by Kenneth Schortgen, The Daily Economist:
You know that an industry has reached bubble status when celebrities like Paris Hilton promote them, and world boxing champion Floyd Mayweather can’t get love for a cryptocurrency he has created. And now it appears that even before last week’s crackdown by China on the Initial Coin Offerings (ICO), the blockchain based phenomenon is crashing faster than the time it took to become an industry.
If even Floyd Mayweather can’t turn a cryptocurrency launch into a knockout, is the party coming to an end?
The “initial currency offering” from Hubii, an online publishing venture, has fallen far short of its ambitions, despite a high-profile promotion last month by the boxing legend on Twitter.
Hubii had hoped to bring in up to $50 million in its two-week fundraising campaign, but by the close had raised barely $7 million.
Not only is that a fraction of the targeted maximum, it’s barely above the minimum level that the founders had admitted they needed just to get by.
Mayweather promoted the Hubii ICO to his 7.7 million Twitter followers shortly before the launch. His endorsement gained extra buzz because it came just before his big boxing bout in Las Vegas with Conor McGregor in August.
“You can call me Floyd Crypto Mayweather from now on,” he tweeted, adding, “#HubiiNetwork #ICO starts tomorrow! Smart contracts for sports?”
Mayweather is just one of many celebrities cashing in on the crypto bubble. Another —surprise — is Paris Hilton.
It makes you wonder what, exactly, is the problem with ordinary money. – Marketwatch
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