We have seen a lot of these situations and it is always perplexing. A lot of alts haven't gotten off the floor and the same thing happened to Kadena.
They are saying they don't have any money to continue operations and the price tanked 60%. I personally don't know why they didn't just keep their mouths shut and reduce their work load to after hours to keep things going.
Maybe they took a short position before the announcement.
I never had a position in this project but earlier this year Scorum announced they were done and took the website down right when I was powering down what I had earned over there and was exiting through COSMOS because they had switched that into a COSMOS ecosystem token.
Tough for any project to make it and one project that keeps working since the 2017 cycle is Electroneum. They have pivoted so many times but they are actively still working on it so that is more than we can say about a lot of things.
This cycle has been so weird in so many different ways. I can understand why most people haven't had any fun.
I think there are a lot more alt coins that need to go away. It's too oversaturated. I remember when ATOM was a $20 token...
It's oversaturated for sure and I saw one thing saying there are a million new tokens launched each day a large in part because of the launch pads.
Even if we put that stuff to the side we have to figure how many L1s there are. It's like the churches in these small towns. They keep breaking off and forming a new one mainly to have control and oftentimes you can't get funding any other way besides trying to form your own project.
Yeah, those are good points. It's crazy to look back at where we started and see where we are now.
I do think that is a fundamental breakdown for the premise of decentralized governance. People could say it is like a persons ability to form a company. You could have infinite new companies but a lot of these chains aren't really supporting that many people relative to their market caps.
It's tough to solve the problem with no funding but even a lot of big companies haven't really wanted to invest in the build out in a lot of ways. More just capture the head of the snake and hope it appreciates with all the activity going on.
Then chains that raised the money don't really want to allocate it. It's more about keeping up operations and just sitting on what they raised.
Block One supposedly still has 140,000 Bitcoins. Ridiculous
Freaking Block One. I've always been more of a person who invests in tokens that have a use case versus meme coins. It's been a long play for me, but I am hoping VET ends up being a winner.
It blows my mind that even a guy like Dan Larimer that was one of the top blockchain devs basically just packed it up and went full ghost mode.
There have been a lot of guys that have just sort of disappeared that were around the space for a long time.
That's why I even brought up Electroneum again previously. They didn't know what the hell they were doing and kept screwing up constantly but I will give them the fact that they have kept at it since 2017. They didn't just soft rug or anything. They keep working on it and they have the same CEO. So for that I have to give them a little bit of respect.
That was one of my biggest blunders in crypto and I still have like 31,000 ETN that I had partially mined and bought a little bit and it went parabolic and I remember being at LA Fitness for basketball and being on cloud 9 so hyped up because my ETN was suddenly worth $6,500 and I rode it all the way down and still didn't sell in the 2021 cycle when it was back up to being worth $600 or so.
I never really got burned financially by it but more the mental highs of not securing the bag on that one. It helped me be more aware of taking profits in the 2021 cycle for most of the other stuff though.
All my crypto is sort of a side hustle for me, so I don't require any of it to pay my bills. That helps a lot. Dan was kind of flaky to begin with, starting a project, then just bailing like bitshares, then Steem, then EOS. He's probably sitting on a beach somewhere. I have quite a few tokens I should have sold but didn't. I kind of kick myself for that now, but like I said, it's all just icing at this point.