The cryptocurrency industry gets older but does it get any wiser? Green candles have begun popping off across the board for the first time in a long time and suddenly it feels very 2017, complete with all the greed, FOMO, and manipulation that was synonymous with that era of excess. Never is this more evident than in the realm of initial exchange offerings (IEOs), where people are taking drastic measures to gain crowdsale admittance.
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In 2017, selling out your crowdsale in 10 minutes was grounds for bragging rights. In 2019, the benchmark is 10 seconds. That’s how long it took on Wednesday for Veriblock’s IEO to sell out. A video showing an Asian trading group competing to enter the Veriblock sale the moment it went live has gone viral. Getting into the hottest IEOs this month is an achievement on a par with gaining entry to the Telegram ICO. In American Psycho terms, initial exchange offerings are Dorsia: the hippest new restaurant where everyone’s trying to get a table.So I was still wiping my ass while competing with these group for the Veriblock sale on Bittrex No wonder I have no $VBK now pic.twitter.com/CJbOSCup1M — Lord Catoshi (@LordCatoshi) April 2, 2019
The parallels between two years ago and now are overwhelming. Just as in 2017, people bought into ICOs on FOMO and fundamentals, today’s IEOs are all about the platform issuer rather than the project. If it’s on Binance, Okex, Kucoin, Huobi, Bitmax, or Bittrex, it’s guaranteed to sell out in seconds and to pump when it reaches the main exchange. Who cares about the token’s utility when there’s instant liquidity? As one trader lamented after failing to get into the Veriblock IEO, if you linger long enough to read the terms and conditions, you don’t get ...