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RE: Do we need 709 Digital Currencies?
We need 709 Digital Currencies for greed reasons. I have an old post that illustrated this point here
The only thing I'd point out, is the "top" currencies aren't necessarily the best ones. Many of them had great marketing, but you can't decide on a coin just because it had a large marketing campaign.
When I say that, I'm thinking of Peercoin for example. It's a coin that won't be respected today, but I forsee down the road, it will be needed and used for its own purpose. (It was released in 2012 and still going strong).
Interesting post @intelliguy.
I plan on extending out my analysis to anything with market cap above 1m and peercoin will make it into that category.
My next post will be on Digital Assets which largely make up the token coin space but what I think makes them a little different is that they are more like shares in the companies rather than cash. The Digital Cash coins in my view are more like fiat currencies and like them operate with a particular economy. They dont really have that much value but are useful for exchange.
Digital Cash coins value will derive from how much they are used in contrast to Digital Assets whose value will derive from how the respective company grows.
I think by splitting the coins into these two groups should give insight into their long term value.
Thanks. I will thorougly enjoy your analysis to include Peercoin too. It's well forgotten because it doesn't have the marketing push behind it. Some people even think the creator of Bitcoin who admitted he was moving "on to persue other projects" might have created Peercoin and Primecoin, two vastly different answers to traditional proof-of-work might have been involved (or the sole creator) of both.
Good luck on your quest. You're doing great work and I appreciate seeing your results.
Many thanks. I appreciate the feedback and encouragement and heads up about peercoin and primecoin. They really werent on my radar.