I wrote about this in the article below, where I discuss the folly of investing in altcoins as a money. There was only the gold standard up till 1971, there was never a silver or copper standard.

But many altcoins have utility for a specific market or project and yes many do useful things, my issue has always been speculative investment in them for purely monetary gain.

But then if you think about it, altcoins could be compared to company stocks. Many people buy Telsa shares purely for the monetary gain without caring what the company is doing. Many also buy Telsa shares because they believe in the company and are passionate about its success. There are thousands of companies and everybody has a different view as to which company will succeed and the reasons for this.

I am then drawn to the example of (Micro)Strategy they used to be a public company that provided computer services, you could buy and trade their shares on the stock market. Saylor turned them into a Bitcoin Reserve company and now they are far more valuable, but the company itself does nothing. It has creditors and shareholders, but no customers. It used to have customers and shareholders and a few creditors.

I worry about companies copying (Micro)Strategy's success and moving away from doing useful things for society or their customers and doing nothing but hold Bitcoin.

I digress, but yes, some altcoins have validity and utility, identifying which is the difficulty, we are effectively in the wild west of "crypto" for the moment, which is why some think the 2000 dot com crash might repeat with crypto in the near future.

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