I have been involved in a lengthy discussion on Telegram the last few days about the current status of the Scorum project and what the future might hold for Scorum and I thought that I would turn it into a blog. It is lengthy, but I think it will be interesting to some members that don't use the Telegram App so I'm going to save my personal thoughts and comments to the blockchain.
I also just watched a YouTube video by @Mr_Kristof that sounded just like something that I would have said or things that I want to say.
Mr. Kristof has certainly identified exactly what I've been seeing and experiencing. People are losing patience and leaving their positions in the crypto markets, especially the alt coin market, and in my opinion in doing so they are giving up the greatest opportunity that most of us will ever see in our lifetimes. I will post this video at the end of the blog.
So I'm going to copy and paste my own comments from the telegram discussion here, but I will try to clean up some of the spelling and grammar errors and make it more readable. The others involved in the discussion are also welcome to post their comments below.
I talk to some very intelligent people all of the time about investing in cryptos and I find that 99.9% of them have heard of Bitcoin but they are afraid to look into it or they believe that it is just too new and complicated for them to become involved with it. Very few understand the concept of encrypted blockchain ledgers or how they can benefit from them. Most of them still trust and believe in the old system and they do not see the need or benefit from something new. Because of this they are going to miss out on the exceptional opportunities involved with this generational shift that has already begun and that is going to l move us from that outdated, expensive, and vulnerable old system and onto a new, cheaper to operate, and secure system. From a system that can be manipulated and controlled by powerful Governments at the expense of everyone else in the world, to a system governed by the use of smart contracts and consensus rule that no one Government or organization has absolute control over. If you thought globalism was dead after the recent outbreak of Nationalism around the world then think again, this emerging economy is the ultimate form of globalism. Cross border trade and movement of people will soon be controlled via blockchain smart contracts and blockchain identification (AI) information. You are already witnessing the ability to move and spend cryptocurrency almost anywhere in the world, soon you will also be able to travel, invest, buy homes and start businesses, and move products freely to practically any destination using that same technology.
I am personally not a globalist, I have both Nationalistic and Libertarian leanings and I'm a strong supporter of the United States Constitution and Bill of Rights. But that does not prevent me from seeing that globalism is happening, in fact my Bible tells me to be alert because it will happen one day. I find it amazing that hundreds of years after that prediction here I am witnessing it all coming true, live, and right before my eyes.
Here are my comments from the Scorum Telegram Official Chat Discussion:
The first comment that started off the discussion was concerning this graphic posted by @idunique
This saying is true when you pick a sound project that hinges on confidence in your own ability to judge what constitutes a good project in the first place. What this man is telling you is to have confidence in yourself and be fearless, many people are not confident in their own ability and thus they let others decide for them. This usually means that they end up following the crowd to possible moderate success or failures. It also means that, since they made a decision based on the advice of another they can be easily swayed by what seems to be better advice that comes after they begin their investment journey. You will never gain wealth being "wishy washy" and following every whim or breeze. The crowds of investor “want-to-be’s” will run from one project to the next, whichever way the wind is blowing at the time. But if you want to be wealthy you must stop following the crowds and the latest rumors.
The message is that if you are ever going to become wealthy from investing in a startup then you must be the one that makes the decision to invest and you must own your decision. The earlier you find the right investment vehicle and begin investing money the greater your potential gains. But this also means that the wait for those returns may be much longer than other types of investments.
Once you start the investment then dollar cost average from that point forward. Every week, or every month according to how you get paid or how your money flow works you need to invest more. The prices of the stock or crypto may go up and down during the that time, but you just keep investing what you can afford at regular intervals no matter what.
Startups usually take at least two years and can take longer according to market conditions. You must have patience and trust your original assessment of the project. There will be all kinds of background noise that will be trying to induce fear, uncertainty, and doubt. These things happen to almost every project and the majority of new investors are weak minded and they have little confidence in their decision skills, so they fold under these pressures. By learning to trust your own instincts and ignore the noise you can stick with your investment through the long boring periods when the project seems dead or dying.
The end result is that you either win very big, or you lose what you’ve invested. This single fact is always going to be true, and all investments start at that point. The only thing that you can do is try to improve your skill at picking a winning project. But the only way that you are ever going to win big is by gaining confidence in your choices and zoning out the noise and FUD that makes you doubt yourself.
If you lose your money it doesn’t mean that you are a loser or that you have lost everything. In the process you can learn where you made your mistake, it probably happened back at the beginning when you were choosing something to invest in. Go back and look for the warning signs that you missed so that you can better choose the next investment and avoid the same mistakes.
But whatever happens, whether you win big or you lose all of your money, you must accept it and own it. It is your money, your decision! So stop blaming others or making a bigger fool out of yourself by trying to drag others into your own world of fear and doubt. Own your life and own your investments, you will never get ahead letting others make the decisions for you or by following the crowds. Listen to good advice from successful people and learn from them, but ignore the losers, the doubters, and those filled with fear who follow every rumor that hits the street to their own downfall.
This next comment was a reply to @blindeyes
Thank you so much for responding as I value differing opinions and I agree that the quote (Graphic) used was most probably directed at those who were investing in stock based startups and not directly at crypto startups. I am also fully aware that the Bitcoin Maximalists have continuously beat the drum and prophesied that 99% of all alt coin projects would fail. I also believe that many will in fact fail, but not only will many of the lower tier alt coins fail but also many of the now top 20 projects will eventually fail. The reason being that the technology is progressing every day and those who can’t keep up or who evolved from an inferior technology will get left behind when adoption does finally occur. Personally I’m not completely convinced that Bitcoin will survive, all Proof of Work and pure Proof of Stake projects share the exact same problem, without a solution in place they will not be able to scale to meet the demand of mass adoption.
To say that Scorum is not a startup is a lack of understanding of the principles of decentralization and the development of web 3.0 and the coming new economy. There are no Scorum stocks to purchase because when completed the entire project will become completely decentralized and all development and blockchain maintenance will be open sourced and any implementation will be upon approval of a consensus of the members through their elected witnesses. Those who hold SP will be able to vote for any proposed changes or additions. Therefor the holding of Scorum coins makes each member a virtual partial owner of Scorum as evidenced by the rights and privileges afforded them, and by the earning power of their holdings. In the future there will still be a team of Devs that have a stake in Scorum by virtue of the SP they possess, but there will no longer be a need for Scorum Inc. to maintain centralized control over the Scorum blockchain or the various Apps built on top of it.
Each of us that are still here know by now that there is the possibility that Scorum might not receive adoption and that it might fail. The same can be said for Bitcoin or any other blockchain project. The fact that tomorrow the real Satoshi Nakamoto might be revealed and that this person might possibly be someone that the world would revile and who could completely transform the image of that project from something good into something terribly evil has completely escaped the minds of most people. Since you have no idea who this person is and since it is a known fact that he owns at least 1 million BTC, don’t you think that one day this could become a big issue? I'm not saying that it will, I'm just saying that there is secrecy and potential problems with most of the current blockchain projects, but that does not always deter us from investing in them nor does it take away from their potential, it simply adds to the risk involved.
I love it when people can come together and have open civil discussions about these things and it is good that we talk about the benefits of investing in Scorum and about the potential problems that we may face that could cause our investments to lose value. I want for everyone to read the White Paper and ask questions until they are fully satisfied that the potential gains fully outweigh the potential risks. But what I do have a problem with are those who post on social media who are completely without understanding about the project, about the developers, and about the ultimate goals of the Scorum project. I also have a problem with the manipulators who come on the Scorum channel spreading lies and making false accusations or statements. We get our fair share of those types who only want to further suppress the price of SCR on the open market so that they can make a beneficial trade, or other comments come from those who have already bailed out on the project and now can’t stand the thought that they may have made a mistake, so they come on Telegram attempting to scare off any new investors.
I’m banking on Scorum both surviving and thriving, in fact I believe that we are already seeing signs that we are close to turning the corner and that new potential Scorum members are already starting to getting involved with cryptos and blockchain projects for the first time. My numbers show that we have gained 125 new members just since July 31, at that rate we would gain 1,200 new members by the end of this year. But at any time the market could make drastic gains and the masses could once again start flooding into cryptos by the thousands looking for projects to get involved with. Many of those will be gamblers and sports lovers, and a percentage of those will choose Scorum to invest in.
It would literally only take a relatively small number of new users and/or investors to cause the price of SCR to soar to all time highs. For the many that have become discouraged with Scorum and have abandoned the project, that will be a very sad day for them when they realize what could have been. Of course I will fully admit that if adoption never happens and Scorum dies a slow death while waiting, then it will be a sad day for me because I have invested my heart in the project as well as my time and money. But I have weathered many sad days in my 62 years so I’m pretty sure I can handle a few more if they come my way. If I’m correct in my assessment of Scorum then I’m looking at a nice retirement and a very nice legacy to leave to my family when I’m gone, for me it is worth the potential risks.
The truth will not be known about any of the current blockchain projects until, or even if, mass adoption of blockchain technology occurs. It will be the masses, the big investors, and the advertisers who will decide the winners and the losers. My advice to everyone is to find a project that you have some reason to have confidence in and then invest only what you can afford to lose. Make your own decisions and do your own research, 90% of the talking heads out there have a vested interest in steering you toward certain projects, and most of the others trying to give advice are just parroting what they heard from some talking head. So all I’m saying is that you shouldn’t listen to me or anyone else, find what interests you and lay your money down. Win or lose then it is all on you and you can’t put the blame on others, neither do you have to give anyone else the credit if you win big. 🙂
Decentralization is the ultimate and final key that will be the absolute and complete success of Scorum, because decentralization means that anyone anywhere in the world with Internet access will be able to use the Scorum platform anonymously. With a Scorum wallet that holds multiple currencies (Including a stable coin and perhaps a privacy coin) and the ability to trade P2P with other Scorum members, it will become very simple to exchange and move funds around to anywhere in the world for free or nearly free. And members will be using SCR on multiple gaming platforms as well as "in-house" stores right here on Scorum where you can purchase game tickets and travel packages at a discount. There will be many other sports related items and perks that Scorum members will have access to also, so there are a lot of benefits that we have to look forward to in the future. This Scorum that you see now will be a faded memory by that time, replaced by something that is alive and in constant motion. Scorum can scale to yet undetermined levels and the possibilities for sports Apps are absolutely endless.
In fact Scorum may already have the killer App that everyone has been searching for, but investors are not going to come in big until the masses begin to arrive and the masses are not going to start using blockchains until it is easy for them to on-board and they see both the need and the benefits of using those blockchains. Scorum is solving a couple of big problems with online betting platforms, the need for many to maintain anonymity and a system of absolute trust. It is hard for any online betting platform to attain either of these goals, but without blockchain technology it is almost impossible to attain both of them.
We are talking about billions of dollars every year passing through the gaming industry, and even though it is not yet completed, betscorum is the only platform in the world that passes the test and supplies these desires of the betting community. When you top that off with a commission free betting system then you have the ingredients for a massive explosion in users at some point. As the platform gets completed and word gets out, then it will begin to grow, and when people finally begin to adopt blockchain technology then the big money will pour in to get a piece of the action. (According to Mr. Kristof I may have this in reverse order, the big money may start to come in before mass adoption happens.)
That is the way things work and that is how it will be. While other projects are floundering because of their lack of ability to scale, Scorum will be blossoming and expanding. That is not to say that we won’t have our own problems to overcome, but most of those potential problems already have solutions, and when Scorum grows large enough to encounter them it will be a relatively minor task to implement those solutions. By that time we will once again have a full team of developers and everything will be back to the way it was when we started this adventure.
At least that’s the way that I see the situation, we will not know for sure until things begin to move forward again with all things crypto.
The market is currently still immature, I believe that we are on the cusp of making another huge leap forward but for the last nearly two years almost all of the bigger capital investors have been sitting on the sidelines. When those who fueled the ICO rage begin to return to evaluate the progression of the technology, then what you are seeing on the ground will also begin to change to a more favorable perspective again.
For me this bear market has presented a rare opportunity for small investors with a little vision and courage to pick out a few undervalued projects to invest in, a small time investor like me has been able to buy large amounts of cryptos at cut rate prices. The trick is having the ability to distinguish between the undervalued projects and the no value projects in a market where everything looks the same or similar on the outside and there are thousands of choices. If I had a lot of money I could choose a lot of projects and invest in them all knowing that chances are that one of them will become a winner and I will get all of my investment money back plus enough extra to make it worth the wait. But in my case I’m dealing with only small amounts of extra money to invest, so I must try to carefully study and search out 4 or 5 of those undervalued projects that have a much higher probability of success. My portfolio consists of all highly undervalued projects that I spent a lot of time studying and comparing against other projects. So I have invested in a privacy coin, a couple of ERC-20 projects, and a couple of Graphene based projects. Each of these projects had specific reasons that were beyond their control that caused them to become so undervalued, but all of them have a solid foundation and they will provide needed solutions to problems faced in our current centralized online system.
Out of all my choices Scorum is the one that is best providing me with the means to boost or multiply my investment just by spending a small amount of my time each day using the platform. Right now I have the ability to earn large amounts of coins on Scorum that one day may be worth way more than the value of my time spent. If all of the projects that I’m invested in grow at the exact same rate of adoption, then per coin SCR will gain value at a much higher pace than all of the others because of its unique economic model. It will only take a small level of adoption to greatly increase the value of each SCR, and that small level of adoption will have already changed my life by the time that it becomes apparent to everyone that adoption is occurring. I watched the adoption of Steemit during the last crypto bull run, if Scorum were to only receive half that level of adoption I will have reaped fantastic returns on my investment, and I will still be earning even more for my daily efforts.
This Reply is to @Paul Stimpson
It is true that these are the things that you are seeing (On Scorum) at the moment because they are needed in order to build Scorum. While most people are simply looking at the "now," which is just the beginning of Scorum, I’m looking a few years down the road to the completion of Scorum. What we have now is nice and it’s a start, but it is nothing compared to the completed Scorum of the future.
All of the SP currently held by Scorum Inc. should have sold at the ICO and we wouldn’t even be having this conversation right now. But the market sentiment had already changed and the investment capital for blockchain projects dried up, which is unfortunate but we have to deal with it. Right now we have a working product which visionaries can look at and project into the future to see what it can become with further development. That development is still happening just at a much slower pace right now, but when the market returns and the sentiment changes back to optimism toward blockchain projects, then Scorum Inc. can start powering down and selling those leftover coins to fund the completion of the project at the original pace that had been set.
It will only take a relatively small amount of money to get SCR back up to $1, and that will happen either by gaining a lot of new users over time who invest a little each week or month, or by a few new investors who are willing to tie up a few thousand dollars for a couple of years in hopes of huge returns. Either way we are here and the product is visible, our membership is slowing growing and the pace is picking up. I can’t say if investors will show up or not, but if not then as long as we are continuing to grow we will still get to our final destination, it will just happen a little slower. The good thing about the slow growth method is that the end product will be stronger and the power more decentralized and distributed.
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I read back over this and added context and rewrote some sentences to try to make each point as clear as possible. In between each of these quoted statements that I made on Telegram were great replies by both @blindeyes and @Paul Stimpson, so perhaps they will copy and paste their replies below or add new comments that elaborate on their positions. I hope that I was able to find and repair all of the double posts and errors, who knew that the process of copy and paste from Telegram could be fraught with so many problems and errors. If I missed any of these mistakes please let me know so that I can correct them, right now my eyes have begun to blur and I need to give them a rest lol.
Here is the video that I promised
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