Topic: Are Too Many Coins Defeating The Idea Behind Cryptocurrencies!? (Read 194 times)

You are correct the speculation phase has worn itself out there is no more speculators willing to throw money into the market, the market needs progress and adoption to grow again. To many frauds and ICO's without any usable product or connection with the real world were pumped with PR. People started loosing their money and lost trust, but there are also many new cool projects with great teams, and actually many different coins with different purposes are good for the community, because we need pluralism in the community and diverse ways of adopting blockchain tech.

The huge number of altcoins with no real world application don't invalidate the small number that do. The very nature of open source software means that all actors (the good, the bad and the ugly) can and will get involved, I just hope that is doesn't become a tragedy of the commons.

Crypto is very new, but greed is timeless.

This is the right answer, the number of coins is not really the problem, the problem is that many of those coins are nothing more but an attempt to make money out of this market by the developers and most the time they have no intention of working on their coins at all, or they have the intention to work at the beginning and then they lose interest in the project and they let it crash.

The fact that there are coins are not the problem that is defeating the idea behind cryptocurrencies but more of that fact that people are now creating cryptocurrencies that they do not intend to keep working on, scam coins are what are defeating the idea of cryptocurrencies. Currencies that cannot be used to do anything useful are what are flooding the market right now.

No, this was bound to happen, you have a decentralized market in which everyone can create their own coin if they want, also you have the huge success of bitcoin and when you put together those two factors then you understand that it was impossible to stop this, but at the same time it's irrelevant, if you are only holding bitcoin then you don't care that there are thousands of coins even if those coins disappear you will not be affected by it.

Yeah they are defeating the idea behind cryptos and that's more reason more people need to be educated about cryptos so that these greedy coins been created for the purpose of making money will be defeated, when people learn how to invest in only good coins with use case then these worthless coins will disappear.

I agree that we have way to many coins out here.  I'm literally drowning in them.  Sadly 99% are worthless garbage.  Many pitfalls out here for all investors new and seasoned.  Its really gotten crazy this year. 

Most coins are utility tokens that allows the holder to access the platform or gain access to the service provided by the project and seeing many coins flourishing won't defeat the idea behind cryptocurrencies.

Here's a specific assessment pertaining crypto right now, in 2018.

95% of ICO's that i see, read about daily are all bullshit gimmicks, seeking to gain funding for worthless ideas. The fundamentals behind these ICO's is to incorporated 1 piece of technology (ethereum's blockchain in most cases), into an entire industry.

The barriers of entry are so low, and the necessary knowledge needed to create these ideas is on a high-school level, essentially anyone can do this, and any real world industry will incorporate these blockchain ideas where and when they see fit... invalidating 95% of the crypto market in a fraction of a second.

The top 30-50 crypto's paint the vision on what can be achieved, tweaking and adding new cases (as batang said) for fresh idea's on how to better this world, making it more efficient, accessible and cost effective.

My word of warning to everyone; any coin you see pertaining to ANY industry (transactions, health, insurance, legal, education), disregard all together, 99% of these coins have absolutely no future and are the definition of shitcoins. These ideas are not new, they've been attempted over and over again in the past 2-3 years, and ALL have failed.

Pay attention to the innovative blockchains, and platforms in which industries can be built ontop of. These are the real winners, and this is why most are already in the top 50 of cryptos.

There's not 1 coin in the top-30 crypto's (which represents at least 90-95% of the entire crypto market of apprx 250 billion atm) represents a real-world industry, and ask yourself, why is that the case?

95% of ICO's are pump and dump, get-quick-rich scams. If you don't have at least 10-50k to invest, and some real understanding who's running the ICO, do not waste your time with any ICO. Just invest in the coins that are already in existence and have a real-working infrastructure, because that investment will grow in the future when the top 30 crypto's enter a new era of prosperity.



Edit:

And btw, crypto has been like this for many years now, the amount of ICO's and greed is growing proportionally to the amount of mainstream adoption crypto has. The ratio of shit and scam coins to good coins has been roughly the same.

No, they are not defeating the idea of cryptocurrencies.

Those ICOs are a way to fund their project but it has been abused and a way for most to make money. They are totally worthless and useless because they aren't following their plan on their road maps. The real coins that has usecases will remain but those worhless will be gone suddenly.

I completely understand and see what your saying and in fact you may be 100% correct in your theory.  I think if the market is allowed to be free it will take care of itself in the end.  We just need to give it some time.  That's all.  We are very early into this. 

There are many coins in the market, thousands of them, and almost everyday new coin is coming out, so it is left for anyone to choose which coin they want to invest into, if anyone choose to invest into shitty coins, it's left for them because it is their money and they will do anything with it,

I think you already have your answer if you have to ask the question.  What one must ask is who buys these junks coins. It’s those bad actors that are fooling others into thinking that a project has merit or not.  They know what they are doing.  It’s a sad twisted game of manipulation. A fool and his money is soon departed.  Another good one for this space is don’t invest more than you can afford to lose. 

BR

Yes, they was created for just a purpose: collecting money. In my opinion, two applications of cryptocurrencies that are really useful so far, is money transfer and store asset.

This kind of influx and experimentation is bound to happen, and i dont think it is in any way defeating to the idea behind crypto, its just part of testing waters and growth.

Lately everyone is coming up with a coin, some call it "Tokenization". 90% of these coins are actually worthless without a used case, just in the space to trade against the useful ones so their creators can make money! Some of them have ridiculous supplies which by my assessment are defeating the idea behind cryptocurrencies, are they really defeating this idea?