I think many altcoins are nothing but bubbles driven up by investors looking to get rich
Source: coinmarketcap.com
There are some valuable altcoins (like Ethereum, Litcoin, Monero, DASH/Pivx) which have real uses and are assets to the crypto community (ETH: Smart Contracts, LTC: Cheap Transactions, XMR: Anonymity, DASH/Pivx: Masternodes & Instant Transactions). They go up and down, but they’ve always got their uses – this is not about them (or useful ones I forgot to mention), it’s about all the other ones.
Just scroll down a bit on coinmarketcap.com and you’ll find a huge list of coins and tokens (you can go on for a while, they list 1,805+). Now think to yourself, how many of these have real value? There’s probably 10 or so with real uses and about another 15 or so with original ideas that deserve a chance, but what about the other 1,750ish coins? There are so many clones and borderline scams that have market caps in the millions, if not billions.
Why are they valued so much? Because investors are looking to get rich quickly by buying them and hoping they’ll go 100x so they can sell it to the next investor and leave him holding the bag when the price crashes (at least I know that what I'm doing when I buy these coins). I think this is a sign of an immature market, and that we’ve got a long way to go before things settle down. However, at some point I have a feeling that we are all going to come to a similar conclusion as I've laid out and overnight there could be a huge altcoin dump.
Of course I’m no professional trader, these are just my “two cents.” Do your research, trade wisely, and of course hold Bitcoin for the long run and hope for the best. What do you think?
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