Lessons from the past, dont get trapped inside an echo chamber.
We all know that cryptocurrency is very tribalistic, which creates echochambers in the different discussion forums for specific coins. I used the wayback machine to look at what people were talking about at the peak of the 2017/2018 bullmarket from January 4th to January 10th of 2018. I found some of the coins that were on the hot section of r/cc , and compared them to how they are doing now. Just a disclaimer, this post isnt meant to critisize any of the authors of the posts, its just meant as a demonstration of the dangers of echo chambers
Lets start off with some posts about exchanges. This is one of the areas where I think in general weve seen big improvement, we dont hear about money being stuck or lost on exchanges as often anymore as back then. As you can see from the screenshots, GDAX, which is now known as coinbase pro had quite a few complaints, and Binance withdrawal fees were still ridiculous.
Next lets look at some "predictions" that people were making back then. Obviously hindsig
ht is 20/20 but I think its importnat to realize that things can seemingly look normal and suddenly you find yourself in a bear market. Some of these were pretty spot on, others not so much.
Now lets move on to some coins that regularly made the hot of the subreddit. Lets start with everyone favourite, XRB or now known as Nano. From the screenshots we see that most of the hype around Nano back in the day was it being listed on exchanges. Back then Nano was only avaliable through the Bitgrail exhange which was later hacked resultig in a loss of $170 million of Nano. This was a huge blow, and one that Nano wasnt recovered from to this day. At its peak XRB traded for #35.39, and today sits at $4.79.
How many people remember this Oyster Pearl? I know I sure as hell do. The creator "Bruno" remained anonymous which didnt seem to raise red flags in the eyes of the fanatical oyster holders (myself included). Things were looking good for the coin, the creator started to hire people and the future seemed bright. All was going well until one day, Bruno fell on the exit scam button and minted himself 3 million new oysters which he proceeded to sell on Kucoin, netting himself $300k. This exit scam unlike any other, as the team of people he hired allegedly had no idea that this would happen. The team was able to obtain all of the resources to continue development and eventually rebranded to "Opacity" which today trades at $0.06972 with a 6 million market cap. The story has a good ending though. The creator, Bruno was caught by the IRS after getting two charges of tax evasion from 2017 and 2018, source.
According to the article, "According to the indictment, Bruno Elmaani used $10 million in proceeds to buy multiple yachts (where he stored gold bars), real estate and home renovations, as well as spending $1.6 million at a carbon-fiber composite company."
What a guy.
The next one is REQ, and if REQ wasnt the king of shilled coins i dont know what it. As you can see from the post titles peolpe were rather optimistic about the coins future. The coin reached a high of $1.12 and today sits at $0.1145. Not too bad, but so far it hasnt overtaken paypal.
Waltonchain – the coin that is partened with literally everything. I know this one was a pretty big dissapointment for a lot of people. This one seemed like it was going to go a long way, but everything started going downhill after they messed up and revealed that they fake their giveraways. At its height waltonchain traded for $43.87, and today its an a mere $1.25
Bounty0x – this one was the crypto moonshot that everyone was talking ago. A platform for freelancing and crypto bointies, sounds pretty good right? Unfornately the idea never took off and didnt gain much popularity .Bounty0x reached a peak of $0.91, and today sits at $0.003695