F***ing Weird Blockchain World

(Photo by Annie Spratt)

I’ve been in the Startup world for five years with three product-launching experiences, and now I’m running a Steem blockchain-based app service. I’m going to tell you how crazy my experiences in the blockchain and ICO world have been so far.

  1. The VERY FIRST thing that most “blockchain-labeled” projects do is look for funding. No working product, no users, they just try to raise money first. Oh wait, they have one “product” a weird looking landing page that has more than a dozen team members, advisors, partners, media logos … Seriously, I’ve never seen this kinda landing page from ANY early-startup EXCEPT for scams.

2018 saw a market crash — I believe partially (or perhaps fully) because of these issues. Regardless of the burst bubble, these are the facts:

  • 78% of ICOs are identified as scams, 7% have failed or gone dead (Satis Group).

If this happened in the startup world it would mean that:

78% of startups are scams. 86% couldn’t gain any single user. 93% have users but no any user transaction. Only 2% of some smartphone users have downloaded the apps from its app store. 1.5% of the startups have at least one git commit for the past 30 days.

Wouldn’t that be a weird world? Huh?

YoungHwi Cho is a co-founder of SteemhuntBlockchain-fueled community for hunting cool new products by tech early-adopters.


Co-Founder of HUNT