A recent Forbes exposé revealed that cryptocurrencies such as Ripple(XRP), Cardano(ADA) and Fantom (FTM(also known as zombie tokens) are a class of assets that command valuations in the billions, despite their minimal utility.
The blockchains that are referred to as “good for nothing” trade primarily on speculation, rather than demand. They resemble a bubble in speculative markets, rather than technology driven markets.
Forbes: Ripple, Cardano and Fantom are worthless.
Even though RippleIt has failed in its ambitions to compete directly with SWIFT and revolutionize the banking transfer industry. It continues to run, and last year it processed $583,000 worth of transaction fees, which is a tiny amount compared with its market value of $36 billion.
It’s a brand new world ReportageForbes says that this difference is due to the fact that it’s speculative and not based on its actual utility.
Cardano You can also find out more about the following: Fantom Telling a similar story is not uncommon. Their real-world application is lagging, despite their high valuations ($23 billion) and the significant amounts of money they have locked up in Treasury.
The company has not been able to achieve its ambitious development plans and engagements with the public. Charles HoskinsonCardano is still in the pilot stage. Fantom is also riding the wave of speculation, but with a minimal amount of transactional activity.
It’s similar to early-stage venture funds, or companies who raise too much capital and do not know how they can use it effectively. Matt Hougan said that there was no way of returning the money to investors.
Forbes has classified over 20 cryptos as zombies because they lack a substantial user base or have no functional applications other than trading platforms. The situation highlights an issue that is a part of the broader cryptocurrency market. This substantial capital has been invested in questionable projects. Futures are a good way to invest. The utility of the Internet.
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![Forbes List of Good for Nothing Bitcoins](https://beincrypto.com/wp-content/uploads/2024/04/image-152-647x850.png)
Investors and users should be cautious in this scenario, because the success and longevity of these platforms are heavily dependent on the market sentiment and not their fundamental value.
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