'first user' of something since price always goes down after initial launch. But you can still get your money back...
There's a lot going in your favor. People still believe in the coin, the currency is at a steady price, and it can stay that way if you guys don't panic. Realize that there is no bad news about this coin floating around outside of facebook comments and this forum, and it only takes some good news to bring it up. Go write a paper about why you believe Waves will be a great coin and submit it.
Right now because the coins are so cheap and because it cost relatively nothing to participate, there are bound to be whales who own the coin and will pump then dump, so be patient and exit then. If the coin is truly valuable and not a scam then it'll survive the pump and eventually bounce back from the dump.
I myself have a love for amassing cheap coins during panics and selling back to people when it goes up IF the coin has a pattern/history to compare it against.... Try to be more confident about your choices and if you really want a profit now. Work together and whale the prices. That's the best I can tell you otherwise, lots of great suggestions about holding. And if the price remains steady it could hedge against any volatility in bitcoin.
Great write-up. I couldn't agree more. It's just that some who invested in ICOs profit right after selling like those who participated in Lisk so they thought it will be the same for every ICOs and see it as an opportunity to double or even triple their money in a few months time. Well, at least this failure made everyone realize that not all ICOs are the same.
I've noticed that. I don't think many people realize that all ICOs are is a donation attached with a promise. "If you invest in my coin and IF we profit from it, you can get a reward." It's a big 'if' an unknown, with no guarantees. They don't even realize that the market sets the price... The reward itself IMO is just a promise like a rebate or receipt. Typically ICOs are launched by start-ups who haven't done much to raise their own capital, offer nothing of value in the moment, have no previous works to show for and are crowdfunding to say, "we have not yet created anything, haven't even raised much of our own money, but give us money and we can do just that."
Very rarely do they have previous works and developments to back up their claim, and when they do very rarely do people check to see how that worked out for them and what they did.
How is it that when running a kickstarter people need to see something tangible to see how something works, but here in the cryptocommunity by majority we just take their word for it using the existence of a coin on an exchange as evidence that it's the real deal?
This works this way in all walks of life. How many people buy games pre-sale before launch, and then watch as that game shoots down in price shortly after launch or a year later? Combine this with the fact that most ICOs are start-ups and that 90% of start-ups actually fail.
It's interesting how many people will give money to someone they haven't met just because they have a nice webpage a picture and give you a I.O.U coin, and then get upset because that I.O.U/ICO didn't do what they wanted it to do after launch for whatever reason.
Most people who are just 'gambling' and don't have a strategy or plan that works (other than closing their eyes and throwing a dart hoping it hits something) are better off looking at existing coins that are in the accumulation phase and have an obvious pattern, and then purchasing those than they are taking a thoughtless gamble on ICOs. There are so many coins right now that spend more time accumulating than they do in distribution and have an obvious pattern. The payouts can be just as good with less risk if people learn how to read the charts and question/scrutinize the developers.
I see people make these mistakes and I cringe. Sometimes I want to write a book just to keep people from making the same mistakes and thinking smart. But maybe their mistakes will someday pay off for them, better than putting money into a lottery I suppose
I personally trade by the philosophy that trading bitcoin etc. doesn't have to be a big gamble, loss can be minimized and mitigated. But people don't think and sometimes they get lucky, and sometimes they don't. If they have money to lose they just throw it in a pot and hope the developer doesn't light a match. There are ways to mitigate the risk so that the loss is negligible but that requires thought. The biggest asset people can have is educating oneself and completely tearing apart and dissecting any company or business that asks for your money with critical questions and a request for tangible proof.
If those questions aren't answered properly or can't be answered move onto the next thing.
At the end of the day there will always be opportunities, patience is a virtue. What goes up, always goes down, and history repeats itself.
Maxxed out my word count for the day.
-The End-
