Business is destroying the community
Business is destroying the community

By Tradelize | Tradelize | 15 Mar 2020


A recent incident with the Steemit network caused a small resonance in a crypto community. As the topic progressed, it turned out that the PoS system became vulnerable when a business wanted to make a quick dent while destroying up-and-coming teams. PoW is also weak. It doesn't make sense to compare these systems. Practice shows that they are both not perfect and that you can take over the network in many ways if you want to. The main message is about the impact of business on crypto projects, at different stages of their development.
Even on the example of a successful Tezos project, we have made sure that when businessmen graft into promising crypto projects, it can destroy them. At ICO Tezos, we raised more than 200 million dollars, which exceeded expectations in 10 times. The project founders created a project fund to control their assets. Soon the fund manager took over the sole right to bank accounts and safe deposit boxes. Since then, the founders have started lawsuits against people who wanted to embezzle the project money. Let's remember how the Tezos community stood up to protect the project. An online petition demanding the dismissal of the fund manager collected 1700 signatures from 95 countries. The company founders spent millions on lawyers to win back their project. And now, it is a very successful project.


351665157-419435ad66447304bce72391cedd747be0428acc45ee471a042d2034214ad325.png

Tradelize Terminal


There are many cases like this. For example, the MobileGo project. It was supposed that MobileGo would include a platform for the sale of in-game items and functionality for tournaments based on smart contracts. The Crypto community has raised $52 million for the team. But after the fundraising, the company stopped developing core products, and the managers were suspected of misuse of funds. You can see on the Chart where it led.


351665157-62d6c334260933719ea1ba17c383c0946d6091cb60e994221e43560742350538.png

Tradelize Terminal 


Remembering these cases in one context, it is clear that it is the businessmen who want to make quick profits that destroy the projects and initiatives of the teams. In the history of Tezos, the owners of the company are very lucky, their product is widespread, and the coin is traded on the most popular stock exchanges. But the MobileGo team had to create a new project, and the MGO coin was severely degraded and is traded on only one exchange. And in the case of Steemit, the community stopped the network capture in time.


351665157-7517fafa54748d8afd6d8320ed74a81d707ccc8f0fceb239d2a699e93b7b813c.png

Tradelize Terminal 


The crypto community wasn`t prepared to enter the financial markets where a business is conducted without rules. This may be due to a lack of experience, or perhaps a passive position. By consolidating power and preserving the ideology of a decentralized world, the crypto community must evolve. Situations are similar to the above examples and recent ones show mistakes that need to be corrected. For the community to really mature, it needs to learn from these situations and stop them. Fortunately, there are projects that the community organizes. Only in this way will the ideas of market development lead to the further development of the market as a whole.


Tradelize
Tradelize

Tradelize is a decentralized network of traders and investors. Our mission is to enable traders to create their own professional profile for limitless scalability by bringing together investors, traders, and less advanced users.


Tradelize
Tradelize

The blog for cryptocurrency traders. We publish reviews of the crypto market, materials that will be useful in trading, as well as news of the Tradelize company.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.