Re: Several new coins a day, Bad for crypto ?
I've been thinking about this a lot lately and as a smalltime miner of AltCoins this worries me. I think that many of the newly-released currencies are basically just a ponzi scheme. I suspect that the creators usually hope to score some value and convert into BTC/Fiat as soon as possible since many coins do not provide any added value over BTC.
What many people also miss is the respective environment of a certain AltCoin. What about actual trading partners? Exchanges? Official Websites? Maybe even additional services like an official payment system?
That's mechanisms of the free market at work, I suppose.
Still, considering how much attention DOGE has received recently while at the same time it's basically just a meme currency that's not really reassuring...
What many people also miss is the respective environment of a certain AltCoin. What about actual trading partners? Exchanges? Official Websites? Maybe even additional services like an official payment system?
I'd say we need competition among the coins to breed the best coins. Sure, like 99% of the coins are worthless, but they will pretty soon fall in the pits of oblivion.
That's mechanisms of the free market at work, I suppose.
Still, considering how much attention DOGE has received recently while at the same time it's basically just a meme currency that's not really reassuring...