Blockchain technology (with its cryptocurrencies ) is a blessing to the common people due to ability to earn good profits with little or sometimes no investment (steemit for example). However, crypto space is also fraught with scam / shit coins everywhere especially those new coins/tokens with no visible team , ponzi nature and no contact information’s. Therefore, is it not a good time to have some correction in the crypto space in order for the scams to die off (at least some of them) and then the real project bounce back? Here are some few points:
Fewer real projects: the supernormal profits that can be made in cryptos have led to flooding especially from projects that are not related to blockchain technology. Therefore, people should open their eyes and ask the hard question: does this project need to be in the crypto space? Will the project add value to blockchain technology both in its use and at least solve a problem in the space? What are the qualifications of the team members? Can they be reached? Can their profile be seen / verified at least on Linkedin? (plus many more). In fact many projects in crypto space termed Ponzi scheme does not pass these simple test and should be dumped in order to make room for real projects that will add value to humanity.
Correction is not bad: The stock market lost about 1.5 Trillion dollars yesterday. I wonder why fuders in the crypto space are making noise due to this current correction. Note that the current price of most coins/tokens is still very high compared to last year. Bitcoin, for example, was 1K+ ,steem was below 1USD –therefore why the panic? Let us rather see this as an opportunity to dump shit coins and go for great projects like steem , elyte.io , eos, bitshares (and many other top projects).
Do you agree that we need some correction? Send in your comments, feel free to resteem and upvote in order to send in your support.
See my former post: Why the Broke and Rich need Steemit and Other Cryptocurrencies (Bitshares, EOS, Elyte.io )
A Crypto Advert
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Elyte website: https://www.elyte.biz/
Telegram : https://t.me/joinchat/E6tXj0dThqzzjVlWJRuxLw
Facebook: https://www.facebook.com/EthereumLyte
Twitter: https://twitter.com/EthereumLyte
Linkedin : https://www.linkedin.com/company/ethereum-lyte-elyte/
Bitcoin Talk page : https://bitcointalk.org/index.php?topic=2618851.new#new
Reddit : https://www.reddit.com/r/EthereumLyte_ELYTE/
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