Ungoverned? Is it really good for the future of Cryptocurrency? you have been warned!!!
You maybe in the crypto world for longer than many people here, but I bet you are still surprised by the way Ethereum has been going down after sailing smoothly for such long time. And, the sudden drop that probably stopped your heart for few minutes yesterday, you are probably wondering what is going on.
I am not certain but I have a theory. In my opinion, this is because of all the ICOs that are raising millions of dollars worth of Ether. Do you really think a group of four friends, sitting in some basement, in some small village in a remote part of the world, who wrote a few codes, and built a decent looking website and decided to release an ICO, are worth 30 or 40 or in some case more than 80 million dollars? What you think they are doing with that much money, do they have equipments to maintain? employees to pay? inventory to hold? nope, they are paying themselves. They are cashing out their ethereum at whatever price they can get.
In this ungoverned, decentralized world of cryptocurrency, I think we need a governance of how ICOs should be released. In case if they don't deliver what they have promised, they need to be held accountable somehow, maybe an escrow where peoples investment (or so they think) will be safe.
The new crowd (and I'm one of the new ones) feels left behind, they think they have missed their chance when bitcoin went from a penny to $2500. They hope that maybe one of these ICOs will recreate the results that bitcoin did, and maybe one of these ICOs will, but people are investing in ICOs without even looking at what those ICOs are offering, without understanding what the final product is, without even knowing what a white paper is. Well in that case I sugges you might as well throw some ether. You know what, here is an address where you can throw all your ethers.
0x7A16bcf899160a00d9498cCbeD4afCC0726eC1be
Some of these investor will get burned and when they do, the hope in this misunderstood world of cryptcurrencies and blockchain will be lost, and common hardwoking people who are trying to make their life better, give better living to their families, who are suppressed by the TOP 1 % and their regulations, will steer away from true freedom, because they heard a few stories where a poor chap lost everything becuase he/she invested in an ICO which was not able to deliver.
There are so many good investments out there, do your research before you decide to donate your money. Yes, I say donate because what you think of as an investment will turn into a donation in no time. If you think you don't understand the technicality of some project, just google it, youtube it, join some communities and ask questions and you will find everything you need to know. There are so many good hearted people in this blockchain community, who just want good for everyone.
So, my advice, do your due dilligence. It's not that hard.
Congratulations @cryptosif! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!