Since I began writing this Blog in August 2017, I’ve experienced an incredible journey in the Cryptocurrency and Blockchain world. I created this as a platform for me to write about and understand the projects I’ve invested in, and help other people I meet in the space understand in a simple format what these projects are trying to do. In 2013, I purchased my first Bitcoin. I didn’t do this as an investment, it was more of a collectable item to have for fun, a novelty item.
Oddly, we are now seeing this same principle with ERC-721 Tokens. It was cool to own a Bitcoin, but at the time it had a bad reputation. Little did the world know that Bitcoin would become an extremely controversial subject globally, challenging currencies in various countries and making front page headlines in highly respected publications like the Wall Street Journal. It became so important that countries in Latin America actually needed, and still need Bitcoin to access food supplies because of their own failed currency.
2013: Fast Forward a Few Years
The subject of Blockchain became red hot in 2017, and many enthusiast like myself emerged publicly at Meetups and at conferences. YouTube channels began sprouting up like wildfire, talking about ICO’s (Initial Coin Offerings) which essentially are crowd funded technology startups fueled by Cryptocurrencies. The first driver to these ICO’s was Bitcoin and later followed by Ethereum which at one point nearly challenged Bitcoin’s domination in Market Cap. I really see 2017 as the ICO frenzy year, because so many of these projects were popping up every week.
I enjoyed researching these new projects and pulling apart white papers to understand what these projects were aiming to do. Unfortunately, along with all of the exciting visions came many scams, with the intention of just taking peoples Ethereum and building nothing at all. I attended many conferences in China, Japan, Europe, Canada, US, etc and it seemed like every other person was launching an ICO or launching a Crypto fund.
When we hit November and December FOMO (Fear Of Missing Out) became commonplace. People began throwing their money into Bitcoin and Ethereum, it was a lottery mentality. For those new people who entered the space hoping for massive gains, they ended up getting burned pretty bad. They left with a negative attitude towards Bitcoin while fewer left extremely wealthy because they had cashed out into Fiat currency. January 2018, the space had shifted gears. Social Media Influencers who gained a reputation during Cryptocurrency’s rise became extremely wealthy and built brands ushering new users into Crypto. Shortly after January, we entered a bear market and prices never seemed to go up again. Large numbers of enthusiast left and new ones began replacing them.
ICO’s still continued to raise large sums of Cryptocurrency for their visions and conferences kept expanding and expanding. CoinDesk’s Consensus global conference was packed to the gills! It seemed like more and more people were leaving their jobs in finance and law to enter the Blockchain space. The same people who gave me a Goldman Sachs business card were now handing me a Consensys card. For those who do not know what Consensys is, it’s one of the largest companies, if not the largest supporting projects being built on the Ethereum network and headed by Joseph Lubin, an early investor in Ethereum.
My Personal Take On The Space
I decided to quit my internet marketing career in 2017 and focus full time on crypto trading and building my network in the space. I have found this space to be thrilling and the diversity and variety of people I have met globally. I remember attending a Bitcoin Meetup in 2015, and it had a very small number of people there. The same one had over 1,000 attendees in December 2017, you could really feel the FOMO. At one point, I was even interviewed for New York Magazine to discuss my take on Crypto trading. Regardless of the ups and downs I have held on, staying heavily involved 7 days per week whether it’s attending conferences or meetups or discussing the markets in my chat groups. I still believe that Bitcoin is quite revolutionary, and I know that word is tossed around often. It can truly change the world and has incredible value. It’s also survived the test of time and has yet to fail. Could it someday? Who knows. I do believe in it and think it will continue to exist for a very long time. I am not the only one.
Regarding ICO’s, I have come across hundreds and hundreds of founders and with all due respect to them, I have to say that it only makes sense that a few of these projects will survive and actually build something meaningful. The biggest buzzword thrown around is “Decentralize” and given that, everyone should have the right to crowd fund their project. I think it’s the nature of a free market and everyone entering the Blockchain space should be aware of what they decide to invest in, or sell to the public. I have grown very skeptical of some of these projects but believe that some of these will be really exciting in a few years. I am looking towards a positive future for Cryptocurrency and Blockchain. Let’s build together!