Stay away from these cryptocurrencies.

By MadMaxx | Psycho Crypto | 28 Jan 2020


Whenever I check out the crypto section of this website, I see cryptocurrencies we are told are g way to invest in for capital gains and cash flow.

It's great that people take time to write these posts, but I believe it is important for readers to also know which cryptocurrencies to stay away from.

There aren't a lot of terrible crypto projects though, so this post will only contain two cryptocurrencies I feel you should stay away from.

I will give my reasons for saying you should stay away from them.

I understand that one of the cryptocurrencies I list in this post will spark controversy. Please be kind in the comments.

With all my personal rantings aside, let's get started!

1. Verge (XVG)

Verge was praised a few years ago as the one crypto coin that will bridge the gap between the crypto industry and online businesses. However that belief has been removed, as the coin has experienced massive losses since mid-2019. 

Chances are, you've probably never even heard about this coin.

Verge was actually once a big player and even got to sign a deal with Porn hub, a major player in the adult entertainment space. 

Many investors believed that after Pornhub would come better deals, such as with Facebook or Walmart.

Well, it turned out that signing a deal with a porn company isn't the best idea, especially if that's your first signing.

Its rank on Coinmarketcap has decreased exponentially , and many believe that, coupled with the dwindling support, this coin may never reach the $1 mark.

2. Doge Coin

Every one knows dogecoin. It started off as a joke, but somehow defied all odds to still be in existence up until today.

Dogecoin however doesn't have a controversial past or anything like that. The coin is on this list because it keeps on losing value, despite its popularity.

Why is it losing value, you ask?

Because you can mine an infinite number of it. Having so much dogecoin means that there is excess supply without a corresponding increase in demand. This leads to the price getting lower and lower, as there are billions of dogecoin being minted every year. These new coins however are not needed, and that coupled with the lack of any new development whatsoever make this coin a total bust.

That's my list! Do you know any other cryptocurrencies that you should avoid? Let me know down below!

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MadMaxx
MadMaxx

In the eternal quest for crypto fulfilment. I'm an obese frog on the internet, what I say most definitely isn't financial advice.


Psycho Crypto
Psycho Crypto

Fun experiments with crypto!

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