Switching to Altcoins? Can They Sustain Upward Trend?
When attended The Global Blockchain Conference of 2017 in Chengdu, I met some new faces who just stepped into the cryptocurrency world. The next thing I knew, I was besieged with a barrage of questions about investment in cryptocurrencies.
Is it a good idea to buy Bitshares?
Is Ripple a good investment?
Will bitcoin be surpassed by ETH?
So I wrote this short article to share some of my ideas with them.
Is Bitshares a good investment?
Honestly, I don’t know it either. I have some friends who started buying Bitshares at the price of 0.05 yuan, and they urged me to buy it when the price of per Bitshares rose to 0.5 yuan, but I never put a penny in. It’s not like I see it as a bad investment, the truth is that I think it has many technical advantages, but the advantages are not monopolistic. In other words, it could be replaced.
My philosophy is that if the market capital of Bitshares ranks top ten and remains so in three months, then I would start investing in it.
Is It a Good Idea to Buy Ripple?
I suggested people buying ripple at the price of 0.03 yuan. And I made a group with large ripple holders, including Li Xiaolai, a Chinese bitcoin multi-millionaire. At that time, Li really loved ripple. When be interviewed by the CCTV, he said that:
“If a coin was born to make the world better, then I believe it is a good investment.”
But things change and people change. In June 2013, Li registered bitcointalk with the same name of his ripple account, which caused him suffer a huge loss of 1 million ripples.(Read more at https://github.com/ripple/ripple-client/issues/860)
Li tried to take his account back, but Ripple didn’t give him any reply. And that’s how he changed his attitudes about ripple and claimed that it is bad.
Now the price for ripple seems to be on an upward trend. So just stick to your own judgement and don’t hesitate. It’s like when the price of bitcoin reached over 10,000 yuan, people asked me “is it too late to buy bitcoin now”, and then later bitcoin price reaches over 20,000 yuan.
Will Bitcoin Be surpassed by Altcoins?
Bitcoin is the only cryptocurrency that is truly technologically monopolistic. But if you ask me whether it would be surpassed by altcoins like Ethereum, I’d say it could be. Actually, bitcoin has already been surpassed in terms of price growth. But it’s nothing strange about this when the market is bullish. The real question is can these altcoins sustain upward trend? I don’t think so. Eth is likely to be replaced when EOS blockchain system is launched. Remember how Nokia is rapidly destroyed by iPhone?