How many ICO's per day will there be when everyone is issuing their own coin? Don't we want less varieties of crypto? YAAC coin, "Yet Another Alt Coin" coin.
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How many ICO's per day will there be when everyone is issuing their own coin? Don't we want less varieties of crypto? YAAC coin, "Yet Another Alt Coin" coin.
I have actually written a short story, 'The Wasteland', in which a protagonist devises a scheme in which unlimited numbers of cryptos are created, in order to preclude plunder. Cryptos under such a scheme might only be valued by actually using them, for instance in a transaction for which the crypto was created.
Ex: if you are buying your neighbors truck for $10k, you create a crypto in which one coin is $10k, or 100k coins is $10k (the denomination is completely arbitrary. What matters is that the total sum transacted equals the purchase price, and that is determined between two parties), and the cryptos are backed by some other asset of equal value (for instance USD, a basket of other cryptos, heroin...)
Transferring the newly created currency then transfers title to the collateral assets, and the currency can be burned. Or used for other transactions. Whatever you want.
This creates an obfuscation layer precluding hostile plundering of your assets, particularly if such practice is widespread, amongst other benefits.
The benefits of such a system are not simplicity of accounting, credit reporting, etc., as bespoke currencies that are only used for one transaction and then burned are actually impossible to tax, steal, or otherwise take advantage of by third parties.
Think of it as virtual offshoring.
That is a fascinating story. This reminds me of my very first impression of crypto-currency - that it has NO value except what people are willing to pay for it. All of these alt-coins and new ICO's are more of the same. Their value is based on how cool their website is, or well-written the whitepaper is, or the perceived 'features' of the coin, or word of mouth. The idea of the coin has to be 'sold' and amazingly, people are still skeptical of Bitcoin - meaning that it's likely that this artificial bubble is going to get a lot bigger before it pops. @ironshield
I have no doubt you are correct. De-dollarization is going to give it a big kick in the pants too.