The Current State of Cryptocurrencies – Is BTC the Only Good and Right Investment?

in cryptocurrency •  2 years ago  (edited)

I would like to discuss the current state of the cryptocurrency market. On the Polish counterpart of www.reddit.com – wykop.pl – discussions about cryptocurrencies have receded into the background. Instead, they have become an opportunity for personal and ideological fights. That portal has become the battleground for various ideas to clash on. Some users are fiercely defending Bitcoin as the only good investment, while others are defending the opinion that in addition to Bitcoin, it is also worth investing in other altcoins as well as ETH, and ETH tokens. 

That is why I ultimately deleted my account from wykop.pl

My opinion on the situation in the cryptocurrency world is that the cryptocurrency market has evolved and Bitcoin has ceased to be the only good investment. I believe that there are many technologies which are a better version of Bitcoin and worth investing in.

Unfortunately, on wykop.pl, the tag #kryptowaluty (#cryptocurrencies) has become a battleground for that dispute. Whenever I begin to write that some altcoin or ICO is worth investing in, it gets called “touting”; whereas whenever someone says to buy Bitcoin when the market is peaking, it gets called a good investment.

Recently, the presale of Populous has begun – I only needed to write about this on wykop.pl to get an enormous amount of hate directed at me and at people who advertised that token. I was called a “tout”. It went unnoticed that under each of my posts, I warn against careless investment and remark that such investments need to be made with deliberation and following one's own analysis of the cryptocurrency market. I am regarded as some cryptocurrency guru – which I am not. Interestingly, when others tout, they are called good investors with a cool idea for investment. Whenever I write that Populous is an interesting option for investment, I am accused of touting because I have bought Populous “dirt cheap” in advance, and my only goal is to make money on those gullible enough to purchase Populous after its entry into the market. This is ridiculous, as the capital in possession of the users of wykop.pl who browse the tag #kryptowaluty would not even alter the market price by 1%, since the market deals in millions of dollars. 

I abide by my opinion that Populous is one of the few ICOs that will bring good profit to investors, including those who are yet to invest in this token – during its market début on 9 July 2017. I believe that 90% of ICO projects are indeed geared toward quick profit – and I am honestly surprised by how people pay millions, even tens of millions dollars for such presales. I am bewildered by the scale of those investments. Sometimes, a small group of people who creates a cool website, plus documentation with nice graphics and a thread at the bitcointalk forum, a group of people with a small office and four computers can collect amounts of the order of several dozen and sometimes even several hundred million dollars with such an ICO. This boggles my mind.

However, let us distinguish between those 90% of ICOs and the actually promising projects. I believe that Populous will be one of the best investments in 2017 and in 2018. Perhaps users of wykop.pl (I am not saying all of them) are casting an envious eye over the fact that me and other users are the lucky ones who have made their purchase in advance. But this does not mean that people who invest immediately upon the token's market début are not going to profit as well. 

To summarise, I believe that the times of Bitcoin being the only good investment have long ended – and actually, it has never been and never will be the only one anyway. And that is precisely why dozens of very good projects are being dealt in on poloniex.com and on bittrex.com. It is true that the majority of them are merely of speculative value. And now we arrive at my point. Everything is actually speculation regarding the value of a given cryptocurrency – Bitcoin is an experiment and speculation of sorts as well, for everybody is speculating when purchasing or selling Bitcoins. The entire cryptocurrency market is based upon speculation. Only a handful of projects in the cryptocurrency world are unique and it is that uniqueness that will triumph. In my view, only a dozen, perhaps several dozens of truly unique projects will remain on the market.

I believe Populous to be very unique – it has an already implemented technology and complete product. Unfortunately, most ICOs sell nothing but plans and dreams.

That is why I abide by my opinion on Populous. Yes, it will be a huge hit and a big deal in the cryptocurrency world.

I wish you a good day and encourage you to subscribe, as I am going to be posting articles here on a regular basis. 

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what are your thoughts on bitcoin's activity over the past couple days?

As far as Bitcoin and the entire crypto-currency market is concerned, I am not looking at it in a short-term perspective. The entire crypto-currency market is speculation. However, I think that Bitcoin is very likely to grow in a long-term perspective. However, I still think it is not the only good investment. There are many projects with more growth potential.