True that. In fact I don't think there is a need to so many cryptocurrencies at all. Many companies can make use of existing coins and achieve what they are set out to do. But looks like everybody want to have a coin of their own. Cryptocurrency has more or less become equivalent to shares in a company these days. Everybody who is solving a problem wants to create a coin of their own.
There will be a consolidation and many people will stop mining useless coins and they will die a slow natural death. Only coins that have true utility and are differentiate from other coins will survive.
Yes, competition and a free market will cull those that do not have the vitality or legitimate underlying technology. I think that this very volatile and endlessly entertaining birth of a new sector in the economy can make people (and lose people) a lot of money. Once the foundation is laid, only the strong coins and companies will be able to continue operating.
but there are sooooo many fiat currencies!!
True that. In fact I don't think there is a need to so many cryptocurrencies at all. Many companies can make use of existing coins and achieve what they are set out to do. But looks like everybody want to have a coin of their own. Cryptocurrency has more or less become equivalent to shares in a company these days. Everybody who is solving a problem wants to create a coin of their own.
There will be a consolidation and many people will stop mining useless coins and they will die a slow natural death. Only coins that have true utility and are differentiate from other coins will survive.
Yes, competition and a free market will cull those that do not have the vitality or legitimate underlying technology. I think that this very volatile and endlessly entertaining birth of a new sector in the economy can make people (and lose people) a lot of money. Once the foundation is laid, only the strong coins and companies will be able to continue operating.