There have been some pretty miserable music-related publicity stunts that have backfired rather spectacularly in the past, including that time U2 ‘gifted’ everyone a free album in 2014, but Snoop Dogg’s recent appearance at a cryptocurrency conference may take the cake for one of the most ill-advised publicity appearance of the year.
As the Sydney Morning Herald reports, the annual Consensus conference took place recently in New York City. The technology summit was attended by thousands of likeminded fans, but the biggest prediction of the event was that the hype of the conference would lead to a rebound in the market of cryptocurrencies, specifically Bitcoin. However, the end result was far from ideal.
With attendees being treated to rented Lamborghinis, a 1,000-person yacht party, and even a performance by hip-hop legend Snoop Dogg, the price of cryptocurrencies have managed to fall by $US45 billion ($56.6 billion) in the last nine days, proving that not even the Doggfather can save a cryptocurrency.
As News BTC reports, Bitcoin managed to fall by 3.25%, reaching its lowest point of $US7,965 ($10,603) on Friday, leading many to wonder what went wrong, considering Consensus 2017 is seen as the start of the impressive run that saw Bitcoin reach peak prices in December.
One poster on the r/Cryptocurrency subreddit started a thread simply titled ‘Consensus 2018: It sucked. Here’s why‘, in an attempt to make clear the shortcomings of the event.
“Talks were superficial, and they didn’t seem to know who their audience was,” began u/korgijoe. “Sorry folks, normies are gone. Speak to your core enthusiasts”
“The whole presentation vibe was, let’s bend over backward for bankers and discuss how we’re going to do it. I get that it’s in nyc, but come on. If the suits are here, let’s discuss using their money to lobby congress in favor of crypto instead of shorting the market,” they continued.
“Presenters rehashed cliche after cliche, “muh 90% of icos will fail.” Instead of delving into the fundamental problems facing crypto (real world usage by the average joe, scalability, centralization).”
“It was embarrassing for crypto. The market spoke.”
While there’s no proof that the downswing caused by Consensus 2018 is set to continue (after all, the market for Bitcoin has since rebounded quite a bit in the last couple of days), it appears to be a bit of a black mark on the reputation for cryptocurrencies according to those who were there.