Do we really have enough 'cryptocurrencies'?

[StinkyLover]

For years I've been on here reading people bash the number of alts in existence, but recently (while crypto has been on this ride) I've been reading more mainstream press about cryptos, especially BTC, ETH, and a few others.

One thing I've read more than once is the sentiment that there's not enough bitcoins to go round. Whether bitcoin is divisible to 8 places is kind of irrelevant. The divisible nature of bitcoin is already known. It's something else.

I think people like variety. Bitcoin may reach $100,000 or even $1,000,000 (or maybe even more). I'm also sure that BTC/LTC/DASH/XMR hodlers think the ladder should be pulled up behind them and that all shitcoins below must die.

I'm not talking about all the new cryptoplatforms springing up all around us. Their tokens are not pure currencies. They're blockchain fuel like ETH and XRP.

Ripple, for example, has no roadmap to be used as anything other than interbank. There's no push for consumer adoption. ETH also has no such plans.

So, do we really have enough pure cryptocurrencies to satisfy this entire planet's thirst for a new economy?

Or do we actually need more?

[1714132078]

1714132078

[1714132078]

1714132078

[co0ler]

The concern comes because, like in real life, you can not have two golds, and that's what serious investors worry about. Altcoins may be useful for certain purposes, but once Bitcoin actually establishes itself as a store of value, most of these other cryptos will lose a lot of value.

If something better comes up that fits well for this purpose, it is something beyond the comprehension of most people in this space.

[lockept93]

We do not need more - we need the ONE. Until its find, there will be more trys to be it.

[Proxik]

We I have seen a change in the latest coins actually, they are no coins anymore but actually they are crowdfunding projects or shares(like the stockmarket) and actually you never can get enough of them because they are all real projects (except for the scams). Like the Wagerr ico is actually just a betting place which need money to start and they collect the money through a blockchain crowdsale...

What we have enough are shitcoins, which have no project, no real back up, just a coin made with the open source code...thats what we have enough

[ghatts]

prob 85% of these are gonna fall off one all crypto goes mainstream, or older/larger companies absorb them.

[Weatherby]

From my perspective i came into the virtual currency echo system because of bitcoin and i only care about bitcoin and its development and i was against the forming of new currencies and there was a storm of new currencies which copied the entire code of bitcoin and changing the name and launching it as a new coin,that practice still continues,most of them are dead and some are still here,but another part is the amount of money you are able to make with these alts since the market is always moving higher makes me think other wise .

[StinkyLover]

The concern comes because, like in real life, you can not have two golds, and that's what serious investors worry about. Altcoins may be useful for certain purposes, but once Bitcoin actually establishes itself as a store of value, most of these other cryptos will lose a lot of value.

If something better comes up that fits well for this purpose, it is something beyond the comprehension of most people in this space.

I get that, but currencies are not gold. We have many currencies. Why is gold not a currency? Because there is not enough to go round the whole planet unless everybody has a very tiny piece of it. It is also not good for certain purposes because of it's malleability. That's why we use iron, tin, aluminium, copper, brass, titanium etc. They all have different properties and uses. No one metal suits all the purposes of all metals.

[StinkyLover]

We I have seen a change in the latest coins actually, they are no coins anymore but actually they are crowdfunding projects or shares(like the stockmarket) and actually you never can get enough of them because they are all real projects (except for the scams). Like the Wagerr ico is actually just a betting place which need money to start and they collect the money through a blockchain crowdsale...

What we have enough are shitcoins, which have no project, no real back up, just a coin made with the open source code...thats what we have enough

Why?

Maybe we need more of these. Pure open source tokens to be used only as currencies. Does every cryptocurrency have to have some backend blockchain purpose? Does every crypto need to be able to store documents or unlock a car door? What about buying groceries? What backend extra is needed there?

Other than currency, what use do FIAT coins have? What else can you do with FIAT coins?

As long as the blockchain is working correctly (i.e. it's not dead) then the shitcoins of today may have a part to play in the future.

[StinkyLover]

prob 85% of these are gonna fall off one all crypto goes mainstream, or older/larger companies absorb them.

That's the thing. While scam devs here are playing games for the short term, are we letting down the consumer who's waiting for some stability and enough supply? 85% dying should not be celebrated maybe.

Maybe their death is also the industry's slow death because there's not enough to go round, so nobody wants them.

[StinkyLover]

From my perspective i came into the virtual currency echo system because of bitcoin and i only care about bitcoin and its development and i was against the forming of new currencies and there was a storm of new currencies which copied the entire code of bitcoin and changing the name and launching it as a new coin,that practice still continues,most of them are dead and some are still here,but another part is the amount of money you are able to make with these alts since the market is always moving higher makes me think other wise .

If they do not die then there's more profit for everybody. If they are kept alive for the future then it's better for everybody when the consumer starts to adopt, no? Yes?

[StinkyLover]

We're getting to the point where we have crypto platforms for almost anything you can think of. The top 50 is full of interesting projects, but we also need coins to spend. Coins to walk into the store, spend, and walk out. Nothing more.

Shitcoins may be the blockchain killer app that we're all spitting on. Look at bitcoin. It's number 1.

[Weatherby]

If they do not die then there's more profit for everybody. If they are kept alive for the future then it's better for everybody when the consumer starts to adopt, no? Yes?

The reason i think for the current surge of alt coin market is simply because people are finding it difficult to invest in a high market like bitcoin and they are investing in alt coins and then converting it to bitcoin ,if all the shit coins are adopted then it is good for the developers as they are having a good time with the shell they have created and the amount of money they are making are just crazy and for this single reason we are seeing new coins and tokens popping up every now and then.

[Spoetnik]

uuuugh jeez man.

The point to a currency is usage.
So how the fucking hell is a currency even going to work if each person has the own coin ?

FAIL.

That is not how currencies work guys.. this shit failed bad.. game over.

I find it pretty damn funny there is 4,500 users when i recently looked at night here..
Then in the day time i seen 8,500 roughly logged in.
Meanwhile there is 1 million+ accounts and over 10,000 ANN topics.

ALTCOINS  

PS:
I predicted it too way back.
Back when this story was out.. http://www.coindesk.com/need-altcoins-can-get/

[StinkyLover]

uuuugh jeez man.

The point to a currency is usage.
So how the fucking hell is a currency even going to work if each person has the own coin ?

FAIL.

That is not how currencies work guys.. this shit failed bad.. game over.

I find it pretty damn funny there is 4,500 users when i recently looked at night here..
Then in the day time i seen 8,500 roughly logged in.
Meanwhile there is 1 million+ accounts and over 10,000 ANN topics.

ALTCOINS  

PS:
I predicted it too way back.
Back when this story was out.. http://www.coindesk.com/need-altcoins-can-get/

Why is asking such a question a fail? The link you posted demonstrates that the topic has been up for discussion for years.

Why is 'more coins' not the way currency works? How does currency work?

I'm not saying everybody should have their own coin. I'm just asking if we have enough coins for a new global economy. We may need even more than we have now.

Nobody on this site can predict, or know what's going to happen, or why it should. The possibility of BTC on it's own taking over the planet as the only crypto is now seen as a laughable concept. A few years ago it was seen as gospel truth by BTC evangelists. What happened to that idea/concept? It's now gone forever. Reality has thrown that idea out of the window. You yourself even support the 'shitcoin' that is called LTC.

You've predicted the death of DOGE for years, yet it still thrives, and now new DOGE services are starting to emerge again. People are still predicting the death of ETH but it's still growing. All predictions I've seen have been shown to be wrong. The only workable predictions are predicting gains and losses with individual cryptos. Nobody has correctly predicted the evolution of crypto. We are all watching and waiting as the industry grows.

Anything seems to be possible as the end game in the evolutionary path of crypto. Imagine if mainstream adoption suddenly occurs in 4 years time. How many coins will exist by then? Most likely more than exist today, and even then, more may be needed.

Here on this site people (understandably) want as few cryptos as possible only because that will maximise the profit on each bag they hold. What if that's not the way the new global economy is going to work, no matter how much we early crypto adopters want it to?

[Spoetnik]

Did you really not get what i just said ?
I am not sure i could put it any other way....... again.
As i have been saying EVERY DAY since that story came out (and on that very story via Disqus)

A currency works 1 way.
That is all there is to it.
Otherwise it's not a currency.

And i will tell ya another thing.. AGAIN.
If the coin is not adopted then it's not a currency.
A currency has to be adopted and used as such to be one.

You don't need to be a rocket doctor to get this either.. it's pretty simple stuff guys.

[Herbert2020]

One thing I've read more than once is the sentiment that there's not enough bitcoins to go round. Whether bitcoin is divisible to 8 places is kind of irrelevant. The divisible nature of bitcoin is already known. It's something else.

yes it is something else, it is people not understanding how big that number is.
there are 2,100,000,000,000,000 units available and usable. and if anything happened and we needed more, for example because of an extremely large adoption, or a very large amount of coins lost or something like that we can still fork to a new chain which 0.1 satoshi becomes valid.

So, do we really have enough pure cryptocurrencies to satisfy this entire planet's thirst for a new economy?

Or do we actually need more?

as far as your first statement about bitcoin goes, as i explained we do have enough.

but as for your secondary kind of question, the cryptocurrency technology that bitcoin introduces is such a huge field to explore and innovate so we will never have enough. there will always going to be new cryptocurrencies being created and try new aspects and new ideas in this field.
- so many will fail
- so many will be copycats
- so many will not even be cryptocurrency, they will be pump and dumps

we may not see it happen today or for years in the future, but it is happening. there have been a lot of good improvements, the fact that they turned into ashes because of pump and dumps doesn't change the future.

[ApexEvo]

This is a self regulating market built mostly on speculation. People are mostly here for these speculations and looking for new ways to grab each other's money. Think of it as an ongoing battle with constant reinforcements coming in in the form of new money and new battlefields opening up all the time in the form of new coins. That said, I don't think there is such a thing as "enough cryptocurrencies".

[Wapfika]

I think we already have enough cryptocurrencies.  That's why when you already have one or more, you just have to support  it and please be serious on having it.

There are lots of cryptocurrenies out and there are still new invented alts.

[Spoetnik]

I think the OP here meant how many separate distinct unrelated coins.
Hinting that the total supply of some of them may not be enough.
Well there is a reason the FED reserve uses Quantitative Easing etc.

Let me put it this way guys.
Many of you are advocating that we all have as many Internets as possible.
Problem is they are not connected to each other.
So what then ?

Then it's not an internet.

https://en.wikipedia.org/wiki/Internet

The Internet is the global system of interconnected computer networks that use the Internet protocol suite (TCP/IP) to link devices worldwide.

So the same exact thing is playing out here in crypto..
It is of no use at all losing an adopter of the Internet to Lan users here.

I am the one who said this.
As usual I am the smart one.
I had to say this in 2013 and ever since over & over.
And it's sad because it common fucking sense guys.
And really i am not very smart ..it's just in crypto i look like a genius.
Because the crowd overall is really THAT stupid & greedy.

So..
Having more & more "coins" will simply make the adoption problem worse & worse.. duh right ?

[Zadicar]

For years I've been on here reading people bash the number of alts in existence, but recently (while crypto has been on this ride) I've been reading more mainstream press about cryptos, especially BTC, ETH, and a few others.

One thing I've read more than once is the sentiment that there's not enough bitcoins to go round. Whether bitcoin is divisible to 8 places is kind of irrelevant. The divisible nature of bitcoin is already known. It's something else.

I think people like variety. Bitcoin may reach $100,000 or even $1,000,000 (or maybe even more). I'm also sure that BTC/LTC/DASH/XMR hodlers think the ladder should be pulled up behind them and that all shitcoins below must die.

I'm not talking about all the new cryptoplatforms springing up all around us. Their tokens are not pure currencies. They're blockchain fuel like ETH and XRP.

Ripple, for example, has no roadmap to be used as anything other than interbank. There's no push for consumer adoption. ETH also has no such plans.

So, do we really have enough pure cryptocurrencies to satisfy this entire planet's thirst for a new economy?

Or do we actually need more?

We dont need anymore because most alts that do launch have almost identical on specs or features but we would really expect that there would be even more because even theres bitcoin and other alts we are still searching for a coin that can be really changed in the things that we do like to be changed.This is reality and we can stop people on creating their own coin.