I hate to say this...But Bitcoin might indeed lose to first place to a shitcoin....
What? It not a good coin? Or are you calling my totally altcoin that will kill Bitcoin shit? Maybe.... Maybe not... But that coin that might overthrow Bitcoin first place will be a freaking Stablecoin(s). Before all these stablecoins aka the age of Tether I would of said, Stanblecoin-cool? I guess....Only few people could create Tether and it was hard to use.
But now-CMC has to do something or the Marketcap of the coins will be skewed to much. Hell these stablecoin that are built on Eth-will probably outgrow Eth marketcap itself. It happened before in some platform based coins...
Look at Paxos:
https://coinmarketcap.com/currencies/paxos-standard-token/
It been less than a month but it 78 on the crypto market.
Look at Trueusd in a less than a year it rank 45.
https://coinmarketcap.com/currencies/trueusd/
But you might be asking so what? Tether was before what different?
Coinbase adding USDC to it buying option.
Now stablecoins will get much more funding and easier. $1=$1.
As these opt go on Stable coin Marketcap will inc like crazy.
And there more stablecoins coming. It not only usd:
https://www.coindesk.com/new-stablecoin-tied-to-australian-dollar-is-launching-on-stellars-blockchain
There also Euros and more.
If the metrics are not changed: Stablecoins will dominate the top 20 coins, it might even overthrow Bitcoin first place positions...
Of course CMC might gray out the Stablecoin like it does for no fee exchanges. But this is my call for action must be done soon!
End of rant/
good post and yes.. sadly stablecoin is the new hot topic
I don't mind the stable coins that much... Yes, it helping fiat stay longer in the system :( but it was expected right? Fed coin is the next level after "Stable coins". However what gets me is that it gets the same ranking in CMC as with other coins. This is calling for so many projects getting pushed back in the ranking system as is. I hope CMC does something about it soon. I don't usually write these type of posts scaring people but I honestly feel this is a big enough issue for it. And reading over my rant-so many grammar mistakes :P but not going to fix it lol
lol man i got your point, but i dont think putting stable coins that way in the market cap will do the thing! stable coin are proxy images to fiat coins, each coin.token is pegged by a fiat unit, central issued and controlled !
do not mix up things
enjoy
You misunderstand my point. It will offer a fake rank version. These new breeds of stablecoins can get billion dollars worth of Marketcap fast and stay there. Thus pushing down smaller coins and over sizing bigger ones. It can reach the size of Bitcoin Marketcap in no time. In fact I heard rumors from people who do insider research that Banks will beging to use Stablecoins. It makes more sense for them to do it. In order to preserve the ranking system based on Marketcap, I calling for it not to be counted on CMC. CMC did it for exchanges, it can be done with these stablecoins.
lol i know i got ur point but at this stage they should not show on coinmarket cap, central coins proxies should be listed elsewhere
Agree but that my problem bc coinmarketcap lists them. I gave 2 links in my post as an exp but their going to be way more than that :(
A way to control the market or manipulate it as they wish maybe?
That too
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Bitcoin has only on their verge of low price but they still the leading on cryptomarket, but in stablecoin I'm amazed with TUSD because in less than a year they make it on rank 45 and now they are having a almost free trading fee discount on kucoin exchange.