Is there more to the current blockchain hype than there was to the Bitcoin hype of the past ? 7 myths debunked. 7 reasons to be skeptical.
Two years ago, Bitcoin was at the peak of its hype cycle. The digital currency’s value skyrocketed. Increasing tenfold in 4 months, it passed the $1,200 mark, the price of an ounce of gold at the time.
Then, after a couple of security breaches and scandals such as the collapse of the largest exchange Mt. Gox in 2014, Bitcoin’s value fell down to $200. The speculation frenzy came to a halt. So did the VC’s enthusiasm for Bitcoin-based business models.
In 2015 the hype machine started humming again. The new hype revolves around the idea that Bitcoin may not be viable as a currency, but the blockchain, the distributed ledger technology that records bitcoin transactions would have a formidable potential on its own. Read more
- Groupon’s Stock has fallen by over 80% since IPO Source: Yahoo! Finance
Business Insider published yesterday the goodbye letter written by Andrew Mason, Groupon ex-CEO’s, to Groupon’s employees.
In this letter Andrew Mason admits being fired and takes full responsability for Groupon’s failure : “From controversial metrics in our S1 to our material weakness to two quarters of missing our own expectations and a stock price that’s hovering around one quarter of our listing price”.
This admittance is probably one of the best things Andrew Mason has done for the company he founded.
He was not alone to be misguided. Most importantly, he was not alone in misguiding others by overstating Groupon’s market value when raising $1.3 B dollars from investors and later issuing Groupon’s stock at $20 in its Nov. 2011 IPO. After a very short rally, Groupon’s stock price fell to below $5, where it’s staying now.
Hopefully, Groupon’s board will be wiser in the guidance they give to the next Groupon CEO.
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