Hello Steemit Friends:
I wanted to post and get everyone's opinions and thoughts on the overall cryptocurrency ecosystem.
With 946 coins as of July 4th (according to coinmarketcap.com) and additional coins being added almost on a daily basis, has the cryptocurrency space become saturated? Is this continued growth sustainable and manageable? With all the coins being offered, it's beginning to get muddy trying to decide which currencies and technology to invest in.
I don't know about you, but I myself am beginning to get confused and lose track of all the currencies available. I remember when I first started with crypto. I would diligently check the [ANN] section of bitcointalk.org on a daily basis just to see what new currencies/ico had been announced for the day. I would then quickly try to figure out how I could get my hands on some and/or mine it anticipating a huge bump in price.
I remember my task tray being filled across the bottom of my start bar with a long line of the various wallets of currencies that I was invested in. The bandwidth, space, and processing, usage was massive with each of the different wallets being open and constantly syncing; not to mention the resources used for all of the google tabs open for each of the different ico websites and mining pool pages.
How many of you were (or still are) in the same boat?
Sadly, or even not so sadly, those days are gone. As blockchain technology and the users that support them continue to mature, we as consumers are becoming more selective of the crypto we choose to associate ourselves with. It's not simply about which blockchain is faster or more secure and private anymore, but how innovative the technology is. With this innovation however, comes complexity which makes it difficult to really understand and differentiate one from the other. With all the pump-n-dump schemes, it's hard to determine which ico to follow since most coins come out, pull in investors -who make a quick buck, and then turn around and sell out, and then move onto the next currency.
It's like how the BPO industry works in emerging countries - You get in, get the experience, wait to get poached for a higher salary offer, leave, rinse-and-repeat. In one day and out the other.
I'm beginning to wonder what it's all about. What is the end game? Is it about the technology and making things better so that one day we have a final product that disrupts and forces a change for the better, or is it just all about the money and making a quick buck? We don't even flinch much when a scam or pump-n-dump happens, we see a quick fluctuation and drop in value, but then just as quick as it happened, the market recovers and everyone goes back to the way things were. They forget about it and move on.
I now spend my time focusing on a few rather then a bunch. I keep Bitcoin because it is the pioneer currency. I keep Ethereum because I support and believe it has potential (and because it's still easy to mine). I hold some Dash, Monero, and ZCash. I keep Steem and SBD, because it too has immense potential and a thriving community and social media platform and other innovations which have proven value and a great community and support base. I recently again started mining and holding Litecoin.
I vary rarely get caught up in hype for new crypto these days unless it is truly something special and unique, however so far most have just been the same ole same ole with a few tweaks. Everyday new coins come and new coins go. It's just the way things are and I feel that we are so far saturated that people only pay attention to a handful of currencies leaving the others to wither away and die. I am however hopeful that we will one day find that one true game changing currency that will take us to the next evolution and beyond.
As always, I really appreciate your Up-votes. If you enjoyed my post and want to stay up-to-date on my posts, please follow me and leave me a comment to let me know what you think!
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The strongest will prevail like in any other competitive game. And the niche players. If you have some experience, it is quite evident what is a keeper and what is a looser.
I agree. I think you just need to stay persistent and not give up as well. Life isn't without competition. It's what makes us better! Thanks for reading!
The issue is that a coin will never be valued at nothing, so I don't think they can be totally wiped from the space. Although within some time I truly believe there will be a huge correction that clearly separates the large cryptos from the smaller, which will hopefully remove some of the saturation within the market.
If you ever wanna talk crypto hit me up @jhcooper7
I'll definitely hit you up sometime. I love discussing crypto! Thanks for reading.
This post has received a 11.39 % upvote from @booster thanks to: @worldtraveler.
Good point. I also think that many altcoins including top altcoins will fail and good ones will come and take over. Moreover there is space fp all
Innovations lead to further innovations. I'm just waiting for that one ico that will change the landscape. It's just digging through the mud to find that one diamond that will change everything. Thanks for reading!
The same here...am not screaming and in fear of not buying in Etherium or other altcoins because am sure that the sleeping beauty will come ...holding on my steem and powering up . One day we will hit the jack pot...amen
Amen to that. We will all be crypto-millionaires one day!
I agree buddy see my last blog post on Why Steemit will disrup social media and gain market share .
We will celebrate together as we are in a good place
We have a lot of competition, that´s great !
Let´s see who can deliver the most, the rest will be gone soon I guess.
But I love that the funding and competition is there to move forward and andvance this technology.
Yep. Competition is good. We need more competition for legitimate currencies that will make a difference. Not more of the same. Thanks for reading!
Thank you for this interesting point of view. I am a beginner in crypto. I'll follow you because your articles help me understand a lot. Thank you
Thanks for the support. Im still learning myself. We can all learn together!
I think we are entering a period like a period prior to BOOM.COM. Now any coin can make money. We are not sure what they are doing really. I don't think all coins we see today remain like they are 10 years from now. Investing in crypto currency is not like any kind of investment we ever heard of. we are all going to wait and see.
Yep it's the future. I'm hoping it will be a long and prosperous future that will make a positive impact. Thanks for reading!
You're welcome
I just stick with a few coins. And read up on what's going on.
I do the same. I try to keep up, but there are so many new innovations and ico's daily
I'm relatively new to the cryptosphere but I don't feel that it's muddy at all. I think it's exciting and fast paced but not saturated.
I would feel differently if each currency and ICO were weighted the same, but I think that 70% can be discounted based on a quick read of their blurb. Of the 30% remaining half are marketed poorly or presented in a boring way, so even if their idea is good, they are unlikely to become anything bigger than what they are.
That leaves 15% of the total coin pool that is of interest.
That's more manageable :)
Yep. I wish I could narrow the field of vision to the 15% Removing those ico's that end up being scams
I wrote a post about my own view on the whole bubble thing, specially concerning ICOs. My point is very simple, if each one of us do not make their part, we can ruin the party. If we get enough bad examples out on the street we'll sure piss off a bunch of regulators and traditional investors, and that will likely limit the whole of crypto and blockchain economy's growth.
About the big currencies themselves, I shared my view on this post comparing the money sizes.
Thanks. Checked out your post as well, followed, and upvoted.
Cheers ! thanks for all the support
Is it true that Indians are very active when it comes to crypto market? I just saw the tweet of gan