The market is becoming flooded with new Crypto, and all the new crypto will destroy the whole market,
People need to begin to consolidate some of the established currencies out there, or it will be no more then a bubble. People are dumping Bitcoin to buy ETH and Dumping ETH to buy other lower currencies.
I don't think that you fully grasp how to economy is shifting towards Blockchain technology. I kind of agree with what you are saying, but if you think the whole market will ever be destroyed, then you are either uninformed, a crypto noob, or delusional.
I dont think it will be completely destroyed, I think it is here today, I am more saying that .
Well lets say something like , I spend the next two years, working my Steem up and establishing a foundation value where I can now Begin a project I have been working toward, If at that time, there is a that negative effect cause a bubble burst to do serious damage to the value of currencies, They will bounce back, but over a longer time. could go on and on, but can you see a big financial bubble burst with the influx of so many currencies.
I am a crypto noob yes, and I ask to learn more, I believe it is here to stay why I am interested in trying to learn and gain some myself.
Very hard to say right now which currencies will be there when things balance out
I can agree with that and definitely understand your concern.
The biggest scandal to hit crypto so far was when 300 million plus was hacked in Bitcoin off of Mt. Gox and the price dropped from $800-$1000 to $120-$150. It only took a year and half or so to bounce back, but that was a different scenario.
I think there are a lot of coins that will tank, but all of the viable projects are here to stay. Knowing which ones are legitimate come with checking out their team, accomplishments, and some inner-instinct as well.
Steem is still extremely undervalued, but there could always be a better platform later that outperformed Steem. Think about Myspace to Facebook.
I don't think Steem is going anywhere considering the fact that it dominates Google rankings.
Some scams/ponzis can and will tarnish other coins, but there should be enough support for them to all bounce back quick at this point, in my opinion.
Thanks for the comment and let me know if there is anything I can help you out with regarding crypto/Blockchain!