Wild West Of Crypto: Sizing Up Opportunities
How do we size up different projects in the world of crypto especially since much of this is based upon development?
In this video I discuss some of the things that I look for and how I assess different opportunities that come along.
▶️ 3Speak
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Summary:
In this video, Task discusses his conversation with an individual regarding different projects, with a focus on Hive and Ethereum-based projects. They talked about the importance of development updates, cross-pollination between projects, and the challenges in evaluating the credibility of projects in the cryptocurrency space due to lack of transparency. Task stresses the significance of ongoing communication and transparency from project teams to maintain investor trust. He emphasizes the need for projects to meet their development targets or communicate delays effectively, referencing Leo as an example. Task acknowledges the potential opportunities in being an early adopter but warns viewers to tread carefully due to the risks involved in the volatile crypto landscape.
Detailed Analysis:
Task's conversation with the individual centered around various projects, primarily on Hive while also touching upon Ethereum-based projects. They shared insights on the potential of different projects, discussing updates, cross-collaboration, and airdrops as methods to engage and stimulate user bases across different platforms like Hive and Ethereum. Task highlighted the importance of staying informed about a project's progress, noting the challenge of sifting through GitHub and other platforms to track development activity. He pointed out the lack of community support for Ethereum projects compared to Hive and questioned the transparency of project teams in showcasing their work.
Task delved into the risks associated with investing in projects, emphasizing the need for due diligence in evaluating the credibility and commitment of project teams. He shared examples of projects that failed to deliver on their initial promises, stressing the importance of continuous communication and updates from project teams to retain investor confidence. Task cited Leo as a positive example of a project that effectively communicates development progress and manages expectations in case of delays.
The discussion also revolved around the challenges developers face in securing sufficient funding to sustain project development. Task highlighted the common scenario where developers underestimate the resources needed, leading to project failures due to inadequate capital. He advocated for transparent roadmaps and regular updates from project teams to instill trust among investors. Task expressed a preference for projects like Leo that demonstrate accountability by updating the community about any obstacles encountered during development.
In conclusion, Task advised caution to viewers interested in investing in cryptocurrency projects due to the prevalence of scams and the unpredictable nature of the industry. He reiterated the importance of thorough research, ongoing communication, and transparency from project teams to mitigate risks and maximize opportunities for early adopters. Task encouraged viewers to stay informed about developments in the crypto space and remain vigilant while exploring investment opportunities.