Topic: Do we have too many alt coins? - page 5. (Read 5993 times)
Many alt-coins exist, but the alt-coin boom brought in a lot of junk coins that don't really have any really purpose. There are still some great coins being released every now and again adding value such as P2P marketplaces, built-in wallet trading platforms via APIs, and some integrate ZeroCoin for added anonymity. I once heard someone explain it as "alt-coins are the testing grounds for new features." Even if the coin really sucks, it could have a few nice features that favored coins may some day implement.
The US had multiple currencies when we were a collection of colonies. Europe had multiple currencies before the EU was formed. If we're thinking of multiple crypto coins as currency, medium of exchange, I think it's fine to have multiple versions and then as the ecosystem matures some or many of those currencies will be abandoned. If you're thinking of these currencies like stocks, where some will appreciate in value, i think that's a dangerous way to think about it. Maybe you can make some money on speculation but that's clearly not the ideal purpose for their creation.
Yes, and 99% of them unnecessary 
Well, you almost reduced me to silence with your post.
I have to admit, as you correctly noticed, I am quite ignorant about how cryptocurrencies works and what I wrote is my "ignorant" opinion.
I should have written "me" instead of "we" because I could do well without all the cryptocurrencies I still don't understand (and they are lots
. )
My bad.
I have to admit, as you correctly noticed, I am quite ignorant about how cryptocurrencies works and what I wrote is my "ignorant" opinion.
I should have written "me" instead of "we" because I could do well without all the cryptocurrencies I still don't understand (and they are lots
. )My bad.
A day not punched in the face (intellectually) is a day not lived
Well, you almost reduced me to silence with your post.
I have to admit, as you correctly noticed, I am quite ignorant about how cryptocurrencies works and what I wrote is my "ignorant" opinion.
I should have written "me" instead of "we" because I could do well without all the cryptocurrencies I still don't understand (and they are lots. )
My bad.
I have to admit, as you correctly noticed, I am quite ignorant about how cryptocurrencies works and what I wrote is my "ignorant" opinion.
I should have written "me" instead of "we" because I could do well without all the cryptocurrencies I still don't understand (and they are lots
. )My bad.
But we could do well also without many other coins
But yet, many Altcoins are still there. So "we" in your post is actually "you".
"We" ... have been given the tool to exchange and store wealth without meddling, a tool in abundance now instead of fixed and centralized and "you" more or less state that "we" have too many of this free tool?
There is only one appropriate quote for this, slightly enhanced:
Quote
"It is no crime to be ignorant of economics of cryptocurrency, which is, after all, a specialized discipline technology and one that most people consider to be a 'dismal science.' 'magical internet money.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects of cryptocurrency while remaining in this state of ignorance."
You have been liberated but want to be shackled again
The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.
Completely agree with you on this.
Even better I am afraid the amount of crapcoins in circulation may cause (or alrady causing) a damage to bitcoin image
I don't believe most people have heard of Peercoin and Darkcoin and other major altcoins, let alone "insert name of scam coin #371 here".
Since these coins are pretty much confined to this forum, I feel it's safe to say that they aren't bad for Bitcoin's image. And many of them actually are good, like Dogecoin which manage to give cryptocurrencies a more fun and less "ponzi-ish" image.
You are right about dogecoin, they infact brought something new as you underlined: they formed a community, brought fun and spreaded the world about cryptocoins (sponsored jamaican bobsleigh team for winter olimpics). lots ov novelty items in dogecoin, so definitely not a clone and not a crapcoin.
But we could do well also without many other coins
The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.
Completely agree with you on this.
Even better I am afraid the amount of crapcoins in circulation may cause (or alrady causing) a damage to bitcoin image
I don't believe most people have heard of Peercoin and Darkcoin and other major altcoins, let alone "insert name of scam coin #371 here".
Since these coins are pretty much confined to this forum, I feel it's safe to say that they aren't bad for Bitcoin's image. And many of them actually are good, like Dogecoin which manage to give cryptocurrencies a more fun and less "ponzi-ish" image.
The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.
Completely agree with you on this.
Even better I am afraid the amount of crapcoins in circulation may cause (or alrady causing) a damage to bitcoin image
I gave up on alt coins a long time ago they are too much effort for little gain and they all end in the same way pump and dump there are no real promising looking alt coins on the market at this time and quite honestly never think there will be.
they are too much effort for little gain and they all end in the same way pump and dump there are no real promising looking alt coins on the market at this time and quite honestly never think there will be. It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.
Some altcoins serve a direct purpose. I can see a future for LTC as being used for microtransactions and even Doge is good for it. The only down side is that Dogecoin is now crashed in price so it makes people scared to use it. Maybe if it is stable for awhile we will see some good results. BTC costs too much for transaction fee of .0001 to use for micro transactions.
For micro-transactions with bitcoin, you can use do it with offchain tx.
For example, you can send a tiny amount of bitcoin from your coinbase account to someone else's coinbase account without any tx fee and instantly.
Yeah, but for that you'd have to find someone who has a coinbase wallet, that's a big inconveniance. Plus, everytime you do that you sacrifice the decentralised aspect of cryptocurrencies, and instead you put trust in a central entithy in exchange for cheap transactions.
In altcoins, the cheap transactions are built in and decentralised, which makes it much better.
It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.
Some altcoins serve a direct purpose. I can see a future for LTC as being used for microtransactions and even Doge is good for it. The only down side is that Dogecoin is now crashed in price so it makes people scared to use it. Maybe if it is stable for awhile we will see some good results. BTC costs too much for transaction fee of .0001 to use for micro transactions.
For micro-transactions with bitcoin, you can use do it with offchain tx.
For example, you can send a tiny amount of bitcoin from your coinbase account to someone else's coinbase account without any tx fee and instantly.
I believe there's room for many altcoins. In a perfect world, every community would use its own cryptocurrency, whose value goes up with the growth of the community. This makes more sense than the coin monopoly that big BTC holders seem to desire. Also, altcoins are great for the distribution of the crypto-wealth.
There's no doubt about it , there are definetly too many altcoin on the market, but there are some of those altcoins that actualy offer something new to the table.
Bitcoin is something like a v1 version of a great thing; and there are only two ways crypto world can go:
1.Bitcoin will evolve by development and integration, and offer most of the things/options other altcoins have
2.It will be replaced with something newer and better, and price will go 1 step up, two steps down until finaly it dies.
imho ofc
Bitcoin is something like a v1 version of a great thing; and there are only two ways crypto world can go:
1.Bitcoin will evolve by development and integration, and offer most of the things/options other altcoins have
2.It will be replaced with something newer and better, and price will go 1 step up, two steps down until finaly it dies.
imho ofc
The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.
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It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.
More alt coins means more investment pouring into bitcoin in the end so i think they are a great thing.
Actually, I'm quite sure that the vast majority of the altcoins are held by whales who were Bitcoin early adopters.
It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.
More alt coins means more investment pouring into bitcoin in the end so i think they are a great thing.
It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.
Some altcoins serve a direct purpose. I can see a future for LTC as being used for microtransactions and even Doge is good for it. The only down side is that Dogecoin is now crashed in price so it makes people scared to use it. Maybe if it is stable for awhile we will see some good results. BTC costs too much for transaction fee of .0001 to use for micro transactions.
It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.
More alt coins means more investment pouring into bitcoin in the end so i think they are a great thing.
The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.
It's actually not that hard, if you know what to look for in order to ignore the scammy coins; a pre-mine/IPO, wallets available on only one platform, not open-source code, etc.
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