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.
The utility tokens will build up liquidity and value as their ecosystems grow (Binance's coin is a good example of this), but most other stand-alone cryptos that are not tied to any particular service will fade into obscurity as their liquidity dries up.
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.
Thanos xD
😂
The idea of perfectly market is definitely Darwinian as you state. I think that more and more choices originate from the freedom that comes from a truly free market. The products ultimately would have to compete for their space in the market and in the end the market would sort the problem of overcrowding by itself - call it Darwinian trimming if you will.
It actually gives me a measure of confidence in the crypto market to see so many choices because it reinforces a the idea of a healthy participation by people in the trade. I mean participation as producers and not just as consumers.
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
I agree, we'll have to wait and see which of these crypto currencies survive.
And we need people like you to help us newbies and point us towards a general direction so we can research ourselves after that.
I sort of agree with you.
There's many currencies that are only made for profit basically.
Most of currencies are also useless.
Most of these currencies basically do the same thing and have the same features.
I can't wait until only the strongest ones survive.
Let's hope I'm holding some of these.
definitely not a good thing. How many coins are out there is irrelevant. What's more relevant is how many good promising projects with strong, committed teams are out there. If only 20 projects prevail and rise significantly in value, that's great. I don't think all 1000+ will though.
Only the strongest and most developed will survive. That's the nature of this game..
this is a difficult issue, because each currency has its project and reliability, some projects are not usually profitable and others do not generate confidence.
It is better to keep the ecosystem with the variety of coins that adapt to any need and pocket.
I think this is too much and big part of them will not stay for long time
I do not see a point to have so many kinds i think that 100 is more and enough