Bitcoin Forum

If you think as crypto as languages, there is one island that has 860 different languages. Also many countries have their own currency. The internet is worldwide and you can even say beyond that (space) (not sure if that is the world or Earth or Universe for description information) but would you rather have just one master currency and language or many different ones? If there is one master currency, that is considered easiest to manipulate everyone. Best to have several different ones.

Diversity is good thing, in general. However, we are now having so many crypto currencies! Most of them will never be used for any real life trading (i.e. buy/sell tangible goods).

Hopefully, after the initial surge, market will regulate itself, and we'll end up with 2-3 core crypto currencies.

Within the world there are many real currencies, nearly one for every country, so I can't see that this is a bad thing!!

Many won't amount to much, and you will be able to trade between them all so again it's not a bad thing.

Sort of where we are at right now. There will always be a number of top coins, and massive amount's of penny coins with (even more) erratic value.

you will be able to trade between them all so again it's not a bad thing.

I would have to agree with someone who said that there are so many languages in the world - why there can't be a wide range of coins for any group of people? Like with languages - there are always a well-established and widely used languages, for example - English. However, there are always place for dialects of English that is used is different parts of world. And then there is German, French, Chinese, etc. Do you know how many dialects of Chinese are spoken?

If having their “own” coin benefits some part of “alt-coin” community, or they just find it funny to be a alt-coin millionaires – let them be!  :)

The "coins" are much more then just a way to send/receive/store money. They represent a software platform that can eliminate labour in all types of financial transactions, some good info here: http://www.youtube.com/watch?v=Cs6F91dFYCs&feature=share&list=UUC3L8QaxqEGUiBC252GHy3w&index=1

I think many of the coins that don't offer anything unique except branding will stay worthless, one's that allow you to have an anonymous chat room or store images, data easily, etc will be worth more. The value is partly based on what they can do..

Thats some good info you're posting there buddy

A good point.. but again, crypto are in a different league. I min all sort of coins are there, and some of them sounds unrealistic to be a coin. For eg..hamstercoin, mousecoin, batmancoin (check the alt currncy forum).

Who will buy such coins where they are meant for the pump and dump purpose. The developers develp their coin and probably 4gt abt it. Probably a way to get rich.  ;)

Thanks, I found it really informative.

Well, rigth now they just come out and go, and if they pass the "survival test" they continue to develop further. It's more like if they get to have a significant support from people in a small window of time, because almost every day another cryptocurrency pops out.

Wahhh! FREE MARKETS SUCK! WAHHH! :p

Short answer 'no' most new coins are a disgrace to Bitcoin.  :(

I don't think variation among coins is like that of natural languages.  Yet I don't see the harm in many currencies.  A lot of this provides low stakes testing opportunities.  IMHO.

We don't, but probably the question is:- why not?  :-\

I don't think we need most of the coins that are out there, and many of them will likely die off similar to the dot boom bust era.

I think the more coins the better (at least more non direct clones of other coins.) because as people modify and adapt new coins they bring new ideas to the table. In the end they all help out by proving or disproving difrent aspects of the whole virtiual/crypto curency trade and manufacturing.

Bitcoin and Litecoin are at the moment the only coins that have got anywhere (my opinion ofcause) and they arnt without thire flaws. The more coins we have the more chance  the holes get pluged in what ever becomes the next Bitcoin.

Think of Bitcoin as the mighty US Dollar or the Great British Pound, and Doge and Coinye as worthless Zimbabwean Dollars lol.

Didn't Zimbabwe start using US dollars?

We must pray to almighty Gov to save us.

Yes, although they also use other stronger currencies too.

Although diversity is good, a lot of altcoins released these days are pump and dump scams.  I'm staying away for now and using "major" players  :P

Yeah, the alt-coins don't hurt us.  People are learning the software.  But do be careful where you put your money.

Read the other day some new company started that is going to offer companies "Brand" coins...

Indeed you can "create" a new coin for just 0.05 btc.
http://coingen.io/

And, It seems they get lots of business.
http://coingen.io/status.html

No wonder there are so many new coins :D

The most difficulty part of making a new coin now is to create a fancy name :D

Doesn't seem that difficult. Cat dog goat moon earth; doesn't matter - people will create one for any old crap.

the answer is simple, no!

So many different currencies are definately not needed. Most are just pure clones without any innovation or new thought. It's simply about who came up first with this "phantastic" idea. This is sad because they take the air away from those who actually incorporate true innovation and that were developed in a diverse community, like Gridcoin. It is this kind of diversity all miners should be supporting.

Bitcoin and litecoin will remain. Others won't.

That's what I think.

Problem is that they're all just clones....

Doesn't anyone have any original ideas?

But, some people just keep thinking "Oh, xxx coins have a bright future, and will be the new bitcoin" lol.


Yes, there are a tiny fraction of alt-coins that have real innovative features.
But sadly, 99% of them are just clones.

Simply put: no...

I don't think we need this many alt-currencies,but what can we do to stop new alt-currencies? there are people who like them and make profit with them and as long as there are people playing new alt-currencies will keep rising and rising.

The only people who tend to make any real money out of these new alts are the people who make them, if even them. Pump and dump crap.

What are the innovative features?

Thanks

My favourite one is "my crapcoin has a great community and dev team behind it", which literally means nothing. And when you question them what's so good about their coin or tell them everybody says this they throw a shitfit and accuse you of being a troll haha.


Most don't have anything innovative, but there are some that at least try something different, but when people claim their coin to be innovative it's usually just because they tweaked the algorithm slightly or whatever, thus not really being innovate, but maybe so in a world full of crapcoin clones that don't bother changing anything.

I think there should be this many altcoins since very many people didnt get into the bitcoin game early, Its a great to start of investments, I am saving Protoshares and DOGE, and a Few dimecoins to see how much they are worth i the future so I can save for a college. But I will be greatly dissapointed if that happened.

So, Yes,IMO there hsould be that many.  ;D

But, as others have said, a lot of these coins are 'pump and dump', meaning they're not good for storing money. They won't last forever.

Makes me chuckle when people talk about their coins having longevity and they're in it for the longrun, especially when they've only been out a month or two. People said this about Doge and Coinye lol.

OP's question doesn't make any sense. It's free market. If they are being mined - they are needed and vice versa.

LOL, I have 10,400 DOGE coins on the 2nd of this month for $2 mindnig that the guy also added a few 400 DOGE coins, and Now they are worth $21. Doesn't that tell you something? I am just optimistic, and thats a good thing. IMO!

If one of the coins I have makes it too, I will cash all of them in.

It tells me that there's short term small amounts of money to be made, without investing big bucks. If you were that confident about it, why did you only put in $2? You must have had reservations about alts yourself.

Yes, all those altcoins are useful.
I don't think it has already been decided that bitcoin will be the most successful crypto currency ever.
Bitcoin might be like myspace, and Facebook still hasn't been invented yet.

Good analogy, things can always improve I suppose. Who knows?

Yup, grab your chance to buy it cheap now before the price goes 1000x lol.

Another strange logic I have seen is:
"xxx coin is a bitcoin clone. We will have a maximum of 21 million bitcoin and a maximum of 210 million xxx coin. That's why the value of 1 xxx coin will equal 0.1 bitcoin. Huge growing potential ahead, blah blah blah..."

Yeah, but greedy naive newbs lap this shit up. It's only really the greedy naive newbs that prop up these alt coins.

people modify and adapt new altcoins they bring new concept of profit .

Good features to add to an altcoin would be anonymity and a way to prevent double spend attacks.

Double spend is not necessarily a bad thing.
Sometimes, we double spend our own transaction when we have forgotten to add a fee, or make a bad mistake using raw transaction.

What do you mean it's not a bad thing? How can it be good?

Double spend attack is bad.
But, double spend is not necessarily a bad thing.

Exactly as my last post, sometime you could make mistake in creating transaction.

This is just one example how double spend can actually help people solve problem and do no harm to anybody.
https://bitcointalk.org/index.php?topic=231057.0


Of course, it is a bad thing if someone send his bitcoin to a gambling site, lose the bet, and double spend that tx.  ;)

Maybe we need, maybe we don't. It is healty to have some competition, nature will select the best overtime, dont worry.

anonymity is exactly what zerocoin is offering, give it a try

How many different coins we have right now? May be somewhere around 200....  ;D

I think that we will hit the 1,000 mark before the end of this December.

In some ways I think we do need all these coins for the time being.  They help distinguish what a good coin is and what a bad coin is and that is what a free market should be all about.  However with something like cryptos that is new to many people I think it causes alot of confusion and will cause setbacks in the overall progression for now.

A lot of the alt coins are for pump and dump.They are not sustainable.

Even some altcoins that have good ideas are not good for the ecosystem.   Too much muddying of the waters makes it more bewildering for newbs and harder for uninitiated to get on board with crypto.   

It also doesn't help that many altcoins are just predatory pump and dumps.

We don't NEED this many coins but it's always fun to have a few.

I like having altcoins to trade and experiment with.   ;)