Why We Need All The Altcoins We Can Get

[LakeBTC]

Did you know that more than one altcoin is launched per day, on average? Website Altcoin Calendar keeps a running total: one day this week we’d had linkcoin, onyxcoin (version 2, no less), xryptbit, and limicoin. The day before that, we saw the birth of bizcoin, shopcoin x, filebit, and, predictably given the political situation, palestinecoin.

The obvious temptation is to say that there are too many of them. After all, the cryptocurrency markets are littered with crummy coins that add little technical merit to the coins that they cloned, and which have no clear goal or community backing.

Sometimes they’re launched by enthusiasts from their basements, with good hearts but no idea how to execute. Sometimes they’re ‘flashcoins’, launched by smart fraudsters, intent on pumping and dumping for a fast buck. Either way, many altcoins are like the fast food of crypto. They’re no good for you. You’ll buy them, and receive no value. And half an hour after you’ve bought in, you’ll want another one.

Some altcoins may offer returns, but they’re like penny stocks: highly volatile, and difficult to predict. That makes investment difficult, especially when they’re entirely unregulated.

However, this still doesn’t mean that there are too many coins. In fact, we need them all.

http://www.coindesk.com/need-altcoins-can-get/

[Yeezus]

Did you know that more than one altcoin is launched per day, on average? Website Altcoin Calendar keeps a running total: one day this week we’d had linkcoin, onyxcoin (version 2, no less), xryptbit, and limicoin. The day before that, we saw the birth of bizcoin, shopcoin x, filebit, and, predictably given the political situation, palestinecoin.

We don't need any of these. What was the supposed point behind any of them? I'm guessing it's just the same old fluff.

[gtraah]

I do not think we need 452 different coins, whats the point?  Is this just for miners to try to get rich? I dont get the point, I mean Bitcoin can supply the world , the more people use it the more it will increase meaning that you eventually you would not even need a full coin, in fact in future if you have 1 full coin your probably considered wealthy, As time goes the average amount that people have in their wallets will drop as the price rises, 100,000 mBTC  next year 50,000 mBTC year after 20,000 mBTC so and so on, Untill we may eventually need to create more decimals.

We really dont need so many currencies that do the exact same thing. I just do not see the point, I think the more crap there is around the more people think this is all a joke.

[ed_teech]

Many of these coins are bad for the community. If lots of people get scammed this way, cryptocurrency reputation is under a big question mark. We don't want people associating cryptos with scam.

[lynn_402]

I do not think we need 452 different coins, whats the point?  Is this just for miners to try to get rich? I dont get the point, I mean Bitcoin can supply the world , the more people use it the more it will increase meaning that you eventually you would not even need a full coin, in fact in future if you have 1 full coin your probably considered wealthy, As time goes the average amount that people have in their wallets will drop as the price rises, 100,000 mBTC  next year 50,000 mBTC year after 20,000 mBTC so and so on, Untill we may eventually need to create more decimals.

We really dont need so many currencies that do the exact same thing. I just do not see the point, I think the more crap there is around the more people think this is all a joke.

I don't want Bitcoin to become a monopoly; that would give too much power in the hands of very few people.

Altcoins are good for the distribution of wealth in the cryptocurrencies economy, plus they allow different communities who have different goals to have their own currency, especially when these goals are not in agreement of those of the majority of Bitcoin's community.

[gjhiggins]

However, this still doesn’t mean that there are too many coins. In fact, we need them all.

http://www.coindesk.com/need-altcoins-can-get/

We broadly agree and have gone so far as make a comprehensive list.

We're about to add the metadata for another 100 or so altcoins to the metadata we've already collected for 1300+ coins (metadata on every coin that got as far as having an algo selected, launched or not, it's a very inclusive listing).

There's a machine-friendly publication as Linked Open Data via a Github org, DOACC (Description of a Cryptocurrency), complete with an ontology:
https://github.com/DOACC

and on our web site there's a people-friendly presentation of all the coins on a single page; image, name, symbol, type and algo:
http://minkiz.co/coin/

Task-specific views include one with tabbed navigation of alphabetically-sorted coin names+symbols, linking directly to the metadata:
http://minkiz.co/coin/name/

and a sibling page of tabbed navigation of alphabetically-sorted altcoin symbols+names, again linking directly to the metadata
http://minkiz.co/coin/symbol/

We thought this latter presentation would be useful to people for checking that newly-created coins are assigned symbols that aren't already in use by other coins - yesterday's “Swiss Credit” coin launch is the fourth altcoin to assign itself the symbol CHC.

(We're still in “ninja launch” mode but that's no reason not to at least let people know of the existence of the collection)

Cheers

Graham

[polynesia]

I do not think we need 452 different coins, whats the point?  Is this just for miners to try to get rich? I dont get the point, I mean Bitcoin can supply the world , the more people use it the more it will increase meaning that you eventually you would not even need a full coin, in fact in future if you have 1 full coin your probably considered wealthy, As time goes the average amount that people have in their wallets will drop as the price rises, 100,000 mBTC  next year 50,000 mBTC year after 20,000 mBTC so and so on, Untill we may eventually need to create more decimals.

We really dont need so many currencies that do the exact same thing. I just do not see the point, I think the more crap there is around the more people think this is all a joke.

It is just experiments. Even if there is one truly innovative coin, it will catch on.
And probably even the bitcoin community might think of implementing its innovative features.

[Rofo]

If you believe in decentralization then you believe in decentralized blockchains. Ten-thousand blockchains/currencies in ten years (once we've sorted out security, etc.) is far more appealing than a single BTC blockchain that accommodates all global commerce. Unless you care about price in 10 years above all else as the BTC shills seem to.

He who controls the single blockchain, controls Earth yadda yadda.

[BitcoinNational]

1.  Each alt coin launch is like staking a new city.  First an idea.  Then an announcement.  And then a lot of milestones to pave.

This grows the crypto economy.  Shit coin or not.


2.  Stronger, Better, Faster (+cheaper)

This means each new innovation eventually can be copied for nearly the cost of understanding why it is useful to utilize.  

Understanding the how it works, optional.

The power of open source.


3.  Repeat the cycle.  

What took 2 years then took 1 year then took 6 months.  Now we're humming along in what looks to be 90 day cycles.  

But the barriers to entering the top level are rapidly ascending.  

1st Scammie coiners must be more crafty or else honest and fair. (because fool us once, fool us twice yadayada)  
2nd Promotional cost will rise.  Credential required will rise.
  

Soon only the likes of BCF(read btc whales), Ripple, Dell, Paypal, IBM and Exxon Mobile will have the $capital to launch big ships.

Unless ... ?    

[lynn_402]

If you believe in decentralization then you believe in decentralized blockchains. Ten-thousand blockchains/currencies in ten years (once we've sorted out security, etc.) is far more appealing than a single BTC blockchain that accommodates all global commerce. Unless you care about price in 10 years above all else as the BTC shills seem to.

He who controls the single blockchain, controls Earth yadda yadda.

Very true. Also, having only one big coin would allow to have a single point of failure for the whole idea of cryptocurrencies. It's a very good protection against that, that there are PoS coins around.

[digitalindustry]

need more IPOs - PoW is so "inefficient"  its also boring, and LOOK all the IPO's are successful look at the MARKET CAPZ

[lynn_402]

need more IPOs - PoW is so "inefficient"  its also boring, and LOOK all the IPO's are successful look at the MARKET CAPZ

I disagree, mining is the only thing which makes cryptos have a fair distribution. IPOs are not any better than fiat, with a central entithy which controls the money supply.