[dtube] There are Now 1000+ Cryptocurrencies - Is This a Good Thing?
Yannick Vankerhove says "Do you think it is beneficial for the blockchain technology to have this many independent cryptocurrencies? 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?
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
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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.
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!
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.
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
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.
Like you have said earlier. I totally agree with you on this note.
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.
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.
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.
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.
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.