Quote from: Botnake on July 23, 2021, 03:18:50 PM

Quote from: leatutz on July 22, 2021, 11:36:49 PM

If we start from the last bullrun (2017), we know that only 3000 coins exist and now we have more than 11k altcoins. Every month we are getting 210 and every day almost 7 altcoins are available as a coinmarketcap chart. Personally, I think we don't need as many new projects. Proper one project could be enough for most cases, like Binance.

Most of the projects do not have a good future, only a few of them really are serious about developing the projects with a capable team. The reason why we have a lot of altcoins is that the scammers are playing with the market, they want to make easy money as there are still people who can easily be deceived by a high promise, if we learn and become more educated, these scammers will not anymore waste their time with their scam attempt.

Right, most of the projects aren't much more than a fancy white paper. They all claim to be the next Bitcoin or to change the whole world, but most of them can hardly get their main net up and running. Yet they manage to raise money based on their white paper. The worst is that even the white papers are sometimes plain copies from other projects. That phenomenon will stay with us and in a few years from now we might have 100,000 cryptocurrencies with 99% of them being worthless.