Too many dumb money flowing into crypto space
Nothing can explain current cryptocurrency environment, except irrational exuberance. Unfortunately too many people made some good money because all cryptocurrencies were going up, and now they think are geniuses. Just because cryptocurrencies were going in one direction does not mean that they will always will. I always think about ZeroHedge quote: On a long enough timeline the survival rate for everyone drops to zero.
I have been warning for quite some time about ICOs. It's amazing how people investing millions into a company with zero due diligence, startups with a 5 page whitepaper and team with a recently open linkedin account. Nobody knows them in real world. Anyways that does not matter at the moment, cryptocurrencies will always go up, right?
Confido clears all our doubts, it's a scam
Speaking about scams, blockchain startup Confido just shutdown their website, deleted twitter and linkedin accounts and run away. The good news is that they run away with $374 million raised capital. Did anyone made easier money than them?
Speaking about the same subject, scams. Not only ICOs, there are a lot of scam exchanges too, who will list any coin for a fee, with nodue diligence. Confido coin was trading in three exchanges Mercatox, EtherDelta and Kucoin. By now Kucoin stoped all deposits, withdrawals and trading. Only two exchanges left to liquidate any holdings left, if there is any demand.
Confido crashed from $0.64 to $0.01 It has been trading since November 8 and reached its all time high at November 18th at $1.20 per coin. Current price $0.012 but the coin has no value, atm.
Follows and upvotes are appreciated :)
Disclaimer: The information contained herein is author's opinion, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.
Man oh man you’re preaching the gospel in this one. Too many people have FOMO, and instead of doing their due diligence, they toss their dollars on a hope and a prayer. It’s no different than giving to the collection plate on Sunday, without an understanding of the church’s financial situation, or transparency.
The way I see it, they made money buying cryptos, and thought it will always be the same, just buy something and make 10x in a month or so. Unfortunately, many stories will end up in tears.