March 22, 2018, 4:23 p.m. Tags: blog 

The Long Road To Defeat

Projects run the risk of finding initial success, expanding rapidly sometimes for a year or more, only to fail from mismanagement or shifting market sentiment. These companies often find themselves with a null use case – and a price that’s dropping faster than market interest in their product! The only thing worse than being average is being boring in a market as fast-paced as crypto.

Only pumpers who are willing to take the risk for a quick profit will jump on a sinking ship; they just want to load it up with TNT and blow a chunk of it sky high before the sinking hull fertilizes a new reef.

A good example of such a phenomenon is a project that had quite the buzz surrounding it back in late 2014 called Paycoin. It was the dream of many investors – a guaranteed price floor which would protect you from incurring too many losses with all coins re-bought at a guaranteed price of ten dollars! The project was holding steady for the first month and even appreciated around 60% from its ICO price.

Unsurprisingly, due to a conceptual error Paycoin crashed and burned hard as the price was manipulated by intelligent traders for a hefty profit. It was defended quite rigorously on the forums and social media as a minor setback, but fanaticism can’t save flawed fundamentals.

Nowadays where does it rest? You’ve never heard of it for a reason – this is just one of many projects that serve as a testament to flawed fundamentals. There is no doubt that there will be many similar stories in the future.


Get Cryptide in your inbox!
When you subscribe to the Cryptide newsletter, you’ll always be armed with the best information about the crypto world.
You’re now subscribed!