There are thousands of cryptocurrencies nowadays. Coingecko.com tracks more than 10,100 different coins and Messari provides data on nearly 22,500 digital currencies. Anybody can launch a new crypto, either based on fresh research or by forking an existing project. The Fool made fun of the low barriers to entry way back in 2014.

However, the vast majority of these coins should not be seen as true investments. Only a small handful of cryptocurrencies can be expected to hold or gain value over time. A larger group would like to make a dent in the crypto market but are speculative ideas at best. I wish them luck but staying on the sidelines until further notice.

And then there's the massive, teeming horde of silly cryptos I wouldn't touch with a ten-foot rubber chicken. Some cryptocurrencies can be playful experiments, while others take on a more serious approach. However, amid the vast landscape, there are also those who seem more interested in quick profits than genuine innovation. These rudderless projects can be downright dangerous places to invest your hard-earned cash.

Continue reading

Source Fool.com