[dtube] There are Now 1000+ Cryptocurrencies - Is This a Good Thing?

milano1113 (58) · 6 years ago

Please remember there is about 99% ICO’s and ICO is basically a pre sale of the tokens on the assumption that people will eventually use them or until the actual blockchain is created. Just like you said “the weakest will not survive” At the end things like proof of stake, proof of work, proof of delegation, transaction speed... will decide which project will survive and which will fail. In my opinion as of now the safest investment in crypto is bitcoin and ETH. I can name few more such as EOS, IOTA, LTC..., but there are always doubts in the baaaack of my head. I agree with you on top 100. It would be much more difficult for new projects with a great potential to get through or even impossible since there would be only a chosen once. Let it play out itself. Of course, at the end vast majority will fail. Perfect example is dot com bubble. Anything named dot com was breaking to a new highs, but eventually only few survived. As long as people are speculating and investing in any new projects, there will be so many of them, maybe even more than there is now. Money will eventually move to the strongest projects and that’s when most of the weak projects will fail. However, today I can certainly compare bitcoin/ETH to google... But thats just my opinion.

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3 votes

zilze (39) · 6 years ago

I think i prefer the many cryptos than just having a few well known cryptos. That way, it will confuse those that are trying to shut down cryptocurrency as a viable alternative to fiat money. They are gonna have a hard time trying to pin their hands on the crypto business. The more the merrier!

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tomilolafadipe (62) · 6 years ago

The evolution of money, and the evolution of every industry, strongly imply that Cryptocurrencies, probably in many forms, will be in our future. And will dominate the money supply at some point.

There are various cryptocurrency in the market, each trying to introduce an innovation that could disrupt an established industry.

Usually based on the Bitcoin core code, the Ethereum blockchain, or are created from scratch. This is what decentralization means. The freedom that exist in choosing which one to invest in the healthy competition through research and observation is key.

It is paramount to look out for which will survive the test of time because definitely not all will.

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obest (59) · 6 years ago

I think it is good for the crypto market and blockchain entirely because every crypto currency comes out with its own innovation by trying to solve some basic fundamental world problem and adding values to the evolution of the blockchain ecosystem @louisthomas

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femcy (43) · 6 years ago

Like seriously, too much of these newly established cryto never stopped from bothering me, why bringing more shitcoin while the top 100 is facing a serious challenges of downtrend In terms of price and development, it is high time we think of way forward and forget about creating a new set of crypto, I believe it will only desipate the existence of the existing coin, the two coin that believe is up to standard is actually bitcoin andEth.

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adeyemidrey (64) · 6 years ago (edited)

Like you have said earlier. I totally agree with you on this note.

Wouldn't it be better if developers started to band together more on, let's say, the top 100, instead of focusing on their own project?

Instead of putting another crypto currency into existence. I think reaching a consensus on the top 100 is better. Which will surely breed better ground for the existing crypto. Let focus more on developing the one will have already.

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bearmaster (47) · 6 years ago

the freedom in the currencies that gives a decentralized system makes that there is a lot of variety to choose from, something that is good because you choose the one that gives you the most confidence and adapts to your pocket.

penauthor (62) · 6 years ago

Seriously, I have been asking this very question. many of them are shit coins and it's getting increasingly difficult to sift out the ones with real value. Let's hear what others will say.

hashcash (63) · 6 years ago (edited)

More currencies create a fiercer competition. I think a young market needs that energy to survive.
Not to mention the fact that with more currencies in the mix we have more incentive for creativity and innovation. We see copy and paste nature of the tech behind several coins and the people quickly reject them, which in turn provides the developers an incentive to come up with better solutions and more innovative approaches to existing issues.
I mean we can take a look at the basic level POW to POS to Delegated POS and beyond. This kinds of provides a perspective of how this free market is evolving. Developers know that evolution is all about survival of the fittest and thus they push themselves for getting better.
In the end if we remain committed to the idea of a truly free market, this race for a better product could in fact actually be a blessing.

rothberg (58) · 6 years ago

One day in the future most of them will just disappear and we'll be left with a few. The truth is that no one has any idea what will crypto be like in a five years from now. Which one will survive. There is so many projects in blockchain technology because sooo many of them are totally different. We have smart contracts, payments, games, social platforms, data transfer... and many more. Each and one of them are completely different projects using the same technology. I think it’s too early for developers to start to band the top 100.

mafzaal92 (50) · 6 years ago

Thats what decentralization is for, everyone is allowed to have their own coin and the free market and their development teams will decide which coins live and which coins turn to dust, I say 50% of the coins that exist right now won't exist in 5 years and all the cryptoverse will be balanced, as all things should be.

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3 votes

darkdrake (52) · 6 years ago

there will always be shitcoins or no use coins or joke coins. but it's a good thing that more and more good projects are using the crypto tokens/coins as a medium for a % share of the company.

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sames (65) · 6 years ago (edited)

I feel like there are too many coins out there. Many of these coins do the same thing which is weird and many will be abandoned. But the ones with new tech are nice to see!

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engchitchat (51) · 6 years ago (edited)

It's really hard to look at coins outside the top 100, but there must be tons of undiscovered gems. Way too many coins. Most of the coins that are currently on the market will probably be worthless in a few years.

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mumin007 (53) · 6 years ago (edited)

Wouldn't it be better if developers started to band together more on, let's say, the top 100, instead of focusing on their own project?
I think yes, it will be better to band together the top 100.Here’s the problem. There’s around 900 different cryptocurrencies that exist, with new ones being created every week.
I can tell you for sure: 95% of the cryptocurrencies are scams or Ponzi schemes.

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mistakili (69) · 6 years ago

It is a matter of survival. Alot of new cryptos everyday. This is good for the global adoption but at the same time there are some that will survive. So it is left to individual to choose wisely. It is a decentralized affair and only right decision are best

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charliechain (57) · 6 years ago

I understood your information. You every time analysis very good or i wanna say best. There are many cryptocurrency in the market. Every country and company want to make own cryptocurrency.

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snappy101 (43) · 6 years ago

I’m not against it as I see nothing bad in it, we all know the market is good only for the survival of the fittest. That’s the game here, we can have as much but only those that thrives will definitely get the most investment and it’s all happening and we can see everyday

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raselkhan566 (49) · 6 years ago

I have sen your video on dtube.

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abdt (63) · 6 years ago

This is great and good post about cryptocurrency and without inestment there is nothing to do b good rich steemian

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taskmaster4450 (78) · 6 years ago

This is a drop in the bucket compared to what is coming. There are going to be tens of thousands of tokens over the next couple years. Many will fail and end up worthless. This is the nature of development. For each success, there are 5-8 failures.

One we start seeing security tokens, the gloves come off. Then you will see millions of tokens created.

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doctorspence (63) · 6 years ago

first off, there has been over 1000 cryptos for a while now. second, yes there is purpose for many different networks, just like how there are many different websites.

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sobuka (49) · 6 years ago

many is good. free space. but many will fail as well.

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zioguido (39) · 6 years ago

Very solid market-based response. Milton Friedman would have agreed. Just a small tweak. Even though everyone says it , it is not “survival of the fittest “....it is survival of the fit. An entity is either fit to survive or it is not. So there may be more than one entity that is fit.....you believe that it is just about a sure thing that Bitcoin will survive. That does not mean that IOTA won’t. By the way , your explanation owes more to Adam Smith than Darwin.....and I might add nothing to Karl Marx.

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milano1113 (58) · 6 years ago

Meow?

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