{"id":428763,"date":"2020-06-28T01:28:10","date_gmt":"2020-06-28T01:28:10","guid":{"rendered":"https:\/\/wncen.com\/?p=428763"},"modified":"2020-07-01T14:00:42","modified_gmt":"2020-07-01T14:00:42","slug":"prominent-vc-99-crypto-projects-garbage","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/prominent-vc-99-crypto-projects-garbage\/","title":{"rendered":"Uber &amp; Robinhood Angel Investor: 99% of Crypto Projects Are Garbage"},"content":{"rendered":"<p>In 2017 and 2018, thousands of entrepreneurs were attempting to launch their own crypto project to capitalize on the bubble-like conditions. Due to the mania, there are now over 5,000 digital assets listed on <a href=\"https:\/\/coinmarketcap.com\/\" rel=\"nofollow\">CoinMarketCap<\/a> \u2014 and there are likely thousands of others that failed to make the cut.<\/p>\n<p>Unsurprisingly, not everyone is convinced that all players in such a saturated market have value. One prominent venture capitalist, in fact, went as far as to say that 99% of crypto projects are simply &#8220;garbage.&#8221;<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2020\/06\/26\/defi-effect-scaling-debate-ethereum-fees\/\">DeFi Effect: Scaling Debate Begins as Ethereum Fees Reach Two-Year Highs<\/a><\/h6>\n<h2><strong>Most Crypto Projects Are &#8220;Garbage&#8221;\u00a0<\/strong><\/h2>\n<p>Jason Calacanis is a prominent entrepreneur, author, and angel investor. If you&#8217;ve heard of him, it&#8217;s likely because of his angel investments in Robinhood, Uber, and Trello.<\/p>\n<p>He&#8217;s also interested in the crypto space.<\/p>\n<p>In 2019, he was bearish, postulating that Bitcoin <a href=\"https:\/\/wncen.com\/2019\/05\/28\/uber-angel-investor-predicts-bitcoin-price-will-fall-to-500\/\">could fall to $500.<\/a> Yet, the investor has recently begun to change his mind, <a href=\"https:\/\/twitter.com\/APompliano\/status\/95317762\" rel=\"nofollow\">telling<\/a> Morgan Creek&#8217;s Anthony Pompliano that he&#8217;s warming up to BTC.<\/p>\n<p>Calacanis&#8217; thoughts on altcoins, however, have not changed. In a tweet published June 27th, he wrote:<\/p>\n<blockquote><p>&#8220;Historically, 99% of crypto projects are garbage run by unqualified idiots, delusional but below average founders or grifters&#8230; the 1% that are not, could change the world. I\u2019m waiting for that 1% to deliver their product so I can talk to their customers.&#8221;<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Historically, 99% of crypto projects are garbage run by unqualified idiots, delusional but below average founders or grifters&#8230; the 1% that are not, could change the world. <\/p>\n<p>I\u2019m waiting for that 1% to deliver their product so I can talk to their customers. <\/p>\n<p>you got customers?<\/p>\n<p>&mdash; @jason (@Jason) <a href=\"https:\/\/twitter.com\/Jason\/status\/77816321?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 27, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This is a sentiment that has been echoed by Kevin Rose. Rose is a co-founder of Digg and a general partner of True Ventures.<\/p>\n<p>On altcoins, he <a href=\"https:\/\/techcrunch.com\/2020\/05\/15\/kevin-rose-on-whats-next\/\" rel=\"nofollow\">told<\/a> TechCrunch in a recent interview:<\/p>\n<blockquote><p>\u201cThe problem is that 99% of the projects out there and a lot of the people who are behind them are just in this for the pure financial gain. And there\u2019s a lot of garbage out there. And that\u2019s unfortunate because it really drags down the high-quality projects, and it muddies the space quite a bit.\u201d<\/p><\/blockquote>\n<p>A similar thought has been echoed by stock trader and analyst Steve Burns, who said that \u201c99.9% of altcoins are going to $0 [\u2026 over a] buy and hold timeframe.&#8221;<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2020\/06\/27\/crypto-tidbits-bitcoin-9k-grayscale-ethereum-paypal\/\">Crypto Tidbits: Bitcoin At $9k, Grayscale Ethereum Trust, Cryptocurrency &amp; PayPal<\/a><\/h6>\n<h2><strong>They&#8217;re Rallying Anyway<\/strong><\/h2>\n<p>While altcoins may be fundamentally worthless, they have rallied over recent months anyway. Many, in fact, have actually outperformed Bitcoin.<\/p>\n<p>A data analyst in the space shared the chart below earlier this month. It shows the price performance of Bitcoin since the start of the year in relation to that of altcoins.<\/p>\n<p>As of the chart&#8217;s publishing on June 7th:<\/p>\n<ul>\n<li>Bitcoin was up 33% since the start of the year.<\/li>\n<li>FTX\u2019s small-cap altcoin index is up 80% since the start of the year<\/li>\n<li>FTX\u2019s mid-cap altcoin index is up 60% since the start of the year.<\/li>\n<li>FTX\u2019s large-cap altcoin index is up 38% since the start of the year.<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/pbs.twimg.com\/media\/EZ7W3WMXYAEAAC8?format=jpg&amp;name=small\" alt=\"Image\" loading=\"lazy\"><\/p>\n<pre>Bitcoin vs. low cap, mid cap, and large cap altcoins chart shared by cryptocurrency trader Ceteris Paribus (@Ceterispar1bus on Twitter). Chart from <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<pre>Featured Image from Shutterstock\r\nProminent VC Says 99% of Crypto Projects Are \"Garbage\"<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>In 2017 and 2018, thousands of entrepreneurs were attempting to launch their own crypto project to capitalize on the bubble-like conditions. Due to the mania, there are now over 5,000 digital assets listed on CoinMarketCap \u2014 and there are likely thousands of others that failed to make the cut. Unsurprisingly, not everyone is convinced that all players in such a saturated market have value. One prominent venture capitalist, in fact, went as far as to say that 99% of crypto projects are simply &#8220;garbage.&#8221; Related Reading: DeFi Effect: Scaling Debate Begins as Ethereum Fees Reach Two-Year Highs Most Crypto Projects Are &#8220;Garbage&#8221;\u00a0 Jason Calacanis is a prominent entrepreneur, author, and angel investor. If you&#8217;ve heard of him, it&#8217;s likely because of his angel investments in Robinhood, Uber, and Trello. He&#8217;s also interested in the crypto space. In 2019, he was bearish, postulating that Bitcoin could fall to $500. Yet, the investor has recently begun to change his mind, telling Morgan Creek&#8217;s Anthony Pompliano that he&#8217;s warming up to BTC. Calacanis&#8217; thoughts on altcoins, however, have not changed. In a tweet published June 27th, he wrote: &#8220;Historically, 99% of crypto projects are garbage run by unqualified idiots, delusional but below average founders or grifters&#8230; the 1% that are not, could change the world. I\u2019m waiting for that 1% to deliver their product so I can talk to their customers.&#8221; Historically, 99% of crypto projects are garbage run by unqualified idiots, delusional but below average founders or grifters&#8230; the 1% that are not, could change the world. I\u2019m waiting for that 1% to deliver their product so I can talk to their customers. you got customers? &mdash; @jason (@Jason) June 27, 2020 This is a sentiment that has been echoed by Kevin Rose. Rose is a co-founder of Digg and a general partner of True Ventures. On altcoins, he told TechCrunch in a recent interview: \u201cThe problem is that 99% of the projects out there and a lot of the people who are behind them are just in this for the pure financial gain. And there\u2019s a lot of garbage out there. And that\u2019s unfortunate because it really drags down the high-quality projects, and it muddies the space quite a bit.\u201d A similar thought has been echoed by stock trader and analyst Steve Burns, who said that \u201c99.9% of altcoins are going to $0 [\u2026 over a] buy and hold timeframe.&#8221; Related Reading: Crypto Tidbits: Bitcoin At $9k, Grayscale Ethereum Trust, Cryptocurrency &amp; PayPal They&#8217;re Rallying Anyway While altcoins may be fundamentally worthless, they have rallied over recent months anyway. Many, in fact, have actually outperformed Bitcoin. A data analyst in the space shared the chart below earlier this month. It shows the price performance of Bitcoin since the start of the year in relation to that of altcoins. As of the chart&#8217;s publishing on June 7th: Bitcoin was up 33% since the start of the year. FTX\u2019s small-cap altcoin index is up 80% since the start of the year FTX\u2019s mid-cap altcoin index is up 60% since the start of the year. FTX\u2019s large-cap altcoin index is up 38% since the start of the year. Bitcoin vs. low cap, mid cap, and large cap altcoins chart shared by cryptocurrency trader Ceteris Paribus (@Ceterispar1bus on Twitter). Chart from TradingView.com Featured Image from Shutterstock Prominent VC Says 99% of Crypto Projects Are &#8220;Garbage&#8221;<\/p>\n","protected":false},"author":497,"featured_media":414795,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79568,3],"tags":[134,6664,79555,4266],"class_list":["post-428763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company","category-news","tag-altcoin","tag-crypto","tag-jason-calacanis","tag-uber"],"acf":[],"yoast_head":"\n<title>Uber &amp; Robinhood Angel Investor: 99% of Crypto Projects Are Garbage<\/title>\n<meta name=\"description\" content=\"In 2017 and 2018, thousands of entrepreneurs were attempting to launch their own crypto project to capitalize on the bubble-like conditions. 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