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Author Topic: why so many currencies?  (Read 2458 times)
ershovspa
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June 08, 2018, 11:09:58 PM
 #381

Hi All,
Please help me understand in plain English how will we benefit from so many currencies?

Devs will.
There are too many currencies because it's very easy to make one, basically anyone can do it, and the devs get fast money.
Make a difference with your Ether.
Donate Ether for the greater good.
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Dubska
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June 09, 2018, 12:58:26 AM
 #382

we don't have so many currencies.
* we have fiat and then we have bitcoin.
* then there are some altcoins like Litecoin and Monero that have been trying to act as a currency, they succeed a little.
* then we have lots of "tokens". just numbers on the screen created for trading alone.
* then we have lots of different "tokens" like ETH that are not even supposed to be a currency but people mistake them for a currency.
Can you kindly explain why Eth is not a currency even if it can be converted into fiat. Thanks.
Cryptrx
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June 09, 2018, 05:09:56 PM
 #383

I wish the number of altcoins can be moderated, every now new coins sprout up. There is no way to even keep count of the many tokens, coins available.

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ershovspa
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June 10, 2018, 08:44:32 PM
 #384

I wish the number of altcoins can be moderated, every now new coins sprout up. There is no way to even keep count of the many tokens, coins available.

There's no need for that.
The bad alts will disappear as fast as they were created.
kicksay
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June 10, 2018, 11:24:29 PM
 #385

now too many coins for choice. but not all have a nice future. you want to make a profit on some coins. you can pick coins that have good projects and keep growing. it will give me many advantages. only now it is hard to find such coins. better buy old coin coins. because it has a good future. such as eth, ltc, str, xrp, waves, nxt.
Jeex
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June 11, 2018, 04:17:07 AM
 #386

I wish the number of altcoins can be moderated, every now new coins sprout up. There is no way to even keep count of the many tokens, coins available.
There's no need for that.
The bad alts will disappear as fast as they were created.

Unfortunately, during the existence of bad alts, someone will have time to buy them. The more the alts becomes, the harder it is to understand all of their diversity!
huhhuh18
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June 11, 2018, 07:21:02 AM
 #387

That's a nice one. I rhink that even makes show distrust and dissatisfaction towards cryptocurrencies. The many many currencies being created now and then won't do us any good, but well, maybe for trading reasons they can be good.
BenR
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June 11, 2018, 12:12:29 PM
 #388

There must be a thousand cryptos right now. Answer is: because anyone can make one. It also mean loads of them are scams.
If you invest, I recommend to stick to the 50 biggest ones.


I agree with your thought process. But I think that 50 is way generous.
pandacrypt
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June 11, 2018, 12:40:17 PM
 #389

I think too much digital currency will definitely confuse users. Users will definitely prefer the bitcoin and eth which is certainly more reliable. It is very inconvenient if online stores and wholesalers only use their coins for transactions.

same we have with fiat money, each country has its own, ppl usually prefer USD or EUR in crypto world it would be bitcoin always and some other players.
pandacrypt
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June 11, 2018, 01:13:24 PM
 #390

I don't understand why you don't like the many cryptocurrencies there are today cause its really great for trading and making huge profit. Of course, there are many SCAM and SHIT coins which were developed just to make the dev rich but there are also many coins which have good project and aim that they are worth investing to. The reason so many exist is because there are many people with different ideas on how a coin should be so they will develop one.

the reason why haters appear that they don't understand how to deal with that amount, HODL)
I wish I could easily catch the situation and know what to invest today as all of those who want to get reach fast and die young)
secretgarden
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June 11, 2018, 01:24:42 PM
 #391

i see...

i had the question,too.
It was very helpful Smiley
Salesman4coinZ
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June 11, 2018, 01:25:06 PM
 #392

The problem is, that everybody thinks nowadays they could create soemthing like the second bitcoin. SO if you have some computer skills and know how, its no problem to create a token on ethereum base. So they use it to make some shit token which they can distribute via airdrop and sell the biggest amount they hold on the exchange. The same you can do with coins with own blockchain. And thats why the market is flooded.

darth_sue
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June 11, 2018, 03:26:04 PM
 #393

Good thread. I have read about other altcoins though I don't think they will dominate more with Bitcoin. For sure Bitcoin is stable.
ershovspa
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June 11, 2018, 04:23:57 PM
 #394

There's no need for that.
The bad alts will disappear as fast as they were created.

Unfortunately, during the existence of bad alts, someone will have time to buy them. The more the alts becomes, the harder it is to understand all of their diversity!

But if you already know that some alt is bad, why would you buy it?
And if no one buys some alt it's volume will decrease and it'll eventually lose it's value and die.
JostikSSS
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June 11, 2018, 04:50:33 PM
 #395

On me so I have such same opinion-now on site https://coinmarketcap.com/ - more than 1600 tokens and more than half of them do not have any prospects - it's just garbage - it is necessary to exclude them from the rating and will be much better.
kuzawi
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June 11, 2018, 11:49:02 PM
 #396

Till will get no regulation a lot of new uselss coins will born (also a lot of scams will run). We need a sort of regulation to improve the quality and eliminate useless coins and scams.
gstar - ross
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June 12, 2018, 05:31:23 AM
 #397

Most importantly, you have to check the use-case of these tokens. That's the huge factor in determining whether the tokens are creating value or not
Jeex
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June 12, 2018, 10:12:20 PM
 #398

There's no need for that.
The bad alts will disappear as fast as they were created.

Unfortunately, during the existence of bad alts, someone will have time to buy them. The more the alts becomes, the harder it is to understand all of their diversity!

But if you already know that some alt is bad, why would you buy it?
And if no one buys some alt it's volume will decrease and it'll eventually lose it's value and die.

Even gurus who are well versed in the crypto industry are sometimes mistaken! Therefore, you never need to invest in alts funds borrowed! You can risk EXCLUSIVELY a small part of your own funds, which is not critical to lose!
Airdropmya
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June 12, 2018, 10:18:04 PM
 #399

It's because it's so simple to create a crypto, and they all want a piece of the cake. But as you may know already, only a few of them have an actual use case.

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omone1
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June 13, 2018, 12:22:39 PM
 #400

we don't have so many currencies.
* we have fiat and then we have bitcoin.
* then there are some altcoins like Litecoin and Monero that have been trying to act as a currency, they succeed a little.
* then we have lots of "tokens". just numbers on the screen created for trading alone.
* then we have lots of different "tokens" like ETH that are not even supposed to be a currency but people mistake them for a currency.

I love this assertion, Laughing out loud. Bitcoin actually is the reason we are here, just hope people realize many projects springing up are going to fail when it is time.

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