Topic: Should there be that many cryptocurrencies that exists? - page 3. (Read 727 times)
In the beginning the new crypto was partly good and could be accepted by the community. But sometimes it may be constrained in the middle of the path of a failed project program that makes it a waste. so you should not need a lot of cryptocurency better but with real certainty so investors are happy and easy to control an investment.
I really understood the question the author of the theme. If the founder raises money for the project,then he must purchase tokens of another project to pay off the buyers?
I think that is really normal . There are too many developers in all sectors. Everybody try to develope better one. Also there are many kinds of investors and people want to choose the best one. and everybody can like different coin because of some reason. so i think that is normal and good. we have that kind of choices.
The same question can be asked, why not only 5 brands of cars? everyone wants to compete and occupy leading positions.
It's true that many different coins won't work like the more the merrier. But there are some special works where the popular coins can't be used and different criteria needs different coins. But again, the scope of scanning might increase, but the scope of investment too.
Indeed, this is a fact that today should be, because today many projects are simply being created in order to increase the demand of people for cryptocurrency, I am sure that this is important today.
Due to the popularity of cryptocurrency there are a larger variety of coins now than it was before. It's not technically a bad thing as it isn't hurting anyone rather, it gives people more options and if you're looking to invest you can choose one or several depending on what you're looking for and interests you.
There are lot of coins that lack purpose and long term vision. Some projects actually use cryptos for their projects and cannot use the main coins for the same purposes. More cryptos mean less pressure on each separate blockchain.
Different projects have different visions and purposes. There are some scams but many projects provide very good services to their users. All these coins promote more copmpetition which is beneficial to the market.
Competition is a necessity in the crypto-market. And that is why a vast number of crypto is out there in the market. More coins are emerging almost daily to maintain the competition in the market, and though not all of them are able to stay in the market, their emergence is essential for the grpwth of the market.
Only if there is a real benefit from them, and today many coins are just dummies and they are created only for the purpose of getting rich quickly, so the real product is what you should pay attention to first.
useful will survive and that do not have a purpose clearly will be a waste of coins and only settles at the base. well, maybe that expression for a large number of current crypto. lovers of crypto himself will choose where the crypto and which ones are not. so, of course, I just the best functional and which will survive and be the choice.
According to CMC there are 2097 cryptocurrencies. It is a way too big number, but we are at free market and
competition is allowed and it is good for the progress. Best projects will survive and the others will fail.
This is the natural selection on the market.
competition is allowed and it is good for the progress. Best projects will survive and the others will fail.
This is the natural selection on the market.
Only if there is a real benefit from them, and today many coins are just dummies and they are created only for the purpose of getting rich quickly, so the real product is what you should pay attention to first.
Most of the thousands of cryptocurrency nobody needs. They were created at the peak of the capitalization of the cryptocurrency market in order to earn some money due to the huge flow of investments in 2017. It is already clear that at least 80% of the projects were frauds, and these coins will not remain even in history.
As for me we don't need all these altcoins, because some of them their purpose is to scam people. But I've seen a lot of good projects also that I never thought it is possible, why don't we give them a chance to create a project based on their ideas and creative minds. After all, it's up to us invest or not.
There are too many scam coins, that are overwhelming the crypto market. We need more great tokens, that already have their working product, that we can use in our daily lives. Most of the tokens do not even have an MVP yet.
The only reason why there are so many Currencies these days is because the creators have heard stories of coin creator of the past and how successful a couple of them have become! Everybody want's to make money only a few desire to create something decent and more useable! 10 currencies would be a lot ideal after all in the real sense of it everyone is creating a payment solution to be used for some platform which those that were aready available could be used for! Its ridiculous how only a few still consider basic economics in creating a coin, and guaranting the reason for which $Bitcoin was created. On a second thought too many currencies can only create opportunity for a better one, as everyone is given the opportunity to explorer their own expertise in the process.
Too many doesn't create a better opportunity for a good one because the market conditions aren't right. A little competition is great but too much competition and choice is a burden. The best projects may not get funding or recognition because people cannot distinguish them from all of the crap money grab projects that you spoke of. Ideally there needs to be not more than 5 or so coins competing in each niche, right now in some areas we have 100s.
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?
At present, I don't think we need more cryptocurrencies. We already have more than enough. I wish there could even be a merger of some of the existing Cryptos.
In my opinion, there is no need for too many coin.Too many coin is doing crypto space more harm than good.Though we need competition to get better,but too many coin is giving room for scammers to have their way which is a negative impression on crypto as whole.
I checked out the Virie coin you shared and it looks like a new coin made for a specific project, Virternity. This is acceptable since the coin will serve its own purpose, which is to fund the project to make it work. This is the same with the other new coins. They are tailored based on their purpose. It's true some of these are scams, but there are other new coins being made solely for their specific use, and that's okay.
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