I do get, that a lot of people entered the market to be millionaire in a fortnight like say CryptoNick or Trevon James (Yeah, these people have damaged the credibility of the millennials who invest in Crypto), but to be so salty as to call the entire space an outright scam is actually Self Denial. DYOR is the most "stated" and least "used" term in cryptocurrency. Rightfully, with just a bit of common sense, people wont even spend a penny on bitconnect.
I do agree that >1000 projects wont even come to fruition. But apart from a few, if we look at the top 50, well, I can say, atleast 20 of them are pretty massive projects. In an entirely new ecosystem, thats developing, even if we end up getting 10 projects that serve the world some good, would that not be awesome?
The Bears are ruling the market, but they wont rule forever. The boom continued from November to say, mid January, and it seemed never ending. This too will end.
Here I would try to lay down some of my opinions for all the doubts and FUD that media propagate:
NOT BACKED : Fiat, you will find is essentially backed by IMFs Currency Basket. The Currency Basket in itself is backed by Fiat. Thus, ultimately it pegs the whole concept of Fiat down to single entity, Trust. USD has major stronghold on the basket. This ultimately leads to a situation wherein the Currencies of other countries too, are to an extent pegged to USD, which we know is prone to whims of the FED.
Bitcoins underlying value is in the used Protocol. Bitcoin as such is just a protocol, using a distributed, decentralized ledger and a POW based consensus mechanism for its existence. Same for ethereum, the ether protocol. While people might argue, whats the REAL asset underlying , remember its the same logic used by Brick and Mortar shops against Amazon.
NOT GREEN : Lets calculate the entire energy spent by the Banking corporations, plus the energy consumption for Fiat printing, and the energy consumption for maintaining the security , and add to that the devaluation impact of fiat, and devise a parameter. Now lets compute the entire energy required for maintaining the Cryptosphere, and subtract the deflationary impact of a fixed total supply. I think Green Bankers will wet their pants in fear if such a study is conducted.
If you hate POW, Crypto communities are working their ass out for POS, which if proven secure like POW, will end this debate forever.
High Transaction Fees and Lack of scalability : This is a problem. To have utmost decentralization, low transaction fees, and high scalability all at the same time seems impossible. An optimum solution will be there. Probably we will have to do away some decentralization and security for purpose of efficiency. We are already seeing solutions like Nano, Cardano, Lightning Network. Its interesting to find out where we end.
Terrorism : Bitcoin is used for Drugs and Terror Funding. Internet is used for Porn. Sound synonymous? You decide.
Lack of faith in the technology : When i see most of the cryptocurrency subs, its all about "when will we break even" Or "Am selling all this since its going to zero". Try speaking logic, they will spew Venom. As if buying Bitcoin at 20k dollars and keeping it in Bitconnect was the collective fault of the crypto community. Although am just over 7-8 months in this market, i can tell the only secret to make some money here, is your Conviction. Read the whitepaper, check the team, think about it, rate it. If you cant rate it DONT invest in it. Just like I dont keep Monero, simply because i fear regulatory crackdown might come hard on it. I might be completely wrong. But then, as long as you dont have the Conviction, you will end up losing. Always, yes always, dollar cost average while buying, and take profits, if you have doubled or tripled. Set the goalposts, and dont keep on changing them. Never buy all at a time. Never sell all at a time.