It's all a Fugazi !!!
Obviously the first and most widely known is Bitcoin, we've seen some crazy highs price wise and now it seems to be settling down. For a long time Bitcoin was on it's own so there wasn't much choice, you either got yourself some BTC or you didn't, it was that simple. Now though there are so many to choose from, all promising to revolutionise the world.
Here's my question though, do 99% of them even serve a purpose or are they now just pure speculative commodities that people will become tired of eventually?
First off Bitcoin fails to be both a store of value due to it's price swings and as for a payment method the fees and transaction times are a joke. When the lightning network comes along the price will more than likely go up a bit but ultimately it will fade out.
That being said while it is still the main crypto being used to buy all the others it is going to stay around for awhile yet. But does that make it have value? Simply because you can buy some other crap with it?
Sadly I think the entire crypto space is a massive con now, ran by whales pumping and dumping. It use to be monthly, then weekly, now it's hourly.
99.9% of these alt coins will never ever remotely accomplish what they say they will making them ultimately worthless. Just look at the road map for Tron, it might as well list it's going to create a time machine in 2150.
Steem is one of the exceptions as Steemit was successfully created using it and it's used on a daily basis for exactly what it was intended for.
Look at Ripple, the banks don't need or use the actual XRP token, so where does it's value come from? It's just pure speculation.
Etherum is used but mainly to allow people to build pointless ICO's off. Then there is LItecoin which people use because Bitcoin is slow and expensive as a way to get their funds from A to B to simply buy other coins with the promise of making them rich.
And as for ICO's, where is the incentive from the company to follow through with their "road map" if they already have millions paid to them in advance?
Let me know your thoughts.
As usual thanks for listening
Happy Steeming Steemers and Steemettes.