Some fella online threatened to kill me if I kept saying bad things about Bitcoin. Went on to say he knew where I lived. “…stop spreading FUD….” he said. Still here anyway so he didn’t do a great job. Meanwhile, the crash continued. The irony being that the more people panic sold, the more the price dropped. Just as demand ramped up the price, the opposite became true in the crash. Social Media was littered with pictures of burst air balloons and exploding dirigibles and plane wrecks and money in flames. And yet there was still some diehards that said everyone just needed to “Hodl” and it would be ok. This kind of thing had happened before. Indeed, those longest in the game were least affected by the crash. Charlie Lee for instance managed to sell all his Litecoin, the token he created, almost precisely when it hit the top. He cited conflict of interest at wanting to develop the project while also being invested. So he sold, coincidentally, at maximum profit, while the rest of the world Hodled. To his credit, he did warn that this crash was likely to happen.
So what now? It was down but not dead. And new coins were appearing almost every day. It was a phenomenon called the ICO – Initial Coin Offering. Not unlike an IPO, the ICO’s were used to raise fund for potential projects and company listings on crypto exchanges. A group of programmers would get together, assemble a whitepaper outlining their vision for the Crypto Community and then have a launch. This consisted of tempting investors with discounted coins – or sometimes free in the form of an AirDrop. It was an unregulated, vague concept where no one was quite sure what was being offered. The truth being that nobody cared what the coins did or how they would be used – they just wanted to see them ascend in price like Bitcoin had before the crash and then go buy a lambo. Talk of “mass adoption” and “bringing down the banks” seemed to be all an excuse to feed the digital greed. Crypto was now an investment for those locked out of the Stock Market by lack of funds or understanding.
So where do you get these other magic coins? The big talk was about a currency exchange called Binance. It listed over 1200 coins at the time (now over 2000) and all you had to was transfer your money in from Coinbase and take your pick. There was a myriad of coins that everyone was excited about. Ripple, XRP, Verge, Tron, Stellar Lumens, Cardano….were the most talked about. They ranged in price from 1 cent to 20 cent and the buzz word was AltCoins – Alternative Currencies. Those in the know called them “Alts” or “Altcoins.” You could trade your Alts and surf the price fluctuations or sit back and HODL. I had €40 left out of my initial €100. So I sent that over using the Bitcoin network. They charged €16 in fees leaving a sum total of €24. Who needs bank fees with deals like that? If I had sent it over the Litecoin Newtork it would have cost about 4 cent. FUD that.
Don’t forget to share this post.