We’ve hit that level twice in recent days only to be firmly and impressively denied access to move beyond that price zone. Maybe 3rd time is a charm.
It’s been a great year, really, for leading coins but smaller alt-coins continue to languish. This year’s “new thing” – the Initial Exchange Offering – went from the coolest thing ever to the latest joke/hoax/scam in about 131 days. Lawsuits abound. Finger pointing ensues. The fact is they’re not, in most cases, working at all anymore. Except on Binance & maybe one or two of the heavies. It’s like anything else in life: you get what you pay for; or in this case do not pay for.
There’s a reason companies going public pay a premium for Goldman or Morgan Stanley to take them public. The unknown, unqualified exchanges have as much business running an IEO as three pizza delivery guys on bikes with headsets on. And now I feel bad for the pizza guys.
The number one ingredient in financial markets is trust. Don’t lose sight of that fact. Without trust & confidence, investments can’t happen.
And a lot of no-name exchanges lack the credibility, network or experience to pull off one of these raises. They probably lack the legal bona fides, too. And that’s why they’ve stopped working.