Should there be that many cryptocurrencies that exists?

[SamReomo]

Yes there should be even more crypto-currencies than the ones that already exist. Because if there will be more cryptos then there will be some good competitors for the current cryotos, and the competitors might have some better features than the ones that already exist.

In the past we've seen that there were some cryptos that were made only to scam the greedy ones who at that time thought that there will be huge profits within days. But on the other side of the chain we have seen some really competitive cryptos that took part in the race and undoubtedly some of them made huge successes within few weeks or months.

But even if there will be some legit competitors to the already present, well-reputed crypos like Bitcoin, still every one of them will be under the shelter of Bitcoin. For example if Bitcoin goes down they will also go down and the market cap will go down as well.

[Awoben]

It's good/better to have different coins made for some specific purpose, but recently we have seen repeatition or copied ideas.
If projects can come out with great concept that will give the existing ones a run for there money, they are more welcome, we need good competition and good products.

[hachiman13]

We don't need many coins; there aren't actual use case for some of them. Much better if they dissolve and get shaken out of the market for good so people's focuse on coins wouldn't be divided further.

[seoincorporation]

We don't need many coins; there aren't actual use case for some of them. Much better if they dissolve and get shaken out of the market for good so people's focuse on coins wouldn't be divided further.

Agree with you, we don't need many of them, is ridiculous to see the copy of the copy, but at least is nice to have a different type of them. I mean, the different type of mining we see now day make it worth the different type of proof of... there should be only one coin for each proof of... coin. I mean one Proof of Work, one proof of stake, etc...

[labilaab]

We have the same question pal. I used to wonder about that also before. If there’s no halt in producing altcoins again and again maybe it will have a big affect in market even to Bitcoin itself. Since the volume of investors that is supposed to be for Bitcoin is now divided to other altcoins .

[mk4]

We have the same question pal. I used to wonder about that also before. If there’s no halt in producing altcoins again and again maybe it will have a big affect in market even to Bitcoin itself. Since the volume of investors that is supposed to be for Bitcoin is now divided to other altcoins .

The problem here is not altcoins being created. People can freely create altcoins as much as they want and there's nothing we can do about it. The problem here is that people still "invest" in certain altcoins that are obviously is a scam or at least has a useless use-case.

Hopefully by time, people are gonna use their brains a lot more. Being able to do ICOs is GREAT in my opinion. If only it wasn't filled with scams.

[bagikoin]

any existing crypto always comes up with new technology and also a new system certainly could have been better than his predecessors or even worse. This must be a new innovation which many who want new technology for the development of crypto. many are hoping the new crypto there is better and here's the real goal of many new cryptos keeps popping up.

[Grim149x]

No, I think these projects must be collaborating more so there will be less coins or tokens. Majority are just money grab and shitcoins that is better left untouched.

[libert19]

They will exist as long as people see value in them, once they stop bothering with them, they will cease to exist.

[xonecoinlovers]

Among those many cryptocurrency that available right now, there will be applied a natural selection, all the coins that has a good quality will be able to survive and coins that has no quality will surely vanish.

[Rustamm]

It is all the same as in Russia, after the revolution of 1917, they tried to ban all types of shoes, except for one set by the government. Who are the other types of shoes that interfere with? What are the cryptocurrency varieties? If they turn out to be unclaimed, they will disappear in time. And why bother to raise this topic at all if we can’t ban them anyway? Does anyone like so many stars in the sky? This, too, someone too lazy to view. Let's ban?

[- ESPERS -]

       It's hard to tell if we need so many crypto coins. There are many projects on the market, but they are used for different purposes. In my opinion, a restructuring on the crypto market should be made in the future. The importance is the quality of the projects, not the quantity, and this restructuring or a possible sorting of projects on the basis of their potential, would bring many pluses on the market. People are clinging to so many SCAM projects they've invested in. This is the most important step the crypto market should do for people to invest in the crypto coins.

[Herbert2020]

... Why can't there be one or five cryptocurrencies that all projects can use?

it is simply because there is nothing stopping you from copying the code of some altcoin and create money out of thin air with near 0 effort and that attracts thousands of people that are trying this every day. the number is a lot more than 1600 but most of them die in infancy since they are so shit! and nowadays with ICOs and the easiness of creating a token the problems have doubled.

[Suwycu]

Why not, because all projects solve some problems related to technology, and tokens are a way to attract investors, the main thing is that projects are working!

[hanxinvwang]

Most cryptocurrencies are not required, but since ERC-20 provides merchants with a quick way to create tokens, many merchants copy some old coins for fraudulent purposes!

[ilya_safronov]

Every project wants its own cryptocurrency for obtaining a large amount of money. I can't blame the projects for it, because any business requires a lot of money. I believe that a large number of projects and cryptocurrency help the market develop, projects compete among themselves, thus creating a better product that more people will use it.

[lobo13hf]

Most cryptocurrencies are not required, but since ERC-20 provides merchants with a quick way to create tokens, many merchants copy some old coins for fraudulent purposes!

A quick scheme to create such a new coin and we don't need a lot of them because basically they are created non sense idea and they used it to raise the funds from the investors to scam purpose only.
We shall remove more than 80% of them because they are dead coins right now.

[niublity]

There are more than a thousand crypto on the market, but for many people, even the top 50 don't know what it is. If it is not because of the interests, then I believe that there will not be so much crypto in the short term.
So do we need so much crypto? I am very aware that 80% of the crypto that exists today is not needed. But perhaps with the development of the market, one day we will see thousands of real crypto in this market. Not now these SHITCOIN

[target]

Coinmarketcap says there are 2090 cryptocurrencies in the market, the more the merrier they say. There are shitcoins of course that goes into the market, but I think we can't say they are shitcoins until they have fully developed their product the only we can conclude shitcoins are the ones airdropped and not even listed to its dex.

[tins]

I think that should happen, because it gives more competition in the crypto market, and also helps the technology in this area quickly break new ground. In any other field, such as stocks, you also see that many stocks are listed on the stock market.