The recent influx of people entering the crypto currency market is eerily reminiscent of the dot com bubbles. There are so many coins on the market and most of them appear to have zero fundamental value. Coinbase, being the largest and most dominant exchange on the market, only supports three (soon to support bitcoin cash). Seems this Is indicative of their market views which has been echoed by many insiders in the industry, including Charles Lee the creator of Litecoin.
What are your thoughts? Fad or here to stay? What coins do you think will survive and why?
Cryptocurrencies are here to stay. They are the future. That said, most of the more than 1000 coins will not make it long term. I figure there will be 30-50 coins that end up making it. The ones that do have a good purpose and the technology is actually built for a specific use. Steem is a prime example with its focus on social networking.; I believe it will be one to survive.
Sticking with big ones long term makes sense. The others. I guess could be traded for quick profits but I would not load up a ton on them.
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Hey there @thechepito, I feel that cryptocurrency is in fact a fad, but it's here to stay! When I see coins supported by exchanges and wallets, I take that as a sign that those coins are gaining attention for the platforms and functions they represent. You can never do too much reading. The safe ones in my newbie opinion is BTC, ETH, and LTC as I'm trying to keep focus on long term gains and the feeling of some stability in an otherwise very volatile market.
Of course the drawing point of the many altcoins bring in many people who are hoping to invest hard on the coin that will magically shoot up in price one day that they can buy for fractions of a penny now, and there is always discussion on what those coins may be.
Right now we are in the fad, but many have been in crypto for years. It will be amazing to see the adoption of crypto and uses in the coming years c:
@shello
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It's not nearly as big as the dotcom bubble yet I think.
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