Cryptos Are Similar to the Dotcom Bubble – But Why is that Positive?

It has been discussed in the last years whether cryptocurrencies and crypto startups are like the dotcom bubble back in the 90s. And this is a very valid relationship that allow us to think how can we prepare for the future.

Join in the fun and play on the world’s First Hybrid on-line Casino with BTC and Fiat currency payments. Check on-line for latest promotions.

Are Cryptos Like the Dotcom Bubble?

According to the CEO of eToro, Yoni Assia, over 95% of the startups that people is funding right now, will not exist anymore. At the moment, eToro is supporting a wide range of virtual currencies, including Bitcoin, Ethereum and EOS.

But similar comments have been made by Joseph Lubin, co-founder of Ethereum. He compared the cryptocurrency boom to the dotcom bubble.

During a press conference at MoneyConf hosted in Dublin he said:

“If you look at the dotcom boom and bust, there were so many of the same issues back then. SO much money invested, lots of money lost, lots of failing projects.”

And the list of figures commenting about different virtual currency projects in this way is not over. Dominik Schiener, creator of the IOTA cryptocurrency, said that in the future, less than 10 of the more than 1,600 cryptocurrencies in the market will survive.

It is important to mention that the projects that will be able to survive, will be giving to the world an important value that before was inexistent. During the process an important number of projects will not be able to keep growing and working. But this is part of a wider process of creation that will see a few projects succeed and change the world as we know it today.

Assia commented about the possibility that several projects have nowadays:

“You have something that you’ve never had before, not even in the dotcom bubble: if you have a genius idea now and you put a whitepaper on it and suddenly you have 100,000 millionaires reading it and saying ‘hmm, that’s a really good idea.’ If 1,000 put in $10,000 – which is not a lot of money for those 100,000 – you just raised $10 million for your ICO. That scale has never happened before.”

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Author:  Carlos Terenzi
Image Credit

Published by

Simon Price

Simon has been active in the cryptosphere for over 7 years and is passionate about new technology. When he's not blogging and trading he can be found catching the surf on his local beach.