Is 99% of crypto just a con? 🤔 💵
It's all a Fugazi !!!
Obviously the first and most widely known is Bitcoin, we've seen some crazy highs price wise and now it seems to be settling down. For a long time Bitcoin was on it's own so there wasn't much choice, you either got yourself some BTC or you didn't, it was that simple. Now though there are so many to choose from, all promising to revolutionise the world.
Here's my question though, do 99% of them even serve a purpose or are they now just pure speculative commodities that people will become tired of eventually?
First off Bitcoin fails to be both a store of value due to it's price swings and as for a payment method the fees and transaction times are a joke. When the lightning network comes along the price will more than likely go up a bit but ultimately it will fade out.
That being said while it is still the main crypto being used to buy all the others it is going to stay around for awhile yet. But does that make it have value? Simply because you can buy some other crap with it?
Sadly I think the entire crypto space is a massive con now, ran by whales pumping and dumping. It use to be monthly, then weekly, now it's hourly.
99.9% of these alt coins will never ever remotely accomplish what they say they will making them ultimately worthless. Just look at the road map for Tron, it might as well list it's going to create a time machine in 2150.
Steem is one of the exceptions as Steemit was successfully created using it and it's used on a daily basis for exactly what it was intended for.
Look at Ripple, the banks don't need or use the actual XRP token, so where does it's value come from? It's just pure speculation.
Etherum is used but mainly to allow people to build pointless ICO's off. Then there is LItecoin which people use because Bitcoin is slow and expensive as a way to get their funds from A to B to simply buy other coins with the promise of making them rich.
And as for ICO's, where is the incentive from the company to follow through with their "road map" if they already have millions paid to them in advance?
Let me know your thoughts.
As usual thanks for listening
Happy Steeming Steemers and Steemettes.
@originalworks
You are absolutely right. The altcoin party is nearly over as phase 1 is done. Now comes the phase 2 which is the utilization of the crypto currencies. It is starting next month with the Petro in Venezuela which is backed by oil. This will send soon all unbacked altcoins to their graves. Except Steemit and 3-5 other altcoins.
The thing is, if this Government backed Petro takes off will it not just see the rise in other Government crypto taking over?, backed by Gold? or even worse simply the name of the country? Taking away the decentralised idea of crypto?
Thanks for the comment.
I hate to agree with ya on this, but I agree with a lot of what you are saying here.
I hope the days of ICO's come to an end in 2018. Funding needs to go back to the way it was (just last year!) where a company would go through traditional seed funding and be held accountable for everything they do.
I say that because if you throw a token on the market to fund your company and nothing more, that token remains on the market purely as a speculative instrument.
I hope in 2018 we see the transition to purely utility based Cryptocurrencies - coins that serve a purpose - only coins that actually do something. Dont get me wrong, there are hundreds of coins out there well on their way of doing this, but there are thousands out there that arent.
"I hope in 2018 we see the transition to purely utility based Cryptocurrencies" Yeah that would be good to see. Sadly though I can't see it happening. Where there is money to be made people will push any old crap onto the market.
Thanks for the comment.
Blockchain is here to stay and will be a important technology into the future. The question still remains on how does a block chain company go about acquiring another one. Do they try to buy out all the tokens or do they merge the tokens? Say the tokens are wrothless and just use the tech that they bought from the buyout?
I agree that there will be a number of tokens go to zero once performance markers are taken into account.
"The question still remains on how does a block chain company go about acquiring another one"
Thats a good question. In the case of most of them I'm guessing the pre mined coins they hold will just be transferred along with a lot of $.
the answer is yes ... they are. However , as you noted, some of them actually have a real use - and it is those that we are going to see rise to the top eventually. What many people don't realize though, is that when it comes to trading - especially day trading which is what a lot crypto "investors" are doing right now -the only value required is that you believe a coin /stock is going to make a move. This in and of itself creates a market - some think it will fall so they short it to catch the fall - then when the short expires , they are forced to buy it - others watching the market see that it needs to be bought to cover the shorts and will bet on it themselves buy trying to buy it up first - pushing the value up - when the value gets too high - the cycle starts all over again - that alone - can keep a coin/stock moving for several years - even if there is not true intrinsic value - traders are simply looking for short terms moves up or down - if you can walk into a marketplace and move in and out of it quickly - you are really only looking at chart fundamentals and not the underlying asset. This is a game that can go on for years....
Yeah it's a crazy world isn't it where money can be made simply off the idea that someone will pay you more for it and in turn they hope someone will pay them more. It's not just in crypto obviously, but it seems a lot easier to get away with it here.
The way the markets are green for like half a day now then back to red. There must be some rich people out there getting even richer.
hello pls help me bro ! In some parts of the article, can I ask how large the size of the text is? thanks.
How to make it bigger you mean?
I just wanna say how do you write vocabulary with big character in your posts? Can you help me about that? For example in titles I can't write big, the first character of my titles in my word .
I'm not sure if will let me write it here without hiding it but to put a word in bold do this
<.b> Word here <./b.> (Take the full stops out)
Word Here - Looks like this
to make the title it's the same but instead of b it's either h1 or h2
Thanks.
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