Top Executive Says Almost All Cryptocurrencies Will Die

Discussion in 'Crypto News' started by pepeg, Feb 11, 2019.

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  1. pepeg

    pepeg Contributor

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    So another top executive now declares that almost all (95%) of all cryptocurrencies will perish. Matt Hougan from Bitwise also added that there is a bubble in the crypto industry, like the dot-com bubble.

    https://all-stocks.net/bitwise-top-exec-a-painful-death-will-be-the-destiny-of-almost-all-cryptocurrencies/

    But he does also say that those cryptocurrecies that will survive will make an interesting investment. Do you think that essentially the entire crypto market will collapse, leaving only a few survivors?
     
  2. The CC Forums

    Staff Member

    Yes. Yes I do. For each crypto on CoinMarketCap, write down 3 sentences as to what function it will serve 3 years from now.

    You won’t be able to do that, because most of them are redundant or address an area that doesn’t need a crypto to begin with. How many crypto payment systems does the world need? 3, 5, 10? How many coins are there to address that need? Hundreds. They won’t survive.

    Supply chain? 2 or 3 dominant systems will spring up. Gambling? Same. App platforms? Again 2 or 3 will thrive the rest will die.

    There are 1800 cryptos. I can’t make a legit business case for 180 of them, maybe less than 90 of them. The other 95% are just traded on speculation.

    It’s the next phase of the market that produces the Amazons and Facebooks of crypto. The last phase started weeding out the Pets.com.

    Get ready to invest differently for the next run. It will be focused, it will be slower and it will be sustainable rather than a crazy massive bubble.
     
  3. Vla

    Vla Contributor

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    I think they won't die, they will not have such power and popularity like ETH, BTC XRP
     
  4. CryptoTC

    CryptoTC Crypto Fat Cat
    Staff Member

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    Grooming myself between naps
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    They will die unless they are used for something more than just trading on an exchange. Since that’s all most of them are for, most of them will die.
     
  5. Old Man Crypto

    Old Man Crypto Expert chainblocker

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    One step ahead
    Most are dead already. They just don’t know. When I look at CMC, I see dead coins. Only they don’t know they’re dead. They just keep trading and trading. I see them all the time, but they see only what they want to see. They don’t see each other.

     
    The CC Forums likes this.
  6. wikimitral

    wikimitral Contributor

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    I don't think that big ones will die. Also many small ones are already dead.
     
  7. The CC Forums

    Staff Member

    Let’s hope not, but it’s tough to see many surviving. Why do we need bitcoin, litecoin, NEM, Ripple and 25 other coins for payments? We don’t. The world already has hundreds of fiat currencies.

    One of the goals of crypto is to create a universally accepted form of payment. Instead, we got copycat coins created all fighting for the same market. Until many fall away, crypto will not begin to see its potential.

    I suspect the real cryptocurrency that becomes a worldwide standard has yet to be created. The tokenization of functions is great, many coins are already being used. But for transactional payments for goods and services, none of the top coins have made headway.

    I hold out hope for ETH as a platform for apps and smart contracts, XRP for bank to bank intercurrency transfers, bitcoin to keep money out of corrupt government hands and one more cryptocurrency for buying and selling products.

    That’s 4. Add in the real ETH tokens in use, around 20, and you have 25 real cryptocurrencies out of 1800 that are worthwhile for something other than trading. Depressing numbers. Crypto can’t get out of its own way because of all the fake projects and money grabs of 2016-2018.
     

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