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Charles Hoskinson: 90% of Altcoins will not survive, but Bitcoin is sustainable

CEO of IOHK and a known cryptocurrency entrepreneur Charles Hoskinson, who actively supports Ethereum Classic, predicts that as much as 90% of Altcoin will probably die out in the near future.

ʺThere is no reason to believe that coins are any different as 90% of businesses usually fail in the first few years,ʺ Hoskinson said.

The entrepreneur is convinced that an intrinsic value of Bitcoin is primary, but not its price. Therefore, before investing in an asset, it must be carefully examined.

For instance, newcomers to the cryptocurrency world want to participate in so-called pumps and dumps in order to earn on sharp price movements. If the circumstances are favorable and if the necessary information is available, some are able to do so. However, the overwhelming majority of these participants end up in the category of so-called “bagholders”, that is, they remain alone with a huge amount of useless coins (pseudocoins).

Case in point is CageCoin, that demonstrated a sudden growth (about 31000 percentage point) on February 4 this year, but then fell miserably and affected those who wished to ‘catch the last train out of town’.

 

At the moment, Swisscoin is being pumped, which price has risen by more than 13000% and it has already Ripple in capitalization.

Bitcoin will not die

As for Bitcoin, Charles Hoskinson considers it to be the most viable and sustainable cryptocurrency.

ʺBitcoin has the largest number of followers among all cryptocurrencies. It's absolutely stunning that it has survived over a billion dollars of theft and dozens of death declarations,ʺ Hoskinson said.

In addition, the entrepreneur is convinced that people, who accept it as a payment for goods and services, make cryptocurrency really strong. Hoskinson mentioned Ukraine as a good example where Bitcoin is becoming increasingly popular because of the large number of services and shops that accept if as a payment.

Source: forklog.com

  • February 20, 2017 5:47 PM MSK
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