I’ve decided to awake the Keccak. I’m not much of a productive guy so writing a little blog about something I already spend too much time on won’t make matters worse. Hopefully.
That thing is cryptocurrency. I’m into it much before it was popular and everyone loved it. Since bitcoin was only a few dollars and we used it fun. I’m 17 now, was around 12.5 back then. Not wise enough to save up some cheap bitcoins and make my future self ridiculously wealthy. I’m afraid to look at my old wallet because I know just how much bitcoins I had. Too bad I spent them on random things online. Anyways, only a few people were wise enough to convert large amounts of fiat into bitcoin when it was young.
Today the field is a little different, instead of buying AMD cards to mine this magic money with, you use.. other crypto, mostly. ICO’s have taken over the cryptocurrency space and they thriving along the old giant, Bitcoin, which suffers from political debates and scaling issues for years.
Those ICOs attempt to make newer, seemingly better and more advanced versions of the future money or other blockchain-powered apps. I don’t think they’re bad, but most people buy into those sales for quick profit and nothing else, doesn’t really matter what the developer’s concept actually is.
This “ICO rush” results in many projects without real purpose, without an actual use, unrelated to the blockchain, or straight-up scams. And scams in the crypto world are much more common than it seems, indirect scams, atleast, Although actual scams exist as well, such as the Ebitz project. Everyone who knows the situation in the cryptocurrency market conducts an ICO with literally any idea they’ve come up with and it will likely yield tens of thousands of dollars or more in a quick token sale on a poorly-built and unsecure web-based ICO platform, with a nice, premade HTML template, of course.
I’m definitely not trying to say that all ICOs are bad. they are a positive thing that brings innovation and new developers into the cryptospace. that’s wonderful and everyone involved benefits from that, Ethereum is a great example.
But, look at bitcointalk.org’s altcoin announcement forum and you will realize exactly what I am writing about here within minutes of browsing. See for yourself if you’re not familiar with the forum, you will be suprised by the amount of nonsense projects that pop up there.
In the next articles of the Keccak I’ll try to cover ICOs and share my thoughts about them, and about other crypto-related things, as if someone cares about my opinion.