Bitcoin Forum

The yearly increase in amount of cryptocurrencies in existence since the advent of bitcoin has been sporadic in my opinion. Sometimes I think this growth even belittle the integrity of blockchain technology. I mean are cryptocurrencies the only special features of blockchain technology?. It's a shame today we have projects offering services that are 100% alike to others , so much proliferation of projects with similar services in the crypto-market. Another annoying one is the amount of forks the space has witnessed leading to new cryptocurrencies with exact usecase. Apparently it's beginning to look like everyone wants to be founder and CEO of their own projects. Majority of the blockchain projects today in my own opinion should never have existed or could have just existed as Decentralized Applications running on blockchain.

This uncontrolled proliferation of cryptocurrencies has effects on both enterprises such as the Government and major co-operations and as well investors/traders. The Governments of the world have secretly started implementing blockchain technology and tools to boost efficiencies in their operations but their stance on cryptocurrencies remain strict due to the lack of trust in the crypto market. Investors and traders are bombarded with a host of options to pick from with majority of those projects what I tag "Dead on arrival",waiting to swallow up investors funds and disappear into thin air..

In conclusion,  I think the project developers need to reconsider their options. Why must they all have dedicated currency? Why not create a project with unique usecase and implement your product to accept cryptocurrencies that are already established in the space? Why not partner with notable crypto platform and make your project a Decentralised Application (dAPP)  using the blockchain framework and currencies of the crypto platform?. I think for mass adoption of cryptocurrency to ever happen the  crypto-community needs to focus more on projects that will bring use cases that will rival what is available in the traditional system of the world than producing more cryptocurrencies with zero real life application and uniqueness. There is so much untapped potentials in blockchain technology that the world is yet to see because developers focus too much on currencies rather than use cases.

I completely agree with this. I never approve that forks. And I don't think they want to be founder or CEO with their own project. They want to be rich and they want to it without working and creativity. They are not capable of create a new projects but they are using Bitcoin's or any other major coins name. Unfortunately, they are finding a supporters on the market.

Sometimes the overwhelming number of cryptocurrencies makes it difficult for one to make investment choice.. Especially with most of them offering the same or similar services..

Maybe not all are having the same condition as this. Forks are meant to be an upgrade, a renewal, development and also, a synthesis. It is the process on which blockchain and crypto could be enhance, not really a way to create a company and become a CEO, but too bad, people will do just for it.

You are very on point as usual, new projects with existing use cases should be curtailed and prevented from entering the crypto space... but this can only be achieved through regulating cryptocurrency. Now the issues of fork coin are just a means for lazy developers to acquire names and wealth for themselves without doing any job. Thats just too bad

Yes the proliferation of projects are overwhelming and makes it cumbersome for investors to handle as such most people invest randomly. I totally agree to the launching of decentralized app which will accept Crypto as fees for their services other than creating some useless and valueless cryptocurrencies that does not have any real life application, I think if that can be adopted then Crypto can compete with traditional currency/Fiat

was actually referring to the Hard forks which lead to a new blockchain architecture . We have had quite too many in crypto with a majority of the emerging projects dieing as soon as the developers cash out..

Well in my opinion the whole enviorement its going to reward the hard workeing proyects even when almost everyday born new coin, the hard work and the creativity of the team behind the proyect are the one who make them a token with real value oe another shitcoin of the thousands that already exist,, the blockchain is a living thing, and all ofd us are micro organism part of it

I agree with your point. Starting new projects backed by new cryptocurrencies no longer make much sense. 90 out of 100 such projects are either failed attempts or non-serious try.
But crypto space doesn't have any other option so far. When raising money from people, projects have to offer something in return as a security to investors. Unlike real world, crypto space is unregulated so it is not possible to issue shares validating invested amounts. Tell me why would I invest money in XYZ project if XYZ isn't giving me anything in return? Creating anything requires funds so without funds projects won't thrive. Therefore, issuing tokens is one of the best way to solve this issue in crypto space and to power the value of such tokens, projects integrate tokens in their platform. Theoretically, that's the win-win situation.

I think it is normal to have more and more electronic money with similar functions. That happens when startups know that this is a potential market and they want to fight for their own market share. That will make crypto even richer. I think you should have a more positive thought about this.  ;D

Being decentralized is causes this. If there were regulations on this, there would not be plenty of coins in a sector.
This is good for us. Because, there will be a lot of choice and we will be able to choose appropirate one.

It is true that there are lot of projects out there that has a same concept due to the competition which I think is not that bad either because in real world we also have different companies that offering same product or services so in my opinion it is also natural in cryptosphere.

It's true that we have more and more projects similar in nature,  but there has to be competition to keep the space tough of some sort.

I think the developers now are more focus on the profit not the technology or the usage anymore, I don't see any good coin anymore, most of the coin will disappear after few months hitting the exchanges, if the creation of ICO is not controlled and being fixed then it can hurt the crypto currencies ecosystem and it could impact all the crypto users

90% of the projects were created purely to make profit. all these ICOs (the so called smart contracts and Dapps) are all useless junk that are filling the market and were created so that the creators can make millions for doing as little work as possible. then we have these platforms such as ethereum which were created to allow these useless tokens be created in an easy manner.

the issue is not with having lots of them, the issue is that people stopped demanding technology and started focusing on profit. so we are left with this much junk.
otherwise the cryptocurrency front needs a ton of improvement and the space between bitcoin and the next coin that comes close is so huge that the second currency is always being ignored!

The decentralization of the ecosystem has led to proliferation of cryptocurrencies which is very troublesome. Until we have stringent measures that allows only quality projects to infiltrate the market, we will continue to face this volatility and neglect from the centralized world

Yes. Just like I mostly think if we can find a cryptocurrency project with a different idea and product assigned to use the coin in exchange of the products or even to be used in a different services. No, all are just meant for extracting found and other coins or maybe they're not yet complete yet who knows.

Because those developers don't even care about the liquidity and it looks like they are lack of economic knowledge about the liquidity is the very important thing. Those developers are only wanna cashing out their money without even care with it just greedy developers.

Does that mean the developer doesn't know anything about it? if they just want to monetize then it's not good in projects that only rely on it.

You are 100% correct on this one we have hundred of coins and projects with similar usage and no clear line of differences. If this teams con partner with the already established coins in the market we will have a world of less coins with great potential and usability.

Is not good to have so much clones of other coins, new people and old investors will not anymore invest on this clone coins because they think will lose money on this as happen in past.

The time has really come and I think that many people are now successfully considering this matter. I think that now there are very big opportunities because the prices for cryptocurrencies have already begun a serious increase.

What we have experienced with the duplication of project and pushing them through icos via signature campaign, bounties, airdrops etc is what we are still facing at the moment with IEO. Every project is now going toward exchange. I think this is one challenge cryptocurrency is facing.

If we had ICO, IEO and STOs running simultaneously, then we can see the originality in cryptocurrency projects.

Reading through the comments here, it shows that majority of us knows these truth about them that they are just after the money, and yet we keep wasting out funds by investing in them, how would the succeed in extracting funds from us if we don’t open our heart and funds to them.

Personally for me, I have learnt to only invest in products with UTILITY coins from a very reputable team, otherwise, if I don’t see any, then I keep investing in already existing ones, at least I will be able to check reviews of the existing ones and how far they have performed before putting my money in them for a long term investment, these projects that fails are the ones using that tactic of pushing their failures on bounty hunters and investors dumping them.

Projects with concepts that are similar or even the same as their predecessors are natural in my opinion.
The same is true for non-crypto products or existing blockchain such as e-commerce platforms. Already many similar platforms, but similar platforms continue to emerge with the uniqueness and advantages of each. Likewise, the platform and project are based on krypto or blockchain. It's about business, and all are competing to develop products that can satisfy users and benefit investors.

Big funded developers are willing to take the risk conducting an IEO they are willing to partnered with exchanges just to give some assurance to their supporters that they are serious with what they are offering, but it's still with investors to review and study first whether such projects already been
offered or really have a good value in the future.

Even at the top end of coinmarketcap we can see litecoin, bitcoincash, and bitcoinsv, all doing the same thing. Demand for them is still high even though diversity is better for investments

If this were to be a book, I would not mind purchasing it at any cost because it was just as if you expressed my mind completely about these projects we keep counting number on, on a daily basis, the numbers of projects coming out with their own coins is even outrageous, it has been long I have been speaking against this and it looks as if I am the only one not making sense.

I see these coins as reason why BTC is struggling to achieve the purpose it was created for, it is not a bad idea to create a viable project but why can’t they work with already existing coins like BTC or ETH, why do they have to create theirs?

If they continue this way, government will have no choice than to put an eye on cryptocurrency which might lead it being ban because virtual most projects they raised money for that would have helped the economy of each government end up getting abandoned.

I feel the same way too... This proliferation the market has experienced is largely responsible for the negative impression the government have towards crypto and blockchain technology. The money that have been swallowed up in a host of crypto project which have failed to deliver any solution to the society needs is alarming. Now the co-founder of TRX has left to lunch his own blockchain startup, when he could just develop a blockchain product using readily available blockchains In the crypto-community..

Yeah you are right blockchain is not about only digital currencies or crypto but the thing that matters is the revolutionary blockchain technology that will bring us new generation of web, dapps and a whole lot of decentralized platforms and ecosystems alongwith a deflationary financial system so there is a lot to look at and celebrate.

I think digital currency different with cryptocurrency. Digital currency still controlled by central banks but not with cryptocurrency because its decentralized. In internet era, cryptocurrency will needed more because its fast and low cost

Let the market decide what it wants. This would be against the free market. And oppression to individual choices.
Every Cryptocurrency has their own motive and serving field. You can't just limit the numbers or where they be used. I could even issue a coin, if no one's want it, it would get no value but it doesn't mean it's a failure. It could be for educational propose, could be a hobby.

I do not think that we need to urgently undertake something in the field of creating cryptocurrency. We do not have a single coordinating authority for the creation of cryptocurrencies and, most likely, such an authority is not needed. Even if there is duplication of projects, that's okay. Cryptocurrency market through supply and demand vseravno put everything in place. This way of developing cryptocurrency is much better than artificial intervention in this natural process.

To creates the revolutionary system for financial side blockchain technology is the biggest hope for the future, but decentralized businesses and government does not allow the developers or anyone to create the such revolution.
We need to find more people give support for blockchain technology to empower the world with great power. it will destroy all abusive powers like what we see in the world.

In my opinion, digital currency and cryptocurrency are not much different. Yeah in case of digital currencies, there might be influence by the central banks but they stand next to cryptocurrency in the line with striking similarities. The purpose of the regulation is to bring both aligned but even then crypto would be something with a cult of personality and yet very different by what is produced by state.

I agree with your argument but the Big question is who will implement the rules and regulation that needed! Regulating the proliferation of cryptocurrencies is very hard to do since most of the startup projects that introduce "new cryptocurrency" coin/token are scattered globally it means regulation start of the country of origin in order to be effectively control the situation.

You are right, most projects devote very little time to the development of technology and this generates an increasing number of useless cryptocurrencies. It is better to direct forces to create decentralized applications and make one of the cryptocurrencies the main means of payment, as well as to throw all efforts to increase the network bandwidth to compete with Visa and MasterCard.