Most Crypto Currencies are Worthless - Miyagi Mornings Episode-109

Note - In this video, I used the term BetaMax when I actually was talking about "The LaserDisc" in any event the same analogy works with either BetaMax or LaserDisc, both were better tech then VHS and both lost.

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Here 6 Questions I Ask about Any Crypto I Evaluate…

1. What is the utility of the coin/token?
2. What does it do that an alternative doesn’t already do?
3. Is there added utility of the project’s blockchain itself?
4. What is the team like behind it, dev/marketing/etc.?
5. What is the supply control like? Halving, total units, etc.?
6. Will anyone really care in the long run about this crypto?

Recently the Chair of the St. Louis Federal Reserve Bank made the following claim…

“Most cryptocurrencies are worthless” ( source link to full article here https://bit.ly/34oZSBY )

It may surprise some of you when I say he isn’t wrong. Most of any one thing would simply be defined as 51% of the total or more. Any majority no mater how slim is most, as in more than the other side of the issue. If we ask 10 people their opinion on is crunchy peanut butter or creamy peanut butter better, if 6 of them say creamy, we can say of that group, “most” prefer creamy.

When it comes to crypto the percentage that are “worthless” in the long run anyway is certainly. But there is far bigger news. People like this man have been claiming all crypto was worthless since bitcoin even began and have contributed the majority of backing into the very fun to read at this point “Bitcoin Obituaries” over the past 11 years.

Yet in the last few years, all has become most? Hmm, isn’t that interesting. Our friend in this article has now acknowledged the utility and longevity of things like bitcoin and ethereum. Well welcome to 2015 guys!

The real question we should be asking in the crypto space and should have been asking the entire time is how do we determine which crypto projects are not worthless and of those, which will succeed. Consider that Betamax was not “useless” and was in fact better technology back what it was competing with VHS and yet, it was a total failure.