What's the point of so many cryptocurrencies? - page 8.

RealMalatesta

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Quote from: btcb3g1nn3r on December 30, 2020, 05:04:31 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?

I guess there are some people who love creating coins, that's all I can think of. I am looking at new projects daily, that is one of my favorite things to do, and I can tell you that we are living in a world where things are not really looking great for new projects, 90%+ of them die even before starting, it is really not profiting the creators neither but even if they do, creators still run away with the money they made from funding and just bail. However the few that ends up actually becoming real do not really worth any money neither, because they end up being very low market cap and very unwanted project.

There are less than just 1% of them that becomes like a polkadot or chainlink type of situation, and just because there is like maybe 2 or 3 new coins in top 30, people think that they could invest into something new and they could make a big amount of profit, which doesn't happen for many of them, since only under 1% of them gets there.

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Quote from: btcb3g1nn3r on December 30, 2020, 05:04:31 PM

there are more than 2000 cryptocurrencies!

On coinmarketcap, there are 8,199 cryptocurrencies being listed on the site and most of them are either scam coin, a dead coin or just a troll coin.
Either way, those low market cap coins are just not worth it to invest your money with.

Quote from: btcb3g1nn3r on December 30, 2020, 05:04:31 PM

Why?

Money.

This is the main reason why people are creating cryptocurrencies. When there is money on it, for sure people will swarm it and will do anything just to make money. Sadly, most of them aren't becoming successful in their main reason. I'm not saying that all of them are creating for the sake of money since there are still some projects who really want to develop something to help the people. Its just that most of them are just creating for the sake of money nothing more.

Kong Hey Pakboy

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Quote from: cassavachips on January 06, 2021, 02:08:59 PM

Because everyone can create their own project, instead of innovating it turns out that they only make money and then leave. Maybe it does make a lot of choices to invest but for me, this just makes the market full of trash.

While many are still investing there, of course, new cryptocurrency projects will continue to grow more and more every time.

Indeed. Most team members and developers who create their projects are just making money instead of making unique solutions and innovations using their platform. The market is turning into full trash because others plagiarize or copy their ideas from existing successful projects to create their project without making a concrete plan to attract more investors.

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Quote from: cryptolord2077 on January 06, 2021, 07:41:55 PM

Quote from: bitcon on January 06, 2021, 04:56:28 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.

Obviously most of the coins are junk. Take a look at the crypto market, is this exactly what it should be? Continuous speculation on prices, each project strives not to develop the industry, but to be in the top in terms of capitalization and price. In the future, the industry will be represented by projects that really change the way of life of people, and not numbers on monitors.

The simple explanation is 1 problem : 1000 various solutions. Any projects were trying to Implement their own solution while there were so many platforms have been fixing it. The majority of the new projects are only copy pasting from the old projects that already exist in the market. Let's says the smartcontract platform and we have ethereum but there are other parties tried to create more and more new smartcontract platforms.
They are copying the idea from ether.

cryptolord2077

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Quote from: bitcon on January 06, 2021, 04:56:28 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.

Obviously most of the coins are junk. Take a look at the crypto market, is this exactly what it should be? Continuous speculation on prices, each project strives not to develop the industry, but to be in the top in terms of capitalization and price. In the future, the industry will be represented by projects that really change the way of life of people, and not numbers on monitors.

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Quote from: bitcon on January 06, 2021, 04:56:28 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.

This is the reason why even if we have thousands of alts existing, only few of them have active application in the market. Maybe only 1-5% have real use cases. So even if developers are creating their own coins, only few of them will emerge useful to the community. There are some with legit intentions but they have no funds to pursue their objectives. That's why they will be abandoned eventually. We can't stop those people to create and launch their respective projects. It is up to you how you will believe their motives here.

bitcon

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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.

cassavachips

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Because everyone can create their own project, instead of innovating it turns out that they only make money and then leave. Maybe it does make a lot of choices to invest but for me, this just makes the market full of trash.

While many are still investing there, of course, new cryptocurrency projects will continue to grow more and more every time.

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Quote from: Cling18 on January 05, 2021, 01:17:49 PM

Simply because anyone is free to launch their cryptocurrency. Most of them are aiming to reach the achievements of Bitcoin and others are just scams. We also have the freedom to choose what coin to buy and what to ignore so we better not waste our time and attention on inactive coins because they only serve as market distractions.

And that is the concept of open source democracy,,, which I think is a great display of how cryptocurrencies really encourage diversity and freedom to build and develop.

Freedom always comes with a price of course, but we as users must learn to educate ourselves and get into projects only that we actually can use, and support.

I learned my lessons:)

blckhawk

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Quote from: btcb3g1nn3r on December 30, 2020, 05:04:31 PM

what's the purpose of so many cryptos?

Technically, every each token has a different use case and purposes, so that might be the answer you are looking for. A lot of it is just created for nothing especially those who died early release and there are some only created to scam people. Some are trying to beat Bitcoin or should I say to compete with it but I don't think will be able to. There can be good cryptos too and they're undeniably useful, usually, they are the only one who always succeeds. One of the main reasons as well is that developers are trying to get profit from their ideas and creating a token is another way of raising a fund.

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developer might works on preparing one with product of service with the chance as guessing pro customers and the use with the crypto finance helps on extent as the occupation of the blockchain methodology to work on tasks with the payment transmission and more on investment with the crypto market.

kram31

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Having a lot of cryptocurrencies in my own little way is like an opportunity that can give us all profit or it could be not.
So, being one of the community in crypto business we need to be careful in buying coin whatever exchange you are using at,
just make sure that in every choice your gonna make is not wrong moves or else you might be rekt in the end.

RussianEnglishTranslation

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Quote from: btcb3g1nn3r on December 30, 2020, 05:04:31 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

Why are there so many websites, do we really need so many? Why are there so many companies, do we need so many? As long as there is a use case for a token, it can fight for a share of the marketplace. If it doesn't have real world utility it will likely die though. That's why I invested in FARM and 0xMR recently. FARM is a DeFi token with up to 600% APY and nearly 1 billion dollars in deposits under management and 0xMR is a fairly mineable privacy focused project used in casinos.

trauchot

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Each cryptocurrency has its own technologies and capabilities, but unfortunately, of course, most cryptocurrencies copy each other and this is certainly bad, but of course the more cryptocurrencies the better, because the more cryptocurrencies appear, the faster the cryptocurrency sphere develops.

Wahyuihib

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Cryptocurrencies have developed rapidly from time to time, but in essence, their goal is to become a safe and digital virtual currency that can be used by all users in general for all daily transactions.

Shallow

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More are already on the way and if one check correctly it will be seen that, during any trend in the crypto space such as seen in DeFi, the number skyrockets, why? Because a lot of developers will make most people believe they have what it takes to build a good project while in fact they are out to steal and nothing more, only few actually means business. Also, asking about the point of so many cryptocurrencies; the answer is simple, as the name goes, altcoins means they are meant to offer alternative services which will help in the crypto space, but the issue now is, a very good of them are not working towards that, they are just here to steal. Many upcoming projects today do not even know what they are here for, they just follow whatever trend that is in vogue and once the hype following that trend dies, so do they, hence the reason we have many dead altcoins.
So in essence, we just need very little number of altcoins which can offer the alternative services they are meant to, thus the reason it's good to be mindful of the altcoins we invest in; many will keep coming up and many will keep dying.

CashbackLover

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Out of failures comes solutions, apart from scam projects there will be many failed projects that aren't scam either, most failed projects are experimental, they are released to see if they will fit blockchain technology or not, developers need to keep working for something new, the higher the better and closer to solving more crypto issues

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Quote from: isaac_clarke22 on January 05, 2021, 02:26:10 PM

Quote from: btcb3g1nn3r on December 30, 2020, 05:04:31 PM

~

There are tons of cryptos more than what you counted (2000).
It's just basically asking why there are so many bananas in the market.
Mostly they're just basically trying to get profit, for whoever comes upon first with their coin instead of the competing one.

From that number, I think it is only less than 30% of the total cryptos that can potentially give us a profit. The rest of the altcoin will not increase high, but it will go down deeper because it will not get more support or investors. We need to know which altcoin can be the potential to increase, so we do not choose the wrong coin. Maybe if we can select from the top 100, we can see a good list of the altcoin that can profit.

Bitbtc8

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Crypto world is like a open source where developers are free to bring in new idea, it's good that crypto isn't restricted in any way if not we won't have some new high quality projects, I want more coins to show up it's the only way to see new idea and better crypto solutions, I believe that things will be different in future

ahoenk

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Quote from: btcb3g1nn3r on December 30, 2020, 05:04:31 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 point is to make cryptocurrencies market variant and also the developer around the world has many idea, if we stop the coin choice growth then we stop blockchain innovation. But still i think bitcoin will always be the king of cryptocurrencies no matter what.

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