Only 50 Cryptocurrencies Have Real Use
I am a believer that, ultimately, we will have millions of cryptocurrencies that are available for use. We are about to embark upon the greatest wealth creation period in the history of the human race. Cryptocurrency is going to usher in completely new economic systems that will make what we are presently dealing with look like something out of the Stone Age.
That said, there is a lot of garbage out there. At present, there are roughly 2,000 tokens listed on coinmarketcap.com. Most of them are nothing more than pipe dreams. While I will not call all of them scams, the truth of the matter is most projects will not see any success. Blockchain is not an easy world to navigate. There is a lot of transitioning taking place meaning that the establishment of a business is compounded by an industry that is new. This significantly increases the degree of risk of each project.
This idea was echoed by Chris Burniske. The venture capitalist believes there are about 50 cryptocurrencies that have real use. The rest are destined to fall into oblivion.
I can agree with this idea. It is one of the reasons I am so high on STEEM. We have an ecosystem that is consistently growing. While it does not have the hype and marketing of some projects, it is moving forward at a steady pace. Applications are appearing on a regular basis with the existing ones seeing nice growth. This is not something that many chains are seeing.
It is easy to fall in love with different projects. I will admit that I came across at least 100 in my search that sound viable. In other words, they are great ideas. However, that does not mean success is at hand. We see a number of issues arising that derail projects. Money, personnel, expertise, and vision are all required. Failure in any one area can sink a project immediately.
Many seem to take the "grass is always greener" approach to life. Just think of all the "Steemit Killers" we can across over the last few years. What happened to them all? I thought it was a done deal, Steem was cooked.
Yet here we are, an expanding blockchain with more applications coming on board. What is ironic is that Steemit Inc. is starting to get its act together. If there was one major weakness in the ecosystem, it was that. Now, with a good few months, that company is moving forward.
The major advantage that STEEM has over most other cryptocurrencies is that there is a real use case for it. We are seeing people interacting with the ecosystem on a daily basis and using the currency. This is light years ahead of most other projects.
Another aspect to this is the applications that create tokens are, for the most part, waiting until they have something in operation. Again, it is not a dream state for these developers. They have working applications that are being monetized through the creation of a token. Certainly, we are not going to see all succeed but the chances are increased with a working project being achieved first.
Thus, I am going to climb out on a limb here and say that STEEM is not going to be one that ends up fading off into the sunset. It is going to be one of the 50 that succeeds because there is already real usage on this platform.
Over time, I only see that growing.
And remember, none of this is financial advice.
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One of the things that really sets steem apart and I think a lot of people undervalie is the token distribution. I dont have to give the tokens im holding to someone else to "tip" them.
The major hurdle that can still kill steem is facebook, twitter, or instagram tokenizing the platform in a similar way. Until/if that ever happens there isnt much standing in Steems way.
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Copycats come and go, Steem always remains #1 😎
I agree with you @trincowski.
Steem is a bright future and many of the copycats will fade away. We will see other projects that succeed in the social media arena but none will be Steem killers.
I agree with you @trincowski.
Steem is a bright future and many of the copycats will fade away. We will see other projects that succeed in the social media arena but none will be Steem killers.
I hate these kind of articles, saying "well there are only 50 tokens which are useful" and not giving the list. It's the same kind of talk like "90+% of the cryptos will go to zero". Yeah, no shit.
Now on about Steem. I really like Steem. But I must admit I'm a bit worried with the downsizing of the team. And also Dan Larimer is supposed to be building a kind of a more advanced Steem competitor. What are you thoughts on that one?
I think downsizing the team is necessary and helpful.
The downsizing of what team?
I think you confuse Steem with Steemit. The Steemit team was downsized yet the number of people developing on this blockchain keeps growing. So if you are looking at just Steemit, then you might have cause for concern. If, however, looking at the Steem ecosystem, then I fail to see anything to fret about on that front.
As for Dan, once again, what is he creating? Is he creating something akin to Actifit? Steemhunt? Gofind XR? Or is he trying to go after Steemit, i.e. a blogging platform? Steem is much bigger than Steemit with a lot more than just blogging taking place.
Also, the success of any of these endeavors is community. Dan might build superior technology but how much use will it get? 'Steem still has one of the strongest communities out there.
On a personal note, I would love another thriving place to post my content and get paid for it Copy/paste works on my laptop just fine If I could post on whatever Dan creates in addition to Steem and get rewarded, that is a win in my book. So Dan creating another platform will be good for all content creators.
Well, there are not THAT many people using Steemit every week anymore, so I'm not so sure about the community aspect. Regarding the downsizing: weren't those people also working on the Smart Media Tokens? I think that's the important aspect.
Anyway, I 'm a real fan of Steem, Steemit and Actifit, and I hope all 3 will have a bright future.
Hi
I am also very high on Steem for many of the reasons you mention. I could have written this sentence because I feel the exact same way:
I also agree strongly with this point also as it is the “coupe de grace” and I couldnt say this any better then this sentence, I think it’s spot on:
I had investigated over 20 other regular coins, Staking coins and then Masternode coins. At first I used my rewards to buy Steem, but eventually I sold the majority as the coins devalued from rampant inflation common to high ROI Staking coins and high ROI Masternode coins and put my capitol to work here. Unlike the majority of the coins I looked at, Steem was a working project and Steem had several hundred thousand user. Steem also allows you to make money without selling your stake. Steem also had DAPPS and communities, as well as a active international community. Steem is an amazing blockchain with amazing applications, including Steemit.
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I believe there is 49 cryptocurrencies that have real use. Wait, maybe 21. Now I am believe vs believe with Chris Burniske.
Without listing all 50 mythical cryptocurrencies that have real use and supporting that list with a rationale for each case, it's just another trash on Internet.
It's probably an estimation instead of a list when they claim there are 50 cryptos that has real use case...
The point is without any supporting evidence this estimation or whatever it is is nothing more than an empty claim at best or misleading gossip and time waster for readers.
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Its like fiat. Everyone wants USD(crypto equal: bitcoin) but there's some others that are popular like Euros, G.B. Pounds, etc...(crypto equal: Steem, EOS, LTC) and theres the local currency you care about.
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Many will fail and others will come and also be successful as the normal path towards evolution is common in these early adopting technologies. I think it will broadly expand as it continues to grow past the use cases and into creating industries as well!
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I don't know of any other cryptocurrency could top Steem in terms of ecosystem.
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