99 Percent of Cryptocurrencies are Worth Zero? What the hell?

[EmmaBen]

It is just lame to always present the bust bubble excuse by  these "negative debaters". They are too too afraid to identify opportunities! Or, should I say, the deliberately refuse to see these opportunities. Virtually all of them bring this point up every time there is a debate believing that it is the surest of all trump cards to finally checkmate their opponents. But it is the lamest of all excuses a mind can muster so far as bitcoin, and economics of investment is concerned. How can you repeatedly, and confidently, assert that an investment that started in its smallest beginnings with a price per article/unit of about $0.003 to its current price of about $6400 is a bust bubble, failed, forgone and concluded as a no go area of further investments just because it crashed from its best high of about $20,000?

An innovation that is widely acknowledged as novel, relatively unknown, surely underutilised, despite its widely perceived potential? Who would have believed that the mega mainframe computers of the 80s will be super miniature today compared to their stupendous nature in the not-so-distant past? Are these people trying to justify in figurative terms that because a toddler fell and probably broke its leg, it is not going to heal, then walk, then grow up to become an adult human? Do these people even try to relate similar happenings of the past in the same technology space to the potentially new order of which blockchain is advocating? What is difficult there for their eyes to "open" and see? Maybe an uncertain indefinable fear, or the shameful pain of failing to recognise a good opportunity to invest when the soil was still virgin. Not logic! For logic would not be too jumpy to arrive at those conclusions of theirs! Surely, they will not learn from the experiences of Isaac Newton, Michael Faraday, Thomas Jefferson, etc, and even Bill Gates that nothing worthwhile comes easy, but will surely come and stand the test of time. What is too difficult there to put Satoshi Nakamoto in the shoes of these past great men and draw a simple logical consistent conclusion, as having invented blockchain which is the technological epoch of our time?
Or, are they trying to suggest through their actions that there isn't more to invent or innovate, that technological innovation stopped with the era of computers? They fail to see that it is like a gearing mechanism where one gearing component gears into the other and forms the basis and movement of subsequent parts, with an ever continuity!

These people are funny though, let them continue in their blindness! They will always miss out on great opportunities to easily cash out on their smartness effortlessly only to wine and wine in the end like cry-cry babies. Shame!!


If 99% of all cryptocurrencies are labeled as worth zero, it is because fraudsters have smartly cashed out on the gullibility of the mass, of which the masses themselves share in the cause, or, most of this coins are still on an infantry phase where there are expected to nurse and grow. It has nothing whatever to do with the success or deep of bitcoin.

[yoseph]

If you invested shitcoin or invested in scam ICO then this is your fault buddy. This is not cryptocurrencies fault. Because you have to choose the right currency by seeing their development, roadmap their product. And if you invested in the cryptocurrency only to make a profit then you are wrong. So don't call  Cryptocurrencies are Worth Zero...

There are a lot of coins that was made just to scam people so after they have achieved their purpose, they just become worthless and reduce to zero worth. The people behind these will later go and create new coins and start all over again.

[TRONTON]

This is the exact text of the interview Dr. Doom. He became famous by predicting precisely the world economic crisis in 2009, but I feel he does not seem to like cryptocurrency and blockchain. I think cryptocurrency and blockchain is still very new. This market still has many fraudulent acts. But we can not deny the potential and value that blockchain will bring. Tell me your opinion about Blockchain, is this technology really useful or is it overblown as Dr.Doom says.

“I'm not against [it], I'm open to any type of innovation, but I'm an expert on financial crises and asset bubbles. And I became famous [by] predicting the global financial crisis  — the burst of that bubble.

I can see a bubble when there is one — and to me, this entire space has been the mother and the father of all financial bubbles and now it’s [going to] burst

Last year, almost everybody I knew was asking me every other day, “Should I buy Bitcoin?”
And the price of Bitcoin doubled, tripled, quadrupled, and went to $20,000. And when that bubble burst, it collapsed — collapsed from $20,000 down to $6,000 today (at the time of the interview).

If you bought it at the peak, you lost 70 percent of your value. And it's typical of all these financial bubbles: They go up until they collapse. And Bitcoin is actually the best [example], because the average cryptocurrency has lost, in the last nine months, more than 90 percent of their value.

I spoke about the bubble existing and this bubble going bust. And guess what? In the last year, [it] has gone bust. So I think I've been vindicated and proven right.

Bitcoin could go to the moon or zero, I'm not going to make a penny either way because I'm neither short or long.

And I'm just an academic that speaks his mind. And I saw a big bubble, and I think that it's fair as an intellectual to discuss these things and then figure out what's going wrong.”

"The technology behind coding is seen as a remedy for all problems in the world, including poverty, famine and even illness. Blockchain is the most infamous and least useful technology in human history. In fact, it is nothing more than a spreadsheet or database to be honored"

See more: https://cointelegraph.com/news/nouriel-dr-doom-roubini-99-percent-of-cryptocurrencies-are-worth-zero

everyone has different views regarding crypto and its blockchain technology, all assets have their glory and gloomy times, but if we assess that this time is the bitcoin's darkest time after reaching its peak, I don't think that's right, because we can see, in CMC, which trades bitcoin more than 50% of all crypto currencies, indicates that more people trust bitcoin to become an investment tool.

[nikola22]

There are a lot of coins that was made just to scam people so after they have achieved their purpose, they just become worthless and reduce to zero worth. The people behind these will later go and create new coins and start all over again.

this process is a part of the cryptocurrency market growth so we can just watch and make right decisions while investing in different coins.

[Anarchist]

And that's the truth, a lot of cryptos don't have a lot of "innovation" How many of the top 100 are you able to remember?
Most are useless are unknown to people

[jonathan6655321]

insane. So many different ICOs out there that don't know how to Market them self. ICO Marketing is essential for the coin success later on.

[Eildosa]

I agree that 99% of cryptocurrency is garbage that costs nothing. Although it is possible that too high a percentage, it is actually unnecessary cryptocurrency 90-95%. In any case, this is a lot, but we cant say that bitcoin is the same garbage. I believe that it will be able to return to its value or even exceed it. Too much has already been done so bitcoin will not just disappear.

[Matthewmorris4]

simple thinking, we just hope too much on cryptocurrency for now, hoping too much that crypto and other things in it can provide huge profits, and in my opinion it is nothing more than moving the hands of money from one to another. actually crypto is not ready for that yet, what we have to pay more attention to should be the blockchain and its application in the real world

[Payme21]

I truly don't agree with him in entirety because I think bitcoin is well structured and its succeeding despite the rise and fall of its value which is because of the volatility of the market

[kotajikikox]

How they can sure of it prediction,  only world government can destroy cryptocurrency
I don't believe on that statement or can't believe those people talking about cryptocurrency becomes worth zero, I believe until people and government continues to adopt cryptocurrency this would not worth zero😀

[Indrawan77]

I think its a good perspective, and I agree that we got too many crypto that worth almost nothing now, people nowadays only want get rich quickly by creating new coin they don't really care about the growth and development, and I am quite surprised to see the article about the eth, I think eth ia a good coin, the smart contract maybe buggy but there is always room for improvement

[shendy]

Indeed, many cryptos were created but all of this cannot develop as we expected. Many are unable to compete when entering the market so that it is difficult to get good grades, and some even cannot go to the market because there is no better development. Crypto's market situation makes it more tense and weak for new coins.

[sarfield]

Many opinions have been explained about crypto and blockchain, this keeps us cautious with the coins we have and continues to study the coins that are developing. The number of coins makes us keep abreast of developments. They can assume rubbish coins because they cannot afford to compete after entering the market, and slow movements make the coins worthless.

[project_delta]

Though I hugely disagree with most of what Roubini is saying, I sort of agree about 99 percent of Cryptocurrencies being useless, though probably 95% would probably be a better number. It's just a combination of scams and legitimate projects that really just doesn't need decentralization and tokenization, that are most likely bound to fail.

I view things differently, largely because of what I learned from Satoshi years ago. He once said:

But if there were nothing in the world with intrinsic value that could be used as money, only scarce but no intrinsic value, I think people would still take up something.

You say that 95% of cryptocurrencies are useless. Why does that really matter, and what does that have to do with market value?

The fundamental value of money -- including Bitcoin -- comes from its network, not its "use cases." People can use seashells as money (and they have). What use do seashells have? They're completely useless, and it doesn't even matter because they're scarce and transferrable. That's the beauty of Metcalfe's Law.

Too many people are stuck in an old world mentality -- they say "money must be physically backed, otherwise it must be backed by usefulness." That's a bunch of nonsense that nobody could possibly prove, and history is awash with examples that prove otherwise. The best money is actually useless because it makes supply more predictable. Carlton Banks made a great point about this once:

This is a good reason why gold and silver are somewhat losing their currency: they finally have a practical/material use in the modern industrial world. Before this era, gold and silver did have small scale use in things like teeth fillings or cutlery sets, but the bullion value was always well recognised (hence the "maid stole the silverware" meme).

Objects used as money without alternative purposes are the best money, it makes the money supply more stable (and hence predictions about the size of the money supply will be more accurate). You never have to worry about someone using Bitcoin to catalyse a chemical reaction, or to wipe their ass with.

If you believe that sound money is decentralized, then you ought to value what the market says -- not personal opinions about what's "backing" cryptocurrencies. The people that say "altcoins are scams, they're going to zero" are employing the same logic that says "Bitcoin is a scam, it's going to zero."

That's why I always smile when I see people get worked up over how "useless" altcoins/tokens are. They remind me so much of Bitcoin skeptics.

You know he is wrong n all,but all these cryptos popping up everyday is the biggest problem everrrrr. From the outside view,it seems crowded and worthless. The shit thing about this is that the bitcoin is getting bad name.

[maulana rifai]

Many opinions have been explained about crypto and blockchain, this keeps us cautious with the coins we have and continues to study the coins that are developing. The number of coins makes us keep abreast of developments. They can assume rubbish coins because they cannot afford to compete after entering the market, and slow movements make the coins worthless.

Your answer is very good. let's choose an altcoin that has a future. do not be afraid to lose the capital and keep fighting for what you want. here there are still many altcoins that have the potential to grow, let's support.

[nazaididuan1]

The number of cryptocurrencies is too large, up to tens of thousands, and there are only 2,000 statistics available on the exchange.
Many cryptocurrencies have no practical application, and may only be a struggle on the road to zero.
After time baptism, leaving a truly valuable project, this is a big wave of sand washing

[reverseflash]

Indeed, many cryptos were created but all of this cannot develop as we expected. Many are unable to compete when entering the market so that it is difficult to get good grades, and some even cannot go to the market because there is no better development. Crypto's market situation makes it more tense and weak for new coins.

A lot of fraudulent projects. A lot of projects that do not need their own tokens at all and which are issued for formality. Really worthy projects, whose tokens have great potential are extremely small, and even less those who are able to develop in such a market situation.

[bitfocus]

There will be haters like Doom who even don't understand the basics of crypto - just don't care and don't pay any attention.

[Barbut]

Indeed, many cryptos were created but all of this cannot develop as we expected. Many are unable to compete when entering the market so that it is difficult to get good grades, and some even cannot go to the market because there is no better development. Crypto's market situation makes it more tense and weak for new coins.

A lot of fraudulent projects. A lot of projects that do not need their own tokens at all and which are issued for formality. Really worthy projects, whose tokens have great potential are extremely small, and even less those who are able to develop in such a market situation.

Why so much aggression, a lot of projects just don`t have support from community, they don`t have enough knowledge to push trough their idea, or idea was weak, but anyone here have a right to try to make something. If you invested money in such project and you didn`t make profit it doesn`t make that project fraudulent. It just means that you make a mistake when you made a research on this project and you make a mistake when you thought that that team can realize idea they have in reality. Not every rock is a diamond or gold, but anyway every rock can be used for something. Value of rocks in this system is clear more rocks less value, less rocks bigger value.

[Micronometer]

In this regard FIAT money is worth zero too. We gave value to paper money for trading. In a parallel universe that would sound absurd too.