Re: Do we really need so many kinds of coins?

[anyone4u]

If you think as crypto as languages, there is one island that has 860 different languages. Also many countries have their own currency. The internet is worldwide and you can even say beyond that (space) (not sure if that is the world or Earth or Universe for description information) but would you rather have just one master currency and language or many different ones? If there is one master currency, that is considered easiest to manipulate everyone. Best to have several different ones.

[ycsi]

Diversity is good thing, in general. However, we are now having so many crypto currencies! Most of them will never be used for any real life trading (i.e. buy/sell tangible goods).

Hopefully, after the initial surge, market will regulate itself, and we'll end up with 2-3 core crypto currencies.

[legoman]

Within the world there are many real currencies, nearly one for every country, so I can't see that this is a bad thing!!

Many won't amount to much, and you will be able to trade between them all so again it's not a bad thing.

[Motoryogurt]

Diversity is good thing, in general. However, we are now having so many crypto currencies! Most of them will never be used for any real life trading (i.e. buy/sell tangible goods).

Hopefully, after the initial surge, market will regulate itself, and we'll end up with 2-3 core crypto currencies.

Sort of where we are at right now. There will always be a number of top coins, and massive amount's of penny coins with (even more) erratic value.

[nerobie]

you will be able to trade between them all so again it's not a bad thing.

[sandzja]

I would have to agree with someone who said that there are so many languages in the world - why there can't be a wide range of coins for any group of people? Like with languages - there are always a well-established and widely used languages, for example - English. However, there are always place for dialects of English that is used is different parts of world. And then there is German, French, Chinese, etc. Do you know how many dialects of Chinese are spoken?

If having their “own” coin benefits some part of “alt-coin” community, or they just find it funny to be a alt-coin millionaires – let them be! 

[DCP]

The "coins" are much more then just a way to send/receive/store money. They represent a software platform that can eliminate labour in all types of financial transactions, some good info here: http://www.youtube.com/watch?v=Cs6F91dFYCs&feature=share&list=UUC3L8QaxqEGUiBC252GHy3w&index=1

I think many of the coins that don't offer anything unique except branding will stay worthless, one's that allow you to have an anonymous chat room or store images, data easily, etc will be worth more. The value is partly based on what they can do..

[willempie]

Thats some good info you're posting there buddy

[Foex]

If there is one master currency, that is considered easiest to manipulate everyone.

A good point.. but again, crypto are in a different league. I min all sort of coins are there, and some of them sounds unrealistic to be a coin. For eg..hamstercoin, mousecoin, batmancoin (check the alt currncy forum).

Who will buy such coins where they are meant for the pump and dump purpose. The developers develp their coin and probably 4gt abt it. Probably a way to get rich. 

[DCP]

Thats some good info you're posting there buddy

Thanks, I found it really informative.

[waterchaos]

Well, rigth now they just come out and go, and if they pass the "survival test" they continue to develop further. It's more like if they get to have a significant support from people in a small window of time, because almost every day another cryptocurrency pops out.

[Lethn]

Wahhh! FREE MARKETS SUCK! WAHHH! :p

[jonanon]

Short answer 'no' most new coins are a disgrace to Bitcoin. 

[tspacepilot]

I don't think variation among coins is like that of natural languages.  Yet I don't see the harm in many currencies.  A lot of this provides low stakes testing opportunities.  IMHO.

[alawadhi3000]

We don't, but probably the question is:- why not? 

[hownowbrowncow]

I don't think we need most of the coins that are out there, and many of them will likely die off similar to the dot boom bust era.

[Rardo]

I think the more coins the better (at least more non direct clones of other coins.) because as people modify and adapt new coins they bring new ideas to the table. In the end they all help out by proving or disproving difrent aspects of the whole virtiual/crypto curency trade and manufacturing.

Bitcoin and Litecoin are at the moment the only coins that have got anywhere (my opinion ofcause) and they arnt without thire flaws. The more coins we have the more chance  the holes get pluged in what ever becomes the next Bitcoin.

[guybrushthreepwood]

Think of Bitcoin as the mighty US Dollar or the Great British Pound, and Doge and Coinye as worthless Zimbabwean Dollars lol.

[Flobin]

Think of Bitcoin as the mighty US Dollar or the Great British Pound, and Doge and Coinye as worthless Zimbabwean Dollars lol.

Didn't Zimbabwe start using US dollars?

[Flashman]

Wahhh! FREE MARKETS SUCK! WAHHH! :p

We must pray to almighty Gov to save us.