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Topic: Why is there so many coins? - page 2. (Read 1420 times)

sr. member
Activity: 459
Merit: 250
December 17, 2015, 03:45:53 AM
#12
We need as many coins and innovations as possible so when this does go huge we'll know what works, what failed and what people like and dont like.
All these coins are just tests for one day when crypto takes over.

The problem is most coins being created everyday are not innovative. Their source were all copied and pasted.
sr. member
Activity: 406
Merit: 250
December 17, 2015, 03:04:52 AM
#11
because they earn bitcoin from mining.
sr. member
Activity: 267
Merit: 250
December 17, 2015, 02:38:44 AM
#10
We need as many coins and innovations as possible so when this does go huge we'll know what works, what failed and what people like and dont like.
All these coins are just tests for one day when crypto takes over.
vip
Activity: 1428
Merit: 1145
December 17, 2015, 02:32:46 AM
#9
Why do they keep popping up and more importantly staying? Isn't just one or two coins enough? Why do we need so many, what's the point, what does anybody gain from that? It just seems impractical to me and I want to understand it.

Rumor has it that a CEO of an cryptocurrency exchange, i.e., Cryptsy, trading altcoins wouldn't be able to afford a Florida mansion if only trading one or two altcoins. He needs 100s. And, when Cryptsy goes kaputski, as we're witnessing now, said CEO simply goes to China and opens up a Cryptsy clone to trade ... wait for it ... hundreds of altcoins, most having no utility, again, as we're seeing now. BTW, Paul Vernon, the CEO in question, denies that the Chinese Cryptsy clone and Cryptsy are related in spite of having the same email address to contract both. Perhaps, that's just a fluke, easily explained away by those sucking Paul's Floppy Disk on a daily basis. HAHAHA
newbie
Activity: 28
Merit: 0
December 16, 2015, 11:37:41 PM
#8
Are there too many hot chicks on the Asian thread?  I think not, my friend.  Of good things, there are never enough

Good things also have a tendency of being useful.

snip

Thank you, an excellent post.

There are many reasons. Including:
  • people want to experiment with blockchains 
  • people want to launch pump and dump coin to make money.
  • people create fake wallet with trojan to steal your coins
  • people want a coin for their community
  • some started as joke (dogecoin)

Ironically Dogecoin is on the list of the 'better' coins I've made back when I thinking which coin to choose for my site.

All coins lead to BTC. Namecoin and Ethereum is different as they actually serve a purpose; namecoin being domain registry and ethereum for creating contracts/applications.

Are there other cryptocoins that serve their own purpose other than a currency? Maybe buttcoin.

Well, I would say coins that focus on privacy and anonymity serve a purpose too, but they are useless as you can't use them anywhere.
legendary
Activity: 1272
Merit: 1012
howdy
December 16, 2015, 05:22:59 PM
#7
All coins lead to BTC. Namecoin and Ethereum is different as they actually serve a purpose; namecoin being domain registry and ethereum for creating contracts/applications.

Are there other cryptocoins that serve their own purpose other than a currency? Maybe buttcoin.
newbie
Activity: 22
Merit: 0
December 16, 2015, 05:09:55 PM
#6
Because it's fun. And cheap to make one...
hero member
Activity: 616
Merit: 500
December 16, 2015, 04:44:18 PM
#5
Why do they keep popping up and more importantly staying? Isn't just one or two coins enough? Why do we need so many, what's the point, what does anybody gain from that? It just seems impractical to me and I want to understand it.
Scammers need to make money from noobs who invest in them  Smiley
sr. member
Activity: 518
Merit: 250
December 16, 2015, 04:31:08 PM
#4
Why do they keep popping up and more importantly staying?
There are many reasons. Including:
  • people want to experiment with blockchains 
  • people want to launch pump and dump coin to make money.
  • people create fake wallet with trojan to steal your coins
  • people want a coin for their community
  • some started as joke (dogecoin)

hero member
Activity: 945
Merit: 1000
December 15, 2015, 10:23:41 PM
#3
Why do they keep popping up

Because launching a new coin is easy.

and more importantly staying?

99% of them don't stay, they die away, but as long as there is someone to move the blockchain the coin is alive.

Isn't just one or two coins enough?

Who can define what's enough? It's mostly open source so anyone can launch their own coin if they want and that's what people are doing.

Why do we need so many

We don't, most of them will die away, but there's a lot of crypto enthusiastics, developers and opportunists who want to launch their own coin for what ever reason. Some do it for fun or joke, some for serious business, some aiming for pump'n'dump. There are plenty of reasons.

what's the point, what does anybody gain from that?

As I wrote above: some coins push the current technology forward or try to become a legitimate currency and/or business, but most (shitcoins) are just for people to try to make money with them.

It just seems impractical to me and I want to understand it.

No matter how useless the coin is, if it gets listed on an exchange, there's ALMOST always someone who makes a profit selling them, usually it's the dev or miners who get them cheap.
sr. member
Activity: 289
Merit: 250
"The fish rots from the head first"
December 15, 2015, 09:15:40 PM
#2
Are there too many hot chicks on the Asian thread?  I think not, my friend.  Of good things, there are never enough
newbie
Activity: 28
Merit: 0
December 15, 2015, 07:11:55 PM
#1
Why do they keep popping up and more importantly staying? Isn't just one or two coins enough? Why do we need so many, what's the point, what does anybody gain from that? It just seems impractical to me and I want to understand it.
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