I think we we were all aboard the hype train after the last run and everyone was hoping for a repeat! I don’t think the crypto market needed that much value to begin with for the projects we have to run and show value, like you said it was mostly speculative value! But now that projects don’t have these crazy values they need to put up or close up shop
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The sad thing is 95% of the ICOs were just scams. It was sad for me to see people putting money into nothing more than crappy ideas and a poorly written white paper. Most of them have likely liquidated at this point and there isn't a lot left to sell hopefully.
I don't think 95% of the ICOs were just scams (considering the amount invested, not the amount of projects). Many of them were just too ambitious and not feasible on the Ethereum blockchain (currently). Say Golem Project or SingularDTV, two of the projects I was enthusiastic about.
Though maybe not a great investment, Bancor showed to bring some interesting innovation. Still one of the bigger ICOs raising lots of money.
Well the whole time when those companies were raising that much money saying they were building on the Ethereum blockchain I was labeling them as scams because how does someone like me know that it wasn't going to be capable of what they were saying and I don't have people giving me millions of dollars to figure that out. It was silly