One of the things we’ve tried to accomplish at Tezos News is to flag down erroneous reporting published by some of the major crypto news websites. One such article popped up today from the online publication known as Hacked. Keep in mind this article is the first you’d see if looking for news about Tezos on Google News, I’m sure it received plenty of traffic.
The article, titled “Why Investors Should Pay Attention to Tezos (XTZ),” is a lazy piece of journalism. Reading the article gives the impression that Tezos is having problems of all kinds whether it’s management or technology. According to the author, the “bad news” just keeps coming for Tezos which, in his opinion, seems to be in a death spiral:
With almost a year delay before the release of its beta network on June 30th, 2018, Tezos has had a very rough start. Users waited all this time, and many seem to have lost their patience, because there was a large sell-off almost immediately.
Prices fell approximately 75% in the first week of trading, and this sell-off was almost entirely attributed to users finally being able to access liquidity for their tokens. It is hard to tell if this is pure “profit-taking” or if it is a sign of more negative things to come for the cryptocurrency that can’t seem to get enough bad news.
Rough start for a brand new blockchain network that has run flawlessly since launching in June 30, 2018? The launch of the Betanet came with, as expected, many disclaimers about possible downtime and limited software. The community has filled in some software gaps and the tools available, so far, have been meeting the needs with much more on the way soon.
Perhaps the only real complaint is the lack of larger exchanges for increased liquidity, but given the negative press from articles like the Hacked piece, why would you expect an exchange to touch Tezos for months? According to the author, William Bartlett, Tezos is a hot mess with supporters bailing left and right. Of course, as we’ve chronicled previously, that characterization couldn’t be further from the truth.
In the middle of lawsuits and disputes, it is difficult to predict where Tezos is going to go. With all the recent uproar about the implementation of KYC checks for contributors, it seems like Tezos has a long way to go before it wins back the faith of its initial backers. For many, this is a clear example of the downsides of the wild west of ICO investing.
Yes, the KYC news dropped over a month ago which is, at this point, history in this fast-paced sector of the technology world. Some contributors complained, as expected, and not entirely without merit, but the reality of banking and finance in 2018 dictated that something had to be done before the Tezos Foundation could gain access to all the original ICO funding.
This sham of an article could have been published four months ago since everything mentioned is trivial compared to the launch of the Betanet and the push toward a Mainnet launch in September. The truth here is that Tezos has a ways to go in attracting new investors since we, as a community, are working to overcome lazy press reports like this one.
Comments from the article page tend to agree:
This appears as FUD and downbashing to me since most of the trouble has been left behind. I still believe that the Breitmans truly intended this project to be perfect. It turned out to be not that easy, though. Now that the betanet is running and things turn brighter there is no need for such a post unless it is meant as trolling investors.
fluxxx July 31, 2018 at 5:55 pm
It really is not difficult to predict where Tezos is going to go. All indications, from the technology to the community, indicate an upward trend. The platform is the strongest among the crypto field, especially when compared to some of the pseudo-chains filling out the top 20 in terms of market cap.
Despite the title of the article urging investors to pay attention, the tone of the article tells them to stay away. Fortunately, Tezos is here to stay despite lazy crypto-journalism like Bartlett’s article in Hacked.