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Get Ready For Most Cryptocurrencies to Hit Zero, Goldman Says (bloomberg.com)
An anonymous reader shares a report: The tumble in cryptocurrencies that erased nearly $500 billion of market value over the past month could get a lot worse, according to Goldman Sachs Group's global head of investment research. Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they're replaced by a small set of future competitors, Goldman's Steve Strongin said in a report dated Feb. 5. While he didn't posit a timeframe for losses in existing coins, he said recent price swings indicated a bubble and that the tendency for different tokens to move in lockstep wasn't rational for a "few-winners-take-most" market. "The high correlation between the different cryptocurrencies worries me," Strongin said. "Because of the lack of intrinsic value, the currencies that don't survive will most likely trade to zero."
When you see people without a ton of money eagerly running up debt to start buying an asset because they think it's going to double in value in a few months, your bubble is about to pop.
he said recent price swings indicated a bubble
wasn't rational for a "few-winners-take-most" market
At least with Beanie Babies you got some fluff to hold onto. With crypto you just get a bunch of numbers that don't even have stitches and cloth baking them.
Sounds like the problem is you aren't storing your bits in a cuddly medium. I think we can have it both ways by encoding the bits straight into the cloth and fluff. Gives new meaning to holding your crypto, plus has the benefit of cute cat video viral advertising. I expect 100 fluff coin as payment for unleashing this cuddly genius upon the world, and given the beanie baby craze should be enough to buy a nice island somewhere.