Bitcoin,crypto and ICO's- in danger of becoming a laughing stock?

[Retty]

Ok ok, I know the headline is a little severe. But the points i am trying to put across here are valid in my opinion.

No matter what stage we came into crypto, whether last week, last month, 1 year ago, 8 years ago. The amount of coins that are on the market now is absolutely incredible. I mean do we really need a coin for EVERY single mortal thing on Planet Earth?

Dentacoin! Boats & Bitches coin! Christ, i even seen WANKcoin campaign on here the other day! 

Can you imagine going into the bank (IF THEY STILL EXIST!  ) in the future..."OK Mr Smith, how would you like to pay your phone bill today?" - "Erm, i'll pay from my WANKCOIN wallet if you don't mind!" 

Don't get me wrong here, i LOVE nothing more than a good laugh! But seriously, some of these coins (and i'm not particularly referring to the above mentioned coins here incase you hold them!) are a complete and utter joke and yet people still put their hard earned money into them and cry about it when it all goes belly up!

The point i am trying to make here is this: If crypto is to be universally adopted, so we all fulfill our fantasy of it going mainstream, do we really need Boats and Bitches coin, WANKcoin et al?

Do we REALLY need all these different coins that do all these different things? I just cant see non-crypto people buying into crypto if it remains as it is. As a good portion of them aren't worth a squirt of piss....which reminds me, is there such a thing as PISScoin yet? 

I'd love to know your thoughts on this? Thanks for reading this far...

[tee-rex]

I'd love to know your thoughts on this? Thanks for reading this far...

I remember a few years ago some forum member had been arguing with somebody else that we need free competition between coins, and only a few will remain in the end. Back then, there were only a dozen of altcoins so it sort of made sense but now it is more like a few dozen thousands of them in the wild and counting. How many Bitcoin copycats do we have nowadays? I'm curious what that dude thinks about the whole shebang now. It was claimed that competition would quickly wipe away shitcoins but it doesn't look like we are anywhere near that.

[Retty]

Yep, i see what you mean tee-rex. There are just far too many of them now, and ultimately anyone with a bit of common sense knows where this goes for most of them.

 Your top 1-20 market cap coins are going to be very very hard to shift with the sums of money involved and the milestones they've already reached. It's going to take something special or wonderfully unique to gatecrash the top of the foodchain.

[mahvia]

And still we have no idea what is going on or what will happen in near future.. It is possible that most valuable coin/token/whatevernameyouwannacall is not yet invented but will change everything within 3 years..

Yep, i see what you mean tee-rex. There are just far too many of them now, and ultimately anyone with a bit of common sense knows where this goes for most of them.

 Your top 1-20 market cap coins are going to be very very hard to shift with the sums of money involved and the milestones they've already reached. It's going to take something special or wonderfully unique to gatecrash the top of the foodchain.

[avikz]

Ok ok, I know the headline is a little severe. But the points i am trying to put across here are valid in my opinion.

No matter what stage we came into crypto, whether last week, last month, 1 year ago, 8 years ago. The amount of coins that are on the market now is absolutely incredible. I mean do we really need a coin for EVERY single mortal thing on Planet Earth?

Dentacoin! Boats & Bitches coin! Christ, i even seen WANKcoin campaign on here the other day! 

Can you imagine going into the bank (IF THEY STILL EXIST!  ) in the future..."OK Mr Smith, how would you like to pay your phone bill today?" - "Erm, i'll pay from my WANKCOIN wallet if you don't mind!" 

Don't get me wrong here, i LOVE nothing more than a good laugh! But seriously, some of these coins (and i'm not particularly referring to the above mentioned coins here incase you hold them!) are a complete and utter joke and yet people still put their hard earned money into them and cry about it when it all goes belly up!

The point i am trying to make here is this: If crypto is to be universally adopted, so we all fulfill our fantasy of it going mainstream, do we really need Boats and Bitches coin, WANKcoin et al?

Do we REALLY need all these different coins that do all these different things? I just cant see non-crypto people buying into crypto if it remains as it is. As a good portion of them aren't worth a squirt of piss....which reminds me, is there such a thing as PISScoin yet? 

I'd love to know your thoughts on this? Thanks for reading this far...

I completely agree with your point here. Probably we will see Fartcoin coming into market very soon for all gastric patients. The simple answer is NO, we don't need so many coins in the market and it is actual harmful for the crypto economy. The investments are getting divided and the main coins with actual potential, are not getting the required investment.

There are currently 1623 coins listed in coinmarketcap and around 2000 dead coins are also present in the market on the top of that number. That is really absurd! However, the crypto market is at a very nascent stage and people have started understanding cryptos. So sooner or later, we will see a saturation point in the crypto market where the useless coins will have to be eliminated by the community itself to sustain the good ones. The faster it comes, the better!

[mOgliE]

99% of all those coins are not only useless, they're also completely unused.

You don't need anything more than btc for asset value, eth for smart contract, and a few more for specific uses.
Don't believe that those coins will survive anyway. One day or another their value will come to 0.

[cynical]

The crypto scene has been dominated of late by speculators and the ICO creators know that.
We all know some ICO' are pure scams but some people dont care they want cheap tokens to dump on the market at an opportune time to make a healthy profit and move on to the next ICO.

There are also a lot of coins/tokens/projects with very viable ideas which have potential to disrupt the mainstream, they can succeed and be adopted and the rubbish can lurk in the background without the mainstream knowing about them.

[Lenzie]

The hilarious thing is, most of this weird coins that arises are the one that people acknowledge and support. Those with great potentials and aims have been left out and forgotten. I have seen alot of great coins that are left out there forgotten by investors and hunters.

There are alot of ICO and more to come. There should ve some kind of trash can in this ecosystem. Which threaten the ICO to be trashed, with a certain example, low followers or unsupported, no investors, no trade activities for a month.

There should be.

[xuan87]

Yeah, we don't need all of the coin, some of the coin got a bad name and zero value, a real serious developers will choose a better name to represent it's project, and we already got too many coins, but nothing could be done since anyone could create and name the coin that they want