What's the point of so many cryptocurrencies? - page 6.

Yamifoud

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Quote from: kawetsriyanto on January 22, 2021, 04:58:33 PM

Sure, there are too many cryptocurrencies right now. Why? It is because the developers know if producing cryptocurrencies will be a great way to earn money and spread the adoption of crypto in all aspects of this life. It is not always good to have many cryptocurrencies, but this indicates that cryptocurrency is getting popular. If it is not popular, it will be no demand to buy those cryptocurrencies. So, those cryptocurrencies won't be listed on exchanges. While in the fact, there are always demands to buy cryptocurrencies in the market even if the number of cryptocurrencies is very large nowadays.

A lot of them delisted from exchanges which turn into the dead. A lot of cryptocurrencies but only a few of them giving profits for the investors while the majority of them are only the developers who make a profit.
The continuous growth in the number of cryptos not only means that we are popular but this means that the business keeps moving and spreading globally. In fact, some companies are creating their own crypto just to combat the competition.

Kena Banned

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Quote from: btcb3g1nn3r on December 30, 2020, 04:04:31 PM

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Its because many developer besides Satoshi who want to develop their own blockchain/ coin/ token. That developer have their own purposes on their project, some of them have different purpose and different use case than bitcoin, otherwise many of them just copycat project even scam project who have purpose to steal your valuable bitcoins or ethereum or any valuable crypto. Its like startup phenomenon that has become a trend lately.

sayaya17

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Of course, of the many altcoins out there, they still can’t replace bitcoin. Especially when comparing it with EURO. That’s impossible.
Bitcoin alone cannot replace the euro whose adoption has been very mass. And to date there has been no altcoin that can beat
ethereum. So most altcoins are just to create profits for their developers. We have to admit that. It’s the business world.

kawetsriyanto

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Sure, there are too many cryptocurrencies right now. Why? It is because the developers know if producing cryptocurrencies will be a great way to earn money and spread the adoption of crypto in all aspects of this life. It is not always good to have many cryptocurrencies, but this indicates that cryptocurrency is getting popular. If it is not popular, it will be no demand to buy those cryptocurrencies. So, those cryptocurrencies won't be listed on exchanges. While in the fact, there are always demands to buy cryptocurrencies in the market even if the number of cryptocurrencies is very large nowadays.

Fatunad

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Quote from: Argoo on January 22, 2021, 01:22:25 PM

Quote from: btcb3g1nn3r on December 30, 2020, 04:04:31 PM

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

The CoinMarketCap table shows that there are currently 8304 types of cryptocurrencies. Whether we like it or not, however, the number of cryptocurrencies will continue to grow as long as the conditions for this exist on the market. Since everyone can create their own cryptocurrency, some create it to embody innovative ideas, while others just to make money from it. We cannot influence this process. We can only support a certain cryptocurrency or not. If there is no demand for cryptocurrency, it will eventually disappear from the market. We cannot even say yet when and how this process of creating cryptocurrencies will end, but this is a good way to improve and develop it.

The market had flooded out with lots of shitty coins in the market which we dont actually need or not really relevant anymore.We do only need few but people
didnt stop on making one and most of the reason will be likely on they are hoping to make money when the community do able to support it thats why they are
taking some shot.

We dont actually need or lots of coins in the market. Only one would already be enough but people are wanting to create something much better and cooler.

Expect that it would continue no matter what because lots of ideas that do pop out in mind.

BITCOIN4X

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Quote from: Fredomago on January 22, 2021, 01:45:54 PM

You need to understand all the fundamentals and all the possible usages of each projects around this industry, there are lots of copycat only been created to scam out and runaway with your money.

For years, my friends and they continue to stalk the next victim, especially investors who are lazy to do analysis and also greedy investors. The industry has developed quite well and more and more projects being created all the time are flooding the industry. A good way to prevent investment losses and mistakes is to do research and also dig up as much information as possible about the project.

Quote from: Fredomago on January 22, 2021, 01:45:54 PM

Don't be a fool following those kinds of project be smart and keep yourself knowledgable in anyhow. This venue of investment is good but very risky to those lazy investors who will not do their research.

This is a warning that needs public attention, especially investors. There are many tips for choosing a good and safe project that have been mentioned by several people in articles and other good topics on forum and the internet. Investors need to be able to do well and find project that will actually give them an profit. Sometimes seasoned investors also stumble upon fraud cases because the point is we never know what the future of each project will be. Doing research, getting as much information as possible is the best way to value a project as an investment destination.

In fact, these people are well aware of the worst consequences of being investors. But their laziness and greed easily led them to the brink of destruction.

Fredomago

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Quote from: ?? on ??

Quote from: Rowenta on January 22, 2021, 03:24:49 AM

Whether you like it or not altcoins are what's empowering bitcoin itself, the main reason why we still have many newbies in crypto today is because of altcoins, many believe they've missed much opportunity when btc was cheaper and now they think altcoins is the cheapest place to be, if I sell my altcoins today I'm still going to convert back to bitcoin

That's right, and it's also a good strategy when some people or beginners can't afford to buy Bitcoin directly, so they choose other options like looking for Altcoins that can be converted to Bitcoin, so this is definitely a very good thing to do.

Most of the developers use this scenarios, they are always sight how Bitcoin was when it's still starting. Giving an insight that the project that they are offering will also have the same fate with Bitcoin.

You need to understand all the fundamentals and all the possible usages of each projects around this industry, there are lots of copycat only been created to scam out and runaway with your money. Don't be a fool following those kinds of project be smart and keep yourself knowledgable in anyhow. This venue of investment is good but very risky to those lazy investors who will not do their research.

Argoo

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Quote from: btcb3g1nn3r on December 30, 2020, 04:04:31 PM

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

The CoinMarketCap table shows that there are currently 8304 types of cryptocurrencies. Whether we like it or not, however, the number of cryptocurrencies will continue to grow as long as the conditions for this exist on the market. Since everyone can create their own cryptocurrency, some create it to embody innovative ideas, while others just to make money from it. We cannot influence this process. We can only support a certain cryptocurrency or not. If there is no demand for cryptocurrency, it will eventually disappear from the market. We cannot even say yet when and how this process of creating cryptocurrencies will end, but this is a good way to improve and develop it.

uneng

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Quote from: btcb3g1nn3r on December 30, 2020, 04:04:31 PM

I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?

Lol, that is the beauty of a decentralized universe. Each person can create their own currency for different purposes and name it as they want. It can have a unique feature or it can be for hobby reasons only. It can be imagined for mass adoption or just for a small group of enthusiasts or friends to use.
Most of them are really useless and priceless, but I like the idea you have freedom to create your own currency and maybe turn it into a popular and interesting one in the market.

X-ray

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Quote from: kenelmark on January 22, 2021, 08:21:48 AM

Quote from: Sourhearrt on January 22, 2021, 03:12:13 AM

I do wish that all crypto marketcap are spread among few promising coins only but there will be many things we will miss if crypto projects are limited, crypto should be treated like an exploration because it's wide, how can we know what crypto projects are lacking if we create no room for new ideas?

Yes, but who can and will treat crypto like extensive exploration? because scammers are also good at creating new ideas in crypto projects, so they always give birth to new projects every year.

The scammers are always spreading the non sense idea to be bought by the victim. It was happening since a long time ago when the tokenization has become a new trend in the crypto market.
They were also spamming the token airdrop and send it to the so many address to get awareness.
So many cryptos created just only to fix one solution.

kenelmark

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Quote from: Sourhearrt on January 22, 2021, 03:12:13 AM

I do wish that all crypto marketcap are spread among few promising coins only but there will be many things we will miss if crypto projects are limited, crypto should be treated like an exploration because it's wide, how can we know what crypto projects are lacking if we create no room for new ideas?

Yes, but who can and will treat crypto like extensive exploration? because scammers are also good at creating new ideas in crypto projects, so they always give birth to new projects every year.

Mpamaegbu

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Quote from: CryptopreneurBrainboss on December 30, 2020, 04:51:14 PM

some might argue that the reason behind so many tokens is because they're different problem each were created to solve

Well, I guess I can safely mark myself as one of the "some" because I believe in "the more the merrier" philosophy. I like options, without which will mean confining me to limitation. And that's dictatorship to me. More tokens in the market give us options to choose from. What do you think would be happening if only Bitcoin were in the market without alternative coins for payments across exchanges? I bet by now its price would've spiralled out of reach. Perhaps those who predicted the price of Bitcoin in the past hitting an exaggerated price level did that thinking Bitcoin wouldn't have many coins spring up to contest its leading position. Beyond all that, options are great you know. Even in politics, we crave options. So, why not in the crypto space.

Quote from: actmyname on December 30, 2020, 08:14:06 PM

why do people continue to invest in the penny stocks of the crypto market?

The reason is simple — with little cash one can get so many units of penny stocks. And if price moves as little as 20% the investors are already in great profit.

LimLims

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People are creating their own crypto for their benefits .
They are giving us asset to which we can hold and can sell it.
The main purpose for the creation of the coins is to make money.
Now a days people are just increasing the production of coins to make their coin recognisable as Bitcoin and make the price huge.
Everything is happening to earn extra money.

Rowenta

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Whether you like it or not altcoins are what's empowering bitcoin itself, the main reason why we still have many newbies in crypto today is because of altcoins, many believe they've missed much opportunity when btc was cheaper and now they think altcoins is the cheapest place to be, if I sell my altcoins today I'm still going to convert back to bitcoin

zayika570

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Quote from: cryptoserega on January 07, 2021, 04:15:47 AM

Quote from: bitcon on January 06, 2021, 03:56:28 PM

Well, you can not judge which coins have the right to exist, and which do not. Of course, there are old coins on old builds, but they will disappear along with the exchange. But sometimes some of the coins can show themselves well, which already gives them the right to exist.

Only on coinmarketcap are listed 8200 coins. It is too much. And it is difficult to choose the right coin for investment.
For me the most important how useful the coin will be in future to create demand in the coin that price of the coin will grow in future.
Now appear the projects that help to protect the land from pollution. Here is a link https://moss.earth/blog
The demand in earth protection will increase with every year.

I agree with you because I checked the price of MCO2 token on MOSS page. The price of the tokens grow. If there is demand in token it price would grow in future.

Sourhearrt

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I do wish that all crypto marketcap are spread among few promising coins only but there will be many things we will miss if crypto projects are limited, crypto should be treated like an exploration because it's wide, how can we know what crypto projects are lacking if we create no room for new ideas?

adzino

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Around 99% of those crypto currencies that you are seeing are of no use. They are worthless with no actual use case. Only few of those coins are actually worth something because they offer features that can give solutions to current problems in the crypto currency system. Rest of them are either clone of some coins or are made to scam people. Those coins are usually pumped to gain investors attention. Once investors start investing in those coins, the coins get dumped and eventually die.
So, yeah the only point of those 99% of coins is to scam people, while others offer some unique features that are useful in one way or the other.

acener

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Quote from: btcb3g1nn3r on December 30, 2020, 04:04:31 PM

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

They have different platforms,
Security tokens, Gaming industry crypto , Adult industry crypto and many more.
They are fighting to beat every crypto on their field to be the best of that field that is why there are so many crypto,
They are trying to make a better one.
Although I don't know much but it is just my opinion and there are crypto that are POW and POS.

kram31

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Quote from: btcb3g1nn3r on December 30, 2020, 04:04:31 PM

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

The reason of so many cryptocurrency is about "MONEY" and to compete with Bitcoin just simple as that.
But few of the cryptocurrency has a good potentials to give earnings in the future. And as far as I know also, there are several coins
too that being delisted and died in this type of business.

didzi

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Quote from: btcb3g1nn3r on December 30, 2020, 04:04:31 PM

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

the fact, depends on coinmarketcap site there are more than 4000 cryptocurrencies my friend
maybe most of people want to be a part from this industry, and because of that a lot of people create their own crypto

Topic: What's the point of so many cryptocurrencies? - page 6. (Read 2107 times)