A lot of new people to the crypto space really haven’t experienced a rug pull yet. In almost every single project investors are eventually left bag holders whether it is a pure money grab or because tokenomics puts the vast majority of the supply in the hands founders and insiders.
The Bitcoin is outdated and we have a better technology narrative has been used to lure investors, and in the vast majority of cases, investors have been losing their money since 2013 when better than Bitcoin projects came to the scene.
There are some really interesting projects with technical merits, but looking at how the supply was distributed with the founders, developers, insiders, now VCs and/or “the foundation” keeping the majority of the supply to themselves while the price pumps with limited supply released to the public, I don’t see how things are now going to be any different from 2013 and 2017.
- First coin that was 100% Proof of Stake
- 1.5 minutes block times
- Assets in the blockchain
- Programmable APIs
- Decentralized DNS
- One of the first to have support for NFTs
- Vitalik referred to PrimeCon developer Sunny King as the “the single most original altcoin developer” and if PrimeCoin and Bitcoin were released in 2008, PrimeCoin would have won.
- First Proof of Stake coin
Some of the narratives that were sold in 2017 included:
- XRP is the Standard. Banks are about to adopt XRP as the settlement and interoperability layer for the internet of value.
- Stratis (this was once the #8 on marketcap) is the future of Blockchain tech, smart contracts written in C#. Devs are going to flock to the platform.
- IOTA (was once #4 on marketcap) is going to be the backbone for the “machine to machine (M2M) economy, the underlying protocol for the internet of things.
- NEO (once staple top 10) is going to bring the smart economy to China by by smart contracts and digital assets. The potential is just huge in China.
- SIA and Golem are going to revolutionize tech creating a paradigm shift in storage and computing.
- ICON is the Korean Ethereum because they partnered with a ton of Korean banks, hospitals, universities. This will be huge in Korea because Koreans support their own projects and this will hyperconnect the world.
- REQuest Network is the most important financial project to crypto. This is the Paypal of crypto.
- Raiblocks (Nano) is fast and feeless and will kill every inefficient blockchain currency.
Bitcoin also has its own narratives and they changed, learn more here.
For Ethereum narratives learn more here.
We can conclude that people do not know what they are doing in the cryptocurrency space, so they are storytelling these ideas that sound right in order to pump their bags. Some ideas succeed to stick (for a while), and turn into a narrative that is, you guessed it, luring noobs into buying.
Be careful whenever you see “common wisdom” in the crypto space, because it is usually fairytale.