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Topic: Why creating more coins. - page 16. (Read 2035 times)

member
Activity: 406
Merit: 10
September 11, 2018, 07:06:29 PM
#7
With recent market situation, I begin wondering why creating more coins. Does it means that if all effort is put on bitcoin, the community will not achieve her goal? If that is true, why not we maintain the existing ones to enable them have more stability and gain global recognition.
Some of the said coins are duplicating functions, why not merge coins with same functions to enable the community grow faster.
Currently some investor are passing through hard times and if all our effort is targeted towards the first 10 or 20  widely known coins, their standard is maintain, investors will be happy.

A lot is being created because theres a competition happening or some were just envy about a certain success of some coins thats why theyre duplicating it thinking it will affect the same with them. Another thing to consider too is theres a different platform and projects being created thats why coins is also invented.
sr. member
Activity: 672
Merit: 252
Until the end
September 11, 2018, 07:03:11 PM
#6
With recent market situation, I begin wondering why creating more coins. Does it means that if all effort is put on bitcoin, the community will not achieve her goal? If that is true, why not we maintain the existing ones to enable them have more stability and gain global recognition.
Some of the said coins are duplicating functions, why not merge coins with same functions to enable the community grow faster.
Currently some investor are passing through hard times and if all our effort is targeted towards the first 10 or 20  widely known coins, their standard is maintain, investors will be happy.

 As you say some are duplicates, however, many are outright scams designed to get people to fork over their money.  Don't fall for it.  Pick your projects and thoroughly research them.  I've gotten to the point where I ignore pretty much any new ERC 20 token.
full member
Activity: 532
Merit: 101
September 11, 2018, 06:59:27 PM
#5
The cryptocurrency market is now very saturated with many altcoins. Though there are legit projects too among them with the aim of improving the blockchain community, many coins are also scam and spam projects with selfish purposes of making money. That is one of the prices we have to pay for the so called decentralization.
hero member
Activity: 3038
Merit: 634
September 11, 2018, 06:58:14 PM
#4
Its about the competition. Those developers have seen the potential of bitcoin and they are applying what happened to it and looking forward for a better result.

Aren't you curious that each of them calling themselves that can replace bitcoin in the future and better than it. They keep on creating coins with that mindset and each of them think that this is the chance for the emerging tech to take over and their creations will be the one that will be on top.
jr. member
Activity: 658
Merit: 1
September 11, 2018, 06:24:33 PM
#3
To understand why there are so much coins you need to consider coins like shares which are traded on a stock market so a crypto coin is like a share. Generally speaking almost every company or project issues its coins instead of shares to attract investments for evolving that is why there are a lot of various coins on the crypto market and there will be issued new ones by new companies. It is a normal situation and do not forget that investing in crypto assets is a venture investment. By the way you may not pay attention on minor coins at all, shift your focus just on major coins like BTC, ETH and some other ones and do not pay attention on new minor coins.
newbie
Activity: 102
Merit: 0
September 11, 2018, 09:27:24 AM
#2
I am also wondering. Despite the fact that there are too many currencies on the market, new currencies will still emerge. There seems to be few projects solid in that.
newbie
Activity: 84
Merit: 0
September 11, 2018, 09:24:01 AM
#1
With recent market situation, I begin wondering why creating more coins. Does it means that if all effort is put on bitcoin, the community will not achieve her goal? If that is true, why not we maintain the existing ones to enable them have more stability and gain global recognition.
Some of the said coins are duplicating functions, why not merge coins with same functions to enable the community grow faster.
Currently some investor are passing through hard times and if all our effort is targeted towards the first 10 or 20  widely known coins, their standard is maintain, investors will be happy.
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