How many different cryptocoins we need

[Sivainvest]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

[o_e_l_e_o]

You are absolutely right. The majority of new coins are trash, just aimed at making some quick money, without any product or long-term goals.

You can break coins down in to a number of categories:

Payments and Currency: Bitcoin, Litecoin, Nano
Platforms: Ethereum, Neo, Icon
Security and privacy: Monero, ZCash
Finance and banking: Ripple, Stellar, OmiseGO, Request
Business and industries: VeChain, Waltonchain, Exchange coins
Others: Ark (inter-blockchain), IOTA (Internet of things), etc.

I would argue there is a long-term use for less than 50 cryptocurrencies. If your product is trying to fit in to one of the categories above, tell me what it does better than one of the coins already in that category. If the answer is "nothing", then your coins is trash and unnecessary.

Example: Dentacoin. An overvalued scam coin, that is thankfully slowly falling out of the top 100.

[Janinjo11]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

I agree. I don't see the point in having so many cryptocurrencies. Anyone can make a new currency any day.... More and more scams will occur.

[Haley craft]

I agree, now appeared too much and too much altcoin, and whether these altcoin has really useful, I have my doubts, I think most of the altcoin even just for money, most of the ico is a hoax.

[BlackPanda]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

The ease of making cryptocurrencies is the reason why there are so many altcoins today. It is true that many altcoin do not have the quality and even they have a goal to gain profit for themselves. The impact is that today many investors are losing money because they chose altcoin wrongly. My suggestion is to choose an Altcoin that does have a good prospect and perform an analysis is an obligation to get the best results. As for a beginner then I suggest to choose altcoin which already have big name, we can choose bitcoin cash or Etherum as an option. We know everything that happens in crypto world is at risk and I think everyone already knows it.

[longyenthanh]

If you can not find good start in here maybe it is not place for you. I think this place is only for people which can understand crypotcurrency. Not everyone can be a fireman, here is similary

[Sivainvest]

If you can not find good start in here maybe it is not place for you. I think this place is only for people which can understand crypotcurrency. Not everyone can be a fireman, here is similary

what you mean by 'in here'? this forum?

[Xioma]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

I don't mind having different cryptocoins - love the variation.

But it's the many different shitcoins that we definitely don't need.

[cryptorTUX]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

You can't expect that there exists only bitcoin. There are many currencies worldwide now. There is a space for all of them and there is a space for all cryptos. Point is that ones with higher purpose will sustain and others will slowly tank. You can't stop other devs fr starting new ICOs and coins all the time, this is how this whole place evolves into something. Give it a time and let's see in few years where we will be.

Some coins are developing towards different goals and are trying to achive different thing. It is interesting when you start to take notice and read about many ideas in the space.

[mikfresh]

I partly agree with you. The growth in numbers is exponential, I don't think this can be good, the market won't be healthy for long if a lot of trash projects get onboard just to make easy money. Let's see what happens, but I hope 2018 will be the year of settling for ICOs.

[LeroyBro]

I partly agree with you. The growth in numbers is exponential, I don't think this can be good, the market won't be healthy for long if a lot of trash projects get onboard just to make easy money. Let's see what happens, but I hope 2018 will be the year of settling for ICOs.

I think it's up to us, as a community, to stay away from shit coins and scammy ICOs.

They'll eventually stop making them if no one invests.

[NeuroticFish]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

No. Not really.
It confuses indeed the newbies and this is good. People should really start with doing their homework thoroughly before throwing in their money.

But how many cryptocoins we need? As many as possible. Just think: how many businesses we need in this world?
Some coins are clearly scams. Those have to die off. But there are many legit businesses backed up by ICOs nowadays, then there are coins bringing new features.
Just imagine, if people would think like you and would have started bashing Litecoin and Dogecoin for not bringing almost anything new to Bitcoin, things like Ethereum or Monero would have never existed.

So, the variation is good. The variation is part of evolution and also brings in the competition (without competition Bitcoin may have never started on SegWit or LN!!). All people need is to read more and filter out the weed.

[Maestro75]

Well, I do not see the so many cryptos as a problem. I tend to look at them as we have several companies on the floor of the stock exchange. Does that confuse us having so many stocks? Of course the answer is no. There should be more cryotos in circulation so that investors will have varieties to pick from. The more the merrier and that gives us the advantage from bargaining well.

[Kjooocheka]

I think that the more coins, the more competition and better conditions for both those who participate in banuti campaigns, and for investors.

[iamsether]

I don't understand too why there's hundreds of altcoins in the market and seems unlimited. Some of these ICO's are often just a copy-cat trying to imitate other coins. I do hope there's a government that controls the release of ICOs in the market so that there'll be less people joining scam projects in the future.

[pikebu]

Nowadays there are thousands of different altcoins and everyday new altcoins appear. People especially newbees become more and more confused. Cryptoworld becomes more difficult to understand and ordinary people afraid to enter it. I think it should become more simple by leaving only several cryptocoins. What is your opinion?

Actually i agree with you, the cryptos coins should be just several cryptos coins but it will not happening because cryptos coins is decentralize, every people has right to make their own cryptos coins related with the business and their projects. Let them makes innovations in cryptos coins, we just need to analysis of cryptos before desicions to investing in them and ignore the scam cryptos coins.

[renes]

It depends, one can has lots of different coins because there are rally many good coins but it is difficult to catch all good coins. It requires a good understanding of this market and future.

[kinki32]

It's free market everyone has rights create new coin, new economic. IMHO more suggestions it's better than without them.

[duchaitp]

Then comes the time when investors are no longer interested in new altcoins and only strong coins can survive. No one cares, it will be worthless

[hachiman13]

We already have enough coins/tokens for this level of adoption. Maybe after a few years we'll find actual use cases for these coins or most probably, they would be shaken out of the market eventually. Either of the two events are a win.