I have been looking at the crypto market these last few days which led me to the Weiss cryptocurrency report. Anyone that reads my blog knows that im not a fan of a fair number of cryptos. Most of them arent really STEEM competitors but i have a dislike for them due to numerous reasons.
As you can suspect STEEM is listed really high in most of the crypto rankings. (B- on Weiss).
While i agree that STEEM should be high on the list i dont agree with some of the other ratings, but thats not here nor there.
As time goes by, im starting to notice more and more the importance of measuring actual crypto performance in the world.
If you just glance at the Coinmarketcap page and the top tokens in market cap, and check them out, you will realize that most of them have really poor adoption. There are even those used by barely a hundred or so people daily. Dont even need to talk about those with no working product whatsoever.
What about the hundreds of “transaction tokens” or “Privacy coins”? Do we really need Dash, LTC, BCH, BCSV, MONERO, DOGECOIN, DOGECOIN DARK (called VERGE now), BITCOIN GOLD, ZCASH…
I personally dont give a crap if my transactions are private.
I care more about keeping my browser history private then my transactions and account balance.Vitalik Buterin – 2017.
Some might care, which is fine, but do we need a 100 of these tokens that do essentially the exact same thing? I mean we arent talking here Dapp building platforms where individual blockchain characteristics are hugely important.
I dont care if i can send a private transaction with DASH 13.3 seconds faster then with, i dunno, MONERO. Makes 0 difference to me….
Which begs the question as to why arent we seeing most of these coins falling away into obscurity?
I say Drugs. No other explanation. haha. 😀
Ill see you around.
Lately ive been thinking about centralized exchanges a bit more and found that most of them are basically parasites and crooks that crypto has a unfortunate dependency on. Not only that, but i firmly believe that beside being shady and corrupt institutions they are hurting crypto in another way.
They are slowing down mainstream adoption by catering to “big money” instead of project quality and the level of project adoption/user base.
Ive talked about it in previous posts that the majority of the top50 cryptocurrencies on MC have minuscule user numbers. Some in the top 20 with dapps registering circa 100 users in total.
I always point out ETC as the most ridiculous example of market stupidity. A dapp building platform that no one uses, that you can hack with 5000 USD, that is 18th in market cap and is listed on Coinbase.
How is it valued so high and has more then 180 trading pairs with a fair number of fiat pairs and stable coin pairs?
Because most exchanges look for only 3 things.
- Market cap.
- How much you willing to pay for a listing?
When crypto is so dependent on crypto exchanges and crypto exchanges are only driven by short term profit and clearly (as seen from looking at stats by Blockchain Transparency Institute) do not care about the health of the ecosystem then it is safe to assume that they do not care in the slightest about mainstream adoption and the projects like STEEM that are capable of achieving it.
What would happen if STEEM had ETH market cap and was valued at 1 STEEM=46 USD?
Is there anyone here that is going to tell me that there is any shadow of a doubt that STEEM would be hitting 1 million users at this very moment? (if the technicals were in place which they would be with such high dev funding potential)
Is there anything that could change this around or are we left at the mercy of centralized exchanges?
I dont know.
What i do know is that if this continues we could be seeing a massive crash eventually when the market realizes how worthless some of these crypto tokens are.
I didnt buy STEEM just because i thought it would rise in price. I bought it because its one of the few tokens that you actively use.
Let me know what you think. Should we torch all of them?
I say yes. 😀
Ill see you around.