Should there be that many cryptocurrencies that exists?

much_word

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Quote from: Emily_Davis on October 16, 2018, 10:35:32 AM

As of August 2018, there are over 1600 cryptocurrencies that exist, according to Wikipedia. I know that Wikipedia isn't the most reliable of sources because anyone can edit it whenever they want, but the point is the number of cryptocurrencies being introduced. Some of the new cryptocurrencies I've heard were DeepBrainChain, ByteCoin, IOST, and Elastos. There's also a new coin called Virie, which is apparently a cryptocurrency used to crowdfund and jumpstart the Virternity Project, a project that aims to digitized our minds, economy and the society. I believe that not all new coins aim to scam people, but do we really need more cryptocurrencies? Do we need new cryptocurrencies for every project that exists? Why can't there be one or five cryptocurrencies that all projects can use?

I've heard of Virie as well.. and i think that they are actually doing quite good at the moment.
As of, on or max 5 cryptocurrencies.. i think that's easier for people to understand this mecca of online coins. I think that more and more people get lost in their online research and get unsure on which to invest and what to do with their investment, how trading works and how everything helps them. Also.. most of people don't really know what block chain means or is.. and also everybody thinks that all the online investments are some sort of scams by the end of the day.
So, in order to be able to have one unique currency, i think we should first educate the consumers and then unite as many currencies in order to have less on the market. Also, by putting together more currencies i can only guess that they will become more valuable and also governments will gain their trust and so we will have worldwide crypto payments made legal.
On the other hand, what the Virternity project aims is a really cool thing. I've been researching about it, read their book/project and i really hope there is a future for the idea.
An owners free world is what i've always dreamed of! Don't you?

ninetimu

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I think now it makes no sense to sell something

graminfodiff

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m-m... what to buy at now?

djgtr

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Quote from: ranman09 on October 16, 2018, 01:30:45 PM

It has its pros and cons.

The positive side is that for a trader the more the coin there is the better chances of winning. Especially on those startup coins. They can give lots of room for profits.

The negative side is that most of the coins are just there for us to speculate. Over time, It overpopulates the market with coins that don't have value.

That is life if you are going to indulge yourself into different or particular activity you should look for the pros and cons or advantages and disadvantages that might bring of it. In trading it needs to clarify clearly what will be the result so that you will be able to distinguish what to do. The decision making will bring you to positive and both negative as well.

marufnang

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Since so many people/group wanted to make their own private cyrptocurrency for their project/company.
That is what makes there are so many new cyrptocurrency being created.
I think utilizing existing coins already suitable if its only be used as the way to collect funding.

Yshakov.v

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I think you asked a very interesting question. It is very difficult to answer your question. I think no one can answer your question.

Atomic.2017

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So what if there are million different types of cryptos? You are not required to invest in all of those. Just choose which one has to most potential based on your own analysis although sometimes, the newer ones are better. Just use your good judgement whatsoever.

confreslamp

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Absolutely not, but people are still investing in everything or have invested till August. Thats why we have such a variety of coins and I am sure that at least 50 percent will never develop anything and will quit without any product.

vanya.pronin.1983

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I also find, that there are too much crypto currencies on the market and they are going to become even more, because there is still enough ongoing ICOs. But I think we should ban all the projects that do not have a working product a year after the ICO.

Alliipp

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if now there are indeed many cryptocurencies that appear but they are of less quality, unlike the previous ones, cryptocurency with not too many participants but their coins weigh.

charlotte04

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Quote from: Emily_Davis on October 16, 2018, 10:35:32 AM

As of August 2018, there are over 1600 cryptocurrencies that exist, according to Wikipedia. I know that Wikipedia isn't the most reliable of sources because anyone can edit it whenever they want, but the point is the number of cryptocurrencies being introduced. Some of the new cryptocurrencies I've heard were DeepBrainChain, ByteCoin, IOST, and Elastos. There's also a new coin called Virie, which is apparently a cryptocurrency used to crowdfund and jumpstart the Virternity Project, a project that aims to digitized our minds, economy and the society. I believe that not all new coins aim to scam people, but do we really need more cryptocurrencies? Do we need new cryptocurrencies for every project that exists? Why can't there be one or five cryptocurrencies that all projects can use?

No I think it shouldn't be that way because that it the cause the many people are afraid to invest in crypto. And people always make that coin in order for them to get money from other people for their own agenda.

Mishgan27

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view all the coins that are on the stock exchange on mainmarket. and also on the form of new projects. each project wants its own coin, it is clear. it's trendy. although a large number of disadvantages, it still gives competition.

Hustinog

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No, it should not be. What can we do about those other cryptocurrencies if it does nothing to the cryptocurrency? I like the idea of the you should always look for the quality and set aside the quantity. It is applicable for all things such as here. You will manipulate the most profitable ofcourse because all we want here is to make the cryptoworld healthy. We must disregard the other coins.

Trinity_boy

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Well I guess everyone wants to have their own identity in the financial system in the form of their own cryptocurrency and of course, each one promises to be be better than the other so it's just really up to us to identify which ones is worth getting into and which ones are not. Let's allow them to develop whatever currency they want because in the first place, we don't have the right nor the means to stop them, do we?

sourish

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Crypto still being in a nascent stage, this is bound to happen. For in all these new cryptos only a few will successfully survive.

andthereyou

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Yes as there were many different people with different ideas, they saw this as an opportunity to raise money through ICO and started their own company. Thus today there are many cryptocurrency that exist. But projects that has no working product or has a useless working product will eventually fail. It's like survival of the fittest.

passwordnow

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Quote from: CryptoToxicAvenger on October 21, 2018, 06:00:19 PM

No, a lot of coins won't do any good. Better they will be few, but such who have a good working draft. For coins the main thing that it can be used.

Having a mass of coins isn't really good.

But somehow I'm looking to the positive effect of it that most of them will still fall to bitcoin if they will start selling those coins.

CryptoToxicAvenger

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No, a lot of coins won't do any good. Better they will be few, but such who have a good working draft. For coins the main thing that it can be used.

JollyGood

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Yes why not. for each case to argue they should not, there will be a case to say they should.

pacman7331

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I think at this moment, the crypto market has more than 2K Coins! But how many coins you have known yet? A very few of course. Even most of the coins we don't know their name. That's why sometimes I feel we need regulations in the crypto industry. So, 1600 or 2K just a number, after a few years, lots of coins will be dead or scam or vanish!

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