The stupidity of crowds

[spartak_t]

This bubble of ETH based ICOs will most likely eat our asses pretty soon. What happened with decentralization?

a) We have a "Put_your_name_here" project with a minimum goal of (say) $5 Million + 30-50% premine - for "future development" and developers.
b) All of these projects (and I'm not saying this for the first time) have CEOs, CTOs etc., which has nothing to do with decentralization (as they should not be a company, nor they should have a huge premine).
c) Most of the people involved in these projects are with huge experience. Their combined experience is twelve billion years in the industry! They already launched five million projects with a combined turnover of USD $120 Billion/week. Yet they are asking for your money?

Should I mention the current issues of ETH?

And in five weeks/months/years, when the bad Americans (or Russians, just pick a nation) comes up with some law, you are all crying: "These bastards are f*cking with Bitcoin! ", and believers: "Nothing can stop Bitcoin, even if they dump it down to $10!".

But please don't mind me. I'm just a guy who "missed the train".  

WTF is wrong with you people?!

[pedrog]

Same thing happened in 2013/2014 with Bitfunder, BTCT, Havelock and there may be others I don't remember, people put a lot of money into a lot of projects listed there and they all failed or scam, now there's a lot of more money around and people 'invest' that money, it's just a matter of scale.

TheDAO should have been a warning to these new folks who did not yet lost money in the 'crowdfunding' scene.

[HardFireMiner]

This bubble of ETH based ICOs will most likely eat our asses pretty soon. What happened with decentralization?

a) We have a "Put_your_name_here" project with a minimum goal of (say) $5 Million + 30-50% premine - for "future development" and developers.
b) All of these projects (and I'm not saying this for the first time) have CEOs, CTOs etc., which has nothing to do with decentralization (as they should not be a company, nor they should have a huge premine).
c) Most of the people involved in these projects are with huge experience. Their combined experience is twelve billion years in the industry! They already launched five million projects with a combined turnover of USD $120 Billion/week. Yet they are asking for your money?

Should I mention the current issues of ETH?

And in five weeks/months/years, when the bad Americans (or Russians, just pick a nation) comes up with some law, you are all crying: "These bastards are f*cking with Bitcoin! ", and believers: "Nothing can stop Bitcoin, even if they dump it down to $10!".

But please don't mind me. I'm just a guy who "missed the train".  

WTF is wrong with you people?!

It looks like an organized attack on common sense is going on from all the newborn eth accounts, buy buy, to the moon hype is at a huge level, now I know I am a new member here but it really looks ridiculous and so obvious scammy... All the ICO's, all the shitcoins launched everyday by "global cryptographers and engineers" makes me wanna puke, "1 billion times faster than bitcoin, no fees, quantum proof", I swear I just want them to stop already, 3 years already launching shitcoin after shitcoin, putting a billion (or more!) of coins into circulation and talking about market capitalization, Carl, market capitalization on some numbers on their code!

Only one thing gives me peace of mind - all the ignorant idiots who can't read and see the obvious signs of scam are gonna have a bad time and they are f*cking deserving it as they practically asked for it every god damn day since they got into the pump & dump, ponzi, schemes.

And no, I am not mad as some of you may wrongly think, in this way I added some emotions so maybe, this time, some idiot will wake up and see what a real coin is and what is a shitcoin.

[spartak_t]

TheDAO should have been a warning to these new folks who did not yet lost money in the 'crowdfunding' scene.

We've been there already as I raised the red flag about a week before the attack: https://bitcointalk.org/index.php?topic=1504662.0

I did not researched the DAO, because I simply didn't care about what it is. But recent news surrounding its flaws made me look a bit deeper and even I who am not a developer saw the possible outcome. Now this pretty much is happening with ETH. It just can't sustain all of these "projects" and the balloon will burst, but this time the DAO will look like a joke.

And what bugs me the most... Let's talk about money. I made a decent amount of money during my years in crypto, but I'm not even close to a millionaire. And if I start calculating all of the coins I had in the past, then my net worth should be probably in the $5-10 Million range. But why it isn't? Because I'm not buying these crap... as simple as that. Did I missed 10s and 100s of trains? Yes. Do I care about it? No!

But one can say I am successful (I did not lose money, I bought some things from profits in the past) and if I was a hypocrite (which I'm not), then I will be able to fund such project by myself.

Why they need money if they were so successful? Just do some premine and run it for free. If your project is good enough it can again make you millions (because they're all after this - making money).

But this way they can fail and blame others. And more important: to bail out, as the DAO did.

[spartak_t]

It looks like an organized attack on common sense is going on from all the newborn eth accounts, buy buy, to the moon hype is at a huge level, now I know I am a new member here but it really looks ridiculous and so obvious scammy... All the ICO's, all the shitcoins launched everyday by "global cryptographers and engineers" makes me wanna puke, "1 billion times faster than bitcoin, no fees, quantum proof", I swear I just want them to stop already, 3 years already launching shitcoin after shitcoin, putting a billion (or more!) of coins into circulation and talking about market capitalization, Carl, market capitalization on some numbers on their code!

Only one thing gives me peace of mind - all the ignorant idiots who can't read and see the obvious signs of scam are gonna have a bad time and they are f*cking deserving it as they practically asked for it every god damn day since they got into the pump & dump, ponzi, schemes.

And no, I am not mad as some of you may wrongly think, in this way I added some emotions so maybe, this time, some idiot will wake up and see what a real coin is and what is a shitcoin.

I'm not mad too, but if some people decide to organize to give all these scammers a good ass whoop, I'll be in the front lines.

[spartak_t]

It's preposterous, but we're powerless to stop it. ETH will have a crash landing, it's not a matter of if, but when. So, how do you position yourself? Probably by holding BTC.

Thing is that BTC will crash too. Not to mention all these soft/hard fork camps, which are leading twitter, reddit and github wars, instead of reaching to some agreement, which could benefit us all.

[grapevin]

You seem quite negative and upset.
You should just relax and play with money you can afford to lose.
"The stupidity of crowds" what does that have to do with anything? Yes, 90% of people are as dumb as a bag of hammers (probably me included, lol), so what? It is irrelevant.
Have you seen the S&P 500?
I've seen people fight it for the last 8 years using all kind of reasonable arguments.
We are at all time highs and we are going MUCH HIGHER.
Have you seen the price of real estate?
I've seen people fight it for the last 20 years using all kind of reasonable arguments.
Don't overthink it. Don't fight it.
Play with money you can afford to lose and enjoy the ride up with all this junk.
Good luck!

[OliynyK]

But please don't mind me. I'm just a guy who "missed the train".  

It looks like some of the things you said are outright true,but one thing when it comes to grabbing the opportunity to grab it without thinking too much,yes these ICO's coming on a daily basis is just atrocious but is it stopping people from investing in it,everyone is looking for the next big thing to increase their assets and just enjoy the ride now because it wont last forever.

[The Sceptical Chymist]

Same thing happened in 2013/2014 with Bitfunder, BTCT, Havelock and there may be others I don't remember, people put a lot of money into a lot of projects listed there and they all failed or scam, now there's a lot of more money around and people 'invest' that money, it's just a matter of scale.

TheDAO should have been a warning to these new folks who did not yet lost money in the 'crowdfunding' scene.

I think these people have developed a taste for their own asses--I was watching shit go down in 2014 and have to concur with OP.  There is a lot of greed and a lot of credulity in crypto, and that's not likely to change.   In fact it'll only get worse as the bull market sucks in more participants.

[Alttrader203]

What makes you think the ico people still have their eth??

[spartak_t]

You seem quite negative and upset.
You should just relax and play with money you can afford to lose.
"The stupidity of crowds" what does that have to do with anything? Yes, 90% of people are as dumb as a bag of hammers (probably me included, lol), so what? It is irrelevant.
Have you seen the S&P 500?
I've seen people fight it for the last 8 years using all kind of reasonable arguments.
We are at all time highs and we are going MUCH HIGHER.
Have you seen the price of real estate?
I've seen people fight it for the last 20 years using all kind of reasonable arguments.
Don't overthink it. Don't fight it.
Play with money you can afford to lose and enjoy the ride up with all this junk.
Good luck!

I get your point and I've seen enough in my life, but thing is that I'm not thinking about myself only. I will not lose any money (only a "potential profit"), but I do care about the whole ecosystem. We should defend digital currencies, not taking advantage of them.

But please don't mind me. I'm just a guy who "missed the train". 

It looks like some of the things you said are outright true,but one thing when it comes to grabbing the opportunity to grab it without thinking too much,yes these ICO's coming on a daily basis is just atrocious but is it stopping people from investing in it,everyone is looking for the next big thing to increase their assets and just enjoy the ride now because it wont last forever.

Grab it? Do you realize that when you are buying/selling/trading a certain currency/token/whatever, which eventually turns into scam or just fails, because they promised more than they can deliver, makes you one of them? That's why I stopped trading for like an year and a half, but started again about a month ago. Decided to be a hypocrite for a while, but even now I do not buy anything I don't believe in.

What makes you think the ico people still have their eth??

What's your point? My point was that these ICOs are mostly scams or doomed to fail. Scams/failures have two excuses:

a) don't invest more than you can afford to lose
b) its a technology man, we did our best

Some of them may succeed and they can only say:

a) we told you so!

But do you know what do both (scams/failures and successes) have in common? They all raised millions of $. Its a win-win situation... simply BEAUTIFUL!

[CrowdFunder]

Everyone is just chasing the next big hit but I don't think decentralization vs centralization is the problem because most of the projects are meant to operate independently and decentralised after their development is complete.

I think the real problem is that even the worst of projects seem to get funded and people are very creative in listing their past accomplishments, its the equivalent of padding up a CV to extreme levels.

What I predict will happen is that the good projects will find some success while the shitty ones will eventually die out either during a crash or slowly over time.

[newtybar]

And what bugs me the most... Let's talk about money. I made a decent amount of money during my years in crypto, but I'm not even close to a millionaire. And if I start calculating all of the coins I had in the past, then my net worth should be probably in the $5-10 Million range. But why it isn't? Because I'm not buying these crap... as simple as that. Did I missed 10s and 100s of trains? Yes. Do I care about it? No!

I think you might be a little salty, at least subconsciously.

[danmoris]

Everyone is just chasing the next big hit but I don't think decentralization vs centralization is the problem because most of the projects are meant to operate independently and decentralised after their development is complete.

I think the real problem is that even the worst of projects seem to get funded and people are very creative in listing their past accomplishments, its the equivalent of padding up a CV to extreme levels.

What I predict will happen is that the good projects will find some success while the shitty ones will eventually die out either during a crash or slowly over time.

Most project are just some people trying to get a break. Some will invest in their project, because they believe in their project. Some are definitely just trying to run away with the money. Will soon find out I guess.

Soon could be years from now..

[xbiv2]

All trading indicators are based on differences and percentages.
Possible to overload indicators and shift price to higher level, then again manipulate.

[karasuri]

So what?
Goverments does what is beneficial to it and the fans will always support what they like in spite of all dis in them. It ok, normal, let them argue

[olushakes]

This bubble of ETH based ICOs will most likely eat our asses pretty soon. What happened with decentralization?

a) We have a "Put_your_name_here" project with a minimum goal of (say) $5 Million + 30-50% premine - for "future development" and developers.
b) All of these projects (and I'm not saying this for the first time) have CEOs, CTOs etc., which has nothing to do with decentralization (as they should not be a company, nor they should have a huge premine).
c) Most of the people involved in these projects are with huge experience. Their combined experience is twelve billion years in the industry! They already launched five million projects with a combined turnover of USD $120 Billion/week. Yet they are asking for your money?

Should I mention the current issues of ETH?

And in five weeks/months/years, when the bad Americans (or Russians, just pick a nation) comes up with some law, you are all crying: "These bastards are f*cking with Bitcoin! ", and believers: "Nothing can stop Bitcoin, even if they dump it down to $10!".

But please don't mind me. I'm just a guy who "missed the train".  

WTF is wrong with you people?!

No matter how hard you try to preach that people should desist from projects, those who will put their money even after reading what you here will still do nothing can change their mind. Although some projects have come and go that have even lend credence to what you have there but at the same time others have stand the test of time which has equally made more positive impacts to the crypto world. I guess the bone of contention is that one should be careful in where you put your money.

[Velev]

I guess its common method used by the cryptocoin scammers to gather money from the big mass of hyped people stepping into the current crypto-industry.

[CrowdFunder]

Everyone is just chasing the next big hit but I don't think decentralization vs centralization is the problem because most of the projects are meant to operate independently and decentralised after their development is complete.

I think the real problem is that even the worst of projects seem to get funded and people are very creative in listing their past accomplishments, its the equivalent of padding up a CV to extreme levels.

What I predict will happen is that the good projects will find some success while the shitty ones will eventually die out either during a crash or slowly over time.

Most project are just some people trying to get a break. Some will invest in their project, because they believe in their project. Some are definitely just trying to run away with the money. Will soon find out I guess.

Soon could be years from now..

Your last statement really hits the nail, most projects give timelines of over 2 years for their development so it takes a long time to really figure out if the project was just hot air or if they were really trying to develop something.

[Jinn Entonique]

Isn't this the consequence of operating in a "free market?" Without regulation and proper vetting of companies by third party agencies, there should be no surprise that some projects are attempts to scam the masses. Why wouldn't they? It's the personal responsibility of the investor to quantify and justify the risk they take in participating in projects. Even legitimate projects could cease to exist with a change in regulation.