It's scary how the cryptocurrency bubble is starting to resemble the dotcom bubble. During the dotcom bubble, there were many dumb dotcom companies that had no real business plans and no cashflow that were valuating in millions of dollars. These shitcoins are doing the same thing. The scary thing is that when the bubble bursts, these shitcoins are going to take the good coins down with it.
I’d content perhaps not - if anything, the sinking crap coins may lead to a reallocation of funds into the quality projects...
Yep, exactly. I've seen it happen time and time again. Projects die, satoshi gets reallocated elsewhere (growing other projects).
So called 'crypto currencies' that see less development than some Analytics websites for Steem. But still somehow are multi million dollar projects. Of course this can't go on forever.
I think Steem will survive though, even if crypto will get a bad name for a few years. I mean if tomorrow everything crashed, would everyone stop using Steemit? A lot maybe, but surely not everyone?
It does resemble the dotcom bubble, but regardless of the gold rush stupidity the Internet still stands strong. Cryptos will likely cause a serious financial storm at some point like you say, but they will remain. Finding the survivors during that time will be where people really get rich.