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Project teams have destroyed most of the trust in crypto. Why am I saying this? Let me explain.
In the past, investing in a crypto project was more than just an investment; it was almost like a religion. The community of a crypto project was ready to make huge sacrifices for the project to survive. People invested in ICOs and were willing to hold their tokens without selling them until the project reached a certain level of maturity. Before selling, only a few people would sell, while the majority would jealously hold their tokens and even promote the project without asking anything from the team.
This was because they trusted the project team, the project’s ideology, and the project’s vision.
Projects that demonstrated this mindset include BTC, #Xrp🔥🔥 , and #bnb .
You are probably wondering why this is no longer the case today.
The answer is simple: project teams have become impatient, overly greedy, and extremely selfish. As a result, the crypto ecosystem has slowly degraded, and today, trust has completely disappeared.
In fact, project teams are now the first to sell their tokens, even before major investors and the community. They are no longer transparent with investors.
Let’s take the example of #WLFI . I trusted the project and the team, so I invested in their fundraising round and planned to hold my tokens for the long term. Unfortunately, the team lost trust from day one by failing to disclose the exact amount of tokens that would be unlocked at listing. I thought the team would correct their mistake, so I didn’t sell during the first week after listing. In the end, I sold because I no longer trusted the team.
The second issue is that most crypto projects never really needed a token to function. But due to the greed and selfishness of project teams, they are forced to create tokens with poor tokenomics, designed to dump on the community or rather, on those who blindly trusted them.
Take Solv Protocol as an example: when you look at their business model, they didn’t necessarily need a token.
Let’s go back to BTC proof that investing in crypto was more than just an investment. The founders have never sold their BTC to this day. This is the case with Satoshi Nakamoto, who has never sold his BTC, which would make him the richest person in the crypto world. For early pioneers, it was more than a currency.
Today, you can clearly see that new projects struggle to position themselves, as their charts only go down. People now prefer memecoins over projects with strong fundamentals because everyone knows that memecoins are a matter of timing, strategy, and survival of the fittest and that the game is not rigged from the start, unlike many altcoins that promise to do the right thing only to eventually run away with people’s money.
On top of that, airdrops have become another way to exploit users. Participants are asked to generate volume to be eligible, buy useless NFTs to qualify, and in the end, they receive crumbs. This leaves the community frustrated, leading them to sell their tokens at listing and then short the project with very high leverage.
In the past, all of this could have been sanctioned. But since the President of the United States opened the door by launching a memecoin, everyone now feels free to do whatever they want.
Honestly, investors will increasingly turn back to legacy projects such as #BTC , $BNB , $XRP , and $ETH .
In your opinion, what needs to be done to restore investor confidence and rebuild trust in the crypto ecosystem?