Blockchain Technology and the Problem of Exaggeration

Blockchain Technology and the Problem of Exaggeration

It all started with a big bang! Back in December ‘17, Bitcoin scaled an amazing high in terms of value. What was started as a fuel for Blockchain technology had taken the world by storm. Bitcoin was king and all hailed an unknown Satoshi Nakamoto for inventing virtual money. Agreed they could not touch but, it was still giving out profit unforeseeable by any. At its peak, the value of one Bitcoin was $ 20,000. No stock, no fund nor any investment had managed to give out returns at such a high ratio. Long time investors who had invested or mined the currency soon after its inception, also known as the ‘Hodl Gang’ (Hold on for dear life.) sang their way to the banks.

Money, Money, Money: It’s A Rich Man’s World

By January ‘18, those who had never even heard of Bitcoin suddenly became experts on the same. They had neighbors, colleagues and even family members who had managed to make quite a nest eggs by investing in it. Everyone wanted a piece of this pie.

Blockchain Technology became the buzz word in the market and companies were eager to jump on it. As always in the case of demand and supply, ICOs (Initial Coin Offering) were released by organizations left and right. Investors were waiting in wings as they too wanted a share in this money-making machine. Unfortunately, many of the companies that had released their ICOs then were fake, had fake details of the team involved and some even had shady white papers on their site. These white papers had very vague future of the path they were heading to once they had raised their target investments.

One went a step ahead from the rest. It used famous Hollywood actor Ryan Gosling’s picture as their graphic designer.

it is A Rich Man’s World

The ensuing backlash from the crypto community on social media platforms was quite brutal. But, surprisingly despite the bogus nature behind the ‘Miroskii Coin’, its site claims to have raised $830,000 from its many investors.

Also Read: 5 Cold Wallets That Ensure Crypto Safety

Always Sunny: It’s the Rich Man’s World

Marketing is a necessity in all businesses. Specially in one such as Blockchain. Simply because people are still ignorant on what it entitles and the protocols involved in the same. So, when a new company launches, it runs newspaper or television ads informing the people about their company and all that it must offer its customers or investors.

‘Stox.com’, used this same principle. It was a startup that was planning on releasing their ICO. for the same, they hired boxer Floyd Mayweather. What made things awkward for them the way they went about promote its ICO.

Always Sunny

They staged it with cash laid out on the table and Floyd in his private jet. While the content of the same was about him being eager to invest in ‘Stox’, it was this composition which screamed ‘advertisement’. Due to this, they lost face and had negative press associated with their name. All because they ran a flashy celebrity endorsement as an advertising campaign.

What Goes Up, Must Come Down

Sometime around February ‘18, many IT companies pulled up their socks and decided that enough was enough. It started with Google. They declared that they were going to regulate and ban all ads that ran on their sites which features shady cryptocurrencies. They even banned ads of cryptocurrency exchanges. They were soon followed by Facebook. They too announced a ban on all cryptocurrency services ads on its site. Needless to say, Twitter to followed on the same vein.

As a result, the value of Bitcoin fell over 10% in a matter of days. Other cryptocurrencies to face an all-time low.

Also Read: Bitcoin Mining Hardware: A Glance

A Silver Lining: Time For The Real Deal

The bans have curbed many fake and shady dealing organizations from further duping gullible investors. But, the most positive note of this entire roller coaster ride is that big brands such as Kodak, Amazon, Long Island Ice Tea and even governments of Dubai and Georgia have opened their doors to Blockchain technology.

The media buzz brought to their notice, a change in the trend as far as investment was concerned. They realized that Blockchain Technology has the potential of reaching even greater heights. Bitcoin, its principal cryptocurrency, was going to remain a steady entity they could rely on.

Marketing does not mean one needs to fake an achievement. Its principal objective is to bring to people’s notice a certain product or a company. In terms of all things Blockchain, word of mouth was how the original investors and miners started and in similar fashion they shall continue. After all, they still have to ‘reach the moon’. (this too is a marketing slogan created for long time investors)

A traveler who has eaten with Bedouins, gotten lost in mist, and walked a kilometer to get net connection. When not writing, Nisha reads tech magazines to shampoo bottle labels

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