Do we have too many alt coins?

[patrike]

The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.

[jjc326]

The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.

You end up getting like 10 people who just keep creating alt coins just to try to pump and dump them, and fools buy into each new coin trying to do the same thing.  You're better off if some bigger coins become bigger so there is some good use for alts instead of right now where it's just crazy and there are too many.  I'm sure some good alt ideas get buried due to how many there are.

[lynn_402]

The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.

It's actually not that hard, if you know what to look for in order to ignore the scammy coins; a pre-mine/IPO, wallets available on only one platform, not open-source code, etc.

[patrike]

The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.

It's actually not that hard, if you know what to look for in order to ignore the scammy coins; a pre-mine/IPO, wallets available on only one platform, not open-source code, etc.

Even if you don't count the obvious scams with premine and similar, there are still many coins that doesn't add much value, and just being a copy of another coin

[BitCoinNutJob]

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

More alt coins means more investment pouring into bitcoin in the end so i think they are a great thing.

[iluvpie60]

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

Some altcoins serve a direct purpose. I can see a future for LTC as being used for microtransactions and even Doge is good for it. The only down side is that Dogecoin is now crashed in price so it makes people scared to use it. Maybe if it is stable for awhile we will see some good results. BTC costs too much for transaction fee of .0001 to use for micro transactions.

[waqas]

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

More alt coins means more investment pouring into bitcoin in the end so i think they are a great thing.

But currently this investment is going in few hands not for all most of peoples losing money in dumb coins

[lynn_402]

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

More alt coins means more investment pouring into bitcoin in the end so i think they are a great thing.

But currently this investment is going in few hands not for all most of peoples losing money in dumb coins

Actually, I'm quite sure that the vast majority of the altcoins are held by whales who were Bitcoin early adopters.

[INSTANTpr]

The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.

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[ajareselde]

There's no doubt about it , there are definetly too many altcoin on the market, but there are some of those altcoins that actualy offer something new to the table.
Bitcoin is something like a v1 version of a great thing; and there are only two ways crypto world can go:

1.Bitcoin will evolve by development and integration, and offer most of the things/options other altcoins have
2.It will be replaced with something newer and better, and price will go 1 step up, two steps down until finaly it dies.

imho ofc

[lynn_402]

I believe there's room for many altcoins. In a perfect world, every community would use its own cryptocurrency, whose value goes up with the growth of the community. This makes more sense than the coin monopoly that big BTC holders seem to desire. Also, altcoins are great for the distribution of the crypto-wealth.

[Coef]

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

Some altcoins serve a direct purpose. I can see a future for LTC as being used for microtransactions and even Doge is good for it. The only down side is that Dogecoin is now crashed in price so it makes people scared to use it. Maybe if it is stable for awhile we will see some good results. BTC costs too much for transaction fee of .0001 to use for micro transactions.

For micro-transactions with bitcoin, you can use do it with offchain tx.
For example, you can send a tiny amount of bitcoin from your coinbase account to someone else's coinbase account without any tx fee and instantly.

[lynn_402]

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

Some altcoins serve a direct purpose. I can see a future for LTC as being used for microtransactions and even Doge is good for it. The only down side is that Dogecoin is now crashed in price so it makes people scared to use it. Maybe if it is stable for awhile we will see some good results. BTC costs too much for transaction fee of .0001 to use for micro transactions.

For micro-transactions with bitcoin, you can use do it with offchain tx.
For example, you can send a tiny amount of bitcoin from your coinbase account to someone else's coinbase account without any tx fee and instantly.

Yeah, but for that you'd have to find someone who has a coinbase wallet, that's a big inconveniance. Plus, everytime you do that you sacrifice the decentralised aspect of cryptocurrencies, and instead you put trust in a central entithy in exchange for cheap transactions.

In altcoins, the cheap transactions are built in and decentralised, which makes it much better.

[MakeBelieve]

I gave up on alt coins a long time ago  they are too much effort for little gain and they all end in the same way pump and dump there are no real promising looking alt coins on the market at this time and quite honestly never think there will be.

[hopenotlate]

The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.

Completely agree with you on this.
Even better I am afraid the amount of crapcoins in circulation may cause (or alrady causing)  a damage to bitcoin image

[lynn_402]

The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.

Completely agree with you on this.
Even better I am afraid the amount of crapcoins in circulation may cause (or alrady causing)  a damage to bitcoin image

I don't believe most people have heard of Peercoin and Darkcoin and other major altcoins, let alone "insert name of scam coin #371 here".

Since these coins are pretty much confined to this forum, I feel it's safe to say that they aren't bad for Bitcoin's image. And many of them actually are good, like Dogecoin which manage to give cryptocurrencies a more fun and less "ponzi-ish" image.

[hopenotlate]

The problem with the hugh amount of altcoins is that it makes it difficult to find those that are really interesting and innovative. The majority of them doesn't bring too much new to the table.

Completely agree with you on this.
Even better I am afraid the amount of crapcoins in circulation may cause (or alrady causing)  a damage to bitcoin image

I don't believe most people have heard of Peercoin and Darkcoin and other major altcoins, let alone "insert name of scam coin #371 here".

Since these coins are pretty much confined to this forum, I feel it's safe to say that they aren't bad for Bitcoin's image. And many of them actually are good, like Dogecoin which manage to give cryptocurrencies a more fun and less "ponzi-ish" image.

You are right about dogecoin, they infact brought something new as you underlined: they formed a community,  brought fun and spreaded the world about cryptocoins (sponsored jamaican bobsleigh team for winter olimpics). lots ov novelty items in dogecoin, so definitely not a clone and not a crapcoin.

But we could do well also without  many other coins

[Wekkel]

But we could do well also without  many other coins

But yet, many Altcoins are still there. So "we" in your post is actually "you".

"We" ... have been given the tool to exchange and store wealth without meddling, a tool in abundance now instead of fixed and centralized and "you" more or less state that "we" have too many of this free tool?

There is only one appropriate quote for this, slightly enhanced:

"It is no crime to be ignorant of economics of cryptocurrency, which is, after all, a specialized discipline technology and one that most people consider to be a 'dismal science.' 'magical internet money.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects of cryptocurrency while remaining in this state of ignorance."

You have been liberated but want to be shackled again  

[hopenotlate]

Well, you almost reduced me to silence with your post.

I have to admit, as you correctly noticed, I am quite ignorant about how cryptocurrencies works and what I wrote is my "ignorant" opinion.

I should have written "me" instead of "we" because I could do well without all the cryptocurrencies I still don't understand (and they are lots  . )

My bad.

[Wekkel]

Well, you almost reduced me to silence with your post.

I have to admit, as you correctly noticed, I am quite ignorant about how cryptocurrencies works and what I wrote is my "ignorant" opinion.

I should have written "me" instead of "we" because I could do well without all the cryptocurrencies I still don't understand (and they are lots  . )

My bad.

A day not punched in the face (intellectually) is a day not lived