When I first joined the crypto space, I loved it because it was all about giving back power to the people letting them take control of their own finances through a decentralized system. Sticking the middle finger up to banks and the government, with the current disastrous fiat system.
But now things have changed, it feels like more then 80% of the space is more concerned about riding the next pump and dump and profiting off other people's losses, most of the current ico's that have taken place in the last year don't even have a working product and even then many still require a centralized figure in the project to work later on which throws the whole need and idea of a decentralized blockchain out the window. yet people still buy in to these ico's not because they believe in the project but because they believe they will be able to sell at a higher price or they do believe in the project not realizing what they invested in never required an ico because it's not decentralized and will always require a central figure.
I liked bitcoin because it helped people against the greedy banks and corporation in the world but it feels like people have forgotten that or just don't care as long as they make a huge profit at the end of the day at other people's expense.
madbitcoins had a very good discussion about this just the other day
https://www.youtube.com/watch?v=TvaC8ObV4s0even projects such as rarepepe's and pepecash seem to have more of a purpose then most of these ico's which is a pretty sad thing to say if you think about it.
Even the shittier currencies that are just trying to be better then bitcoin have more of a purpose because they are a good testbed for different idea's on payment systems but those have crazy messed up pump and dumps as well.
at the end of they day when most of these project fail which most will many people are going to end up losing a lot of money.
When you invest in an ico as well they have no obligation to make an end product, even if they do their best to they could fail or they could just run off with the funds from the start or sell a huge chunk of the tokens them selves which happened from many devs in ethereum.
when you invest in something that isn't regulated they have no obligation to their promises. it's in fact very similar to the many scams that have happened on indiegogo or kickstarter
