About 99% of Crypto Projects are Garbage and Run by Unqualified Idiots

There are thousands of crypto projects in the world. Listed on CoinMarket cap only are 5,000 of them. It is therefore not a surprise to know that most of these will fall to zero sometime. But how many?

A top angel investor believes that it is 99% of them. So, if we are only looking at the coins listed on CoinMarket, only 50 coins are worth investing in and will be worth anything in the future. This gives investors a major task when looking for projects to back in the long term.

Read: Issuer of “new and improved version of bitcoin” Charged by SEC

Jason Calacanis who was one of the earliest Uber investors has warned investors that 99% of crypto projects are garbage, he further adds that they are run by unqualified idiots and delusional but below average founders or grifters. This has hit the community hard since though critical at one time or the other, anyone who has been in the space long enough has come across such projects and or founders.

Read: Last Two Times This Happened Bitcoin Crashed 75%

With time, these projects will crash. Possibly, they will gradually slip out of favor, ut of sight, and finally reaches the value of zero. This could see many investors lose a lot of money.

What Of The 1% of Crypto Projects?

Well, the good news for those who will get it right is that Calacanis believes the 1% will change the world. Just like Bitcoin, which is clearly in the top 1%, they will turn the world on its head.

With a 1% chance out of 100%, it looks like a gamble. It will not be easy to identify good projects. But it can be easy. Cracks start forming early. Any project that is not working to regularly improve their protocol, establish new partnerships, grow new value, and use case for the project and coin and not working to grow adoption is destined for failure.

Every investor after making long term commitment to a project should keep an eye on the working of the team and make sure the network and project remain healthy.

Read: XRP Is Hugely Undervalued and Whales are Taking Advantage

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Author: Christine Ann

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