Like any good currency it should be backed by SOMETHING.
In the good old days currency was back by gold and even latter it was gold period. Now in the day a endless fiat currency it has lost all true value it is simply debt or better put I.O.U's.
When investing in cryptos for the long term think of it like a true investment.
BITCOIN has more or less become the reserve currency for the alt coins and only has 21 million coins max
STEEM its back by a social media site
RIPPLE which I dont like because it centralized has a Japanese bank that is going to use it which gives it value
MONERO is interesting it has its own code and prides it self on extreme privacy
The vast majority of cryptos are just a cut and past code from bitcoin or litecoin. That's basically a pizza with a slightly different toppings, big deal!
When investing into any currency long term it would be wise that it is backed by SOMETHING that gives it value other that just pump and dump hype.
If you know of any other good crypto that have legit value let me know it the comments below.
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You are right! In the long term you can't make money because some day it will get dumped, but in short term you can make 1000% more money as opposed to all the cryptos you mentioned.
It's risky and a gamble but it's like a penny stock you can lose the pennies but earn dimes if it works out and you exit before the dump.
Well said , I agree with your thoughts here. There are some Cryptos backed/ linked to Gold. Have a look at DigixDAO and Xaurum.... both currently in the top 50 by market cap.
No room for Ethereum?
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Ethereum!!! How did you forget Ethereum
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Iam not opposed to etherum I just cant decide if the market likes it because its on all the major exchanges and a cheep alternative to bitcoin or it finds value in it's "smart contracts". Just being objective.
its nothing like bitcoin, its not a bitcoin alternative. It offers an open source blockchain to write decentrlized apps on, one of which is smart contracts, but thats only one of the dapps. There are thousands now beng written on ethereum.
Seconded BTC + STEEM! Projects like Golem are going to be what give ETH any long term value. For now it is a nice hedge against BTC as more companies and institutional organizations are choosing ETH as there entrance to the crypto market.
I believe that the distributed storage ideas have a lot of merit. Storj and Siacoin. I think Storj is making the right move by switching to the Ethereum blockchain.
Interesting blog. Nice to see I'm not the only one who thinks like this. The decision to buy a coin should be based on real analysis of the coin. I found that people keep buying coins without have any knowledge of them. This is considered high risk. I found this great website: https://www.coincheckup.com. The best crypto analysis site by far. Complete in depth investment analysis.