Too !many Alt coins?

[OhMyCoin]

Can there ever be too many??

http://blog.cex.io/too-many-alt-coins/

We all know Bitcoin is by far and away the largest crypto-currency out there. With a $6.3B market Cap it dwarfs all the others, Litecoin comes in a distant 2nd with $305M. But did you know there are now way in excess of 250 alt coins available and that number is growing every day?
You can look at this 2 ways; either it is fantastic innovation as more and more players look to add to the crypto coin industry. There are coins for example dedicated to musicians or to charitable endeavors or specific Countries. Or, to view it the other way, too many alt coins with no real differentiation or strategy just add to the confusion and suspicion the wider community has about our industry.

So, who are the real innovators? Lets take a look at a few of examples:

Ripple: https://ripple.com/currency/

Ripple is differentiating itself by positioning as a highly secure and cost free way of transacting currency over the internet with very high speed. The maths based protocol used is called the RIPPLE Transaction Protocol (RTXP). To quote Ripple themselves ‘its the next stage in the evolution of the internet’

Cleanwatercoin: http://www.cleanwatercoin.org

The first ever crypto currency designed and developed to be a non profit organization, with the aim of delivering the gift of clean water to those who don’t have it

Darkcoin: http://www.darkcoin.io/

Darkcoin differentiate by focusing on the anonymity of their transactions which are pooled together in the blockchain making them anonymous from the wallet.

Litecoin: https://litecoin.org/

Litecoins main differentiation was that the hashing algorithm was not SHA256 like Bitcoin but scrypt and the aim was to offer faster transaction times. Another outcome of scrypt was that mining did not need ASICS and could remain more accessible to the everyday user. Many observers now liken Bitcoin and Litecoin to Gold and Silver, both have value and demand, but ultimately Gold will always remain more valued.

What about some of the smaller coins that perhaps will never gain wide acceptance?

Potcoin: http://potcoin.info

Well the name says it all, dedicated to helping the transacting of Marijuana.

Catcoin: http://www.catcoins.org

Again the name gives it away really, if you like cats you’ll love Catcoin I guess. Its actually a scrypt copy of Bitcoin.

Flappycoin: http://flappycoin.biz

A scrypt coin based on Litecoin dedicated to the Flappy birds game.

We say bring it on, the more development and innovation that occurs the better. The market as always will determine who the winners and losers are. In fact there is absolutely nothing stopping you developing your own alt coin and releasing it to the world.

A list of crypto-currencies and their relative market sizes can be seen seen here http://coinmarketcap.com

[Joshuar]

Can there ever be too many??

http://blog.cex.io/too-many-alt-coins/

We all know Bitcoin is by far and away the largest crypto-currency out there. With a $6.3B market Cap it dwarfs all the others, Litecoin comes in a distant 2nd with $305M. But did you know there are now way in excess of 250 alt coins available and that number is growing every day?
You can look at this 2 ways; either it is fantastic innovation as more and more players look to add to the crypto coin industry. There are coins for example dedicated to musicians or to charitable endeavors or specific Countries. Or, to view it the other way, too many alt coins with no real differentiation or strategy just add to the confusion and suspicion the wider community has about our industry.

So, who are the real innovators? Lets take a look at a few of examples:

Ripple: https://ripple.com/currency/

Ripple is differentiating itself by positioning as a highly secure and cost free way of transacting currency over the internet with very high speed. The maths based protocol used is called the RIPPLE Transaction Protocol (RTXP). To quote Ripple themselves ‘its the next stage in the evolution of the internet’

Cleanwatercoin: http://www.cleanwatercoin.org

The first ever crypto currency designed and developed to be a non profit organization, with the aim of delivering the gift of clean water to those who don’t have it

Darkcoin: http://www.darkcoin.io/

Darkcoin differentiate by focusing on the anonymity of their transactions which are pooled together in the blockchain making them anonymous from the wallet.

Litecoin: https://litecoin.org/

Litecoins main differentiation was that the hashing algorithm was not SHA256 like Bitcoin but scrypt and the aim was to offer faster transaction times. Another outcome of scrypt was that mining did not need ASICS and could remain more accessible to the everyday user. Many observers now liken Bitcoin and Litecoin to Gold and Silver, both have value and demand, but ultimately Gold will always remain more valued.

What about some of the smaller coins that perhaps will never gain wide acceptance?

Potcoin: http://potcoin.info

Well the name says it all, dedicated to helping the transacting of Marijuana.

Catcoin: http://www.catcoins.org

Again the name gives it away really, if you like cats you’ll love Catcoin I guess. Its actually a scrypt copy of Bitcoin.

Flappycoin: http://flappycoin.biz

A scrypt coin based on Litecoin dedicated to the Flappy birds game.

We say bring it on, the more development and innovation that occurs the better. The market as always will determine who the winners and losers are. In fact there is absolutely nothing stopping you developing your own alt coin and releasing it to the world.

A list of crypto-currencies and their relative market sizes can be seen seen here http://coinmarketcap.com

Catcoin? 

[gorillajam]

The problem with all these shitcoins is people don't get to see the IPO's and development of genuine innovative coins.


Qora being the biggest example in recent times.


Some people defend these pointless coins but if a coin doesn't give a genuine difference and is just a copy of another coin with a gimmick thrown in It does nothing good for Crypto acceptance in the mainstream. Are people in the mainstream gonna take Bitcoin seriously once they know its the same technology as Flappycoin?

[arcaderivalry]

Not entirely sure if you're pro flappycoin or against it here.

[ElitistCA]

How can you call any clone innovative?

Only coins with their own original source or real innovation, that actually makes difference can be considered innovative.

And where is NXT? Its like coin with most innovations.

[mill0601]

you forgot Mediterranean coin

[activecoin]

You actually holding a bag of catcoin??

The problem with all these shitcoins is people don't get to see the IPO's and development of genuine innovative coins.


Qora being the biggest example in recent times.


Some people defend these pointless coins but if a coin doesn't give a genuine difference and is just a copy of another coin with a gimmick thrown in It does nothing good for Crypto acceptance in the mainstream. Are people in the mainstream gonna take Bitcoin seriously once they know its the same technology as Flappycoin?

Now I do not know about Qora (will look later if I remember) But I am pretty sure that it is easy to miss the release of something good anymore with coins popping up all the time, really have to read soo much to get an idea of what is going on, crazy I tell ya, I always wonder if new good tech slips right but me cause i am busy with something else.

[tupelo]

I agree, while having many useless coins is not directly harmful to others, the sheer mass of them makes it very difficult to find genuine quality development.

Some very good developers may even find their coin drowning in the sea of useless shitcoins with better scam marketing, which would be very sad actually.