Quote from: CryptopreneurBrainboss on September 08, 2020, 11:48:08 PM

I have always had the thought that we don't need 99.9% of the cryptocurrencies we currently have. They lack any real user usage. With the current hype on DeFi tokens, if you research properly on the you'll realize all excluding selected few are just the same. No difference or additional input, just mere copy and past of code from one website to another and it's become disgusting.

The saturation isn't coming from the projects it's but from the exchanges. They're dictating how the market reaction. While Binance is controlling which altcoins get to moon bitfinex does it with printing tether to pump bitcoin. Decentralized exchange aren't helping matters either, they whole industry is becoming a ground for rich folks to make more money as they day goes by.

That's certainly true, mate. Most cryptocurrencies on the market lack of real use cases in the mainstream world. They're simply there to enrich developers than anything else. Consider how many Bitcoin forks there are on the market after the inception of Bitcoin Cash back in 2017. Developers kept creating new coins like crazy in order to fill their pockets with money. It's no wonder why many crypto projects died in the long run. Only a select few will survive because they not only provide real use cases for the mainstream world, but they're also active in development and innovation. The larger the number of coins on the market, the greater the competition will be.

Speaking of Tether, it seems to me that it's taking a shady route. Printing new USDT coins like crazy in order to raise the market cap, looks to be market manipulation than anything else. At the end of the day, Tether might become another cryptocurrency that will fade into oblivion due to the lack of transparency and real use cases in the mainstream world. Most people still invest in USDT, because it's the biggest stablecoin on the market (in terms of market cap). But there are better choices out there which are decentralized (like DAI and USDJ) and outside the manipulation of third parties.

Anyhow, people will ultimately decide which crypto remains actively traded on the market and which goes down the drain. I've seen some cryptocurrencies with no development at all, still being traded on crypto exchanges these days. One of those cryptocurrencies is Dogecoin, with a vibrant community supporting it in every way. With various blockchain networks competing for supremacy, developers can test out new features in order to make crypto land a better place. Things wouldn't be as exciting as they are right now, if only Bitcoin existed on the market. A large number of coins and tokens on the market, should liven things up a little. Just my opinion