Current State of Crypto Projects

Good afternoon, my degenerate crypto friends. How are you doing this fine afternoon? I’m doing great. I came across a message on X that says, “Airdrop farmers are cooked, man. Projects are shutting down after years of grinding.” That’s right. Crypto projects are shutting down because the days of crypto hype are over. Now, you have to create a real project, like a real business. You can’t just label something as crypto and expect to make money. It’s not about launching a project and assuming it will succeed. It has to be a real business that generates real money, but on the blockchain.

Failed Crypto Projects

Let’s look at some failed projects. Bitconnect was a lending platform with an AI trading bot that promised consistent profits. It was one of crypto’s most famous Ponzi schemes and collapsed in 2018. Onecoin was touted as a Bitcoin killer for mass adoption but never had a real blockchain and was a massive fraud estimated in the billions. Terra wasn’t intentionally a bad project, but they messed up when their stablecoin de-pegged.

Then there’s ICP, which aimed to replace the internet and cloud providers with decentralized computing. This is typical of crypto projects trying to replace existing structures with blockchain versions, but it usually doesn’t work because they fail to provide real value. ICP launched with massive hype but lost over 95% of its value shortly after. It’s still active but going nowhere.

Steemit was a blockchain-powered social media platform where creators earned crypto. Whenever you earn crypto, it’s usually garbage because it hyperinflates. User growth stagnated, government issues emerged, and most mainstream users never adopted it. There was also a similar project for YouTube creators that promised blockchain payments and representation. It sounded exciting, but nothing happened, and it eventually failed.

Paycoin was a universal cryptocurrency integrated with payments and cloud mining based on false promises and fake mining operations. The founder was later convicted. While many of these are fraud cases, there are also projects with vague ideas that don’t generate real money. You need a project that offers a specific service or product that people or industries need, making real money.

Successful Use Cases

Now, let’s talk about successful use cases. I saw news about Avalanche (AVAX), a big Layer 1 blockchain. AVAX launched a payments collective with global institutional giants, integrating stablecoin settlement, treasury infrastructure, and foreign exchange into its ecosystem across 150 countries. That’s real use, generating a lot of money and fees.

Another example is FIFA and Avalanche tackling ticket fraud at the FIFA World Cup. FIFA Collect uses Avalanche blockchain technology to issue over 100,000 right-to-buy assets, generating more than 25 million in trading volume. This is a real use case, leading to more commissions, fees, and revenue for the Avalanche blockchain.

Investing in Crypto Projects

We’re at a point where projects need to be real and service-oriented. It’s not about launching an idea and expecting it to succeed. I saw a post by the Wolf of Crypto Streets saying you can only become a millionaire from memecoins if you have little or no money. He means that if you don’t have a lot to start with, the only way is through memecoins. But that’s like a lottery ticket; you can’t predict which memecoin will succeed.

I’ve bought several memecoins, and while I’ve made some profit, I’ve also lost money. It’s better to invest in projects like Avalanche, which is doing real things and making real money. Avalanche’s price is currently $6, with a market cap of roughly two and a half billion. You might not get a 100x return, but you could get a 10x or 20x over time. It’s better to aim for a good return from a solid project than gamble on memecoins.

Free Courses on Crypto

That’s it for today. I hope you have a great day. I want to remind you that I have two free courses on my website. I don’t sell anything; there’s no program. The first course explains how Bitcoin and blockchain work, and the second course teaches how to use them, including wallets, buying, selling, and avoiding scams. It’s for people who know a bit about crypto but want to understand and use it better. If people sign up, I might create more courses. Have a great day, and I’ll see you next time.