Much had been said about how the last months have been a shedding process the crypto space. Many once-promising projects have now gone silent or are slowly approaching death’s door; the extravagances of the bull market have now been traded for a more humbled and minimalist approach in order to survive a seemingly never-ending bear market cycle.
A recent tweet perfectly exemplifies the dramatic shift that has occurred in crypto:
Let me tell you a story. When I went to Consensus, I found a stack of business cards abandoned by someone unknown. I kept them out of pure curiosity since someone had met quite a few people.
I decided to follow up to see how they’re doing. pic.twitter.com/CJh5tP6GLb
— lowstrife (@lowstrife) December 7, 2018
The scattered pile of abandoned business cards couldn’t be a perfect metaphor for the current bear market we’re experiencing. As the prices of Bitcoin and most Altcoins have collapsed, a graveyard of once-promising projects has been left in its wake.
What is also interesting is the fact that Consensus (one of the largest conferences in crypto and blockchain) would be the perfect place to see this. It points to the overabundance hype driven sentiment that was used to mask poor business models, inexperienced teams and under-developed projects that are over-valued.
Attending expensive conferences, such as Consensus (tickets were sold for $2,500 each), and creating flashy marketing materials should have been the least important thing for an early stage blockchain project to be focused on,
However, with millions of dollars already in possession from a successful ICO, and Bitcoin’s price riding between $10k to $20k range, it became possible just to ignore the normal processes and struggles that businesses in other industries typically have to overcome in order to be genuinely successful.
Is it all about hype?
If this abandoned pile of business cards and a list of inactive projects teach us anything, is that in the majority of the time, most businesses are only as successful as their industries hype cycle allows them to be.
Once the bubble bursts, those who decided not to build a foundation are quickly swept away, leaving only the most hardworking and diligent entrepreneurs dedicated to creating real value.