A Sea of Trash in the Crypto Space - Newbies Beware
April 25, 2020
As the price of Bitcoin rises from its lows and general awareness increases in the general public as to the merits of blockchain technology and the potential it has for financial freedom, shitcoins will rise as well.
In the long-term, however, after these shitcoins rise with Bitcoin, initially, they should flounder and die such as Pets.com once did in the dot.com hysteria days of the late 20th century.
In this article, I will give a brief rundown of each coin in the top-50 by market cap and indicate whether or not it is a shitcoin that should be avoided like the plague.
The crypto-space will be new for many people in the coming months, and the scammers will be waiting to unload their crap.
Be careful out there and create a solid footing for yourself for the future in this time of fear and opportunity.
The period we are now at clearly is an opportunity of a lifetime - but don't be the guy holding a bag of crap at the end of the day.
Don't be fooled and educate yourself.
Top 50: According to investing.com
Bitcoin: High Brand Awareness - Value comes from Branding and 1st mover advantage with unparalleled network size. Technology analogous to Windows 95, but highly secure network - in fact, the most secure public computer network on the planet.
Ethereum: As with Bitcoin, strength comes from Brand Awareness and network size, and very strong potential for increased smart contract usage. Technology analogous to Windows XP at this time, and currently trying to get to Windows 7.
XRP: The ultimate shitcoin - avoid like the plague. 100 BILLION coins with a majority held by some asses at Ripple where not a single one has any background in computer science - even its CTO, David Schwartz. For the past three years, Ripple has been constantly dumping its giant horde of its shitcoins into the market to "pay for expenses" - in the hundreds of millions of dollars. Ripple is a scam operation and XRP is the crap they unload into the crypto-space.
Tether: Ok to hold for short periods when waiting for markets to recover. But, who knows if they really have the money they say they have backing Tether.
Bitcoin Cash: Network decreasing to nothing. Should never have forked from BTC/XBT.
Bitcoin SV: Shitcoin led by an Australian ass farmer.
Litecoin: Plagiarized version of Bitcoin with very small network. Founder cashed out a long time ago at the top in 2017. However, as BTC/XBT rises, LTC should as well.
EOS: Raised $4 billion and don't know where it went - certainly didn't go to hiring top-notch programmers. Maybe not a shitcoin, but many better projects out there.
Binance Coin: If you believe in Binance, as it is now clearly the largest crypto-exchange, ok to hold as it can reduce trading fees on the Binance platform. However, it is not a blockchain project and is a completely centralized company token.
Tezos: Founded by a person who was a junior analyst that happened by pure chance to attend a meeting about blockchain. Used the confidential information with her husband to start a copy and paste project. Founders sued each other for embezzlement. Backed by Coinbase, however, so it probably should continue to do well.
Chainlink: Wow. Impressive project. Mortgage the house. Get in on this one.
Stellar: Copy and paste project of XRP (the other Ultimate Shitcoin). Led by the same guy who started Mt. Gox - the biggest Bitcoin scam/hack to date. SHITCOIN.
Cardano: Wow. Impressive project. Mortgage the house. Get in on this one.
Monero: Great, loyal following of true blockchain believers. Good project. Good coin.
UNUS SED: what the hell is this crap?
Tron: Chinese shitcoin.
Huobi Token: same as Binance token.
Dash: privacy coin, with good governance structure. Strong following by some, but there are better privacy coins (in terms of technology) such as Zcash and Monero.
Crypto.com: Credit card company for cryptos. Should be good, but personally not interested.
Mindol: what the hell is this crap?
USD Coin: Stable coin.
ETH Classic: Too small now. Probably will wither away in the long run. Original Ethereum.
NEO: Chinese crap coin that no Chinese use, and bought by Americans who think NEO is used by Chinese.
HedgeTrade: what the hell is this crap?
Cosmos: Interoperability coin. If more than one blockchain project thrives, this too should do well.
IOTA: Had a far higher market ranking before. Seems to be fading.
Zcash: Backed by some of the leading computer science universities in the world. If you believe privacy of financial information is important and that not everyone should know how much money you have and where you spent it, Zcash and Monero seem to be good bets.
NEM: crap project - slowly dying - should have died a long time ago.
Maker: If you think decentralized finance is the future, go for it as there is a very small supply of this coin around.
INO COIN: what the hell is this crap.
Ontology: Glory days have passed.
HEX: Project by Richard Heart who is on Youtube. This is clearly a gamble. Play at your own risk. Very high risk/reward - however, probably more risk than reward.
OKB: Don't know.
FTX Token: Don't know.
Dogecoin: Loveable dogecoin. Play at your own risk. Started as a lark, but has done well over the years.
BAT: neutral.
Paxos Standards: Don't know.
Vechain: Glory days have passed.
Elamachain: Don't know.
Playfuel: Don't know, don't care.
Binance USD: Stablecoin.
Digibyte: Loved by many. But, personally not interested.
Bitcoin Gold: ABSOLUTE CRAP COIN. AVOID LIKE THE PLAGUE. How many hacks does it take for people to realize this is a crap project?
ALGORAND: If you want to join forces with possibly the smartest man in blockchain Silvio Micali (https://www.algorand.com/who-we-are/from-our-founder) and MIT, this is your project. Small project, so a bit risky, but for me, well worth it.
ICON: Korea project with backing of leading research universities and the Korean government. If blockchain again booms in Korea, ICON should as well.
Decred: Uninterested in this.
QTUM: Uninterested in this.
Mimblewimble: Lots of chatter about this project. One to look out for. However, neutral for me at this point.
Hedera: Unfamiliar with this.
TrueUSD: Stablecoin.
Just my thoughts. Hope new entrants in the crypto-space don't get burned by all those scammers out there. Be careful people.
TemujinX