Topic: Is the large variety of Altcoins hurting the market? - page 5. (Read 17013 times)
The main idea of the creation of different coins for different projects was to show how vast the Blockchain and cryptocurrency can be utilized in the view of bringing solutions to payments systems in all projects, businesses, stores, companies etc. However, due to the scam and unsuccessful projects hitting the market, investors are now becoming weary of new coins.
How can it hurt to market? Yeah, shit coins are worthless, but it is a positive trend seeing more attempts to create new blockchain and improve existent technology
People who invest in these shit coins lose money and the desire to continue investing, and yet they could invest their money in really good projects, and that would help the market.
You can look at it ambivalently, on the one hand there are coins that can benefit, on the other hand all the money invested in certain coins would obviously raise the capitalization and prices would rise!
With a high number of crypto, it has good and bad effects. The good ones will certainly make a lot of colors on Crypto. And we have the opportunity to make profits from various types of coins. But with a lot of cryptos, of course, investors become divided. And cause competition between coins.
So, you can be right and wrong at the same time! It's true that today there is a lot of thing without any sense, but this situation is fruit of the idea of the cryptocurrencies! Everyone wants to contribute in their own way, either negatively or positively. Since Bitcoin controls all of Altcoins' actions, it doesn't matter how many cryptocurrencies because in 2013 the number was much smaller compared now and prices were low as well. The question is the market sentiment.
I honestly think the competition is needed. Each offers unique features and with time we will see what is necessary for the market. I was recently reading an article about many chains vs one chain to rule them all and it helped give me a better understanding of this situation.
https://medium.com/ampleforth/independent-currency-in-a-multi-chain-world-67032dce8296
https://medium.com/ampleforth/independent-currency-in-a-multi-chain-world-67032dce8296
In my opinion, a huge amount of crypto coins introduces novice investors to the confusion. When there are so many coins on the market, you immediately begin to think about what they are needed for and how they differ. But at the same time it creates competition between projects and accelerates progress.
Having so many coin in the market is not bad for crypto sphere but having many useless coin is what is bad for the crypto sphere in my humble opinion.
I believe that a large number of coins in the cryptocurrency market generates healthy competition and contributes to the faster development of projects. Garbage coins will eventually not stand the competition and will cease to exist. Therefore, I can definitely say that a large number of coins is good.
I think the OP has a major point in this post
I also share the same thought. The numerous altcoin and the easy to which a token can be created can have an adverse effect on the cryptocurrency market
I also share the same thought. The numerous altcoin and the easy to which a token can be created can have an adverse effect on the cryptocurrency market
I can understand the vast amount of information a newcomer has to digest when he sees 2000+ coins on coinmarketcap.
This is not hurting the market as much as the fact that most of them are trash and people are getting burned and disappointed.
This is not hurting the market as much as the fact that most of them are trash and people are getting burned and disappointed.
In light of that thought, is the huge variety of Altcoins ultimately a good or bad thing for crypto?
I think its bad for the whole crypto market. If we are only supporting one to ten crypto, think of it on how much the whole market cap is. But it's also good for the market at the same time as it gives choice for the people on what kind of crypto they want. Another bad thing is it gives a lot of scam project in the market, those scammers are just keep on creating projects and tokens and gullible investors believe that those projects are certain with their proposal but in the end they just scam. 
How can it hurt to market? Yeah, shit coins are worthless, but it is a positive trend seeing more attempts to create new blockchain and improve existent technology
I doubt this. It is more like asking if the large variety of companies in United States is hurting the country's economy.
The only thing that may likely hurt are projects without good ideas or projects lacking in continuous development or improvement of their products.
The only thing that may likely hurt are projects without good ideas or projects lacking in continuous development or improvement of their products.
The numbrr of coin released to the market is not actually the problem here but the fact that most of those coin are fake project and that has turn crypto sphere to an atmosphere of scammers, that is really affecting the market.
You could make the argument that if all of the capital in crypto only had to be spread across 50 coins that that would make each of those coins extremely more valuable. In light of that thought, is the huge variety of Altcoins ultimately a good or bad thing for crypto?
Actually we can't do something about it but to wait some big project to urge market and investors in investing and making the market in a good condition again, still we can believe on the future of cryptos.
People have more choices, so that's a good thing but many of them are scam and when one gets scammed they curse the market and leave, that could be a bad thing though.
You could make the argument that if all of the capital in crypto only had to be spread across 50 coins that that would make each of those coins extremely more valuable. In light of that thought, is the huge variety of Altcoins ultimately a good or bad thing for crypto?
Its a bad thing. It only causes more confusing and makes crypto look bad in general.. imagine if there was only 100 coins, and $100 in crypto..
that $100 will be spread across the 100 coins, making each coin worth about $1 each..
NOW, imagine if there was only 10 coins, and $100.. now each coin will be worth $10 each instead of $1 each..
its the same concept but just on a bigger scale!
well not entirely correct is it, if you remove all these shitcoins it doesn't mean all the money would go into another crypto!
many of the cryptos and icos has received money from outside-crypto sphere investors.
to reply on topic, it does make the market a bit "embarassing", in reality, a few coins alone make the majority of coins redundant.
the next bullrun will bring a few coins up to the top and remove the vast majority of these other ones.
i disagree with you 100 precent. you dont know what ur talking about
care to specify something?
the vast majority of coins are tokens, and the vast majority of tokens never will/doesn't do anything that can't already be done.
do you think all these coins serve a purpose? were you shilled some shitcoin that you believe will be the next big thing?
there's a reason BTC was the first big thing, ETH the second, ..
what does all the other coins bring to the table? 99% = nothing that Can Not already be done with btc/eth.
Well but look at it this way. The more projects, the more ideas of how cryptocurrencies can be used, the more attention. Then you realize the wide use of blockchain and tokens.
A number of scam alts if being summed is a big impact to the crypto world already since they can affect the viewpoint of newbies in crypto. If many investors got discourage investing just because of them then there will be slow adoption in cryptocurrency and blockchain usage.
Also, the amount of Altcoin will affect the market by adding more liquidity to Bitcoin and Ethereum. These 2 coins have a competitive advantage thanks to many Altcoins. Jump to: