I agree. It gives the top dog, Bitcoin, a competition. A market that has no good action would not last long. In every market, there should be several players that affects how the market unfold instead of having one strong asset only. Also, in the cryptocurrency market, every altcoin much like Bitcoin itself has their own technologies unique from the other. It can be used to support different ventures and trades. It also gives people who venture in the cryptomarket variety with their investments, the more players there are, the better the market would play out.
Not all altcoins have unique technologies, in fact most of them are pure clones disguised as something incredibly innovative by a marketing scam campaign. The number of players should be be somehow limited, filtered, controlled, regulated in order to prevent the epidemic rise of so many shitcoins.
We should not still wipe out the existence of Altcoins, because rivalry and competition among them still brings sanity to Cryptocoins generally wiping out or reducing monopolistic effect. However, each of them will want to as much as possible tries to develop their project to the best standard. And this avail us the opportunity to trade with better ones among them in some situation. In less than no time, shit ones so introduced among the Altcoins crashes at the long run.
We should try to create a mechanism for self regulation preventing the appearance of hundreds of scams per year. Most altcoins in existence today don't have a purpose besides scamming the new investors.
The more coins there are, the more chance for us to make more money. The moore coins the better. We can make more money wioth the coins but there is one bad thing because we need to be more careful to choose the right one.
This is just wrong, the more coins there are greater the chances for someone to have big losses. When someone wins, someone else is losing... or will loose in the near future.
Altcoins are now the backbone of the global crypto economy but I'm afraid the whole market will suffer from all the shitcoins and ICO scams appearing everyday.
We cannot be selfish to the point of thinking all is good because we are making money at the expenses of some greedy newbie.
We should fight for crypto to have a solid reputation, so that our children will benefit from all we are creating now.
In order for that to happen, we should make an effort to ban all the shit projects, all the scams, stop their marketing, denounce them immediately.
Altcoins are the future, but we still have a long way to go...
