Here it is: Practically every project and it's related token/coin in this space is massively overvalued, and most of them have no need for a token at all.
I'm going to try to avoid targeting any specific coins. I will probably give examples though.
The vast majority of the projects in this space have no functioning product, and the companies backing them aren't profitable. Owning the token/coin does not represent any actual ownership in that company, and you have practically no investor protections. The vast majority of the products in this space aren't actually being used outside of testing, and there are many hurdles for potential customers to overcome before any of them can even be used.
Every additional step that a potential customer has to go through reduces the overall number of customers that will ever actually use that product/service. Think about the number of steps that a potential customer of a blockchain-based service has to go through today, not to mention the number of things that they have to learn (such as securing their accounts).
These products - this technology - isn't anywhere near ready to becoming mainstream, or a viable alternative to a centralized solution. Also, hearing "decentralized" constantly being applied to projects being developed by registered companies with trademarks and full directional control over these projects is really getting on my nerves. I'm not hating on any of them, I'm invested in several such projects - but come one, they aren't really decentralized. They're just as bound to the laws of their country as any other centralized solution.
In a normal market, owning stock actually means that you own a part of that company. It entitles you to certain protections and it requires the company to be transparent. The market cap of a company is earned by that company actually gaining marketshare and being profitable. A whitepaper isn't going to get them 10 Billion, and the imminent release of a testnet won;t earn them 20 billion.
And while Ethereum IS being developed on, what have those projects really accomplished? Vitalik said the same himself: http://www.businessinsider.com/ethereum-founder-threatens-to-leave-if-the-crypto-community-doesnt-grow-up-2017-12
Compare your preferred project's market capitalization to that of a real world company. Is EOS as valuable as the company that has signed multi-billion dollar contracts to deliver goods to the ISS, or to launch satellites into space? Is Bitcoin really worth 165 Billion? Can it be one day? Sure - but it has a large number of problems to solve and several hundred million users to on-board before that time comes.
I can't understand people who buy something when the marketcap is at 5, 10, 20 billion and above - how much higher do you expect it to go? If it had launched on the stock exchange, it would be worthless without marketshare.
The only company that I see with 1 Billion+ marketcap that actually deserves to be there is Binance, as far as I know. Why Binance? Because they're profitable and they have a lot of users. Is there another company on the list that is profitable with at least 100K users? I don't know.
This doesn't mean that I'm extremely bullish on this market. I'm looking at things in terms of decades. How will this market and this technology change over that time? What niche will blockchain and cryptoassets find?
I have my own vision for this space: Imagine stocks and real estate becoming tokenized. Imagine startups being crowdfunded by selling tokens that actually represent legal ownership in that business. Imagine small businesses being able to raise capital by selling tokens. Imagine that most tokens are merely a representation of ownership and entitle token holders to a share of the profits. Imagine school loans being tokenized. Imagine hundreds of millions of more people becoming investors because the barriers to investing are stripped away.
What I don't want to see is users being required to own 100+ tokens 20-30 years from now. Imagine having a token to pay your rent, and then a token for each utility, A token to charge your cars battery and a token to get traffic data. A token for each app and a token to pay your school tuition. That's ridiculous, and yet this space is filled with startups that are creating their own tokens to raise capital, and making those tokens a required part of the platform in order to give them value.
I would much rather see startups issuing tokens to raise capital that actually represent a share of ownership and profits, and then accepting Ethereum, Bitcoin, or fiat for their service/product.
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