Coins to Stay Away from. Ex-banker shares some thoughts.
There has been flooding ICOs and new coins show up in the markets, and we almost can't keep up with the speed of new coins getting created, let alone try to keep track of which coin does what. While some coins are backed by a strong team for execution and great ideas, some seem to pop up their coins just for the sake of gathering money.
In the institutional investment space, we all understand that companies who are money gatherers without achieving the same speed in creating their products and services are doomed over time. We also understand that if a company receives a large amount of funding to implement their ideas, the funding is only released and enabled access by the company once they meet certain milestones by a certain time scheduled in their business plan.
So the current scenarios in which startups gathered huge amount of cash that they might need to deploy over time, but they don't have plans to wisely make use of the extra cash they don't need at hand, and yet they haven't even hit their 1st, let alone consecutive milestones, leave a lot of open ended questions. Let's take a look at the list of top ranked coins by market cap, and take the more established ones aside for now. There are so many coins that supposedly do different things, and realistically, apart from the value of trading, can a person regularly uses and monitors over 10 coins at the same time?
Thus, a lot of coins would go, even if they've amassed huge amount of market cap today. The coins that are the most dangerous, are those that have similar functions and do not have more tech advancement beyond what Bitcoin can do, which are DogeCoin, Stellar Lumens, Komodo, NEM, LeoCoin MonaCoin... the list goes on. If a coin is created just for the sake as another coin to store value, but without the kind of tech advancement that more established coins are already doing, what are the points of existence for these coins? Some of these coins are kind of ridiculous when you look into what they do. Dogecoin is one - for that amount of the market cap, you would thought they could hire capable developers to come up with a proper interface. I also came across coins that had ridiculous amount of market cap with little to no fundamentals, plus a near broken and poorly designed web interface. The coin seems to have disappeared from the top 100 list at the time of writing, while it was ranked high previously.
I will add to this topic as time goes. It's not sustainable to have a coin market like today, with random coins popping up without much purpose or significant tech advancement. Please feel free to share your thoughts, and which coins you avoided and saved yourself from losing money.
I would Stay with the bigger ones that may not be the Penny Stocks that go to ZERO in the Future...........
Yes, it's safer to stick to the more established ones, but also make a note of their team and their technology - if it's going to work as they say.
investing vs speculation. cryptos can be dangerous i stay with the larger ones and when i save i save in something other than the dollar since that goes down and heading to zero lol.
https://steemit.com/steemit/@goldsilverguide/losing-money-by-saving-money
I agree with your idea of hard assets. Dollar is not safe today, with all that's going on and might happen in the future. Crypto is not safe heaven either, and is driven by many factors and some of these factors can go wrong or correlate with other factors that has gone wrong.
yes agreed, but i see why there is this rush to get out the dollar, getting to risky and to dangerous. so hopefully governments dont step in and regulate cryptos to where the dollar is today. i know the bankers aren't liking ppl getting out their grasps.
I think the government will want to take a piece of the crypto cake too, and they are probably too busy with other things at the moment. With all government bureaucracy, to come up with a clear and workable policy in crypto in one government will take many months. It will take them even longer if they are thinking about more complex rules to eat a bigger piece of everyone's cake.
ya they do take way to long to get anything real done, but its so weird that people in the government see so many ppl gaining and winning and all they can say is "where's my cut" lol, come on isn't your wallet fat enough?
I think although the government themselves don't book the gains yet, their family, relatives and friends are certainly on the front line of making these profits.
hmmm we need to go back where our government did live off the markets and extreme taxing, can't wait for the day
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