In this entertaining and brutally honest first-hand account, Luke Green shares his experiences of the highs and lows of being a DGTX HODLer since the ICO–and what motivates him to keep on holding. Check it out.
Building Early Confidence
As an early investor, I saw an idea rich in promise. Little did I know the journey would be so dramatic! Like so many of you at the time, I eagerly sat down to watch Adam Todd’s post-ICO video. A mixture of feelings had filled the seven days since. One was of optimism because I had been lucky enough to get some DGTX tokens in what was, quite frankly, a sweat-inducing induction to ICOs! But on the flip side, there was a nail-biting doubt over whether the project would succeed.
So that video, at that moment, was vitally important; especially since confidence around ICOs had been shaken by some unscrupulous fraudsters. About 15 seconds in, however, any concerns I personally had completely evaporated. A relaxed and casual Adam sauntered onto the screen, skateboard in hand. He delivered a down to earth, transparent and direct update about the project. While it was only a short dispatch, at just over 12 minutes, it conveyed volumes.
Here was a CEO that was willing to learn from advisors. A CEO who was open to adapting his thoughts and approach. And perhaps, most importantly of all, cared passionately about delivering on his idea. These qualities would certainly be tested over the next 15 months.
Building an Exchange in the Worst Bear Market Imaginable
With early doubts put to rest, a token buyback from a huge whale, and a Dutch auction successfully behind them, Digitex seemed to settle into a purposeful cadence. The same could not be said for the crypto market. The wider industry went through what can only be described as a cut to the jugular. Crypto portfolios were turning from eagerly refreshed greens to barely-looked-at reds.
In the middle of all this, on May 21st, Digitex Futures listed, initially on OOOBTC and Exrates. There was optimism and the crypto market had made a moderate comeback after reaching new lows. I personally quietly expected more ups… we, in fact, got down.
Most of us crypto investors would like to forget May to August of 2018. It was simply hideous to be in the space. Bitcoin and Ethereum were bearish or–worst of all–stagnant. Most other altcoins were just a complete bloodbath.
As for DGTX, despite continuing positive updates from the team, interest had flatlined at near $0.005. Depending on your perspective, you’d either forgotten about the project (and crypto in general) or you where accumulating like mad.
Consolidating Progress on the Road to Malta
Those who chose the second option didn’t have to wait long. Beginning mid-August, things started to get interesting for DGTX holders. The potential of the project really began to go into overdrive, filtering excitedly into the Crypto YouTube community.
One particular YouTube video stood out at the time. Not just because Adam met his equal for casual cursing on live streams, but also amusingly, mid-YouTube stream, it appeared a huge lightbulb came on for Keith Wareing. He FOMO’d into DGTX, whilst simultaneously cursing the viewers for buying as the price kept going up.
It made an impact and, as the marketing momentum and awareness continued, DGTX hit an ATH of $0.02 going on to double in early September and double again in October hitting ATH of $0.16.
As a DGTX investor, life was good, confidence was sky-high. The project seemed unstoppable. Adam’s October video completely reflected the mood of the moment. With token gains at around 1000% (or 10x from ICO), we all collectively cheered his now-infamous BitMEX “prison-style” call out.
Unfortunately, it was not to last.
Starting a Revolution Is Hard
Despite a pretty robust, but very “beta” platform demo at Malta, the price took a nose dive off the back of a price glitch at Mercatox, eventually returning to around $0.03 in December. It was a harsh lesson in market economics, especially for long term DGTX investors. It became clear that momentum traders were taking gains and the market was pushing for tangible platform news.
As time moved on, it became clear that what we were watching was not just a product being built from scratch, but also a company. Pick either one of these things and you’ve got your hands full. However, doing both at the same time, while trying to revolutionize an industry takes a special kind of drive and resolve.
As the launch date for the beta loomed near, token holders got restless. Then Marketing got out of step with Development and the beta launch was delayed. Questions were being rightfully asked and apologies were made. But it hinted at deeper issues within the team.
The real truth was that behind the scenes, the team was in flux. Adam wasn’t happy with the pace of progress. With the benefit of hindsight, we now know that involved the upheaval of changing the development team, sourcing a new exchange supplier and restructuring the business.
A Match Not Made in Heaven
After a painful two months, when Adam dropped the public launch date on March 1st, the market went mental. Perhaps the positive side of the previous rise and fall of the token price meant that more people could jump on board. Either way, it led to an incredibly vibrant token price which contributed to a buzzing main Telegram channel.
It even had various offshoot groups popping up, creating new friendships, sharing investment tips, and even YouTube videos about DGTX potential price ceiling. Life was good again for investors and DGTX quickly ran up close to its previous ATH. What we thought was to be a very successful and impactful launch was just around the corner.
Alas, for a second time, it was not to be.
This time, the scars would cut deep and the fall-out would be wide-reaching. Telegram was quite justifiably full of anger and disappointment. With sentiment at an all-time low and rumors flying everywhere, one question was being constantly discussed–could Digitex recover?
Development Finally on Track with SmartDec
In the fallout from that moment, one thing seemed to stand out from Adam’s exchange delay video. It wasn’t the fact there was no trading volume figure (wot da f**k). It was the pure anger and determination that he wasn’t going to let this mistake stop the success of the project.
Within the short space of three days, he was back with a plan that involved bringing on board one of the most respected Ethereum blockchain development and security companies, SmartDec.
It was a very important move that provided a critical ray of renewed optimism for the project. What has since transpired is the exact kind of slow-burn turn-around that the project needed. In a marked change of direction, we have seen the team move to a more engineer-driven process. Not only does this show Adam and his team’s ability to learn from their previous mistakes, but it’s also clear they’re listening to holders.
DGTX Magic Sauce
In the last couple of months, Digitex has discussed and resolved key challenges around ownership of the exchange via becoming a DAO, trading stability around a peg system, and the essential mechanics of how to create a provably fair matching engine. All these things are being carefully and methodically built out by SmartDec with Adam at their side.
As we know from previous lessons, this concept requires big engineering challenges to be solved alongside some fresh and innovative thinking. The regular bi-weekly updates from SmartDec are slightly dryer than Adam’s updates. But they’re clearly showing that these challenges are being addressed in a very strategic and methodical manner. The company is making huge strides to return investor confidence that a working platform is within reach.
Why I’m a DGTX HODLer for the Long Haul
Now, given that this project has failed to deliver twice already, what is it that helps inspire such fanatical holding of the token, even through the toughest of times? This is a question that I’ve asked myself a lot and I think it comes down to this…
Firstly, and let’s get this out of the way for the cynics; yes, of course, it has the potential to make Adam a very wealthy chap. However, unlike many companies where that wealth is concentrated to the privileged few, the success of this project is almost totally aligned with both the success of its traders and its supporters. This means that if you have the foresight and the faith to back the project, it could make you very wealthy, too.
Not only that, Adam has now become a talisman for a David vs Goliath comeback story of potentially epic proportions! So if you believe in the power of a great idea being driven forward by a laser-focused CEO to change things for the better, then, it’s easy to back Adam and DGTX to win. Because when he does, we all do.
And that’s the ultimate, revolutionary promise of Crypto.