I’ve been there for the early ICO (initial coin offering) days for cryptocurrencies. I’ve seen companies raise hundreds of millions of dollars within hours, and I’ve seen valuations for startups that don’t even have a working product climb to billions.
And now that these clay giants have begun to crumble, I look back at the beginnings of the ICO craze, and ponder when did it all go wrong.
Well, it couldn’t have been more than a few months ago, because this entire bubble has been going on for about a year.
Perhaps this is the real gift the blockchain technology, which is the basis for most of these companies: Speed. The ability to raise money fast, to build a product quickly, to burn brightly and, in some cases, die fast. Read more…
from Startups http://ift.tt/2gwqfAo