Topic: Should there be that many cryptocurrencies that exists? - page 6. (Read 727 times)
Yes, we need more and more crypto, but not fraud ICOs.
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 used to think in pretty much the same way before, but now I understand that yes, we do need many cryptocurrencies. The first reason for this is that some projects actually use cryptos for their projects anf cannot use the main coins for the same purposes. The second reasons is that even projects that need crypto only to accept it as payment are still justified in making their own tokens, because they can't trust top coins. It sound weird, I know, but look at how volatile the main coins are. They are mostly gaining their price from constant trading, while companies might prefer their own tokens with prices depending on how many exchanges of tokens for products occur.Finally, more cryptos means less pressure on each separate blockchain, which contributes both to decentralization on the market and safe usage (no '$20 btc transactions' stuff).
There are lot of coins that lack purpose and long term vision. Some ICOs may have a great business model but instead of doing a more traditional fund raising or an IPO, are opting for a token sale. In most cases, those tokens don't serve a purpose after the ICO except being used for speculation or if they do, lack the liquitidies to be used properly. This long bear trend is purging the market from a lot of these tokens.
Here's an article about 10 characteristics a utility token should have:
https://medium.com/@marc.couzic/make-utility-tokens-great-again-f236b64ee31b
Here's an article about 10 characteristics a utility token should have:
https://medium.com/@marc.couzic/make-utility-tokens-great-again-f236b64ee31b
Should there be that many cryptocurrencies that exists? Yes. I think so. Because competition matters. What I don't like is people being easily convinced to invest in certain coins/tokens just because of those dumb buzzwords like "x coin is the future of x". There should be competition. But people are taking advantage of this. Instead of making good competition, they scam ignorant people instead.
Why can't there be one or five cryptocurrencies that all projects can use?
Because not all projects are focused on being a for-transactions coin like bitcoin. Most projects are made for different purposes. 
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 always say, quality over quantity and that's always better in our life but does it matters for you in crypto world? There are only some coins alive, you can't even feel if others exists and it happened to you too, you only discovered them after reading a list on wikipedia. 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?
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?
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