Crypto market is drowning from tokens.

[kjnfmplm]

As we can see, there are lots of coins that are being offered in the market every single day. Does every single coins that are in the market really usable in our daily lives? According to Bitcoin.com, the enormous number of tokens existing in the market is currently bringing confusion to the investors. For example, they wanted to invest their money in Quarkchain, but bought the Quark instead. Which is a totally different coin. I know that it is probably the fault of the investors for not double checking the coin, but too much coins in the market also plays a big factor.

Are there any solutions about this problem that we, the users in this forum, can do?

[1714023376]

1714023376

[bitChipper]

Nothing really we can do about it, people want to create tokens...let them...whether or not it will have any value or not is up to the market.

I think there should be some kind of naming standard or ticker registrar, something to keep someone from buying something they don't want to buy. For example the bitconnect (BCC) vs Bitcoin cash (also BCC) was confusing for a lot of people. GBX (gobyte) has another issue with some gibraltor exchange token (also GBX).

But at the end of the day its up to the investor to do their research.

[Hughesy26]

I 100% agree, there should be standardized tickers. Bitcoin cash being BCH most places but BCC others is a great example.

I'm afraid other than this there isn't much we can do to stop this. And crypto attracts a lot of scams so many coins deliberately try and confuse people.

One thing that might help is if coinbase pulled their finger out and listed more coins/tokens. But really it's up to investors to triple check exactly what they are buying before they hit confirm.

[alinerusinova]

I should say more - some devs name their coins like this just for the reason you described - so unattentive investors buy them instead of what they want. Not a long time ago I found out MonacoCoin which is like Monaco. But it turns good project I should say that not all coins like this can be good. So only the atention of investors, control.

[AlisaWhishie]

Your question seems a little bit strange... Do you also think that we should start fighting with Canadian Dollars, as there are also US Dollars, and this situation may lead to some confusion, foreigners may buy US Dollars before their trip to Canada, so the best way to prevent it is to change the name of one of these currencies?
We should first of all fight with scammers and their fake ICOs, spreading info about them, not just ignoring all of them. Then all the investors will know about fake "Quark", so they will check it twice before buying.

[cryptorTUX]

As we can see, there are lots of coins that are being offered in the market every single day. Does every single coins that are in the market really usable in our daily lives? According to Bitcoin.com, the enormous number of tokens existing in the market is currently bringing confusion to the investors. For example, they wanted to invest their money in Quarkchain, but bought the Quark instead. Which is a totally different coin. I know that it is probably the fault of the investors for not double checking the coin, but too much coins in the market also plays a big factor.

Are there any solutions about this problem that we, the users in this forum, can do?

The point is that people see that they are able to create value out of nothing by simply writing the software which is why you have many premine coins now. Because developers are doing everything to promote the coin and get money get rich and buy lambo tomorrow. Because of this noise it is hard for projects with potential to break through and simply push the crowd and get recognized. Not to talk about ico's that are simply raising money because they can and raising more than they need. So you see we are headed off the path and something has to hit the market to drawn all the bad projects.

[Agamemnus]

I can't disagree with you on this one, it is true that there is way too much altcoins in the market right now, more are even pouring in. This is why the prices of coins are suffering so much because with so many coins, the money in the market is distributed amongst all of them so much that there is not enough concentration of money in the major coins for us to see an increase in prices with them

[griezmann]

As we can see, there are lots of coins that are being offered in the market every single day. Does every single coins that are in the market really usable in our daily lives? According to Bitcoin.com, the enormous number of tokens existing in the market is currently bringing confusion to the investors. For example, they wanted to invest their money in Quarkchain, but bought the Quark instead. Which is a totally different coin. I know that it is probably the fault of the investors for not double checking the coin, but too much coins in the market also plays a big factor.

Are there any solutions about this problem that we, the users in this forum, can do?

there is nothing the users in this forum can do, it will happen by its way, all we can do is just wait and be patient until the market recover itself and the price of altcoins will rise and increase again to the peak.

[rachman mahesa]

As we can see, there are lots of coins that are being offered in the market every single day. Does every single coins that are in the market really usable in our daily lives? According to Bitcoin.com, the enormous number of tokens existing in the market is currently bringing confusion to the investors. For example, they wanted to invest their money in Quarkchain, but bought the Quark instead. Which is a totally different coin. I know that it is probably the fault of the investors for not double checking the coin, but too much coins in the market also plays a big factor.

Are there any solutions about this problem that we, the users in this forum, can do?

there is nothing the users in this forum can do, it will happen by its way, all we can do is just wait and be patient until the market recover itself and the price of altcoins will rise and increase again to the peak.

That's right, we're just waiting here. All that is very reasonable in the trade. If the price goes up every day. I think also with the number of coins now is very good. So if you want to invest, of course, must first choose where the coins are good. Of course investors are not haphazard in terms of investing this.

[tillerthekiller]

I agree. The influx of new tokens is deluding the market.

[makakadu]

Haha, how much already in this world of different names came up, and now the creators have to invent completely stupid names for ICOs.
It's normal that there are so many tokens, need to be more careful and look what to buy. Those who confuse tokens are very inattentive people, if would they had not lost money here, they would have do it somewhere else

[Encelad]

I am sure that over time, most of the tokens will not withstand changes and competition. These tokens will simply cease to exist. I also think that in the future there will be more sophisticated tokens that will set a new standard. In five years there will be no more than two hundred tokens.

[DAVETUN]

There need to be regulation and policy in the system then individual will not just wake up and decide to do what they like, reason why government does not take the crypto space serious, there should be check and balances, several ICO coming up and developing a token that does not have a strong background.As the crypto space evolve sure drastic changes will take place that will enhance the crypto development, else the sector will keep suffering setback.

[Eddyc]

There are two sides to this issue, the good side that can increase the number of liquidity in the overall market and attract new investors, companies and institutions. However, there is the bad side that increases the number of scams and cheats, so i hope that good side prevails and matches a big high.

[JeffBrad12]

As we can see, there are lots of coins that are being offered in the market every single day. Does every single coins that are in the market really usable in our daily lives? According to Bitcoin.com, the enormous number of tokens existing in the market is currently bringing confusion to the investors. For example, they wanted to invest their money in Quarkchain, but bought the Quark instead. Which is a totally different coin. I know that it is probably the fault of the investors for not double checking the coin, but too much coins in the market also plays a big factor.

Are there any solutions about this problem that we, the users in this forum, can do?

Honestly, only a little percentage of the total existing coins in the market is very useful. There is a lot of coins have the similar ticker and that's why everyone needs to be careful to check the ticker again for the second time. But remember there is a lot of people have been doing a double checking anytime. they need to be careful before trying to do anything.

[JaoBadjap]

As we can see, there are lots of coins that are being offered in the market every single day. Does every single coins that are in the market really usable in our daily lives? According to Bitcoin.com, the enormous number of tokens existing in the market is currently bringing confusion to the investors. For example, they wanted to invest their money in Quarkchain, but bought the Quark instead. Which is a totally different coin. I know that it is probably the fault of the investors for not double checking the coin, but too much coins in the market also plays a big factor.

Are there any solutions about this problem that we, the users in this forum, can do?

I Have seen a lot of tokens like this. and yes its really confusing to the fact. that sometimes, you could send a different token  (from what you thought it is listed) to an exchange.
however, at the end of the day. investors and traders. should really check and do a couple of research before buying and of course the fact it is confusing.

i might say as a member of this forum, we couldnt do anything about the massive volume of new projects. its like 4 or more a day is getting created.
but all we can do is, we could try to educate  some investors if given a chance on how to figure out the confusion. and for ourselves too. we could gather our knowledge here at the forum regarding this variety of tokens.
but still we couldnt do anything to stop or lessen the confusion.

[Reid]

As we can see, there are lots of coins that are being offered in the market every single day. Does every single coins that are in the market really usable in our daily lives? According to Bitcoin.com, the enormous number of tokens existing in the market is currently bringing confusion to the investors. For example, they wanted to invest their money in Quarkchain, but bought the Quark instead. Which is a totally different coin. I know that it is probably the fault of the investors for not double checking the coin, but too much coins in the market also plays a big factor.

Are there any solutions about this problem that we, the users in this forum, can do?

True it bring a lot of confusion. Look at what happened to a lot of investors turning into Bitcoin Cash instead of the true Bitcoin. Some of them thought they were in the right lane and yet they find out late it was not the real bitcoin.
Same with ICO but you cannot stop it.
All you have to do is filter it yourself of whatever you want to support.
Make a list of your own which have the real usage in the future instead of just guessing. Do not be blinded by hype.

[PsylockReborn]

As we can see, there are lots of coins that are being offered in the market every single day. Does every single coins that are in the market really usable in our daily lives? According to Bitcoin.com, the enormous number of tokens existing in the market is currently bringing confusion to the investors. For example, they wanted to invest their money in Quarkchain, but bought the Quark instead. Which is a totally different coin. I know that it is probably the fault of the investors for not double checking the coin, but too much coins in the market also plays a big factor.

Are there any solutions about this problem that we, the users in this forum, can do?

That is why its very important to do a thorough research first before engaging yourself into crypto. There are some people who just wanted to go dive in the ocean due to the hype of cryptos even if they don't have any knowledge about it. When it comes to investments we need to really be careful to place it in an investment vehicle that will really let us profit since crypto is not a game it is a currency and its value is very volatile.

[KeithBeeCham]

Having a lot of cryptos on the market is a good thing because it gives a lot of choices to investors. However, negative is that there are many potential altcoins, if the choice is not accurate, will surely lead to losses. So you should study and research carefully before investing in any altcoins because high or low profits will depend on your choice of cryptos investment.

[Noobaru]

Yes the market is overburdened by the amount of coins. Are all useful in real-life? Pretty far from that, I'd say around 5% of all on coinmarketcap have some value to be used on platforms for payments, utilities and such. Oh it's 1650 tokens on CMP now, well 1 month ago it was 1550, that's getting higher by the day. Well, a nice round number for me would be around 1000. Also, it is true for buying the wrong tokens, I heard a lot of stories about that.