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From time to time, I get a boring project from my InvestorPlace editors. This is how I was asked to write about Ankr (CCC: ANKR-USD), the 100th largest cryptocurrency across market capitalization as CoinMarketCap. com.
It is possible that this rating has been replaced by the time you read this. The 12-month ANKR-USD value diversity in token levels from a low of 0. 3 cents to a high of 22. 5 cents. At 06:12 UTC today, the value is 7. 72 cents. , giving it a market cap of $540. 1 billion, according to CoinMarketCap.
But with all those others ranked above Ankr, I have 99 reasons why investors, especially those just starting out to invest in cryptocurrencies, stay away.
Here’s why.
Song sought to “push the barriers of blockchain,” expanding the uses of the generation beyond how it was used at the time. I believed ankr’s long-term use case was to provide affordable cloud computing on a decentralized platform.
At least, that’s what I think I was looking for. This is because it explains in more detail what any newbie deserves in the face of a nonsense blur.
“Ankr has a useful proof of work, and we have designed a task dispatcher in addition to the consensus mechanism, so that the miner himself is in a position for the company, rather than having a smart contract that limits the functionality of the entire network,” Song wrote in his 2018 article.
Please.
It’s time for the cryptocurrency industry to figure out how to sell its products and please people in general.
Would Elon Musk have sold as many electric cars as he did by throwing gibberish in front of the wall in the hope that something would stick?
No, it made the sale poignant: saving the world through laughter by doing so. Now, I exaggerate to make my point: the average user has no idea what they get with their Ankr.
Nothing.
As I said earlier, in the hundred range in the CoinMarketCap chart, there are 99 cryptocurrencies ahead of Ankr. The chances of one of those 99 giving a more risk-adjusted return in the long run than Ankr are huge.
The same can be said for the Nasdaq hundred index, you can bet on Fox (NASDAQ: FOX), which is in the last weighting position, or you can bet on Apple (NASDAQ: AAPL) or Tesla (NASDAQ: TSLA). I would put my cash into the latter regardless of Fox’s supposed potential.
InvestorPlace’s Thomas Niel recently informed investors that they added Ankr to a basket of other long-term cryptocurrencies. List a few if you are interested.
However, it is Niel’s explanation of what is going on with Ankr that makes me refer to his recent article.
Niel suggests that if you’re going to gather a basket of cryptocurrencies, you’re adding the ones that provide utility, which Ankr maximum does.
That is an argument I can support. But, unfortunately, there is no exchange-traded fund to facilitate it.
InvestorPlace contributor Mark Hake recently spoke about Bounce, Ankr’s own DeFi platform. I clicked on the Bounce page and, like many cryptocurrency-like things, it turns out there’s a lot more sizzle than steak at this point.
It might make sense to take the hundred most sensible cryptocurrencies across the market boundary and rank them on a scale from 1 to 100 for their usefulness. At this point, Ankr would arguably be a much more exciting long-term buy.
Do I miss primary? maybe.
But from where I sit, there will have to be a greater acquisition from a utilitarian point of view in one of the 99 cryptocurrencies with a market capitalization higher than Ankr.
Common sense says so.
At the time of publication, Will Ashworth had (directly or indirectly) no position on the values discussed in this article. The perspectives expressed in this article are those of the author, the subject of investorplace’s publication Guidelines. com.
The message Regardless of what my colleagues say, I have 99 reasons why Ankr made the first impression on InvestorPlace.