So while browsing on coin marketcap today I suddenly saw this unknown token pop up in the top 10(!), I was immediately unpleasantly surprised. If a token has just (!) launched and is right away in the top 10, something is wrong! And what you know... there was/is...
I will not make this some long fundamental or technical analysis on why you should or shouldn't buy this token but I will try to create a short summary on my opinion; and that is: you should definitely NOT buy this token. (at least not now)
So fun thing; I check the website and its from the DFINITY foundation! I actually met one of the founders (or team members) of this coin / protocol back in 2017 and back then this was a very promising project. (I have even have t shirt laying around somewhere as I liked the logo) So in short; decentralized web is super super super important for the well being of democracy, freedom and user rights online. Without it, we are doomed to be controlled by big tech. So in that sense; these type of projects are hugely important and carry a lot of fundamental value.
However; this is (i have hard time not swear!) messiest, sh*tiest and biggest scam launch I've seen any token do on any exchange. First off; nobody got any notice this token was coming as it wasn't reported by any major crypto media or social channel. (suspicion nr 1) Secondly; these guys want to build decentralized web but they aren't decentralized at all (!) as they have big investors that hold HUGE bags since their 2017 ICO and their token distribution is them, their investors, their foundation and a tiny bag into the market. (Why do you think the price spiked to almost 4k!?) (suspicion 2) Thirdly, they launch their token in the midst of a bull run and they lack adoption and have a tiny ecosystem - if they have any at all. (suspicion 3) And last; their website looks sooo like a 2017 project, shilling all the media they've been in and basically just one big show of how great they are but ZERO TRANSPARENCY - I still couldn't find a decent whitepaper, roadmap, token economics or vesting scheme! (suspicion 4)
So, to me this means one thing and one thing only; this project is dead but they have a lot of big investors that paid 4,50 CHF per coin in 2017 that want to have a return on investment. So what do you do? You pay the big exchanges to list it in the midst of a bull market and you dump your coins on unknowing people who buy a scam as that wick is not a top, its a straight scam - anyone who disagrees that is not a scam wick does not understand this market. So what happened? The investors have now bagged their investment 100 to 900x and probably the big shilling of youtubers will start now that will tell you how great this project is... Well, I just give my opinion and my insight here as I do really care for my followers and I do not want to see you guys get rekt! Here is MY opinion; this project is dead because of this scam launch, not truly decentralized and zero adoption for a product that cant be explained within a few sentences. Old and complicated blockchain tech, next!
If you want to buy decentralized web, you go with DOT and KSM - check their web 3.0 foundation; thats where its at, not with these scammers. An yes, you could say but its the hype, the exchange, the bots etc etc. It doesn't matter; if you launch your token, you make sure you do it well. Why? Because if you can't even manage a token launch, how tf are you going to manage hugely complex token economics inside a hugely complex decentralized web solution? Yes, clearly not. I hope the exchanges will do something about this launch and help those poor people who have bought there because this is not how a market should be run and any exchange who says "it happens, your own fault" should hire new market makers and you should delete your account. Besides, stop all this shit coin FOMO; to all these amateur crypto people who FOMO into these coins; believe me, you will not sell the top and besides who wants a shit coin if you can buy ETH that is about to 2x in the coming months? Use. Your. Brain.
IMPORTANT: This is not financial advice and this analysis ONLY reflects MY opinion, if you are looking for 100% facts; contact DFINITY for accurate information as I can not find structured and imporant information myself. Secondly; always trade based on your OWN risk and research.
I will not make this some long fundamental or technical analysis on why you should or shouldn't buy this token but I will try to create a short summary on my opinion; and that is: you should definitely NOT buy this token. (at least not now)
So fun thing; I check the website and its from the DFINITY foundation! I actually met one of the founders (or team members) of this coin / protocol back in 2017 and back then this was a very promising project. (I have even have t shirt laying around somewhere as I liked the logo) So in short; decentralized web is super super super important for the well being of democracy, freedom and user rights online. Without it, we are doomed to be controlled by big tech. So in that sense; these type of projects are hugely important and carry a lot of fundamental value.
However; this is (i have hard time not swear!) messiest, sh*tiest and biggest scam launch I've seen any token do on any exchange. First off; nobody got any notice this token was coming as it wasn't reported by any major crypto media or social channel. (suspicion nr 1) Secondly; these guys want to build decentralized web but they aren't decentralized at all (!) as they have big investors that hold HUGE bags since their 2017 ICO and their token distribution is them, their investors, their foundation and a tiny bag into the market. (Why do you think the price spiked to almost 4k!?) (suspicion 2) Thirdly, they launch their token in the midst of a bull run and they lack adoption and have a tiny ecosystem - if they have any at all. (suspicion 3) And last; their website looks sooo like a 2017 project, shilling all the media they've been in and basically just one big show of how great they are but ZERO TRANSPARENCY - I still couldn't find a decent whitepaper, roadmap, token economics or vesting scheme! (suspicion 4)
So, to me this means one thing and one thing only; this project is dead but they have a lot of big investors that paid 4,50 CHF per coin in 2017 that want to have a return on investment. So what do you do? You pay the big exchanges to list it in the midst of a bull market and you dump your coins on unknowing people who buy a scam as that wick is not a top, its a straight scam - anyone who disagrees that is not a scam wick does not understand this market. So what happened? The investors have now bagged their investment 100 to 900x and probably the big shilling of youtubers will start now that will tell you how great this project is... Well, I just give my opinion and my insight here as I do really care for my followers and I do not want to see you guys get rekt! Here is MY opinion; this project is dead because of this scam launch, not truly decentralized and zero adoption for a product that cant be explained within a few sentences. Old and complicated blockchain tech, next!
If you want to buy decentralized web, you go with DOT and KSM - check their web 3.0 foundation; thats where its at, not with these scammers. An yes, you could say but its the hype, the exchange, the bots etc etc. It doesn't matter; if you launch your token, you make sure you do it well. Why? Because if you can't even manage a token launch, how tf are you going to manage hugely complex token economics inside a hugely complex decentralized web solution? Yes, clearly not. I hope the exchanges will do something about this launch and help those poor people who have bought there because this is not how a market should be run and any exchange who says "it happens, your own fault" should hire new market makers and you should delete your account. Besides, stop all this shit coin FOMO; to all these amateur crypto people who FOMO into these coins; believe me, you will not sell the top and besides who wants a shit coin if you can buy ETH that is about to 2x in the coming months? Use. Your. Brain.
IMPORTANT: This is not financial advice and this analysis ONLY reflects MY opinion, if you are looking for 100% facts; contact DFINITY for accurate information as I can not find structured and imporant information myself. Secondly; always trade based on your OWN risk and research.
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I couldnt post the BInance chart but the price on Binance hit 3878. Anyways, I just wanted to put this out because I don't like these type of practices but again, maybe I'm totally wrong and therefore you should do your own research.
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Despite the criticism; I dont think my TA is wrong here... just press play. I am following this coin now and seems to be squeezed between resistance and support. Meaning a breakout is coming: probably to the downside. Still aiming for my target.
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Target hit! Im not so crazy as some of the commenters suggest... ;) Sorry for people who lost money on this one but thats why I warn for these things... and not just to bash a token but to analyze what's likely to happen... and it happened.
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no comment:
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