✴️ WILL MOST CRYPTOCURRENCY PROJECTS DIE WITHIN FIVE YEARS? MY ANSWER IS... 😱 ☠️
"People tend to be sheep and follow the heard, that is why most people fail." ~ Charles Fuchs.
WHAT'S UP STACKERS!
As the "Hype" dies down from the 2017 "Bull Run", can most of these "Cryptocurrency Projects" survive a few years from now?
The answer might disappoint a lot of people... Unlikely! Just like any traditional business (with actual sales), there is a huge failure rate. 😱
Here are the statistics of survival: 20% of small businesses fail in their first year, 30% of small business fail in their second year, and 50% of small businesses fail after five years in business.
That is a whopping 80% gone from the "game" in 5 short years that already have a working product or service but couldn't "make it work" to profit. 🙇🏼♂️
Yes, Cryptocurrencies and the blockchain has a big future... however, 99% of all projects are currently based on Speculation and Hype with no product, sales or profits at all. So you think these "Crypto Projects" based on just an idea will have a better success rate than a traditional business. Hell No! 🤷🏼♂️
What does this mean Charles?
Simple, most of these Cryptocurrencies you see today will die off or won't even exist by 2022 and other new projects will take there place to go through the same thing.
I'm not saying investing in Cryptocurrencies is a bad thing, you can still make lots of money from it from trading or lose it all (90% lose)... but in reality; most project will fail at the end of the day.
So how do you know what good Cryptocurrency projects are?
If I had the answer to that, I would have hundreds of millions of dollars right now and drinking cocktails somewhere in the Caribbeans with tons of hot chicks instead of writing this. 🤣
Most of these projects (95%) you see today on CoinMarketCap.com are shit with no use-case and a white paper filled with fantasies that will never happen.
In other words, don't ever take advice from YouTubers, Crypto Experts, Twitter pump and dumpers, or even from awesome people like myself. 😝
The only thing you can do is... do your very own in-depth research when picking up Cryptocurrencies that you believe in that will have a long future.
How do you do that? Well, that's the hard part.
So far, there are only certain project that I'm Invested in... Many of you already know which ones. Why do you think I talk about BITCOIN, STEEM and EOS most of the time? 😬
Instead of speculating to hard, I tend to invest in projects (and the team) that already have a proven system in place (DPOS) such as Steem, Bitshares and EOS. They are all currently functional and can be "used" as we speak unlike most blockchains. In my eyes, these systems will be around in 5 years.
What projects are you currently invested in? You can even "shill" your Cryptocurrencies pics in the comments area below. 🤷🏼♂️
Keep On STACKIN! 💞
P.S. For those who's interested in following my "Content" and "Daily" Posts... you can just follow me @stackin to get my updates.
*Stay Tuned for my weekly "STACKIN Steem Contests" where I've givin' out $1,000's of Steem, SBD, and Merchandise to fellow Steemians!
I am with you my friend. I am HODLing two of the three you mentioned.
Silicon Valley VCs look to hit on 1 out of 10 projects they invest in. They know 90% are going to die for a variety of reasons. This simply is how technology works.
I will not say 90% of the projects using crypto are garbage but they will fail. This is how business is. There are a variety of reasons for this: lack of knowledge, bigger competitor enters, technical challenges that cant be over come, mis-management, bad market timing, etc...
Too many believe any token will succeed...most will not.
That said, riding a wave like Wall Street's entry could earn one some nice money on a trade but if there is not development on that blockchain, take the profits.....
It all comes down to the development.
But if we enter true abundance then we won't really see any massive failure. Since the abundance will take care of most stuff already. Since humans are not logical creatures. I would say it more comes down to community and not development.
The coin won't matter in the future. Blocktrades easy coin trade has already shown that. Since humans are not logical creatures that will say they buy and sell cool stuff. That will say only a minority is out for quick profits and cash out. Majority of humans aren't traders or crazy about always cash out 100%. Majority just want to hold something cool and trade it as we see on Steemit.
Many people here are also very passionate about this Token revolution so I think more will succeed than humans think. Since it's cheaper to start up a cool product and that they know with Telegram get instant feedback on their projects. Which means that they have to perform much better or they will be called out by competitors or called out on their fakery.
You couldn’t of said it better... totally agree. Too many “newbs” gamblin there lives away these days without simple knowledge 😎
Gambling their lives away is a bit overkill lol. The abundance we have is already pretty insane that people have cash to buy expensive cars. People spend hundreds of dollars to buy digital weapons in games like Counter-Strike. The Era of gamblin their life away is over. Unless you are in Vegas XD
@stackin @phoneinf Those are the golden insights, for such newbies, that are covered in the article and your comments. When cryptocurrency is still in its budding state, the market is already choking with lot of baseless coins that are just there because people are not much aware right now.
The market moves with Hypes and FUDs but a little by the potential of a coin. Once people have a good understanding, I hope we will have a well informed crypto-loving community around us.
Most likely the majority will die off. No bad thing, as the projects that survive will help shape the future economy.
Ones with strong network effect + usecase + developer attention are likely to hang around - Bitcoin for payments, Ethereum for smart contracts/dapps, Monero for privacy , etc.
When valuing a project, its very important to check metrics beyond price. Daily Active Users, Transactions, Holder Distribution, Github Activity, Community Activity can all give a good idea of the maturity and potential of a project.
If a project performs strongly on all of the above , you can bet price will follow.
I built Trivial.co to put these metrics in one place for ERC20 tokens - feel free to check it out, it might appeal to a crypto nerd like yourself!
I’ll check it out, I’m a nerd myself 😂 🤓
ICX and NPXS.
I dont remember the exact number but a very high percentage from ICOs from 2017 already failed or were scams to begin with.
Atm everything wants to be a coin and as it is still early we shall see where it makes sense and what works and what not.
I’m was a holder of ICX but sold lots a few months ago, wanting to get back in but the bears of the markets making me think twice. ICX right now around $1.55... if it goes to $1.00, I’m back in 😂
I am still holding tradet it a lot and my bag is what I am freerolling with now.
But yes even in satoshi it is not fun being a hodler.
Very good points and why your better off holding on to those tired but true winners like bitcoin and Ethereum. We entrepreneurs know better when it comes to building a business. 90% if not more will fail for one reason or another. Bad idea, lack of work on the project, lack of money, lack of interest, just the wrong time etc.
Tons of facts right there... I do still have like 5% in shitcoins. What can I say, I live in Las Vegas and tend to gamble a bit 😂
Gin, Nexus, Neblio, Loki, BitTube, Binance Coin - BUY MY BAGS lol
half of those have a use beyond currency (binance for fees, bittube hosts videos, gin hosts masternodes) and the others are super strong imo - nexus is launching satellites to run nodes on for ultra-decentralization; loki is building a private, decentralized messaging service; and neblio is blockchain made easy for enterprises.
BUY MY BAGS
I don’t want your bags 😂 😅
hehe
I think most projects indeed will fail,or the less negative approach is they wont make it. Just because of the hype factor. People dive in with enthousiasm the first,seeing oppertunities. But often not with good funded arguments..short term investing amd ideas... nevertheless its fun though. If i look at projects on steem blockchain,for short term ideal but for long term less interesting.... not all btw I think Steemit will survive because it has a great potential with all kinds of people and with a great vision...
I can’t wait in 5 years and look back and say to myself, wtf was I thinking buying those “cryptos”!! 😂
alternate take: all these s***coins will pump like mothertruckers in the next bull run so who cares what will happen long term
Preach!
Concepts are cool. Ideas are neat. Speculation will sell newspapers...But can we actually USE the crypto? Can I spend it, accept it??
Like you said 95% of the projects on CoinMarketCap are just ideas on paper with no real world use....Give me utility now LOL
Great post man, required reading for new crypto investors!
The truth is sometimes bitter but it is always necessary.
The good news is that even though the individual coins may die but the idea of crypto is here to stay
Everyone wants the truth but they don’t want to hear it 😀