I was having this talk in chat with a few people and hearing their though process reminded me so much of what we used to hear in 2000.
Now that Bitcoin is widely known and very expensive, a lot of latecomers are reaching the conclusion that they need to buy a "cheaper" crypto.
They end up looking at a variety of shitcoins that are complete garbage, but the thinking is "hey, its crypto! Crypto is hot!".
They are not wrong, but the same thing was happening in 2000 with .com's and did not end well.
Any company that announced they were building a website, adding .com to their name or selling some widget on the fledgling world wide web information super highway (no jokes, those were the buzz words!), would see a massive influx of buying.
If today, right now, this very day, I go and register a domain called fluffy-stockmarket-towels.com, would you buy any shares in my company?
Probably not.
Having a website does not mean shit, its just a page with some html, there is no real underlying value.
Fast foward to today, if I show you some whitepaper, ICO or fancy website explaining how SuperAmazingCoin is the next big thing, are you interested in buying?
At the moment, SuperAmazingCoin would actually get buyers for no other reason that "crypto is here to stay, its the future!", which is what Im being told.
Take the lesson from the past, the shitcoins will go to zero. If you really want in on crypto, wait for the big sell off, the point where nobody wants to touch it anymore, then look for the ones that survived. They will be the ones that succeed in the long run.
Submitted December 22, 2017 at 09:46AM by StockJock-e http://ift.tt/2CVe2Lh
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