Name calling is big business for cryptocurrencies

With stories of cryptocurrencies that have changed the lives of people, it isn’t surprising to see cases where certain cryptocurrencies that are reported to be well on their way to the moon be met with differing reports and accounts from all sides.

In the case of Verge, we see it being mentioned on Forbes, boldly positioned as the next cryptocurrency to look out for. However, the public sentiment of the currency on forums sing a different tune. Bringing up the legitimacy of both the currency and Forbes itself.

Beyond speculation, a closer look at a personal account of a perceived blockchain goldrush reveals an in-depth financial rollercoaster of a ride, with a glimmer of hope towards the revival of glory days. The “what if” burning strong enough to hold out for a bit longer.

Looking through that story, we see that there were many times that the price and value of the currency fluctuated wildly, solely on the opinions of a select few.

John Mcafee, a software tycoon whose voice holds great weight in cryptocurrency circles was instrumental in pushing up the valuation of Verge by 2000%, a valuation that saw a steep drop amidst some controversy.

It was then revealed that John Mcafee charges a hefty sum to post any promotional cryptocurrency Tweets. In the eyes of the marketing efforts needed to drive the value of a cryptocurrency, having a track record of delivering a windfall is a good bargain. But to what end? How credible or effective would such a strategy be now that the news is out? Stories like that serve to reinforce the volatility of cryptocurrency, where those who are early or in the know stand to benefit and gain. A playing field that leans heavily on speculation and well-timed sentiments.

Yes, he is that convincing

Despite these wild ups and downs, the lure of quick cash that such cryptocurrencies offer will always have that draw and are here to stay. As consumers evolve through better education, the power balance will shift. Influence and clout that individuals possessed to shift mountains will be placed under greater scrutiny. The gold rush that pundits with skin in the game look forward to will still be around, just more controlled, cautious, and ultimately, more sustainable. Trust but verify will become the order of the day as everyone gets a better understanding and due diligence for cryptocurrencies get put in place.

With how hot the topic of blockchain is, it sounds sexy for companies to push for press releases and reveals of their blockchain solutions to stay relevant in perspective and capability, but there are bigger plans for the technology.

Blockchain technology and the people behind them continually find more sophisticated ways to purpose it, improving the way our world runs. The shift from being the cash grab of present times, towards a new standard in how we handle our data is inevitable.

Just like in the tech startup space, where the common pitch for being “the Uber of” or “the Airbnb equivalent” is heard way too often, blockchain solutions have to bring more to the table. Companies looking to implement and introduce blockchain technologies and solutions to the world will have to go back to the drawing board to look at how their use of blockchain can excite savvier investors and individuals who have been burned more than once. To convince and show to both dreamers and cynics alike, that they have a clear plan and idea to take people to the moon.