What the FUD (Fear Uncertainty and Doubt)

There is no doubt 2018 has been an incredibly tumultuous start for cryptocurrency.  But I’ll say it again, there are still huge gains for the majority of people unless they bought at the end of 2017.  There are still valid reasons to be both bearish and bullish, depending on which segment of cryptocurrency you are talking about.

I think first we should think what is really driving down the pricing?  People were buying in like crazy and prices were going sky high for both Bitcoin and Altcoins.  I’ve always had reservations about particular currencies and ICOs but the majority did not.

My belief is that there is a concerted world-wide effort by government and finance moguls to dethrone cryptocurrency.  Governments hate it because it threatens the entire central banking system, and bankers hate it for the same reason.  Yes there are some issues with ICOs but there are also stock market scams to this very day.  Fiat is also used illegally and counterfeited all the time and it never got banned.

So with that, I propose that statements from governments and banks are akin to all out war on cryptocurrency.  In 2018 we are seeing that plan move into action as they panicked as they saw the market cap grow exponentially in 2017.

However, much like Gold or Silver, it can only be kept down for so long.  You can push them down under the water but they come floating and rushing back to the top.  I think that is what will happen with cryptocurrency in the near-time.

Now don’t get me wrong, there are real issues and risks and I’ve talked about those endlessly.  The winners will be the ones who embrace change and understand the basics of business and IT security have been breached with most cryptocurrencies and ICOs.  The ones who solve these problems and the ones who invest in the solutions will be the long-term winners.  I dare say any project and investor who doesn’t take part in the solution may be on the dot-bomb side (an era which I feel many have never known or forgotten).

There is a lot of FUD but is artificially manipulated and perpetuated in the media and also directly with attacks on the price through large whale investors/hedgefund managers selling and controlling the price of cryptocurrency.

I am bullish on crypto still because there are a lot of astute and average investors who have not jumped in.  Eventually they will jump in, and the moment they do is when cryptocurrency will enter a stratospheric increase in market cap.  I also feel the ones who wait will be more diligent and disciplined investors (the kind who didn’t panic during 2008).

Time will tell but my call is for the bulls!

Non-Existent Service in the CryptoCurrency Business Will Have Long-Term Impact

Right now the crypto market is red hot and like any market that’s so hot, company’s at the time often forget that customer service is for the long-term and that by not treating the customer right, eventually enough will move on.  Crypto company’s won’t be feeling the pinch right now, but once a downturn hits is where we will see this play out in my opinion.

I’m speaking from my own experience, frustration and concern here.

I have dealt with many different company’s and most of them will NEVER reply to you.  Even worse most of them don’t have a simple contact form, e-mail address, phone number or built-in support system (I guess in all fairness it’s like getting help from PayPal only a bit worse).

A sampling of random experiences and exercise in patience.

Coinbase

It took a long time to get “verified” enough to even make a purchase with their high fee system but it is a quick, expensive and easy way to get into crypto once you are verified.  However one thing I was unhappy with is that you cannot purchase directly to your own personal wallet (I don’t like leaving money in exchanges because of MtGox, Bitfinex and other hacking incidents where people lost real money).  All I ever got was an apologetic generic reply and nothing more.  If you’re having serious issues it is unlikely this company will ever help you so there is the real risk of their mistake or other problems costing you time and money.


Josie replied:

Gatehub

I sent them USD in order to exchange for some Ripple but without my permission they converted it into EUR so I lost money on the conversion and wire.  The reason I sent USD is because they said it was for USD and to top it off the bank was in Lithuania (a little scary to send to an unregulated market and does set off some alarm bells and concerns).  This is typical of the crypto industry and I do think it will come back to bite and haunt them.

I did ask Gatehub to make it right but never received any response after a number of weeks.  Even to verify my account it literally took a number of months to even get a response and to complete the process.  During these bullish times anything will fly because there are only so many alternatives but all bets are certainly off after that point.

Poloniex

Poloniex is one of the biggest exchanges out there but you can find complaints all over reddit of people not being able to verify their account for months.  I uploaded my information only to be sent through a third party verification process.  This required me to use a live webcam that perfectly captured the details of my ID live (who has a webcam these days let alone one that would get the crazy macro shot they require!).  The process told me the details weren’t clear enough, even the sending a selfie with your ID method was not supported.  And if you didn’t get it right at that moment or even if you had no webcam you can’t even try to verify yourself again for several hours.  Needless to say I’ve moved on and so have many others.

Kraken

I simply won’t trust them, initially I didn’t know who they were but somehow I was signed up without my knowledge or consent.  I kept getting so much spam from them I didn’t even realize they were any sort of legitimate company.  The fact that they essentially marketed themselves through spam and forcefully signing up clients makes me not trust them at all (even less than many other firms).

Coinmama

They aren’t cheap but I will give them this, they were quick with verification and when there are issues they reply usually within a number of days with an actual human response.

What Does This Add Up to?

Customer service in the crypto world is non-existent and so is the trust factor and reliability of many of the companies involved.

A very nervous and frustrating experience even for veterans and those who understand crypto, my level of trust in these companies is quite low.   They don’t even have phone numbers or addresses for the most part and those that do you can never get to a human usually.

When things work fine you shouldn’t have a need to contact these companies, but when there are issues it is very likely you will be ignored regardless of the issue, or any reply is not helpful or may come weeks or months too late.