During my research on blockchain topics I stumbled upon several upcoming and running ICO's, Presales or whatever you would call them. And friends who are into it always recommend some new coins to invest in.
I mean there are already nearly a thousand out there. At least the total currency list at coinmarketcap shows 840! Ok, a lot of them never got traction, but still.. There are only around 180 official (analog) currencies in the world.
And I know about a dozen actually running presales, not to speak of the upcoming ones.
Its hard to imagine that any new coin or token and the network behind can add something new. Not that anyone would be able to compare all of these. I'll be happy if I remember what the top 30 could be used for.
There seems to be shift from locally restricted all-purpose currencies to international one-purpose currencies, like Steem for blogging or SiaCoin for cloud hosting. Just that there are much more purposes than countries. I guess the uncertainty of which digital currency will rule them all (Bitcoin??) in the future will lead to a further rise in currencies, as every new blockchain project will release its own.
I just realised that its getting harder to keep track of all currencies, especially while trading, investing or mining. Never had so many wallets in my life ;)
Thats just some food for thoughts as this question touched my mind tonight. You're welcome to share yours on the topic..
I thought about this too when I was first entering the crypto-world, but what I think now is that all of these "currencies" are more like assets with unique business models and most can coexist. Now, between bitcoin/litecoin/dogecoin, these all aim to occupy the same niche, so eventually I think only one will prevail.
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Block-chain is attracting a lot of new money coming in.
That new money is either not happy with the inflation or tired of the middle-men taking commission for services that block-chain does for free or way smaller cost.
I remember how the DAO was going to help fund these projects and currencies, but since that failed cause of its coding, there are hundreds of start-ups appearing all offering something which may not be unique in usage or purpose, but block-chain certified to do it much easier and cheaper and at the same time more safe.
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Thats right. But all this funding via ICO for each new project is getting kinda crazy. I'm testing a lot of blockchain projects and have to convert a lots of currencies to pay for these. A huge effort in maintaining money ;) There are at least 3 currencies for the 3 cloud hosting projects I'm aware of.
Anyway, I agree it makes sense to improve and try new things. (e.g. Bitcoin is maybe not the best solution because of its actual scaling problems), just saying its hard to get some light into this jungle..
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Yeah I agree, it really is hard. The countless trolls and fud-armies don't make it any easier either.
I just try to read information from reliable sources and decide for myself their potential.
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The word coin is misleading; It is an asset to finance new projects; As you can buy thousands of shares of companies on the market, you can buy assets to finance a projects and exchange this asset on new markets. As long as there as needs to finance new projects, you will find new coins.
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They all can't survive...only the strong. Everyone has opinions of course :-)
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