Why most Cryptocurrencies will not survive!

Below is my post on Steemit today,inviting comments and reasons for the purpose behind most of the hundreds of Cryptocurrencies already launched,with more appearing every day.

So many Cryptocurrencies without a Purpose - Most as useful as a one-legged guy in an arse kicking competition

Am I right in hearing there are thousands of Cryptocurrencies now, and more being launched all the time ?

Most I suspect will perish If there is not a long-term reason for their existence. No gap in the market to fill and a purpose for being.

Therefore, the majority have been launched to take advantage of the frenzy surrounding the cryptocurrency sector, and the rising prices that appear to be guaranteed for some time.

Trading is the Motivation then.

I only know 3 Cryptocurencies that have a clear and stated ‘Business Plan ‘something that was essential when I sought funding to launch a business idea.

That was many years back, but it’s such an obvious requirement that something similar must be needed still.

A film needs a script. A book needs a plot. A Journey – Directions.

It would make interesting and humorous reading to see the ‘Start Up’ reasons that all those Cryptocurrencies put in their Prospectus.

I wish I could think of a few just for a laugh. Perhaps members of Steemit with imaginative and inventive minds can?

As we all know and are naturally excited about - the price of Steem has rocketed in the past few days.

 I am very pleased of course. But I can’t fathom why?

I hear a lot is Korean money, and with the threat of war in the area I can understand the nervousness of the public, and their decision to move money.

But why into Steem?

What can they see that I can’t.

I see it as a superior Social Media site that pays its subscribers – ‘The Thinking Person’s Social Media Site’ - I’ve heard it called.

I’ve also seen the claim that it will eventually replace or overtake Facebook as more and more people get fed up with much of its boring content – ‘This is a picture of my lunch’ – that clutters the site.

Now if that is true then I can see a reason for new money coming in.

The only other Cryptocurrencies that I know of with a clear idea where they are going are

 Ripple . To facilitate cross border currency movement.

Ethereum – To offer a Blockchain Operating System to Business as a - Quicker. More Secure. Less Costly way to handle Contracts.

And as a Commenter to my ‘The Bitcoin Ace’ Post - Cryptos can’t lend money.  Suggests

(Note) Which is a huge drawback because loan facilities are what underwrites the economy, National. Business & Personal (Home Mortgages for Example)

The Commenter says ‘Dash’ – May be working on ways to fill the Lending gap.

Hopefully this will happen, and enable Cryptocurrencies to have a Full Deck to match the Banks Hand

I haven’t mentioned Bitcoin, because as the original, it appears to have problems. Maybe a role for personal foreign holiday currency transactions, if Ripple confines itself to big inter- national currency movements.

Perhaps there are other cryptocurrencies with a role to play

If you know of some. Please comment.

Thank you.

P.S

Breaking News - The Dollar Vigilante in his newsletter this morning, states - Is Ripple even a cryptocurrency? Should it even be included as part of the cryptocurrency market cap?

And besides, in the end, the entire central banking and financial system will disappear entirely as cryptocurrencies make them obsolete. So, actually owning Ripple long term is incredibly risky as it depends on the banking system continuing to exist in the future… something that is highly unlikely.

Now I like The Dollar Vigilantes writing and videos, and I follow him avidly.

But he is a Hawk, with extreme views in my opinion, and I think a compromise will evolve. A hybrid of Banking and Cryptos to provide for the first time ever, what the world of Finance has always lacked - Proper Competition.

The full Dollar Vigilante article here - http://bit.ly/2qBDZOv

Or his account here on Steemit of course.

Comments

stevec (70)

I'm sure the people behind the coins think they are useful, but the prices seem driven mostly by speculation that has nothing to do with utility. Dogecoin was started as a joke and is now worth over a billion! I hope there will be some rationalisation of the market this year. Most of the coins are not being used for anything real yet, but those which are should get the most investment. I believe Steem is useful and we are showing that every day. It would help if you could spend it in more places.

ijavee (58)  ·  4 hours ago

Thank you steevc.I forgot about Dogecoin, and me knowing someone with a dog website.I wrote an article for it, and in researching, found what you've said - it started as a joke, but then was taken up by dog lovers to spend in pet shops on dog leads and such.So its all in the melting pot and fascinating to see which will evolve over time.