A little bit of Crypto History
In 2017, cryptocurrency stepped out of the darkness and into the light of the mainstream. All of a sudden, Bitcoin and Cryptocurrency was everywhere. The price exploded and multi-millionaires were made, in what seemed like, overnight. From 2010 to 2017 Bitcoin went from $0.01 to $20,000. Many altcoins had gains of 10,000% in just a couple years.
Bitcoin and Altcoins Exploded!
The financial news programs started to track certain coins/tokens, and the FOMO (Fear of Missing Out) gold rush happened. Everyone was coming up with a new token, or a way to add anything to the blockchain. Much in the same way of the Dot-Com boom, where everyone rushed to get their company attached to the internet. The unfortunate side effect of this was market manipulation, a bunch of crypto scams, and a crypto winter where the market corrected.
This is a subject where you’ll find a different opinion based on who you talk to. According to financial and stock market purists, Bitcoin (BTC) and all crypto is a scam. According to Bitcoin purists, all other cryptocurrencies (referred to as altcoins) are a scam. And… According to some altcoin projects, any centralized blockchain projects is a scam. Confused yet?
So what is a scam?
My definition of a scam is a project whose sole purpose is to raise funds to pocket. There have been plenty of “projects” which would put a website together, showcased a team, raised $10 million – $50 Million, and never produced even a beta. Some projects fail. Some projects iterate. There are some projects where people don’t understand the concept. And there are some people who don’t understand what an early stage investment is. None of those examples make a project a scam. So be careful when investing in anything. Do your research, read the whitepaper, and beware of FUD (Fear, Uncertainty, and Doubt).
UpStake (UPS) Steps Up to the Plate
After watching the rampant abuse of the markets by bad actors, UpStake (UPS) now UP Digital Currency, decided it was time to release a reliable cryptocurrency. The initial ICO started in May of 2018, and they launched in September of 2018. Since it was in the middle of the crypto-winter, it took about 4 – 5 months to sell 5 million UPS tokens. As with many original projects the initial user experience wasn’t as smooth as they hoped. So the team took the data they collected, started to iterate on the initial vision, and planned for the future.
And UPDC was Born
UPDC Projects Planned for 2019
Read the whitepaper and you’ll notice that there are quite a few projects already planned out. From conversations I’ve had with the team, it looks like this year will focus on releasing the following projects. Please note that this is not an official list, and this could change if the team feels there are more important priorities. Development projects also take time. We want these done right (not fast). So have patience as the team works to better the platform for maximum ROI.
My Final Thoughts on UP Digital Currency (UPDC)
I’m obviously pretty bullish on UPDC and their future. I have seen what the team can do, and what they are planning on doing both short term, and long term. In my opinion, this is one of the more dedicated crypto projects out there. In a field where there is a lot of snake oil, and scams; UPDC stands out as a team who truly want to deliver on their promise. For long term investors I can see this being as much of a life changing opportunity as it was for those who jumped into Bitcoin (BTC) early on. I think their slogan of “Crypto Just Got Reliable” defines who they are. And I truly feel like the UPDC can become a real Store of Value over time.