Hello dear fellows,
I'm an economist and I just want to give you a head up to sell all your coins before they get worthless.
Including Bitcoins.
Today there are over 750 cryptocoins in existence.
Because literally anyone, any team of people can design and create their own coins. Very easily with all the open source codes available.
So, if anyone can create any amount of their own coins.
Guess what the value of that coin will be on the market?
0.
It's value is zero.
It's literally worth less than water or the air you're breathing.
Once people start to realize this, that the coins have no realistic valuation, each and every single one of every coin will be worth NADA. 0. ZERO. NOTHING.
Enjoy the ride while it last, and get out fast.
Regards
Okay, there are a few problems I can see here. #1 is that fiat is also quite worthless, it is definitely not backed up by gold anymore and it is printed in expectation that in the future it will obtain the price, because people will use it. Cryptocurrencies are even more like that. Their 'real' price might be calculated by counting the sums of money spent on electricity to mine the coins (if we deal with Pow), to store coins (PoS) or to run some code which regularly throws some amount into circulating supply. However, it doesn't really work like it, for we can see that coins are actually worth more and if they weren't, they wouldn't exist, for nobody would've mined/stored/produced them without profit. Demand and offer system owrks with cryptos perfectly and allows us to say they do have a price.
I agree with you on some points, though. For instance, I also think it is possible that people will realize there is no real value under these currencies and they will become worthless. But for that the world needs something like World War 3 when nothing except food and shelter will have price.