Lessons from the past, dont get trapped inside an echo chamber.

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Lessons from the past, dont get trapped inside an echo chamber.

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.

https://preview.redd.it/kyi9sr5fnan61.png?width=815&format=png&auto=webp&s=6f21e422daa3e873da7f9d39854f6a4f2f427061

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.

https://preview.redd.it/dtge7duaman61.jpg?width=864&format=pjpg&auto=webp&s=eeeb812b7e2df2236c9b96a02d2cc06d9006b0ef

https://preview.redd.it/79o5upfbman61.jpg?width=794&format=pjpg&auto=webp&s=7d4fa6e2ca2fde9a61d7be9cbb5baf951da333cc

https://preview.redd.it/725h703cman61.jpg?width=582&format=pjpg&auto=webp&s=71ebc929741752771f6f3000c0cf6944af768f6a

https://preview.redd.it/pmr9fcpcman61.jpg?width=645&format=pjpg&auto=webp&s=eb326a7321bbd11776535501eaf33afa5d0ce3cb

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.

https://preview.redd.it/t1i2phymlan61.jpg?width=875&format=pjpg&auto=webp&s=05bba91bee9bdb2021ac47b1585a627fba88edb3

https://preview.redd.it/c6u25sjnlan61.jpg?width=738&format=pjpg&auto=webp&s=bc1bfda84e4591b8038a817fd3988feebf964666

https://preview.redd.it/e6f4pt3olan61.jpg?width=887&format=pjpg&auto=webp&s=c745ce0e62325ce9e2cee8b9f49e2ab4266fdc52

https://preview.redd.it/bu1cn4gplan61.jpg?width=715&format=pjpg&auto=webp&s=0bb05c78c2d34e988dda0dd95d16cb178b91aaa6

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.

https://preview.redd.it/i642s85mhan61.jpg?width=708&format=pjpg&auto=webp&s=6fac09a5a8514e71deb70212aaae81aaaaeefd73

https://preview.redd.it/41ctqaklhan61.jpg?width=761&format=pjpg&auto=webp&s=fd168cb92bcdfcf3e3623fbb6c86a5b801d8885f

https://preview.redd.it/4d1oozekhan61.jpg?width=712&format=pjpg&auto=webp&s=8a855706755df4d33783608da4f6ea41ac09023c

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.

https://preview.redd.it/lz5o727nhan61.jpg?width=1095&format=pjpg&auto=webp&s=f60272daead94c1d867311fff2e70edc74a30fce

https://preview.redd.it/l8s5osrnhan61.jpg?width=1242&format=pjpg&auto=webp&s=49d000898ab0b36ed6bb6217b0afb9530e5828ef

https://preview.redd.it/mr1xwueohan61.jpg?width=793&format=pjpg&auto=webp&s=85826b589521ac678105421a72cf83f487d50475

https://preview.redd.it/np1j4hwohan61.jpg?width=952&format=pjpg&auto=webp&s=046657db967a35b55f27b7d8fb1c65a824f3b830

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

https://preview.redd.it/9n1elvfqhan61.jpg?width=1298&format=pjpg&auto=webp&s=a68cc1d2293c765bf01e29f6ce53a2e4d5ec0f2f

https://preview.redd.it/eem563drhan61.jpg?width=786&format=pjpg&auto=webp&s=1fced43d688b8ac820a7ec2530ce62ef804d0c67

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

https://preview.redd.it/ov1uwjdnkan61.jpg?width=1246&format=pjpg&auto=webp&s=93bc014bf428bdf8e394ab82262d77beca909bc2

https://preview.redd.it/1ch87cdnkan61.jpg?width=963&format=pjpg&auto=webp&s=4b1a786e24254e5df63b75496568b578702d1cdd

submitted by /u/Mephistoss
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