Surviving Beyond The FOMO – How To Pick A Winning ICO Project For Long Term Value
In a world driven by hype and FOMO [Fear Of Missing Out], it is becoming clearer every day that a diligent crypto enthusiast needs to have a litmus test for picking a token to support in a world where genuine viable projects are hard to find and good projects with long term prospects are even harder to distinguish from money grabbing ‘shitcoins’.
With the recent developments where most new cryptos are hitting record lows, and new ICO Projects not living up to their hypes after the Crowdsale, it is now common for disappointed ‘investors’ to go around blaming the ICO promoters on Social Media, rather than blame themselves for not doing the proper due diligence to pick a most probable post-crowdsale winner before purchasing a token during its ICO.
From my extensive observation, it appeared that most crypto buyers simply bought coins during an ICO based on the FOMO (Fear of Missing Out) created by the masters of the hype behind those coins cryptowatch . Many simply bought without understanding the post-ICO purpose of the coin, or what the token was supposed to do after the Crowdsale. When nothing happened after the ICO, as is often the case now for many ICOs, they would then jump on social media to scream bloody murder.
Recently, myself and my team just finished a tour of Africa and some parts of USA to promote the Nollycoin ICO. We organized and sponsored different conferences, did live AMA (Ask Me Anything) press meetings, and held lots one-on-one meetings with Crypto whales, little investors, and crypto millionaire wannabes of every color.
Through it all, one thing that amazed me beyond all else was that MOST token holders had NO CLUE about the underlying business or project behind the token sales they participated in.
Even stranger in my observation, was the Amazing fact that many could not tell you the value proposition of the project, its objectives or the plan of the company to disrupt the marketplace and grab a chunk of the buyers in their industry. They simply bought the ICO because several telegram or Facebook Pages they visited kept telling them to ‘Buy. Hodl and buy more’. Most simply acted on herd instinct rather than objective deliberation.
Now, if most of the people I met were just teenagers or people without education, I would not have been so surprised at the level of ignorance of many of the crypto ‘investors’ I met. On the contrary, many of those I met were college graduates and people of some means. Yet less than 10% of them could readily articulate why they bought a coin in expectation that it would increase in value over time. Everywhere I went, very few in the crowd could tell me the name, experience and capability of the corporate managers of the company selling the coins.
The only thing most of them could point out was that the coins were recommended by ‘respected’ influencers when facts have proved that most of them were paid chills to create FOMO and respectability for otherwise useless shitcoins.
Beyond the so-called bogus influencers, all many crypto buyers knew was that the names of the team leaders were Russian, Chinese or Korean though they knew absolutely nothing about them. It was as if all you needed to have a successful ICO was to list names of people from Korea or China or Russia that no one could even verify with a simple Google search.