The reason why many altcoin is important - page 4.

Tambu

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Quote from: Baton55 on January 30, 2018, 02:27:00 PM

In any healthy ecosystem there is always competition and the best usually rises to the top. Many Bitcoin elitists believe that there should only be one cryptocurrency, but having other altcoins as an option would both spur on innovation, but also ensure that it truly is the best option out there. Having only one cryptocurrency as an option for the world would also give the network too much power and if the core developers made changes that the people didn’t agree with switching to another coin would be more difficult. Having choice is freedom and allows people choose the best option for them and balance the power of this new internet money.

Yes dude. Competition always bring fortune. Developers will exert enough effort if there is no competition in the market. Market will not flourish as well if there no competition.

Baton55

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In any healthy ecosystem there is always competition and the best usually rises to the top. Many Bitcoin elitists believe that there should only be one cryptocurrency, but having other altcoins as an option would both spur on innovation, but also ensure that it truly is the best option out there. Having only one cryptocurrency as an option for the world would also give the network too much power and if the core developers made changes that the people didn’t agree with switching to another coin would be more difficult. Having choice is freedom and allows people choose the best option for them and balance the power of this new internet money.

lionelho

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The most important reason could be that via altcoins, many innovative thoughts can be experimented, which will finally benefit to the whole crypto world.

max6575

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Vave.com

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csseyah

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Quote from: Tambu on January 29, 2018, 06:33:08 AM

Many people asking why there are a lot of altcoins, and they suggest limits the altcoin making should be done.

The reasons why I don't agree to limits the altcoin aside from the reason of decentralization.

Here are the few;
1.   The monopoly of market will be avoided.
2.   There is a competition of prices in the market that can limit the price of the stellar cryptocurrency to overshoot.
3.   Altcoins can cause unpredictable fluctuation of prices in the market. Fluctuation of prices result revenue for the traders/investors.
4.   New and small investors/traders will be given a chance to trade in the market.
5.   There is a healthy circulation of money in the market because hoarding/holding will be prevented.
6.   Exchange site/market can gain also a suitable amount.
7. Bounty campaign will be continued to progress.

I agree with these reasons specially to the number 7. Cheesy

... But if you ask me, I also want to limit the altcoins population in some manner or reasons.

Here are some of the reasons why I agree to limit the altcoins.

1. Many altcoins are having the same functionalities/features
2. Some of the altcoins are SCAM
3. Many altcoins today are abandoned by the developer
4. Some of the new altcoins are very expensive (for me as a small time investor)
5. Some of the exchange site don't allow small time altcoins to be trade
6. My computer harddrive are now full because of so many local wallet of my altcoins collection Cheesy

Mpamaegbu

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Once a man, twice a child!

To say the truth the increase in number of altcoins into the crypto space used to bother me a few months ago. The influx became a cause for concern as on daily basis more are listed on CMC. They were around 730 cryptos on CMC when I joined this forum in Jan 2017 but today that number has doubled. That isn't even the issue. The regulation is the issue. A lot of scams have been executed through this loose regulation and many devs have gone unpunished.

Quote from: Tambu on January 29, 2018, 06:33:08 AM

Many people asking why there are a lot of altcoins, and they suggest limits the altcoin making should be done.

3. Altcoins can cause unpredictable fluctuation of prices in the market. Fluctuation of prices result revenue for the traders/investors.

I really don't see how this will happen if the bitcoin doesn't set the pace for price. Remember that whenever Bitcoin goes down, altcoins also dip. So, we always look up at btc for price dictation.

Quote from: Tambu on January 29, 2018, 06:33:08 AM

7. Bounty campaign will be continued to progress.

Sadly, this is true and that is why most people are here and also doing shitposting. Hopefully, the Merit system should begin to take care of that.

Requim

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Quote from: Tambu on January 29, 2018, 06:33:08 AM

Many people asking why there are a lot of altcoins, and they suggest limits the altcoin making should be done.

The reasons why I don't agree to limits the altcoin aside from the reason of decentralization.

Here are the few;
1.   The monopoly of market will be avoided.
2.   There is a competition of prices in the market that can limit the price of the stellar cryptocurrency to overshoot.
3.   Altcoins can cause unpredictable fluctuation of prices in the market. Fluctuation of prices result revenue for the traders/investors.
4.   New and small investors/traders will be given a chance to trade in the market.
5.   There is a healthy circulation of money in the market because hoarding/holding will be prevented.
6.   Exchange site/market can gain also a suitable amount.
7. Bounty campaign will be continued to progress.

This are good lists. It's good to have many altcoins because each coin is unique in their own way. Each has a good service, product and project that they promote. Some altcoins are worth investing because they are good for long term run. If there's a lot of altcoin, monopoly of the market can surely be avoided, and there would be many choice for investors to invest to.

Tambu

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Activity: 224

Merit: 3

Quote from: Sevarchik on January 30, 2018, 03:26:39 AM

One more reason is: Each altcoins is unique project with their application to solve certain problems

True dude. Each altcoin has its own platform. Their platform is their barometer if they are worth to invest with or just junk altcoin.
It's better to read always the white paper of every altcoin you plan to invest with.

Uhde

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Bad side of many altcoins is there is so much scam possibility. But good side is better ones will survive and bad ones will become crap and noone will remember them. so they have to work harder to be better than others.

Tambu

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Quote from: thuyvoor on January 30, 2018, 02:55:04 AM

There are many reasons bitcoin is important and arguments to why use bitcoin:
Bitcoin is a commodity
Bitcoin’s Transparency
Bitcoin is Deflationary
Fiat is Prone to Government Manipulation
Bitcoin is Pure, Unregulated, and Open
Bitcoin has no Borders, Limits

Nice dude! but this thread is all about altcoin. Seems you're missing the point. Anyway on view on Bitcoin somehow is true.

asriloni

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Leading Crypto Sports Betting & Casino Platform

Quote from: Tambu on January 29, 2018, 08:06:52 AM

Quote from: Red-Apple on January 29, 2018, 07:29:16 AM

what you say is very true but only in a perfect world.

you are missing an important fact that changes everything. and the fact is that a lot of greedy people and scammers and newbies with 0 knowledge have been creating a large part of the current existing altcoins.

in other words, we don't really have many "altcoins", we have some altcoins and a lot of useless junk. it is a decentralized and open sourced community, so anyone can simply fork another project and create their own thing without even adding anything to the technology!
i read somewhere that there have been nearly 700 coins forked from bitcoin so far!

We cannot deny the fact that technology is always abuse by spammers/scammers, altcoin is prone to that. But is up to the investors/traders to choose which one credible and not, I believe they are expert on that. Those shitcoins definitely soon will flash to the toilet.

Sure, even the traditional system always abuse by the scammers. I would not be surprised to see about the technology will become another victim to be abused by these persons.

Just the matter of time until some people are moving their money to the non-shitcoin. I remember there is a lot of shitcoin already died and one of them just like torcoin.

Sevarchik

member

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One more reason is: Each altcoins is unique project with their application to solve certain problems

kier010

full member

Activity: 532

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to put it simply altcoins emerge to improve bitcoin flaws like high fees, slow transaction time, etc and to try to compete with bitcoin by innovating and developing new features as to improve and surpass bitcoin limitations. and altcoins have many purpose and some altcoins are great at one thing but not so good at another.

thuyvoor

jr. member

Activity: 107

Merit: 1

There are many reasons bitcoin is important and arguments to why use bitcoin:
Bitcoin is a commodity
Bitcoin’s Transparency
Bitcoin is Deflationary
Fiat is Prone to Government Manipulation
Bitcoin is Pure, Unregulated, and Open
Bitcoin has no Borders, Limits

semobo

full member

Activity: 1498

Merit: 146

If there is no altcoins then price of bitcoin will get too expensive and the transaction fee will climb up too high amd the waiting time will get days.And it will make the bitcoins not usable.So altcoins are very important if we need to use bitcoin in the future.

mullenmanBTC

jr. member

Activity: 33

Merit: 1

Interesting point on this. I also think competition for the same function is needed. Whenever, there is disruption in the market there should never be only one leading company. For example with Facebook came twitter, snapchat etc. all competing for the same entertainment factor, but also co-existing in the space. Yeah one protocol will probably lead the charge, it may be ETH, or NEO etc. , but they can all coexist as well and be successful.

01BTC

member

Activity: 462

Merit: 18

Quote from: Tambu on January 29, 2018, 06:33:08 AM

Many people asking why there are a lot of altcoins, and they suggest limits the altcoin making should be done.

The reasons why I don't agree to limits the altcoin aside from the reason of decentralization.

Here are the few;
1.   The monopoly of market will be avoided.
2.   There is a competition of prices in the market that can limit the price of the stellar cryptocurrency to overshoot.
3.   Altcoins can cause unpredictable fluctuation of prices in the market. Fluctuation of prices result revenue for the traders/investors.
4.   New and small investors/traders will be given a chance to trade in the market.
5.   There is a healthy circulation of money in the market because hoarding/holding will be prevented.
6.   Exchange site/market can gain also a suitable amount.
7. Bounty campaign will be continued to progress.

I will second you on this! While to us will probably look many, they are just a small percentage compared for ex. with stock market.

The ones that are having no product/project or just scam will get lost alone , the ones with strong projects/products will probably have the ability to reach Ethereum or even Bitcoin in a few years, so yea sky is the limit ..

Msoall

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Activity: 140

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If ICO is held and means the coin justifies its existence. The coins are issued for use in more specific areas than General - such as ETH and BTC. Plus the fact that they attract new capital to the market.

wayaneka

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Yes this very important so the community of cryptocurrency will be bigger and will be many adoption of blockchain technology. I also look in to bounty program is important to continue running because many people does not have any job and like in my country really difficult to looking for job, and they can earn money from this freelance job.

felipe04

full member

Activity: 308

Merit: 100

Actually digital currency is created to earn money so that's why btc's continue to grow,investor,traders and users enjoys here because we can earn here it's like business for us even it's so volatile and the earnings is base on your risk money but not all,i think trading and investing here are so risky but still it's profitable,digital currency is so imporyant because we need this in life.

Topic: The reason why many altcoin is important - page 4. (Read 621 times)