Why Investors Should Be Paying Attention to Apollo Currency
Today’s coin is considered a controversial one in most circles. A cursory search of Apollo Currency shows a lot of discontent and strong opinions related to the promises being and the likelihood of delivering on them. This is somewhat fair, considering that the current roadmap would offer smart contracts, IP masking, file sharing, voting, and a decentralized exchange, which is essentially a combination of all the best features in the crypto world.
Apollo’s Large Claims
Apollo’s main promise is to allow users to transact in total anonymity. In fact, by using the above-mentioned features, it is possible to function in jurisdictions that are normally restricted, such as China.
In business, it usually pays off to specialize rather than attempting to be a jack of all trades. If you tell someone you can do everything for them, it usually signals that you try to do everything but have lacked the focus to excel in a certain area.
This would be the main criticism that can be leveled at Apollo Currency as a whole. Billed as “the ultimate currency” and having the best privacy features and fastest settlement times, the idea of the coin sounds too-good-to-be-true, which generally makes investors skeptical. This applies doubly in the world of crypto, where big promises and scams can often run hand-in-hand.
Facing the Controversy
To deal with the elephant in the room, there are a lot of allegations surrounding Apollo Currency and it being a scam. From its dramatic release, the caustic Telegram chats, and the broad claims about its future capabilities, it is definitely a riskier choice of investment.
Although nothing has been “proven” yet, the insinuations of price increases by company employees and superlative claims about its capabilities are fishy. Especially considering nothing has been delivered as of yet.
It doesn’t help that the founder, Steve McCullah, has some exceedingly sketchy rumors surrounding him. Not only is his expertise in question, but surrounding in 2012 he ran a Kickstarter for an expedition to the Congo that was allegedly never completed.
In defense of APL, most coins have lots of FUD and shilling around them in the beginning, as that is also the nature of self-promotion and big claims. I’m not sure if this is in favor or against Apollo, but John McAfee has given vocal support to their decision to leave the HitBTC platform, which is rumored to have cost half a million dollars.
A Unique Investment Thesis
The APL token experienced a massive spike on February 2nd with the announcement that it would be listed on Netcoins. Over the last 7 days, it has yield a 38% return, which makes it a pretty strong gainer.
In contrast to the usual long-term view I recommend, APL might be more appropriate as a short-term flip. The perception of Apollo Currency as a scam seems to be fading, and this is showing in the shift from altcoin territory to more of a mid-cap coin (briefly being in the top 100 of coins). Rather than trading based on the fundamentals and strategic significance of APL, you can trade based on the changing perception of the coin.
Granted, this is a risky way to trade, since the conditions can change very quickly, but it can also be very profitable. If Apollo Currency continues at this rate, the momentum could elevate it to a much higher market capitalization. I can’t conclude whether APL is a scam or not based on the current evidence, but staying in this coin long-term could be a risky endeavor.