What's the point of so many cryptocurrencies?

[xiboothrezi]

~ So most  altcoins are  just to  create  profits  for  their  developers. We  have  to  admit  that. It’s the business world.

that's the fact, sad indeed, but that's a lot we find today. even after listing on the first day, big dump, then the price can't get better, the project doesn't develop then the developer slowly disappears, the project goes deep and the tokens become trash.
like fast food that you have to eat right away, if you leave it too long it won't taste good anymore. so we need to be careful. It is indeed difficult to choose a potential project, but a truly quality project will definitely get strong market support, a profitable partner, and really high quality and useful product.
really need analysis if you don't want to get stuck with "useless" coins or tokens

[cryptoknightt]

¯\_(ツ)_/¯The real question is: why do people continue to invest in the penny stocks of the crypto market?

Thing about the centralization is that it's able to snuff out competitors whether they are better or worse. Look at fiat, and look at Bitcoin.

because they are constantly competing and updating the existing system maybe the last one for the money.
this is the same as in the real world, let's say a car company has launched their product, why are other companies also competing to make their own cars?
what are they trying to achieve? even though there is already a company handling the project.

[GreenStox]

Main purpose: A distractions from bitcoin, alts were created to steal your bitcoin (keep this in mind always lol). This coins/tokens are been created from thin air just like the fiat so you lose focus on what the ideology begin bitcoin is. The industry has been monetized, some might argue that the reason behind so many tokens is because they're different problem each were created to solve but don't be decieve as most of the problem this new project claim to solved can be solved using Bitcoin.

Before the so called defi tokens we already have bitcoin that's truly decentralized and not all the centralized project claiming to be defi. The reason we have so many tokens is basically as a result of greed (project developers looking for fame, monetary value and ego of been one of the pioneer of the cryptocurrency industry.

Quick research through the so called aits you'll notice most operate similarly so why then do we need them all instead of focusing that energy on one and makes it a success. 99% of the other cryptocurrency are worthless and only valuable through trading.

if you say so then in all the other markets only what is above is useful so that which is underneath is rubbish and of no use at all.
I think that's not true and only based on your own thoughts.
at least now there are more than 6600 coins there and based on the percentage you give 99% of them all rubbish.
I'm happy because you still think the remaining 66 projects are valuable

[Janation]

Mostly to either scam investors or start a coin of their own.

There are a lot of goals for these cryptocurrencies in the market and I think these two are the main reasons why they are creating so many coins. Investors can't even keep up with the latest coins with the numbers of it. I hope investors could learn about legitimate and scam projects so in time, scam projects could be lessened.

[coin-investor]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

It's not only 2000 it's more than that since the introduction of the first Cryptocurrency Bitcoin because it's open-source people can easily create their own coin, and when Ethereum came along with it's token creation platform, everything becomes so easy to create a toke, and with this many companies, individuals and groups are creating their own token for their concept or product, it has something to do with greed because with their token they can launch ceowdfunding.

[Dariusburst]

Everyone are trying to get rich and they believe crypto can give them that, it's why we even have many more developers in crypto space this days, beware though, not all of them are real blockchain experts, they are just here for the money

[Dariusburst]

One thing is certain I belief, the more crappy project we get the more our eye gets more open, crypto technology will know where it's lacking and exactly what to fix, most especially security wise, mistakes gives birth to correction, crime gives birth to the law and justice

[RealMalatesta]

I guess I can safely mark myself as one of the "some" because I believe in "the more the merrier" philosophy. I like options, without which will mean confining me to limitation. And that's dictatorship to me. More tokens in the market give us options to choose from. What do you think would be happening if only Bitcoin were in the market without alternative coins for payments across exchanges? I bet by now its price would've spiralled out of reach. Perhaps those who predicted the price of Bitcoin in the past hitting an exaggerated price level did that thinking Bitcoin wouldn't have many coins spring up to contest its leading position. Beyond all that, options are great you know. Even in politics, we crave options. So, why not in the crypto space.

It is not even only about options, it is about features and that is why I love them so much. Those options that we have right now, gets smaller and smaller in a compact currency, then they create more and more on top of that and that creates another compact one.

For example back in the day, we just had regular coins, they were awesome and most of them are still quite high on the list, but that was it, we had some options and that was it, then later there were new coins that combined all those coins amazing things together and built another one, then we had ethereum, then we built stuff on it, and each one was something different, eventually something even bigger came out, then we had defi, and now we have a lot of defi and we are going to end up seeing how awesome defi could be and something else even better will came out. Long story short these are ways how we can develop and be better.

[max6575]

with the service and or product from developer, investors might helps as supporting project with the independent developer as offering option for users of the product/service as might to expect of more on work with the finance as attaining table of trading with the tradeview.

[VDraci]

We have so many scam developers that sees crypto space as a pool of money so they develop the means of deceiving their investors, they pretend to be pro teams too but in the end they are here to dump on investors once they have the chance, it's a blessing of you can tell the difference between scam projects and real projects

[Wahyuihib]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Cryptocurrency is a digital currency, which has a basic function as a means of payment. because cryptocurrency is growing rapidly, there are many crypto projects that have different systems and technologies. but in fact the goal is the same, namely to create a decentralized payment system {without any third party}.

[voteformeg]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

i think that 60 percent of all coins/tokens is useless , lot;s of other coins came up quickly and diappeared as fast as they came without true development

[Wipeout2097]

Now a day’s era of Blockchain and decentralized circle, so everybody can come up with their coin to save their business in future blockchain market. It fair happens so that human ravenousness continuously takes over the control and individuals regularly care more almost the potential cash they make than almost coming up with something viable, unused and fruitful. Actually initial days day of blockchain the purpose of own coin was to come with new unique idea to give benefit to the community but today its all about money and the team of coin set money goals rather the community vision for long run.

[Alohadanc3]

In my opinion there are maybe 2000+ coins available in the market but many of them are not so useful orna legit project. The market is fully free and in most of the platform you don't have to pay to launch your coin. So everyone can launch their coin for free. And there are lots of coin with are compete for the same market. But sometimes every participants are good. You you see contract based platform there are too much names available and most of them are good. So I know we don't need these much token but as long as we explore the whole blockchain system it's good for us.

[coinswebid]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

i think that 60 percent of all coins/tokens is useless , lot;s of other coins came up quickly and diappeared as fast as they came without true development

more than 60% my friend, i think its about 80% - 90% altcoins in a shitcoins,
we must pick the right alts if we want to invest in this crypto world

[GeorgeJohn]

Their is so many cryptocurrecies, so those once we feels are cryptocurrency are those we are familiar with such BTC bitcoin, ETH ethereum, BCH Bitcoin cash, LTC litecoin, XRP Ripple, USDT Tether, so these three coins mentioned here eos, neo, monero, after familiarized  or popular coins are totally unknown to beginners, so with proper research of coins is obvious that we have different coins that are listed in Binance and other blockchains or exchanges, so I recapitulate by saying purchase coins and do not concentrate on a specific coin.

[MrMcKinney]

They're trying to follow the BTC steps, perhaps. These altcoins actually got different uses, unique characteristics that they're trying to bring to the masses, sadly not everyone bites it.

[feewzy]

Everyone are trying to get rich and they believe crypto can give them that, it's why we even have many more developers in crypto space this days, beware though, not all of them are real blockchain experts, they are just here for the money

In this new sphere, it is really much easier to get rich, to make money, here you can simply invest your money in any coin and wait a little time and you will make money on this. But you need to invest money at the right moment in time, like in 2017, people put their money anywhere and earned on it, at a time where you don't invest your money, everything will grow.

[Saisher]

Hi,
I was browsing about 50 pages here https://www.blockchain.com/prices?page=50 then I gave up and googled it...there are more than 2000 cryptocurrencies!
Why?
The fiat tends to reduce thanks to EUR, what's the purpose of so many cryptos?

thanks

Because people keeps on investing and keeps on looking on a new project to invest, when there's demand, developer will create to fulfill that demand, greed has something to do with this and because of this so many coins are created just for pumps and dumps, I have seen so many coins created only to become a pump and dump coins, that is why we have thousands on dead coins in the market.

[PerfectCircle]

Crypto space is like the wild west when it comes to new projects, even projects that have very good use case can't be guaranteed, it's a high risk investment haven but out of many bad projects always comes good ones that are completely different, thanks to scam projects I personally can tell the difference