Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Matt1121 on February 14, 2019, 08:38:10 AM
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Barry Silbert, CEO and founder of Digital Currency Group and Grayscale Investments, said that the majority of digital tokens will not have value in the long run, CNBC reports on Feb. 13.
In a purported phone interview with CNBC, Silbert said “I’m not a believer in the vast majority of digital tokens and I believe most will go to zero." He added that, "Almost every [initial coin offering] ICO was just an attempt to raise money but there was no use for the underlying token."
ICOs experienced a boom in late 2017– early 2018, which was followed by a bust as prices dropped and state and federal regulators cracked down on projects that were running afoul of securities laws.
Earlier today, according to data from CoinSchedules shows that ICO valuations are down to levels just above those seen in January 2017. The data shows that last month, $291.6 million was raised through ICOs, which is around 19 times less than the $5.8 billion raised in March last year.
Despite his bearish views on ICO tokens, Silbert still remains optimistic about Bitcoin (BTC), in which he was reportedly an early investor. While Bitcoin has "a really ugly technical chart" in Silbert’s opinion, it has “won the race to be digital gold."
Mike Novogratz, a former Goldman Sachs partner and founder of crypto merchant bank Galaxy Digital, said today that Bitcoin is unique among cryptocurrencies. In regard to Bitcoin’s use as a potential store of value, Novogratz said: “There’s 118 elements on the periodic table, and only one gold [...] Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”
Apparently HYN, token used in Hyperion, a spatial consensus driven map of the world for decentralized map economy, is not on that "list". Users can stake HYN (pay-by-inflation) to access dMapper and dMap services, and spend HYN (pay-by-fee) for Hyperion Marketplace services.
It's a bad news for scams and shitcoins.
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Most of us, will die someday. We can make a list, of who will die, first. Can we? I think that generalizing, is not a good strategy, to handle investment and life choices. Each coin, will get it's place and value in the market. If the project is not good, or the persons in charge, do mistakes, YES, that coin will go to Zero. But, saying that most coins will go to zero, I think that it is FUD.
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I agree to what you say so we must be very careful in choosing the digital coins that we invest into and not any coins that we have come across.
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Of course, you need to look at Bitcoin with optimism, but still it compares the ICO fees for March and January, which is no longer true, I agree that projects are less collected but I don’t understand why to choose different time intervals!
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It's logical to see your review, but I'm sure there are some coins that can last in the future. Because technological developments are increasingly advanced and maybe later there will be a new trend, no one knows in the future.
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This is clear to everyone, only those altcoins which will be in demand constantly will live long, the most important thing is that companies constantly must promote and update their product and then the demand for their services will always be, but most companies eventually turn into scams or simply abandon their projects.
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Barry Silbert, CEO and founder of Digital Currency Group and Grayscale Investments, said that the majority of digital tokens will not have value in the long run, CNBC reports on Feb. 13.
In a purported phone interview with CNBC, Silbert said “I’m not a believer in the vast majority of digital tokens and I believe most will go to zero." He added that, "Almost every [initial coin offering] ICO was just an attempt to raise money but there was no use for the underlying token."
ICOs experienced a boom in late 2017– early 2018, which was followed by a bust as prices dropped and state and federal regulators cracked down on projects that were running afoul of securities laws.
Earlier today, according to data from CoinSchedules shows that ICO valuations are down to levels just above those seen in January 2017. The data shows that last month, $291.6 million was raised through ICOs, which is around 19 times less than the $5.8 billion raised in March last year.
Despite his bearish views on ICO tokens, Silbert still remains optimistic about Bitcoin (BTC), in which he was reportedly an early investor. While Bitcoin has "a really ugly technical chart" in Silbert’s opinion, it has “won the race to be digital gold."
Mike Novogratz, a former Goldman Sachs partner and founder of crypto merchant bank Galaxy Digital, said today that Bitcoin is unique among cryptocurrencies. In regard to Bitcoin’s use as a potential store of value, Novogratz said: “There’s 118 elements on the periodic table, and only one gold [...] Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”
Apparently HYN, token used in Hyperion, a spatial consensus driven map of the world for decentralized map economy, is not on that "list". Users can stake HYN (pay-by-inflation) to access dMapper and dMap services, and spend HYN (pay-by-fee) for Hyperion Marketplace services.
It's a bad news for scams and shitcoins.
Barry Silbert has a valid depth rooted reason why he was saying that and i believe thats true since most of time the most idea of any ICO that has already raised a substantial amount of money is just a copycat from previous,present and already existing platform. so it means the utilization and used cased was not clear since they are already in use. not ones by too many.
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Still, there are still a lot of diverse ideas among ICO projects and some of them are quite useful. I do not believe that most of them will be worthless and become useless. No one knows what will happen next with the cryptocurrency and what path will its further development go. Many tokens are very useful, so I don’t think they will die.
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This is quite an "old news" already. It's been said multiple times already that many existing projects are just weak and will eventually disappear.
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this is understandable to many people and without a CEO it is all possible to analyze yourself most of the coins because they do not have a working platform and a lot of companies were made in order to make money. 8)
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Yeah, many projects create worthless coins that possibly become the dead coins. I am not surprised with this article, there were many other articles or topics that already wrote about this. And I quite agree that many of coins may go to zero price.
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At present observers will consider the difficult times of crypto as a test for those who can survive or not. Including the many altcoins that exist today, and not all can last for a long time. There will be some lost because of losing the selling value and interest. Let's just wait for when that happens.
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yes!!!!!!i am agree but strong project like etc,dgb,zcash and others will survive and their price will reach high and another thing digital assets are future.
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I agree with him.. most of altcoins are quite useless and I don't see any future for them... on the contrary I think that Bitcoin, Ethereum and few other coins will survive and become stronger than now.
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OP, if you copied this article, please make sure that you include the source (link). Plagiarism is not allowed here and you will get -karma for doing so.
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It might be in the future when there is innovative technology invented good enough to surpass cryptocurrency. But I dont think I will see that day that most digital coins will go to zero.
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This has been known for a while now. Cryptocurrency market is still considered as a wild west and only the strongest of projects will survive. This is the good thing about the bear market, many were left dead and I am also expecting many more will die.
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predictions in 2019, i believe by the center of the year or at the top of Q3 there'll be a rise within the worth of bitcoin. I once scan an editorial, that aforesaid that in 2019 the crypto worth can slowly increase. I hope that by the center of this year crypto costs can increase and plenty of ICOs are productive
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It's the plain truth.
If you noticed, you will know that it's happening already as most of these shit coins are going into extinction gradually .
They are giving way for solid coins with good coherent use cases. It is a very good development to the Cryptocurrency space.
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Only shitcoins will die and will have zero values but real coins will exist.