The Current State of iEthereum
Is iEthereum a dead project?
Is iEthereum a dead project? Is it a failed project? Has iEthereum been abandoned? Is it a shit coin? Or perhaps, Is iEthereum a mysterious ghost chain? Knowing the difference, reading the complete post all the way through, may be the best opportunity of a lifetime. As we dive into all these questions, we will outline generalized definitions to lay the groundwork for this discussion.
Ghost chains, dead, abandoned, failed, and otherwise under performing cryptocurrency projects, may be described and or referred to amongst the commons; discussed over dinner tables, debated argumentatively in telegram channels and casual banter amongst friends and colleagues, as “shit coins.” Additionally, many other broad spectrum of individual personal experiences invocate the s#!t coin reference for a number of varied reasons unspecified in this blog. This term is loosely applied and will even be used to describe wildly successful projects. So lets further unravel the onion. For the sake of keeping this post on topic…. I will define “a dog crap coin” as a project with bad intentions, intentions of scamming and/or intentions of committing fraud.
To this date, 6 years after being published I have not seen any evidence to suggest action has been taken against the iEthereum project with impermissible use of a brands proprietary logo. I also have not witnessed any “pump and dump” schemes usually associated with an intent to profit off fraudulent activities. No misleading advertisements have been published with intent to take peoples money. And currently, the iEthereum token can be bought by anybody, on both centralized and decentralized exchanges at fair current market value. In my opinion, at a steep discount at time of this writing.
Could iEthereum be a dead coin without being a crappy token? Of course, according to CoinMarketCap; “Dead coins are digital assets of projects that have been abandoned, turned out to be scams, have low liquidity or have insufficient funding, among other reasons." Additionally, I would expand that definition to include low trading volume as best indicators to define what many would describe as a dead project. All of which iEthereum may, by appearance, and perhaps rightfully be. However, what many would describe as a dead project, including CoinMarketCap, I would have to say is where you want to be looking for future value. Low liquidity, insufficient funding, low trading volume are good indicators to raise potential concerns, but I would be careful to prematurely assume. This is where the opportunity could lie.
Let me explain; In 2009, 2010, 2011, 2012 Bitcoin didn't have sufficient funding, had low trading volume and very low liquidity, yet in hindsight, this was the best time to buy BTC. Was Bitcoin a dead project in 2009-2012? We don't need to recreate the steps to success; we just need to be aware that in the time that many would describe something as dead, were also the times of best purchase opportunities.
Continuing forward, Is iEthereum in a failed state? Has iEthereum been abandoned? From what I can see, iEthereum is not a failed nor abandoned project as I can see daily immutable activity on etherscan.io here. I am not a code programmer, however, the original smart contract, can be read here. In my crypto novice opinion, the code does appear immutable. The code will run as written and does not reflect any administrator ownership keys. Therefore, there is not expectation of further internal development and no feasible way to manipulate the code down the road. Please correct me if I am wrong. I look forward to these discussions ahead.
Does shelving a finished coded blockchain project and waiting for a product market fit timing constitute abandonment? Or perhaps, what I just described as a shelved project, is what more commonly is known as a “ghost chain.”
A ghost chain is a blockchain projects that have little or no projects built on them. Lets be honest, there could be a number of reasons why a blockchain project could qualify as “ghost chain," Including all the above aforementioned; scam, dead, failed, abandoned shelved, etc. But not to exclude more positive forward reasonable strategies that may resemble what could be described as mysterious ghost chains to the general public. Such reasons as waiting for the market, organic growth, regulatory clarity, product launch timing, no centralized organization, not over spending a budget on aggressive marketing for speculative purposes, jurisdiction prudence and competitive advantages are just a few reasons that would also qualify as why a chain might have little or no projects built on them at this time.
Call iEthereum what you want. An outside view looking in; iEthereum has hints of all of the above from a marketing standpoint and tap room discussion point of view. This creates the mystique that makes this coin alluring. We see an immutable code, no admin keys, super fast with finite supply and now active on three seperate Ethereum Virtual Machine (EVM) chains. We see an opportunity. We see value.