Most Popular Chinese Blockchain Chat Group Fade Away in Bear Market
The year of 2018 was a milestone, as the irrational exuberance bubbles have been squeezed out the blockchain industry. But some insiders also exclaim that the fabulous crypto boom can never be duplicated henceforward.
As Bitcoin and other reached its all-time high at the end of 2017, businesses of all kinds are hitching their marketing to the technology bandwagon of blockchain. Various crypto communities also pop up during those days.
“3 AM Sleepless Blockchain” was the most famous WeChat group emerged from the crypto craze. Many famous angel investors, startup star and celebrities joined this group to share their insights on blockchain projects and cryptocurrency investment.
Within one month, over 1,0000 subsidiary chat groups with hundreds of members derive from the 3 AM Sleepless Blockchain group. Chat-log of the members were shared to other subsidiaries WeChat groups so that their opinions are digested, debated or even worshiped.
This Chat group peaked around spring festival in 2018, while the Internet industry in China has lost their manners. Blockchain became the most popular cutting-edge technology along with cryptocurrency skyrockets, which has attracted attention from investors.
People looking for highly profitable investment products cannot wait to step in the blockchain wonderland, the word they always say goes that, “we have missed the Internet in early 2000, this time, we do not want to miss out in blockchain again.”
As thus, anxiety spread has catalyzed so many investors that devoted to blockchain projects and cryptocurrency.
However, the bubble bursts later on. Meng Yan, a core member in 3 AM group demonstrated his view on the changes of industry in the past year in an interview with odaily.
“Blockchain has gone down the altar. People realize that the application scenarios of the blockchain are not as wide as they imagined in January and February. Secondly, people in this field are too young. It is very hard for them to applied blockchain application in the real economy as they are lack of social resources. Since then, some of them start to do some speculative and imaginary things.
However, we still have to say ‘thank you’ to this community, as it has attracted a large number of decision makers from traditional industries. Those businessmen are very mature and experienced, they can make blockchain valuable by adopting this technology in their business.”