My ten-month experience in creating and developing a startup. I tell you what happened well and what didn’t. I show my own mistakes and hope to save readers from repeating them.
related article: He was bullied at school but now lives a lavish lifestyle thanks to trading in Bitcoin and other cryptocurrency
Part 1. Background.
Part 1. Background.
At that time, I was well versed in two things: marketing and finance. Therefore, as a financier, I saw that the hype phase is going on. A new technology has appeared, no one understands anything, everyone wants to participate. High profitability further fuels the greed of investors and completely discourages a sense of risk.
In finance, this situation always leads toone - unreasonably high assessments of investment assets and an icy soul in the form of a sharp drop. The latest example similar to the cryptocurrency market was the dot-com bubble in the early 2000s.
But that was the view of the financier. As a marketer, I saw something else. I saw a trend. I saw a new investment market whose participants are risk tolerant. I have seen clients who are not divided between large players, and who have money. Customers who can be tightened under their banners.
I launched a project in the ICO market. This was a separate segment of the cryptocurrency market. Then its volume was $ 20 billion per year.
Initial Coin Offering - This is the initial placementtokens. During the ICO, the project team issues its own cryptocurrency and sells it to investors. And with the proceeds the project develops. It's like selling shares on an IPO, only tokens instead of shares.
If the project is developing successfully, then the earlyinvestors sell tokens on exchanges at a higher cost. A classic example of a successful ICO is Ethereum tokens. At the time of placement, they cost less than a cent. Then there was a rapid increase, and the peak of prices fell at $ 1420. At the time of writing, one Ethereum token is trading at $ 200. To have a million dollars today, it was enough to invest $ 50 in an ICO.
Naturally, Ethereum was an exception, not a rule. All projects that went to the ICO had nothing but an idea. In fact, they raised tens of millions of dollars with bare promises.
Most projects were doomed to failure.initially. Even worse: nine out of ten were outright fraud. Their founders were not going to run anything. They just took the money of investors, said “thank you” and left for the islands. The anonymity of cryptocurrencies and the lack of regulation allowed them to avoid punishment.
In theory, investors could earn millions. In reality, their money was stolen by billions.
But they did it anyway. They invested again and again. It was crazy. It could not work, should not work. But it worked. And I had a choice: to say that cryptocurrency investors are idiots, and go further on their own business. Launch your own scam project. Or take a chance and try to curb this market.
I chose the third. I have failed. I do not regret anything.
P.S. The whole story contains 25K characters (this is a lot), so I will publish parts on the smartlab. If you want to read the whole story at once, here is the link.
P.P.S. I also invite you to my telegram channel. There I publish useful and interesting articles that you should like.