I recently embarked on a journey to the Malta Blockchain Summit, with big names like John McAfee, Charles Hoskinson, Skycoin’s CEO Synth, Sophia Hansen the Winklevoss twins many more all in attendance, I thought that I would be in the for the event of a lifetime.
However the reality of the matter was that it was full of liars, scammers, hangers on and hopium dealers. The exhibition floor scarcely had projects worth noting, with the exception of Digitex Futures, who debuted their software which I was able to report an exclusive on here, and also a couple of other names that were being touted at the next big thing, and I’ll mention them here.
One is Fleta, this a is project that aims to be the blockchain equivalent of the Android or IOS mobile marketplace. It’s a protocol solution that uses a multi-chain system of sorts, that allows dApps to operate on their respective chains without overloading the Fleta mainnet. It’s a big claim, and along side this claim they also state that they resolve the GAS issue that Ethereum has for charging dApp users and the EOS staking issues. I always feel that we have enough infrastructure in the space, but it’s still one I’ll keep an eye on, however it didn’t particularly wow me. You can check the whitepaper here
Another project with a bit of hype around it was resistance.io, I bumped in to a few people that recommended this, including Diary of a Made Man – Ian Balina, I asked him at an after party if he felt ICO’s were dead and he said “not all ICO’s man, then smiled and said “resistance”
At the time of writing this post the website is currently offline, but in a nutshell it’s a decentralised exchange and privacy coin, which utilises master nodes and promises truly private trading. I have to admit this does sound appealing, and the token numbers look good, total supply of 128m with 60m tokens for sale at ICO throughout December 2018 at around $0.41c per token. The metrics don’t dazzle me to be honest, it’s tough justifying a $25m market cap in the bear market. You can check the whitepaper here Resistance_Whitepaper_v1.00
Apart from these prospects I didn’t really see anything that blew me away, but I did have people introducing themselves to me by using the prefix “Crypto” before they said their name. In my case, it would make me “Crypto Keith” and people even handed out business cards like this, and this is where I encountered my biggest problem, and that’s is the “Advisors”
Now think about this for a second, in 2017 when there was a certain amount of euphoria around every ICO project out there, with everything going 4x – 10x out of the gate, it spurred on a lot of people to reinvent themselves as ICO Advisors. The problem that this caused was very apparent at the summit, and it’s the fact that you get these dumb fuck “advisors” sucking up to tech companies telling them “you need blockchain” and that they should raise massive amounts. I’ve seen numbers ranging between $50-$200m which are unrealistic market caps, and they seem to do this by banking on the fact the client they are “advising” will only raise 10-25%, but it’s ok because the dream of a $100m raise is enough to get a company to part with 2-5% of their ETH as a kickback. Chances are these guys also get a massive amount of worthless tokens too, but they don’t give a shit about the projects they are advising, they only want a quick buck so chances are they will dump as soon as they can, and this summit was crawling with people like this.
So the conference did leave me with quite a bitter view on the ICO space, however despite this, I do see that there are some bargains to be bought post ICO now, and this is where I’m going to focus my attention until the next bull run. Below is a quick walk around I streamed live form the expo floor.