About a week ago Michael Saylor posted a video with Raol Paul and he explained his concern about the massive hype going on in Alt-coins.
It would be ignorant to believe that Bitcoin will be the only Cryptocurrency to remain in existence by the year 2030. So which coins have the likelihood of being a success?
I think people should research and learn why thousands of projects have failed since 2014. Some tokens were outright scams like GetGemz, but others had genuine developers with a dream they couldn’t deliver like PayCoin. Many dead coins and their strategy to reach massive billion dollar market caps years ago is very reminiscent to what we have going on today. As Saylor said, many of these new crypto projects are copycats of each other with no new innovation and just riding on the coattails of this bull market. Once the hype fades, I believe these “Technology Crypto Projects” will either turn out to be a sophisticated scam, fail in the long run, or shut down due to failure of meeting SEC compliance, but there can always be an outlier that turns out to be a success such as Ethereum.
The crypto projects that are not concentrated on enhancing the usability of their token as “MONEY” will lack the utility and infrastructure that is necessary to support itself with an increase of users. Chains have broken apart before, and security is being taken for granted. This will only become a mainstream reality when the SEC begins to shut down Crypto projects for failing to meet their wide array of compliance requirements such as KYC for instance. Crypto is still so new and it’s shocking to see how much people don’t know about the industry yet.
When the debt bubble pops, I believe this is why the president of El Salvador quickly rushed to adopt Bitcoin. When this major event occurs, the little economy countries all over the world who’s currencies are on the brink of failure, Venezuela, Zimbabwe, and Turkey to name a few. They’re going to need something to transact in ASAP. Like those people in Afghanistan, currency was worthless and chaos erupted in the blink of an eye. A mode of exchange is necessary for a society to function. In instances like this, the Crypto’s that will be favored must have SMS/text functionality for areas with no internet available. The crypto must be decentralized, fast, cheap, user-friendly, and safe/secured. Maximum supply can be debated but I personally favor having this feature to avoid dilution at all costs. The latest gimmicks and technologies can always be integrated as long as there’s a team backing the Crypto project that’s focused on innovation.
This is why I own and spend DASH coin.
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