Bitcoin Forum

As we can see, there are lots of coins that are being offered in the market every single day. Does every single coins that are in the market really usable in our daily lives? According to Bitcoin.com, the enormous number of tokens existing in the market is currently bringing confusion to the investors. For example, they wanted to invest their money in Quarkchain, but bought the Quark instead. Which is a totally different coin. I know that it is probably the fault of the investors for not double checking the coin, but too much coins in the market also plays a big factor.

Are there any solutions about this problem that we, the users in this forum, can do?

Nothing really we can do about it, people want to create tokens...let them...whether or not it will have any value or not is up to the market.

I think there should be some kind of naming standard or ticker registrar, something to keep someone from buying something they don't want to buy. For example the bitconnect (BCC) vs Bitcoin cash (also BCC) was confusing for a lot of people. GBX (gobyte) has another issue with some gibraltor exchange token (also GBX).

But at the end of the day its up to the investor to do their research.

I 100% agree, there should be standardized tickers. Bitcoin cash being BCH most places but BCC others is a great example.

I'm afraid other than this there isn't much we can do to stop this. And crypto attracts a lot of scams so many coins deliberately try and confuse people.

One thing that might help is if coinbase pulled their finger out and listed more coins/tokens. But really it's up to investors to triple check exactly what they are buying before they hit confirm.

I should say more - some devs name their coins like this just for the reason you described - so unattentive investors buy them instead of what they want. Not a long time ago I found out MonacoCoin which is like Monaco. But it turns good project ;D I should say that not all coins like this can be good. So only the atention of investors, control.

Your question seems a little bit strange... Do you also think that we should start fighting with Canadian Dollars, as there are also US Dollars, and this situation may lead to some confusion, foreigners may buy US Dollars before their trip to Canada, so the best way to prevent it is to change the name of one of these currencies?
We should first of all fight with scammers and their fake ICOs, spreading info about them, not just ignoring all of them. Then all the investors will know about fake "Quark", so they will check it twice before buying.

The point is that people see that they are able to create value out of nothing by simply writing the software which is why you have many premine coins now. Because developers are doing everything to promote the coin and get money get rich and buy lambo tomorrow. Because of this noise it is hard for projects with potential to break through and simply push the crowd and get recognized. Not to talk about ico's that are simply raising money because they can and raising more than they need. So you see we are headed off the path and something has to hit the market to drawn all the bad projects.

I can't disagree with you on this one, it is true that there is way too much altcoins in the market right now, more are even pouring in. This is why the prices of coins are suffering so much because with so many coins, the money in the market is distributed amongst all of them so much that there is not enough concentration of money in the major coins for us to see an increase in prices with them

there is nothing the users in this forum can do, it will happen by its way, all we can do is just wait and be patient until the market recover itself and the price of altcoins will rise and increase again to the peak.

That's right, we're just waiting here. All that is very reasonable in the trade. If the price goes up every day. I think also with the number of coins now is very good. So if you want to invest, of course, must first choose where the coins are good. Of course investors are not haphazard in terms of investing this.

I agree. The influx of new tokens is deluding the market.

Haha, how much already in this world of different names came up, and now the creators have to invent completely stupid names for ICOs.
It's normal that there are so many tokens, need to be more careful and look what to buy. Those who confuse tokens are very inattentive people, if would they had not lost money here, they would have do it somewhere else

I am sure that over time, most of the tokens will not withstand changes and competition. These tokens will simply cease to exist. I also think that in the future there will be more sophisticated tokens that will set a new standard. In five years there will be no more than two hundred tokens.

There need to be regulation and policy in the system then individual will not just wake up and decide to do what they like, reason why government does not take the crypto space serious, there should be check and balances, several ICO coming up and developing a token that does not have a strong background.As the crypto space evolve sure drastic changes will take place that will enhance the crypto development, else the sector will keep suffering setback.

There are two sides to this issue, the good side that can increase the number of liquidity in the overall market and attract new investors, companies and institutions. However, there is the bad side that increases the number of scams and cheats, so i hope that good side prevails and matches a big high.

Honestly, only a little percentage of the total existing coins in the market is very useful. There is a lot of coins have the similar ticker and that's why everyone needs to be careful to check the ticker again for the second time. But remember there is a lot of people have been doing a double checking anytime. they need to be careful before trying to do anything.

I Have seen a lot of tokens like this. and yes its really confusing to the fact. that sometimes, you could send a different token  (from what you thought it is listed) to an exchange.
however, at the end of the day. investors and traders. should really check and do a couple of research before buying and of course the fact it is confusing.

i might say as a member of this forum, we couldnt do anything about the massive volume of new projects. its like 4 or more a day is getting created.
but all we can do is, we could try to educate  some investors if given a chance on how to figure out the confusion. and for ourselves too. we could gather our knowledge here at the forum regarding this variety of tokens.
but still we couldnt do anything to stop or lessen the confusion.

True it bring a lot of confusion. Look at what happened to a lot of investors turning into Bitcoin Cash instead of the true Bitcoin. Some of them thought they were in the right lane and yet they find out late it was not the real bitcoin.
Same with ICO but you cannot stop it.
All you have to do is filter it yourself of whatever you want to support.
Make a list of your own which have the real usage in the future instead of just guessing. Do not be blinded by hype.

That is why its very important to do a thorough research first before engaging yourself into crypto. There are some people who just wanted to go dive in the ocean due to the hype of cryptos even if they don't have any knowledge about it. When it comes to investments we need to really be careful to place it in an investment vehicle that will really let us profit since crypto is not a game it is a currency and its value is very volatile.

Having a lot of cryptos on the market is a good thing because it gives a lot of choices to investors. However, negative is that there are many potential altcoins, if the choice is not accurate, will surely lead to losses. So you should study and research carefully before investing in any altcoins because high or low profits will depend on your choice of cryptos investment.

Yes the market is overburdened by the amount of coins. Are all useful in real-life? Pretty far from that, I'd say around 5% of all on coinmarketcap have some value to be used on platforms for payments, utilities and such. Oh it's 1650 tokens on CMP now, well 1 month ago it was 1550, that's getting higher by the day. Well, a nice round number for me would be around 1000. Also, it is true for buying the wrong tokens, I heard a lot of stories about that.

Tokens are becoming a real problem especially ERC20 tokens they are easily made and nowadays companies just create tokens without any project behind or an inexistent project and make an airdrop/bounty for it so they bring more attention to it.Now it becomes hard to pick good tokens or ICOs especially for new investors which makes it bad if you just take a look at etherdelta or forkdelta you can see that 90% of the tokens are bad and worthless.

This is an unregulated market, there's nothing we can do about it. And instead of looking for solutions to this "issue", we should let the market decide whether those shitcoins/tokens survive or not...but I'm pretty sure that more than 95% of those new coins/tokens showing up everyday will most likely dissapear in the long run.

Let's be honest, most of the people in this market are not looking for a coin/token with a real world use case, no one cares about that anymore, people are more interested in making money with cryptocurrencies.

the possibility is so because what I see with the current crypto market decline token prices is increasing and so very difficult to push a good project to get his rights because they also do everything to earn money and with this, in the end, the market declines and token prices are expensive

Crypto market now is drowning from tokens , because there are so many ICO projects that are successful in their launching and their tokens are no other way to go but to the different trading sites and markets that receive the tokens that is why , the crypto market now is drowning with many ICO tokens.

In order to choose the best coin you have to analyze the ICOs with proper calculation. So to achieve the analyzing power, I think, we have to learn more and more about the power tools. It will surely help us to judge or evaluate the project and will reflect the success possibility in future.

You reminded me when I was looking for hydro platform and bump into hydrocoin. The confusion is stiff, but the seed will always be sieved from the shaft. Good projects will always remain be careful where you invest.

Yes beacuase investors will be devided in many coin /token and it will ending up more of them will be useless in the future and means it will be lost to every investors invested in many altcoin.

In my opinion, when someone wants to invest your money in crypto, he needs to check carefully what he is going to do. for example the thing that can be done so that no one chose the crypto in question is to open the crypto website you want to buy, every crypto website must inform the details of the crypto clearly. so this can minimize the error.

GBX is also the name of the token in the Globitex project (a new exchange).Yes, with this they need to do something, for example make it impossible for the existence of tokens in the market with the same name!

 I had the same funniest situation with Morpheus Network and Morpheus Labs, which are obviously the different projects

 yeah they're good advice in this case would be to look on the address of each token you want to buy right now and see

I understand your plight and how the whole space is polluted with shit coins and that is what should normally be expected from an unregulated and decentralized market which I believe any smart investor would have taken time to realize before even coming into the space, let alone getting confused like you have said. So, if anyone is getting confused, it is because they want to be confused since you said it yourself, they could have cross checked.

However, the only solution to the problem is regulation, whether we like it or not, and the fact that we have made it so obvious that an unregulated space would not work without some caliber of people ending up polluting and bringing the negative side of it. Exchanges also have a whole lot to play as well when it comes to listing coins, but it seems they are all just after the listing fee rather than the potential of the projects or coins.

For the users in the forum, we have nothing to do that to just stay active, stop promoting shit coins and be very careful of what we invest in. Asides that, nothing else!

Welcome to the world of decentralization bro where nothing is regulated. That is the only solution as far as I am concerned. It does not stop the coins or the space from being decentralized, but if the activities are controlled, from ICO to what exchanges should be accepting on their platform and the implications of coming up with shit coins or helping one into the space, then I am sure a lot of things would change.

So what can we do? We can not affect coins
Yes, there are a lot of coins on the market, and not all will remain
Just need to be more careful when you want to invest in some kind of coin

Of course not every coin in the market is going to be useful to us, the investors, or to anything else. We all see the coins that are in the markets and I hope that like me, you guys also know that the majority of those coins are frauds, only there to take your money, basically money laundering. Always double check into what and where you are investing your money. Also the crypto market is far from drowning, these coins come and go, the legit ones are on the top consistently, bringing a value and use to us.

This is true statement mate, all of them have been listing and eventually and suddenly will be dump because of many sellers. They making those many projects to solve those problem in our technology but the reality is that they dont give any solutions to their own projects.

Yes, too much Coin it's also doesn't good for cryptocurrency. It's just make new coin hard to become success because of many coin. I think the next few years, maybe new altcoin will not be popular and will not be hype like now. In addition SCAM ICO also worsen the situation.

 that's why I believe that being careful is one of the most important things in crypto market along with patience and nan greed

 as for me I loved one particular coin that called SPX from the Sp8de project, right now it is very cheap but it seems to have a good future

agree, do not be greedy again. I lost a lot of money on it and remembered the basic rule - fix a profit part always so that it would not be insulting in the event of a price drop!

there's nothing we can do. you have to be careful when buying. and it is better to study the cryptocurrency.

Some are useful like bitcoin but the rest are just making the crypto market crowded and they have only one the same goal and purpose. That purpose is to make money mainly for developers and for their investors.
Don't worry a solution will eventually impose and will make these useless coins out in the market.

Almost everyday crypro currency is investing new coins and competitions are increasing. But, a few of them can survive to this strong competition.

I like this part of the side too. And I also believe no system is perfect in the world. That is what we see with so many Cryptos coming into the industry.. May be with time all that will be taken care of and the scam tokens sorted out.

Yes this kind of true that too many coins are creating problem. I think there should be a naming convension which all must follow so that the investors can easily pick the one required without being confused with so many coins.

This is not correct, because in fact the names are different, carelessness is allowed. I agree that this is puzzling, but the projects are different and their harmony is a kind of coincidence

Mainly people of the market is the main responsible for this problems based on this many crypto users are suffering for scam and fraud projects based on this types of token infected the whole crypto market because this discourage people to invest. SO if we can avoid this we can earn more profit.

I mainly think that a Altcoin or token can be easily created by people. And put into the market to make a quick profit. Many of the names created are easy to remember. This can reduce a lot of promotion. I hope you will be careful when investing in a Altcoin or token.

I personally did not encounter such errors. I think that you just need to be careful and then you will not get into this situation

We can simply not invest a lot of projects, but create a list of fifty and everything. The rest will not receive support and collapse at the stage of development, another thing is that there will be contradictions in the list of ico.

I believe that everyone needs to be more attentive and check several times where you are going to invest. New ICO will continue to appear , which means that there will be even more coins on the market. Perhaps in due course regulation will be introduced and the  scam coins will disappear. Well, for now, you need to check everything 10 times.

Actually i have been thinking that for quite sometimes because many coins now are almost same name or same abbreviations and if you dont take more care you can buy a wrong coin for investments.

Always tale care on reading brightness those names,but this is not enough reasons for market to drown because this is isolated cases,market drops because of fluctuations and nothing else

they have an idea so they start ICOs to raise funds to support and develop it. it will not stop and will continue because human don't stop thinking. about the names it is either the strategy of the project or a scam.

The only thing we can do is to gather so many knowledge and experience. After achieving sufficient knowledge, we can be able to differentiate the real coin vs the fake one. But I think the resource are limited.

Well we could still expect more tokens or coins in the market because there are many ICO nowadays being introduced. Anyway this is just normal because the scope area of this coins in the crypto market is all over the world. The projects are being implemented in the corners of the world. Actually i am hoping if there are projects related to crypto here in our country that might help me also to get ease in doing transactions with the project like crypto convenient store or any crypto establishement. 

not all of them are really useful. but those who are not really useful and doesnt even have a space on the market are the coins that is easily forget by the investors.

Well, I agree with this point. As there are lots of coins in the market and each and every day they are offering new coins. Moreover the names are almost same it creates a big problem for the investor. I think the coin market should regulate this things for the progress of the market.

There's nothing you can do about it. Just use those coins that you really think are good. Ignore what the incomprehensible projects.

ndeed there are currently a thousand more coins registered in coinmarketcap, not all coins that can be used in everyday life but many coins are used as an investment in the future,

Under the same name, tokens were already produced, for example, NTK. This Netkoin and NeuroToken. And the names may differ on different exchanges. And in the future, this confusion will only increase. Why not introduce a single database of names and abbreviations of tokens, so that there is no such confusion and everyone would follow the same rules?

No, all the coins are not daily usable. Only a few of them can be used for daily activities. Many investors believe that there should be some kind of standardized systems to find them.

Yes, that's definitely the fault of investors who didn't bother about distingiushing QKC (which is Quarkchain) and QRK (which is Quark).
If one is not patient enough to analyze and at least rememeber the names of the tokens he would not be able to achieve success in crypto market.

There are 80 000+ ERC-20 tokens already. There is nothing we can do. If some bought the Quark instead of Quarkchain I feel sorry. Perhaps, Quarkchain could make a note in their documents or smth like that.

It’s a matter of fact that is drowning but people can’t do anything except other people stop their activities. Based on this the price of the coins are also suffering that’s why we should think about this problem and find solutions so that the price will increase in future.