So, the way I look at it, there is not room for 20, 30, or 40 cryptocurrencies. It doesn't make sense that people would have that many wallets any more than it would make sense to have that many fiat currencies in your wallet. You'd have to go to a currency exchange every time unless you knew a specific place that accepted your preferred currency, whether it's /dogecoin
(i picked these at random from the sidebar, btw).
There seem to be several different groups that exist (while some of these are overlapping): improvements on bitcoin, improvements on litecoin, clones of either one, proof of stake vs proof of work, pre-mined, easily mined, etc. (by the way, it would be great if there were a chart denoting the differences). Some of these have real benefits, some are quirky, some have been successful, some haven't. There are debates going on and people involved with each one anxiously promote it in its respective subreddit, suggesting ideas to help with its public relations and adoption.
So, while it's great to have these coins with innovative features, each one arguably valuable in its own right for those features, some of them have to come out on top, right? It seems that lately, there is this idea that every coin should be nice to one another, but it's really passive aggressive. Some people hate on /dogecoin
in their own subs, labeling it just a /litcoin
with more coins available while /bitcoin
is describe as elitist and not respecting /altcoins
. Maybe all of this is justified if only a couple coins can remain.
And which will those be? It /bitcoin
just serving as the stepping stone for everything else, OR will it be the imperfect coin that lasts because it was there first (IMO - it would severely hurt other cryptos, especially those not tradeable for fiat currency if it died, so I think we are stuck with it)? Likewise with /litecoin
. Will these 3 rule because they became media favorites so quickly? Or will a coin with something different like /peercoin
win out with its proof of stake? Or a coin designed with a specific activity in mind, like /Devcoin
the ethical cryptocurrency?
As my opinion here implies, I think it is a competition. I think /bitcoin
needs to be around and rejecting it is a mistake for the community. I think /litecoin
passed the tipping point in terms of price and /dogecoin
hit the tipping point in terms of wide adoption. While I don't have any in-depth quantitative analysis, I think that will keep those 3 alive for the time being. I think there is only room for many 1 or possibly 2 other coins to make a name for themselves. Most other coins will fail. Pump and dump obviously hurts the community. /coinye
was particularly bad and attempts to make joke coins like that make me sad because I read so many promotional posts. I feel bad saying it, but /franko
seem too similar while /primecoin
are just names people read in the sidebar and won't ever deal with, despite the enthusiasm of the people who do trade/mine it.
That brings me to my final point, people who mine each of these coins have a huge stake in advocating for their specific coin. I'm glad people saw potential and uniqueness, but most of you will lose out and your mining rigs are giving you coins that won't be worth anything soon.
Thanks for reading! I hope to hear real opinions!
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