Are so many cryptos good for the world? Or is it better to have only a few?

[avikz]

Hi Guys, since the day I have entered in to the world of crypto currencies, I was shocked to see the numbers of available currencies.
According to Coinmarketcap website, we now have 674 crypto currencies of various types which is more than the numbers of fiat.

Every now and then I am seeing a new currency is being introduced. I think this way we are harming the security of crypto currency sector. If this continues, government will have to intervene someday just to stop the free distribution of money (power) in to the society.

Also I see that the total crypto currency market size is 6,823,585,068 usd as per the above mentioned website and this huge amount of money is getting divided among these 674 currencies. The more people are moving to newer currencies, the lesser amount of money is getting circulated in to the established crypto currency trading, which in turn is decreasing the price of those currencies.

I think around 10-12 currencies are better that having 674 different currencies and it will not threaten the existence of crypto currency world.

What do you guys think?

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[siameze]

I'd say nearly 99% of these 674 different cryptos are worthless clones copypasted to death and full of bugs. They have little value and will eventually die. Many have a market cap smaller than the average persons yearly income so I don't see that as being a threat to governments whatsoever.  

How many of these coins also were built upon older codebase that keeps replicating insecurities from one to the next? It boggles the mind.

[Jet Cash]

I think the good ones will survive, and the bad ones will die. The market will decide. The same applies to the fiat currencies - some are on the way out.

[BitTyro]

One way or another, the dev of that 99% worthless cryptos came from another successful altcoins, who resigned and then creating their own with hope to replicate the success of that coin where they came from.
The problem here is not the coin per se but its the dev behind those shitcoins that has no concrete plan on how to move it forward. They only have a concrete plan right up to ICO then they just totally forget what they started. More like, next coin please.

[goregrind]

We can all voice our opinions...
but in the end whats good for the world is for no one to decide

[commandrix]

It doesn't really matter how many cryptocurrencies there are. It just matters how many of them actually get used. One of the long-term goals of the really good altcoin development teams is widespread adoption by merchants. That's one reason I accept so many altcoins for my writing services through Coinpayments. I kinda sympathize with the altcoin dev teams who are really trying to be seen as something other than a worthless scamcoin but are facing obstacles that include that kind of reputation.

[Hazir]

Well, creating your own coin is not regulated by any laws or licenses. You can create as many altcoin as you wish - and it is pretty easy process.
Even if you are totally IT newbie you can hire someone to code a coin for less than $50. It doesn't matter if we have so many alts - 99% of them are useless anyway.

[LiteCoinGuy]

Bitcoin, Litecoin and maybe some privacy coin like Zerocash is all you need.

[AliceWonderMiscreations]

There will eventually be multiple crypto-currencies.

I suspect two or three that like bitcoin are international in scope, and there will be a few that are regional specific meaning they are rarely accepted at businesses outside of the geographical region they serve.

People who think a bitcoin will someday be worth 10 grand are going to be disappointed, because when it starts to get that valuable is when the demand for crypto-currency starts to be met by alternatives.

[Aamir1]

Many of them are useless and they will die with the time, many of them died already i guess, only the ones with higher values will stay in the market so there won't be any problems for this in future.

[BTCBinary]

I guess that you should do your own research to make that decision yourself. If you hang around asking people you don't know in the forum in what coins to invest you will be harassed by every coin community shouting they have the best coin and that you should old it!

[youdamushi]

Hi Guys, since the day I have entered in to the world of crypto currencies, I was shocked to see the numbers of available currencies.
According to Coinmarketcap website, we now have 674 crypto currencies of various types which is more than the numbers of fiat.

Every now and then I am seeing a new currency is being introduced. I think this way we are harming the security of crypto currency sector. If this continues, government will have to intervene someday just to stop the free distribution of money (power) in to the society.

Also I see that the total crypto currency market size is 6,823,585,068 usd as per the above mentioned website and this huge amount of money is getting divided among these 674 currencies. The more people are moving to newer currencies, the lesser amount of money is getting circulated in to the established crypto currency trading, which in turn is decreasing the price of those currencies.

I think around 10-12 currencies are better that having 674 different currencies and it will not threaten the existence of crypto currency world.

What do you guys think?

674 Cryptos? xD

Didn't know we had so many!!!
Well in reality it doesn't matter that much. Of those 674 currencies, I'd say 600 of them don't really exist, they're not even mined or just enough to make a few tx. And all the coins are hold by the dev behind it.

Of the 74 remaining 50 are "local" or "special" coins such as the Franc which are created and supported by a cultural aspect. Coins for Germans/French/Green only ^^
Those are not made to be big but they do have a small community. Why not? It's not bad at all and brings some diversity!

Of the 24 remainings 23 are important coins. They got a purpose or a goal, something that makes them different from btc and a bit unique (except LTC, ltc is a mistake). They're all important because it gives innovation process in crypto world and force btc to be innovative too!

And the last one is our beloved btc of course, the one the best <3

So no it's not better to have 14 cryptos, the ecosystem is good as it is!

[dothebeats]

There are quite a few "good" coins to keep and sell just for profits, but not much innovation on them, just another way for the devs and possibly other people to take advantage of. Bitcoin and litecoin are what I think are the two best coins to hold and nothing more. Almost all of these cryptocoins are just ways to generate money for the devs and not much other than that.

[DimensionZ]

Most of these altcoins are outright useless and only out there for a quick pump & dump. I don't think there is a restriction on creating new cryptos though.

[xslugx]

Bitcoin, Litecoin and maybe some privacy coin like Zerocash is all you need.

Ok I totally disagree ^^

LTC is useless it's btc bis.
Bitcoin is the backbone of all of it of course.

But those altcoins are important. Look at the PoS system, it's brillant, innovative, and so is ETH.
Altcoins that are not just copypaste of btc are usefull because they innovate. And they make btc innovate too! Without the threat of other alt, they wouldn't even care about the size issue ^^

[MaxDZ8]

Every now and then I am seeing a new currency is being introduced. I think this way we are harming the security of crypto currency sector. If this continues, government will have to intervene someday just to stop the free distribution of money (power) in to the society.

Interesting speculation. Unfortunately, crypto does not create new money. There's no problem to fix here by anyone and no real possible economic trouble either. The only problem being the division of investment as you notice.

7 Billions might be a considerable part of a country budget for many countries but it's far from being a "huge" amount of money worldwide.

[calkob]

When all is said and down there will be a handful of crypto that matter, and probably hundreds that dont.....

[The Sceptical Chymist]

We can all voice our opinions...
but in the end whats good for the world is for no one to decide

A shitpost that says absolutely nothing^^^^^^^^^^^^^^^^^^^^.

Siameze said it, and I second this:  99% (at least) deserve to, and will, die an ignominious death and likely within a year.  They are worthless playthings of ignorant and poorly-capitalized speculators created by mouth-breathing, neck-bearded computer programmers with not an ounce of creativity.  As such they deserve their fate.

TL;DR:  Fuck 'em to pieces.

[Zeke2345]

Its best to have a full plate when it comes to different cryptos because different aspects become
heightened and expanded on for future changes all along the pipes.
Also gives people a niche they can belong to and hold for profits.

[franky1]

there are only about 20 that have any interest or prospect to last. the rest are just pump and dumps.

so if you concentrate on 20 currencies, and then compare it to the fiat legal tender world. which has 180 currencies.. then i think that there is room for all of the 20 main crypto's to prosper and work along side each other and work along side fiat without issue.