There is leaked audio recording of Li Xiaolai, who is one of the most influential celebrity in the cryptocurrency community teaching a private lesson, been put the internet last night, causing panics within the Chinese community and a global market downfall this morning.
I have listened to the original recording, I have to say that the language was blunt and "colourful". Here is the abstract from the recording translated into English.
*Disclaimer: The below content were translated from a leaked audio recording available from the internet. None of the points represent my own opinion and I have no way of verifying the authenticity of the recording.
Qtum is a scam, has absolutely no value and the project can never succeed.
You need to gather fans first and become an internet celebrity before you start any blockchain based project. You need people to believe you, and most of the people are dumb, they are so easy to manipulate. The word "consensus" is a lie, if you have enough idiots who believe in your lies, then you will have "consensus".
NEO is a dumb project which has no real value, it is heavily manipulated by few and even the founder Da Hongfei has sold the majority of his tokens.
LTC is stupid, Charlie Lee did not even believe in the project himself, there is no real innovation, just a knock-off version of the BTC concept. That was why Charlie himself went working for Coinbase, he only started working on LTC full time when he realised how many idiots have believed his lie about BTC being the gold and LTC being the silver, and that was why Charlie sold all his LTC during the boom.
Investing and trading Cryptocurrencies are not going to make you money. You need to be able to gain influence in the community. You can't make money during bear market anyway, so all you do is to build community and get enough people to follow. When the bull market comes, money will come from your followers.
To succeed any any ICO, the most important mission is to build community, and find opportunity for a publicity stunt.
Once you have reached financial freedom, then you motive will change. Because you have been on the top so you want to stay there. There are two biggest scammers out there, one is Zhao Changpeng - Binance, the other one is Justin Sun - TRON Network. So how can you fall behind? You gotta move fast to follow their steps.
Most of the Crypto Exchanges out there are flawed, they literally takes 3 months from idea to launch with the right tactics and hire the right team to "sell" it for you. Most of the projects just wanting to make a quick buck and have zero regards to the investors.
China being one of the largest influence in the blockchain and cryptocurrency domain, is a rumour driven market, lots of FUD and very easily manipulated by few. And Chinese market also heavily influence the global market.
Because there is no regulation, no standards in this domain, it is both risky and foolish for investors to just jump on any exchange to start their investment journey.