Would you buy a coin where the developers have given up on their project? What about if they literally died? We'd assume in this case, the coin would die... but not in the crazy world of crypto. Check this out: Nautilus coin, aka NAUT, posted this unfortunate twitter update on May 11th:
We all know that the crypto markets are highly speculative, and much of the trading that goes on isn't linked to any perceived value the coin will bring, but is purely in hopes to make a quick profit. This coin took that irrationality to an extreme. Even one month after the death of a developer and the halting of the project, the coin continues to grow. Check this out:
You'll notice that the market cap has been increasing. Now one would expect this coin to eventually go to zero, and I think it must (we all go to zero in the end, right?) but what will happen in the meantime? Only the crypto-gods know now. One thing I do know is that Warren Buffet would surely shake his head at this one.
You make a great point and logically it would makes sense for the price to drop. But we are in a paradigm shift of what we perceive value to be.
I've seen many coins abandoned by the developers only to be picked up by the community and breathing new life into the project. I myself think that NAUT and 90% of the coins out there are crap but once again that is based on my traditional perception of value.
One thing is for sure as along as 2 people believe a coin has value and they are supporting the blockchain that is all that matters for the continued existence of the coin.
This whole blockchain crypto currency space is going to challenge many of our previously belived truths. Some of them will survive the test of time while others will be discarded.
"if you keep sailing you will fall off the edge of the earth"
Exciting times ahead indeed.
Yes, this cryptocurrency stuff is really breaking a lot of new ground on all fronts. Especially the question of what is value. These are exciting times and I'm glad to be present in them!
Good point!
Is there an exchange on which NautilusCoin is still being traded?