When I started working full time in crypto I thought it was the coolest thing ever. It felt like I was part of the ultimate disruption of the financial world. Long Bitcoin! Short the bankers! Buy the t-shirt!
But after being in the space for a couple of years, I just wanted to get out (and get out I did).
The crypto sector is a mess and in need of a reality check. What gives me the right to call out an entire space? Not much, truth be told. I worked for a crypto company, Liquid, and formed my own opinions, though this blog is less about the company I was employed by and more about crypto as a whole. Either way, I invite you to read what I have to say and then let’s have a conversation about the points raised.
Almost All Crypto Projects Are Complete Bullshit and Will Fail
I didn’t believe it when I first heard people saying that most crypto projects will fail.
Boy was I wrong.
I’ve lost count of the number of projects I’ve seen fail. Some went out with a whimper, simply dying quietly while the team hoped nobody would notice. Blockex, a project I followed closely for a while, was a digital asset exchange focussed on ICOs. A token, $DAXT, gave early access to these ICOs, while the platform also had regular trading pairs.
At one point in 2018, Blockex was a hot commodity. Crypto influencers heavily shilled the project. Blockex raised 24 million USD in their own ICO, although in the end they only received about 5.5 million GBP (around 7 million USD) after an investor failed to come through. The project barely got off the ground and last we heard they’d quietly gone into liquidation. The token, meanwhile, which sold at ICO for 1 euro a piece, ended up going to zero.