what's the use of 1000+ cryptocurrencies?

[Ryutaro]

Hello peoples,
the moment I am writing this topic there are more than 1600 cryptocurrencies and each day this number is growing more and more.

I am certain that many of those are legit and have a serious living project, dedicated team, and a unique approach so I am sitting here, as a newbie, confused because I want to have a brief summary of knowledge about this topic in order to know more about each one of them and about the use of these different coins, also, in what way, shape or form can they help us in our daily life and lead us to the mass adoption of cryptocurrencies and the innovative technology behind it but I can't find some guide to walk through or a summary about this so I am asking here for enlightenment. Thank you!

[TryNinja]

There is no use. 99% of them were created so their owners can get rich and 99% them will die in the long term. Either they don't need to exist, or they don't work, or they are just a bunch of buzz words and promises.

Stick with the big coins with real-world use unless you want to gamble in the market.

[Ryutaro]

There is no use. 99% of them were created so their owners can get rich and 99% them will die in the long term. Either they don't need to exist, or they don't work, or they are just a bunch of buzz words and promises.

Stick with the big coins with real-world use unless you want to gamble in the market.

That's a bit shocking, can't understand how 99% of them have no use XD explain more, please.

edit: maybe I got fascinated by the buzz words and promises XD

[Coyster]

That's a bit shocking, can't understand how 99% of them have no use XD explain more, please.

The network is decentralized, and it allows anyone the opportunity/liberty to create a coin, with the amount of greedy individuals in the world today, you know what that means for them?, they just create coins they know have no use case or worth, just to scam people, enrich themselves and watch the coin sink deep into the pit of shitcoins.

Stick with the big coins with real-world use unless you want to gamble in the market.

Let me rephrase @TryNinja: Stick with the bitcoin

[Ryutaro]

The network is decentralized, and it allows anyone the opportunity/liberty to create a coin, with the amount of greedy individuals in the world today, you know what that means for them?, they just create coins they know have no use case or worth, just to scam people, enrich themselves and watch the coin sink deep into the pit of shitcoins.

Yes, I am aware of that. But still, we can't deny that there are some very serious projects out there with innovative ideas and real-life use like for example KlickZie, AdSana, Contentos...

[1miau]

Yeah, unfortunately that's true, most of them are scams and useless shitcoins. There might be a few legit ones bringing additional value to the crypto space but the number is extremely low. Right now, Coinmarketcap has listed 2,447 different cryptocurrencies but there are far more, most of the scamcoins never got listed and because of that they aren't mentioned on coinmarketcap. I guess it's in total far more than 10,000 different cryptocurrencies, just have a look at Scam Accusations how many of them are suspected to be scams.

And you are right, there are so much of them because it is (rather was) very profitable for shitcoin developers / shitcoin scammers to launch an own shitcoin even if the idea was an empty promise / totally crazy. There was an ICO for a shitcoin / scamcoin called Useless Ethereum Token, they admitted in their whitepaper that the token is totally useless but they collected more than 80,000$ according to ICO bench: https://icobench.com/ico/useless-ethereum-token   

Yes, I am aware of that. But still, we can't deny that there are some very serious projects out there with innovative ideas and real-life use like for example KlickZie, AdSana, Contentos...

Honestly, I've never heard of them. 

[Ryutaro]

Yeah, unfortunately, that's true, most of them are scams and useless shitcoins. There might be a few legit ones bringing additional value to the crypto space.

I think newbies should be able to have an easy and accessible knowledge and be able to get a brief idea about those few ones for example in a generalized daily updated topic with legit new projects like there is for signature campaigns, trust, dozen for merits and many other subjects that I think are far less important than 'the use of cryptocurrencies' which is a fundamental and important thing to know.

There was an ICO for a shitcoin / scamcoin called Useless Ethereum Token, they admitted in their whitepaper that the token is totally useless but they collected more than 80,000$ according to ICO bench: https://icobench.com/ico/useless-ethereum-token  

Insane  

Honestly, I've never heard of them.  

you're too busy looking after your cats :p

[Abdussamad]

There is no use. 99% of them were created so their owners can get rich and 99% them will die in the long term. Either they don't need to exist, or they don't work, or they are just a bunch of buzz words and promises.

Stick with the big coins with real-world use unless you want to gamble in the market.

That's a bit shocking, can't understand how 99% of them have no use XD explain more, please.

edit: maybe I got fascinated by the buzz words and promises XD

If you could print money wouldn't you? That's why there are so many. You spend some money roping people in to your newly minted cryptocurrency, getting the price pumping and then dump it on them. That's why they make them.

Stick with bitcoin only. Not bitcoin cash or some other pretender.

[1miau]

Yeah, unfortunately, that's true, most of them are scams and useless shitcoins. There might be a few legit ones bringing additional value to the crypto space.

I think newbies should be able to have an easy and accessible knowledge and be able to get a brief idea about those few ones for example in a generalized daily updated topic with legit new projects like there is for signature campaigns, trust, dozen for merits and many other subjects that I think are far less important than 'the use of cryptocurrencies' which is a fundamental and important thing to know.

Beginners and Help is already a good start for important, general informations about research strategies. But I don't know if a topic with "legit new projects" will work. It's extremely hard to spot good projects and even experienced people won't spot a scam because it's often not possible to find out. Some projects don't have to be a scam, it's enough if the team fails. That can happen to everyone even to totally honest teams if they notice it's not possible to realize their idea.
The bad part is scam and abuse appearing for such fundraising strategies. And unfortunately the number of scammers is quite high, they've destroyed trust in crypto fundraising so much. 

I know, your intentions are honest but such a list could backfire quickly. 
Too many scams around in shitcoin business. 

Honestly, I've never heard of them.  

you're too busy looking after your cats :p

Aww ^^
But I haven't cats. 
Too busy doing study stuff. 

[o_e_l_e_o]

I think newbies should be able to have an easy and accessible knowledge and be able to get a brief idea about those few ones for example in a generalized daily updated topic with legit new projects

Such a thread would be near empty. There are literally dozens of new scams launched every day, but a genuinely interesting and potentially useful coin is launched maybe once a year at most. The number of coins with a viable long term future is in the single digits, in my opinion, but there are tens of thousands of coins out there. And as 1miau says, a good scam is indistinguishable from the real thing until such a time as it does scam.

'the use of cryptocurrencies' which is a fundamental and important thing to know.

I agree, and I do wish newbies in general would spend more time learning and less time bounty spamming. If you are genuinely interested in using cryptocurrency, then sticking with (and learning about) bitcoin is your best bet.

[tbct_mt2]

Most of them are pointless. I did not know any sites or people whom make calculation on how many crypto currencies on coinmarketcap.com created with their own source codes. How many of them simply used open-source codes of previously projects for their platforms?
I think only projects that build their own code bases should be considered as real crypto currencies. They likely succeed or fail after launch, but only those types of projects should be called as real crypto currencies.

[mk4]

I think newbies should be able to have an easy and accessible knowledge and be able to get a brief idea about those few ones for example in a generalized daily updated topic with legit new projects

The problem is, there's almost no way to know for sure 100% if a certain project is legit. A project can run for years end and still end up bailing on their "investors" or speculators. And take note, that's just the legitimate projects. Also take note that not because a team is legitimate and is genuinely working on a product, it doesn't automatically mean that it's going to be successful. Adding all those factors up,  you end up with only a very small percentage of projects that are legitimate and that has a decent chance of being successful.

[elda34b]

Yes, I am aware of that. But still, we can't deny that there are some very serious projects out there with innovative ideas and real-life use like for example KlickZie, AdSana, Contentos...

Their use case might be interesting but do they need a new coin/token for that? Not necessarily, except you're doing an STO (which is possible to be streamlined so that there will be 1 coin that could be used to represent the shares).

Most of the time, those projects failed because the usage or demand of their token is weak. That's understandable as most of the time they only create tokens because they want to get some money.

[pooya87]

money making!

you have a free and open source (meaning easy to copy) money printing machine that people are also hyped up about and are willing to give their actual money in return for that virtual printed money. that attracts a ton of people.
in other words since bitcoin is open source and it is successful, it has always attracted a lot of others who wanted to make money from that success. so they end up copying the code, change a small amount of things to make it a little different and publish their own version.
then came along platforms such as ethereum that made this whole process easy! people no longer had to write that much code, they just created a small thing with no effort called "smart contract" and get paid millions for what they released no matter how useless it was.
that is why at some point we had nearly 3000 useless garbage in the altcoin market and that is exactly why they keep dying.