Any cryptocurrency is worthless. Really. Its a fraud. Its backed with nothing.
Everybody can create this own cryptocurrency:
https://cryptonotestarter.org/inner.htmlIf Bitcoin, Monero or Karbo or whatever. The more cryptocurrencies exist the more less in value they will have. Same was true with tulips in 1637. In Holland it was just fancy to own a rare tulip - like bitcoin nowadays. But the more tulips there habe been the more it was evident: they do not have any big value. In those days the people sold house and farm to buy a rare tulip. And prices increased as there was still another buyer willing to pay more.
But its such a simple and ovious system. The last majority and laggards will pay the price and lose enormous amounts of money. The issuer and the early adopters (see Rogers adaption cycle) will cash in.
A cryptocurrency seems to be unique but its not unique. Every cryptocurrency is replacable.
Today I have somem tulips in my garden. They do not anymore cost the price of a whole house in the city of the Amsterdam in 1637. It was brandnew to have tulips in those days. Yes. As it is brandnew nowadays to have some Bitcoins or whatever in his wallet. But it makes no sense.
As long as the price rises you will not use it to pay. And if the prics will fall again and they will - then everybody will sell in panic. They wount even have the time and the nerves to look for a t-shirt or a basecap to sell their Karbons or whatever.
Just like the greed drives the people to buy this crap. (and who does not want to get rich with no work? I could understand this)
The FEAR one day will drive the people so sell for any price they can get.
I am getting conform with Jamie Dimon, CEO of JP Morgan Chase: "Bitcoin is a fraud."
And what is true for bitcoin, is true for any other cryptocurrency.
I will now make my own cryptocorrency - its so easy as plating some tulips.
https://cryptonotestarter.org/inner.htmlThe blockchain is a concept that is absolutely stunning. And yes, you can make a cryptocurrency out of it, but Bitcoin is the Napster of the Millennials or the Netscape Navigator (Browser) of the 90s or or or ... I am waiting for the Google of cryptocurrencies. This currency has not been created yet.
The blockchain is like the globalization that took part in the 17th century with buying tulips, bananas, potatoes and pepper. The Bitcoin ist just a tulip. The Karbo ist just a copy of a copy or low cost tulip. The blockchain is worth a Nobel prize. The applications first have to be invented.
Karbo is a nice gamble. You will realize it when the price will tend to 0 again. As every cryptocurrency will tend to 0 again.
Keep care not to belong to the laggards and late majority.
Enjoy the time while you feel to be rich. This time will never come back again. Later you will cry. I give you my word. A gambler will always stay a gambler until he has nothing to gamble anymore.
I know what I am talking about. I have seen several manias. In the meantime its entertaining just to watch. Its so relaxing. The whole speculation is not worth the high price you are paying for it and I do not mean money with it.