Thanks for the link Tom, interesting read. From the article:
…after this bubble pops and what scares me is the fact that it will damage all of crypto, including Bitcoin, not just Ethereum and its ICO’s.
This is my concern for the SafeNet launch timing as well. If the team launches the MVP as or just after an epic crypto-bubble implosion then it could well be a case of wrong place at the wrong time, again. The negative environment would rub-off and taint all projects regardless of merit potentially adding extra years to reaching adoption tipping points as each investor/speculator is also a potential user helping add to the network effect. Having your project name mentioned in the same sentence as “crypto-bubble-bloodbath” would be a real setback. A similar hostile environment that tech startups unfortunate enough to launch around 2001/2 experienced.
It would most likely be a more viable strategy to hold off MVP release and flesh the project out some more if it happens to coincide just after a crypto bubble implosion. Maidsafe already has suffered enough unwarranted negative press (in Forbes, no less) that has put this project in jeopardy. Food for the Maidsafe marketing strategist’s thought.
There was an interesting post on r/buttcoin about this. Just pasting here for people who would not bother to go there.
Vitalik Buterin created an elaborate ponzi scheme built upon the liquidity and hype available from the bitcoin ponzi.
Get any experienced coder to look at Ethereum and they all agree it is a total mess.
Everytime ICO’s are issued they lock up a portion of ETH which boosts the price of those ETH which are not locked up. It really is that simple.
Ethereum is simply a more clever version of the bitcoin ponzi which counts on supply to be kept off the market through a tiny group of participants owning the majority.
Ethereum is more clever in that it gives off the illusion that some ‘development’ for the future of mankind is developing on all its many layers. Made up tech vocabulary leads to the necessary confusion needed to mask the ponzi.
ICO’s promise quick riches which create a demand for ETH. The supply of sellable ETH is reduced with this mechanism. Which ultimately drives up the price of ETH and makes the original holders rich.
Under this mechanism you can get multi billion dollar market caps without any products or services adding value to anything.
Ethereum represents the most successful implementation of the ‘ponzi within a ponzi’ concept that is bitcoins real innovation.
What we are seeing now is a golden age of boiler room scams except engineered towards the generation who grew up on the internet.
A store of value is very sensitive to sentiment. A real utility that knocks its competition out of the park is not. It doesn’t matter how anyone feels about crypto if they just need to leave their pc on to get free access to censor resistance, efficiency, immutability, privacy.
While SAFE is still just speculation it will be volatile because it is priced in BTC. As soon as real safecoin launches it decouples from the whole ecosystem in many ways. Utilities are judged on their usefulness, not their industry’s reputation or history. We don’t need people to want to invest in SAFEcoin for it to rocket in value, we just need people to want to farm it and use it for free, the rest takes care of itself.
Personally I don’t think you need to worry too much about the rest of this crypto bubble. If SAFE works as we hope the rest will fall into place imo.
I am not so sure as we already have a counter example. Safe Network will be enormously useful, and yet this thread is full of comments questioning why the massive influx of new investor money if passing MaidSafeCoin by and instead flowing into projects with a lot less utility, most that are just vaporware and a pretty webpage. MaidSafe is being unfairly judged on the failings of the Mastercoin fundraising launch - it tainted the project and it takes years to shake that stigma off even when it is an awesome project with lots of utility and code to play with. Would hate to see history repeat with a MVP timed to launch during the crypto industries inevitable dark days.
Aye, if nothing fundamental has changed then there’s never anything to worry about imo, it’s just the usual profit taking and price correction after everyone had a few months of fomo. This dip will likely look like a tiny blip in two months.
The stalwart crypto (i.e., BTC, which underpins every other crypto) might be undergoing a fundamental change on 1 Aug with hard and soft forks leaving the potential for three different BTC blockchains after this date. The potential impacts should not be dismissed lightly. Here is a link to a detailed Tone Vays discussion of the topic… https://youtu.be/zTn_4PAZ3z4.
