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.
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.
