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7 years ago in #cryptocurrency by rok-sivante (77)
$61.43
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a lot of people want to get rich. And get rich real fast. That means they don't want to do their homework and research about the risk involved in the crypto space. Soon enough, when the smart money leaves the market, all those who bought at the high will suffer.
It's scary how the cryptocurrency bubble is starting to resemble the dotcom bubble. During the dotcom bubble, there were many dumb dotcom companies that had no real business plans and no cashflow that were valuating in millions of dollars. These shitcoins are doing the same thing. The scary thing is that when the bubble bursts, these shitcoins are going to take the good coins down with it.
I’d content perhaps not - if anything, the sinking crap coins may lead to a reallocation of funds into the quality projects...
Yep, exactly. I've seen it happen time and time again. Projects die, satoshi gets reallocated elsewhere (growing other projects).
So called 'crypto currencies' that see less development than some Analytics websites for Steem. But still somehow are multi million dollar projects. Of course this can't go on forever.
I think Steem will survive though, even if crypto will get a bad name for a few years. I mean if tomorrow everything crashed, would everyone stop using Steemit? A lot maybe, but surely not everyone?
It does resemble the dotcom bubble, but regardless of the gold rush stupidity the Internet still stands strong. Cryptos will likely cause a serious financial storm at some point like you say, but they will remain. Finding the survivors during that time will be where people really get rich.
Sadly, a lot of people aren't interested in the actual projects, and are following the herds into any coin in the hope of seeing a huge return quickly. This kind of mentality isn't helped by high profile celebrities naming their "pick of the day".
Like you say, there are a lot of worthless projects being pumped. However, there are also a lot of bargains to be found in exciting projects that are yet to reach mainstream hype. Putting in the research hours now should pay off big time in the long run.
This is a fantastic post, thank you. I am new to cryptos and have invested in a few shitcoins. Luckily, I've also been getting out of them. Looking forward to more from you and thanks again for the advice and insight.
And hopefully if you’re getting out at this point, you managed to make some decent profit on them to roll over into some good long-term holds... :-)
Yes. I put money back into XRP and ETH
Thanks for the information @rok-sivante
I am just getting starting to learn about cryptos, so I'm not really confident enough to stray too far from some of the more mainstream projects. I'll have to take a look at your successful portfolio series that you mentioned.
Research is key, and looks as though you have done your fair share of research in terms of your investments... I feel as though many of these shitcoins are being abnormally pumped simply because the hype of cryptocurrency in general is so high, and it continues to spike at unfathomable rates. This was an awesome assessment, and I look forward to taking a closer look at some of your recent work here on steemit. Keep up the solid work, will only benefit you and us in the long haul
regards from @conradsupeb
😊🙏
LOL! Didnt know those pages... they look super legit xD
Cryptos are pumping, but like Eminem said in Obie Trice's song Sh
*t Hits The FanWhat would people do when the sh*t hits the fan and the sh *t coins starts acting like the sh * t they are? Would they hodl? Or cry and sell while swearing crypto is the new Ponzi? That is if it will still have any value. We can only watch.
Thanks for the investing tips. Sometimes after spending hours digging I feel so depressed. Seems most cryptos on coinmarketcap are just shitcoins. The surprisingly thing is that some appreciate in value very fast and make people invest into it. What many people check is how coins are appreciating. Only few set out the time to actually read their whitepaper and visit their websites.
I've been postponing the time I'll start investing in some select few coins. When I decided to create a bittrex account the other day I discovered they are not currently accepting new users. Poloniex and Hitbtc are very funny when it involves Steem or SBD. Seems the crypto world is bot hapoy with me.
Very good overview of the current state that the cryptomarkets are in. I think why we see so many shit coins raising is still the leck of really a majority of professional investors. Maybe we are just starting to see that good projects are creating there own market and will seperate themself from the overall cryptomarket. And finally hedgefonds and other diversification tools are not really implemented in the market so there is still a huge potential over the coming years for professional investors. Thank you @rok-sivante for your good Read!!!
;-)
thank you @rok-sivante
Thanks for taking the time to do this man. It is worse than I thought. I see the detritus of coins on exchanges and Coinmarketcap, but never realised just how many of them there have no value. I guess it shows the extent to which we really are in an early "Wild West" phase of this sector. We'll know that this is a maturing market when discernment is more evident in investing patterns. I wonder what the space will look like a year from now? What % of coins with a significant market cap will still be crap?
Someone ought not to track this...
this is precisely why I am proud to enter the crypto world as a writer, steemian and artist.
Steemit shows there's a humanistic value to it and that's how fucking IMPORTANT IT IS.
Otherwise, it's all just numbers, gambling and crap.
True that. I’m not sure there is really anything else that can quite compare with the actual utility of the Steem token in its own ecosystem...
Tron in the future perhaps? :) hahahaha