Pretty much this.

There was a massive, insane bubble spring 2014 which popped permanently...
And none of this is a product of an actual capitalist economy's cycles (like bull/bear markets)...
But mostly scammers co-opting the tiny Bitcoin Cult to "print" as many alts as possible before the party ends.

It should be obvious to everyone by now that the "blockchain" is disruptive...
While "digital money" is nothing new and offers nothing but aggravation for any solvent person.

I doubt that more than 10-20 projects in the Top 200 will ever go anywhere...
Even many "respected" projects are basically vaporware or idiotic ideas divorced form the real world.

Not a single "dark net" project has gotten off the ground so far and gotten any traction outside the Crypto Ghetto...
(Does anyone use a crypto project for torrents, anon VPN, poker... sadly no)...
And that's the ONLY niche where crypto has a COMPETITVE ADVANTAGE over the banking system.

Wall Street is gonna cherry pick the blue chip crypto and issue ETFs traded through your broker...
Which will make the current exchanges doing $200,000/day economically unviable...
And the 5,000 US broker-dealers will soon offer blue chip crypto (just like junior gold stocks) by basically flipping a switch...
Or you can take your chances trading in China... or some other sketchy jurisdiction.

Cool story.  



I'd like to see more sharedrops using Bitshares PTS snapshots, since Stan Larimer promised that every future DAC would be dropped to PTS holders.  

Is that a broken promise from Bitshares, or will they use PTS for drops?

Do many coins actually "die" ? Or do they just "hibernate".

You guys should bid to 020LondonCoin, it's getting full support because of its new devs, they're remaking everything for good.

Interesting how this theory didn't really pan out -- new coin creation rates seem to have plateau'd, and thank God... Really, only a handful of them are still used for anything other than speculation.

px403

I used to by coins from pirateat40 in chunks of 100-500 at a time, and his business was legit. He actually was buying and selling coins at high volume, and likely making some sweet bank while he was at it, so it definitely wasn't a pure ponzi scheme as people think of it. He had a pretty high markup, but he was always online, and always had coins, so he was great if you needed a big stack of coins really quickly.

I think he also let his success go to his head, and thought his masterful prowess of bitcoin would translate to getting rich quick in forex, where he took investor money and promptly lost his ass. People started pulling out, volume started slowing down, and he wasn't able to keep up with the numbers in the books anymore, which led to your classic crash and burn.

He seemed like a nice enough guy. If he'd been slightly less greedy, he would have had a good thing going for himself.

@ Cryptsy wallet: death to the Cryptsy wallet!