Crypto Heading Towards for a Major Burn

It is estimated that there are about 19,000 cryptocurrencies. Compare that with fiat fees where there may be about 180. This means that there are too many of them.

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In fact, this era of cryptocurrency always reminds me of the dot com era where we have thousands of illegal businesses and scams. Is there a cryptocurrency that can survive?

I think "maybe yes."

The thing about the dot com era is that among the thousands of illegal businesses and scams out there, there were actually a few real businesses that offer something of value, and they can see their estimates are true.

Those companies are still alive today when all the others died in the dot com accident. What we saw, in fact, was a house cleaning.

It is clear that crypto is in a minor crisis. It’s hard to even call it a bear market for a guy like me. I often think it might be a realization that comes to mind that this thing just got out of control and that people are starting to see this, especially after the whole Luna debacle.

So, what coins will survive? That is probably a heated argument and depending on who you talk to most will have different opinions. And it is a difficult conversation to have as many people are emotionally attached to a certain amount of money and tokens — a way to avoid financial disaster.

It might seem logical to conclude that at least Bitcoin and Ethereum are likely to launch a future storm. Maybe Bitcoin Cash and Doge can survive again. The last two, with special attention to Bitcoin Cash, I think it has the assets to be something people can use if they see a widespread acquisition. I think it has a much more real use than Bitcoin itself, but that's another day.

Either way, I think this big boom is coming, and I think "investors" in the crypto world need to be more aware of what they are investing in and why. I think it would be wise and extremely cautious. In other words, this is not the time to go in and throw all your savings into anything here, including the obvious ones that may still exist after the house cleaning is done and done with it.

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I have said many times in the crowd "buy a dip" that you are very careful in using this concept as you can use it in other classes of goods. And the reason I said this is because I don’t believe you can handle crypto the same way, say, the stock market.

Why?

Because as I have said many times before, the stock market is proven and has thousands of years of history that must pass in order to wisely determine that the end of the top direction is high. Therefore, buying good companies at low prices in the stock market makes sense.

Crypto has no proof and is only 12 years old. You cannot be so sure that the only guideline is high when it comes to crypto because there is not enough data to back up to support that assumption.

Cryptocurrency is far from proving itself to be effective, let alone a currency. Most of them may be guilty of misuse, but the truth remains that no one really uses them. So it is something that is still very much tested.

If you wanted to name it right now, "beta" might be a good idea. It’s in the testing phase and we don’t know what things will look like once we’re out of it. You can’t just imagine what the “beta” category shows about what crypto really is or what it becomes.

One has to consider that part of the crypto problem for a long time lies in the fact that no one really knows what it is — no one knows what to expect from it. It is part of the reason why large companies, especially retailers, avoid taking it as a payment method. No one has enough confidence in it to make a jump and bring crypto to their labels.

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If we see a major cryptocurrency burnout it could actually be what the doctor ordered because as a result, many "dead" funds would be uprooted and thrown into the fire, permanently evacuated, making a real place at that moment. spreading their wings to fly.

If its realities and people are really able to determine its value and usefulness, then perhaps it has the potential to be more than what it is to this day.

However, only time will tell. The only thing I think people should worry about right now is to avoid being burned in the fire. Keep an eye out because I think the hay-money day is over now — in other words, I doubt we are seeing a huge wealth creating what we see with Doge boom or Bitcoin itself with new “exciting” new projects.

Especially considering the many “store investors” have even withdrawn crypto right now. So much so that many crypto firms are holding back operations and expanding and delaying new hires, and are even considering retrenching current employees.

I think people should think about it now that maybe the best, 5% are the survivors. And I think that is very high in value. Of the 19,000 cryptos there are probably 100 still exist. That number is probably too high. The safest thought would be that we get 5 or 10 cryptos and all the rest just go away.