Should there be that many cryptocurrencies that exists? - page 5.

mk4

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Quote from: labilaab on October 16, 2018, 09:24:23 PM

We have the same question pal. I used to wonder about that also before. If there’s no halt in producing altcoins again and again maybe it will have a big affect in market even to Bitcoin itself. Since the volume of investors that is supposed to be for Bitcoin is now divided to other altcoins .

The problem here is not altcoins being created. People can freely create altcoins as much as they want and there's nothing we can do about it. The problem here is that people still "invest" in certain altcoins that are obviously is a scam or at least has a useless use-case.

Hopefully by time, people are gonna use their brains a lot more. Being able to do ICOs is GREAT in my opinion. If only it wasn't filled with scams.

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We have the same question pal. I used to wonder about that also before. If there’s no halt in producing altcoins again and again maybe it will have a big affect in market even to Bitcoin itself. Since the volume of investors that is supposed to be for Bitcoin is now divided to other altcoins .

seoincorporation

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Quote from: hachiman13 on October 16, 2018, 08:03:33 PM

We don't need many coins; there aren't actual use case for some of them. Much better if they dissolve and get shaken out of the market for good so people's focuse on coins wouldn't be divided further.

Agree with you, we don't need many of them, is ridiculous to see the copy of the copy, but at least is nice to have a different type of them. I mean, the different type of mining we see now day make it worth the different type of proof of... there should be only one coin for each proof of... coin. I mean one Proof of Work, one proof of stake, etc...

hachiman13

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We don't need many coins; there aren't actual use case for some of them. Much better if they dissolve and get shaken out of the market for good so people's focuse on coins wouldn't be divided further.

Awoben

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It's good/better to have different coins made for some specific purpose, but recently we have seen repeatition or copied ideas.
If projects can come out with great concept that will give the existing ones a run for there money, they are more welcome, we need good competition and good products.

SamReomo

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Yes there should be even more crypto-currencies than the ones that already exist. Because if there will be more cryptos then there will be some good competitors for the current cryotos, and the competitors might have some better features than the ones that already exist.

In the past we've seen that there were some cryptos that were made only to scam the greedy ones who at that time thought that there will be huge profits within days. But on the other side of the chain we have seen some really competitive cryptos that took part in the race and undoubtedly some of them made huge successes within few weeks or months.

But even if there will be some legit competitors to the already present, well-reputed crypos like Bitcoin, still every one of them will be under the shelter of Bitcoin. For example if Bitcoin goes down they will also go down and the market cap will go down as well.

bloodyvio

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because each altcoin has a different purpose and use case
and each altcoin has advantages that bitcoin does not have like ethereum which has a smart contract, litecoin fork from bitcoin that is able to process transactions more quickly
so i think we need altcoin
but many of the other altcoins are useless and worthless

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Quote from: Emily_Davis on October 16, 2018, 11:20:50 AM

But wouldn't that just confused other users if there are way too many cryptocurrencies that exist?

If those other users are well informed about cryptocurrencies they shouldn't be confused which one is which unless someone tries to deceive you like what roger ver's news site does.

Quote from: Emily_Davis on October 16, 2018, 11:20:50 AM

Not the scam ones, but the legit projects that created their own coins to crowdfund their projects, does it really work, and what if they have reached the target amount? What's next? What happens once the project is successful? It's just that with all the scammers around, it's sometimes hard to believe the reliability of new coins.

After that they have to do what is mentioned on their roadmap. One of the many problems that you'll notice is most coins tend to lose value because of Bitcoin price movement which stops others from supporting a certain coin even if it's legit.

Indrawan77

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No we don't need too many crypto, we already got more than enough crypto, unfortunately people keep on creating a new one hoping that the coin can make them rich, and it makes the investors confused, actually some of the new coin got a good potential but because of too many coins that appear, it makes the investors missed to see its real potential

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Quote from: passwordnow on October 16, 2018, 12:33:12 PM

You can simply look at coinmarketcap and see on how many total crypto's are there already.

I think this isn't the first time of hearing that type of project aiming to digitize economy and society but digitizing the minds of the people? that crazy.

We don't really need more of those crypto's that's just add confusion to the people on what to hold.

There are more cryptocurrencies then you can find on coinmarketcap.
Coinmarketcap only lists cryptos that are tradable and have value.
Any one can create a coin (that doesn't mean it has value).

ambisyon

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I think there are more than 1600 cryptocurrencies that evolved in the crypto market. Moreover, new ICO's are coming probably because there is a great opportunity in cryptocurrency market and there are more investors that are investing in cryptocurrencies since they were able to make promising profits.

mensahkkofie

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There are more coins than the number given above. I believe in quality more than quantity but I think as more projects keeps emerging, there would be more coins to compete with the already existing ones including bitcoin The huge number of cryptocurrencies is cool, I believe in healthy competition among the coins when it comes to the world of crypto.

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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.

last time i checked, there were over 2000 listed on coinmarketcap. people just won't stop cranking them out. Cheesy

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

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?

because there's nothing to stop anyone from creating new cryptocurrencies---except lack of demand.

if someone wants to fork a coin or spin up an ICO token to raise some funds, they should be able to. we wouldn't want it any other way. it shouldn't be up to me or you to decide how many altcoins should exist. it should be up to the market!

ranman09

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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.

crairezx20

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According to Coinmarketcap we have 2085 cryptocurrencies so it means Wikipedia only knows few 1600 coins over 2085 coins. However, every month there are new project releases so more cryptos will come.

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

but do we really need more cryptocurrencies?

Honestly, for me, we don't need more cryptos but they are mostly using it for trading purposes.

Quote

Do we need new cryptocurrencies for every project that exists?

Well, sometimes there are some coins have unique features that the other doesn't have

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Why can't there be one or five cryptocurrencies that all projects can use?

Well, it depends on us if we use only one or five cryptos but since there are many competitors and each of them has their own unique features that the other doesn't have they are still trying to keep making a new project just to fulfill investors needs and to replace bitcoin.

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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?

This is a natural cryptocurrency selection! Wink

passwordnow

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You can simply look at coinmarketcap and see on how many total crypto's are there already.

I think this isn't the first time of hearing that type of project aiming to digitize economy and society but digitizing the minds of the people? that crazy.

We don't really need more of those crypto's that's just add confusion to the people on what to hold.

Gloverwrt

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There is so many untapped potential in cryptocurrency.
And while majority of the coins are replicas with little disruption in any field. Every now and again a developer comes along and unlocks another key quality of digital assets and the blockchain technology.

Poorly organized and irrelevant projects would most likely not survive the test of time, bearish markets and smarter investors.

Blanca_Gregory

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I have to agree with this. Not all projects would work on other existing coins such as bitcoins or ripple or other altcoins. Some needs a specific coin to run their projects, like DeepBrain I think and Virie. That said, I wonder how people would react to too many coins if and when cryptocurrencies became a worldwide digital currency. Do you think that people will be open to the idea of learning about different coins for different purposes?

Emily_Davis

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Quote from: shield132 on October 16, 2018, 10:51:38 AM

On another hand it's normal because there is possibility that there will be better altcoin created in future, so why do we have to not let others to develop and create good things or bad ones which can't damage anyone?

But wouldn't that just confused other users if there are way too many cryptocurrencies that exist? I wonder if the other existing projects that created their own coins have succeeded? Not the scam ones, but the legit projects that created their own coins to crowdfund their projects, does it really work, and what if they have reached the target amount? What's next? What happens once the project is successful? It's just that with all the scammers around, it's sometimes hard to believe the reliability of new coins.

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