A crypto analyst and an enthusiast, Jimmy Song takes a shot at the ICOs and the altcoins that have been around for quite sometime without adding their share of the value to the crypto markets. Jimmy states that there is a well defined path to success for the collective platform to follow and act upon but seemingly the ICOs and the newly upbringing of the altcoins has lacked the very initial step along this very path that is to perform their utmost best. This has triggered a fury amongst some crypto followers, the likes of Jimmy Song who has further addressed that what the new ICOs and altcoins really are, is mere hype. They extract revenues out of the hype and “thrive off” of the hype they created for the marketing purposes. This the greatest loophole in the crypto market which coaxes more people to throw money on the projects which are well and alive not over exploring the unexplored parts of the crypto world. BlockPublisher got to talk with the man himself in order to get some comments over the very issue.
The beginning of a project is to make people aware of their operations by bringing the best on the table in order to gather the audience. What the ICOs and altcoins of today do is just skip the “doing their best” part to jump over to the making loads of cash. They seek to create the reputation out of thin air and earn profit from it.
ICOs of today are simply the beginnings of a network which would possibly come up with a crypto coin of their own. The companies advertise the innovations in their project and the promises to deliver to their customers and the user the best facilities ever. As Jimmy Song suggests, the ICOs of today throw away loads of cash over the marketing and devising the way to lure more people into admitting to their stated features which might seem the coolest ever. This can gather quite a customer base but it does not cater for them from the moment they sink their sharp teeth deep into their clientele coaxing them to invest their share in.
The altcoins are here for the same reason as per Jimmy Song. The altcoins firstly choose their path either decentralized or otherwise following bitcoin or ethereum respectively. Their marketing tactics go the same route as the iCOs gathering customer base ending them up with nothing, in the worst case devouring their funds altogether. Jimmy describes that the path to a successful project is performing the best for the customers. This will get you more customers earning you a name in the process. This can lure other customers too from far off places increasing the potential of the project altogether, meanwhile nurturing it. Then off you go to relishing the ripe fruit of reward once you put in your fair share of the work and the genius into your project. Song states that the ICOs and altcoins are focusing over the prior researched venues of the crypto world only to collect major cash.