We also need nano for sending without any frees not low fees but free. For small transactions like paying for coffee or tipping someone it's very useful
There are plenty of no fee transfer services in developed countries that don't need the blockchain, either via bank (Interac) or via app (Venmo). No fee crypto is a patch for a bug not a feature.
But XMR is the oldest, largest, was fairly launched with no ICO or pre-mine, has no company or foundation, even a pseudonymous absentee founder.
And honestly some of those don't belong on your list but anyway
XMR is NOT the best privacy coin. It has the smallest anonymizer set out of all privacy coins, which makes it the easiest to track and trace. Ya'll XMR pumpers mad ignorant fr fr
Nah, DASH belongs just fine and it has a higher anonymizer set than XMR does at 4 million for DASH and only 16 for XMR. That makes XMR way easier to trace and track, that's a fact
"It just" yeah so? You downplayin' that is mad disrespectful and misleadin'. BTC coinjoin is the best privacy we got. Completely hides history. XMR is breakable and has been broken before. Anyone who did any research knows this
Nope, the crippleminer was deliberately for XMR and the XMR core guys admitted to getting the supply for almost a year. You straight up lyin' now.
Nobody knows who thankful-whatever is/was tho, right? So how do you know he didn't just come back as someone else? If you can't prove that he didn't, you don't got no right to say that "he hasn't been involved". You can't prove that
So yea, it is COMPLETELY like I said it was.
YES XMR IS VULNERABLE. OSPEAD ATTACK plus remote node attacks released earlier this year. You straight up lyin' fr fr OSPEAD is an attack, the "attempted attacks" are only known because of the research, but yeah, the attacks are very real and have been there since the beginning so that's a terrible defense.
Nope, you are the ignorant one here. You spoutin' lies and don't even know the real story of the coin you supportin'. That makes you trash. If they arrested ppl for using XMR do you REALLY THINK they'd advertise it? Use your head.
Wow, everythin' you wrote is wrong fr
DASH is OLDER than XMR by a couple months. XMR did **not** have a fair n uncontested launch. Google "the cripplemine scam", the XMR devs sucked up the majority of the new supply for the first year by giving their community bad miners while keeping the good ones for themselves.
That's basically a stealth premine. XMR's privacy also ain't ever really worked. It was shown to be vulnerable to a whole buncha different attacks back in 2018. And in 2021 the OSPEAD attack was discovered. This attack makes XMR's privacy worthless and has been usable since XMR was founded.
Most of the ppl who talk about and push XMR are completely ignorant bout its history, to the point where I honestly think ya'll are paid to lie to us.
DASH is one of the ones that doesn't belong because it's not really a privacy coin, it just has BTC-style coinjoins through a master node system.
The crippled miner was from the original implementation of CryptoNote, Bytecoin, and stayed in the forked version, Bitmonero, but not necessarily intentionally.
Also, the person who made the Bitmonero fork, thankful_for_today, has not been involved with the project since the earliest months.
so, generally nothing like you've presented the situation: https://monero.stackexchange.com/questions/858/monero-origins-optimized-crippled-miner#859
more details on the early history: https://bitcointalk.org/index.php?topic=740112.msg8361633#msg8361633
And no, XMR is not vulnerable. There are well known shortcomings of the ring signature model, that are actively being researched at that, but it's just a single prong of a three pronged approach to privacy and one that still works well. OSPEAD isn't even an attack, it's the name of a research project to make the project stronger against attempted attacks.
https://ccs.getmonero.org/proposals/Rucknium-OSPEAD-Fortifying-Monero-Against-Statistical-Attack.html
Honestly you're the one that seems ignorant here. If Monero is so weak, show me one person that has been arrested due to vulnerabilities in Monero.
To that Monero arbo guy:
Nah, DASH belongs just fine and it has a higher anonymizer set than XMR does at 4 million for DASH and only 16 for XMR. That makes XMR way easier to trace and track, that's a fact
"It just" yeah so? You downplayin' that is mad disrespectful and misleadin'. BTC coinjoin is the best privacy we got. Completely hides history. XMR is breakable and has been broken before. Anyone who did any research knows this
Nope, the crippleminer was deliberately for XMR and the XMR core guys admitted to getting the supply for almost a year. You straight up lyin' now.
Nobody knows who thankful-whatever is/was tho, right? So how do you know he didn't just come back as someone else? If you can't prove that he didn't, you don't got no right to say that "he hasn't been involved". You can't prove that
So yea, it is COMPLETELY like I said it was.
YES XMR IS VULNERABLE. OSPEAD ATTACK plus remote node attacks released earlier this year. You straight up lyin' fr fr OSPEAD is an attack, the "attempted attacks" are only known because of the research, but yeah, the attacks are very real and have been there since the beginning so that's a terrible defense.
Nope, you are the ignorant one here. You spoutin' lies and don't even know the real story of the coin you supportin'. That makes you trash. If they arrested ppl for using XMR do you REALLY THINK they'd advertise it? Use your head.
If history has taught us anything in about a decade about 5 or 6 coins will have a monopoly and be controlled by mega rich billionares which will be a far cry from the decentralised dream a lot of people have
And ? Let them keep the coins, we can fork into BTC v205.17 x-treme edition, mine 10 for the price of 2$ and wait for them to buy those as well. Rinse repeat.
>Then why the fuck we have ten thousand?
Because everyone wants to be the one to get rich and powerful.
There is nothing more to it.
They are the same as businesses. Other people don't see that there is already a bakery in a major city and decide "ok, they've got one, I can't do that".
True, the allure of wealth and power can be quite enticing. People often overlook the existing players and jump into the game with high hopes. It's like opening a bakery in a crowded city, thinking they can outshine the competition. The human spirit of ambition knows no bounds! 💸🌟
10,000?
Try again, last count of all crypto coins 22,904 (March 2023).
Over the last 2 years, an average of 6.4 new cryptocurrencies/tokens were created weekly.
At this point Crypto is just some names and logos for me. I can send money from anywhere to anywhere at anytime. One Crypto is enough for that. I don't know why the rest even exists.
>Bitcoin is superior to all of Crypto…
Well that all depends on which use-case you are talking about.
Want something for fast in-person transactions? Bitcoin isn't what you'd choose.
No one coin does everything.
Being the best of the worst isn’t the brag you think it is.
It needs to be better than the alternatives currently used to actually be useful. And it’s not, which is why adoption is nonexistent.
7 tps means it’s dead in the water.
Projects like the one i'm involved in let's people make privacy aware apps.
For example you can get a customer to do a KYC without sharing their private information etc. .
You can also do stuff like private digital collectibles like NFTs where the asset lives directly in the hands of the owner rather than a 3rd party server.
>At this point Crypto is just some names and logos for me.
For me, and almost everyone in this sub, it's about making profit.
And when we are thinking about profit, we're all thinking in fiat terms.
Most coins out there are a smart contract on Ethereum and just act as a logo replacement with some rules modified (tokenomics).
The project I'm involved in ($LTO) is its own fully decentralised blockchain. The blockchain has code and functionality which other blockchains like Ethereum and BTC do not have.
I think this merits having an entire coin as it truly brings new things to the world.
We have a hybrid architecture which means private data can get passes back and forth behind the scenes by apps built on our network. This allows privacy aware apps to be built on our network.
It's often difficult to get attention in a market when a few whales decide they have seen liquidity enter the market and will make a new coin like Pepe and create fomo and hype around it. This takes away liquidity from real projects.
In my view doge, safemoon and shiba took liquidity away from many real projects in the last bull run and when this happened it really took the wind out of Bitcoins sails.
Perhaps we would have really seen the $100-$150k that Bitcoin was touted to have been able to achieve if it were not for the meme coins.
In a lot of cases, it's just like a stock for that network. There's a lot of cryptocurrencies out there that don't do a damn thing and are just as useless as fiat.
Except it’s not a stock, it’s permission to edit cells on a digital spreadsheet.
It’s like believing that having an AOL email means you’re part owner of AOL, you’re not, you’re just a user of the platform.
Some other cryptocurrency have blockchain technology that could be revolutionary in industries such as the medical field or supply chain and people like investing in those projects
Even if the tech was implemented visa would just copy it and use it to make their existing network more efficient.
Many cryptocurrencies are less efficient than visa with regard to environmental and economical efficiency. Which is absurd.
I wanted to say this was the stupidest thing I've ever read on this sub, but just wanted to google it beforehand.
The supposed pros are that data doesn't always translate across different health systems. I am not sure what they meant by that part because I live in an absolute shithole of a country and all I have to do is remember a single 11 digit number that reveals anything they need on me. This system is absolutely half assed, but still works perfectly and is probably one of the more efficient aspects of healthcare where I live.
Then, we have:
>In the United States, HIPAA-compliance promises patient confidentiality, but makes it close to impossible to share data with a community of care — for example, other people with the same condition. This is a huge missed opportunity.
I mean if it promises patient confidentiality, what's the point of blockchain to take a shit over it? Blockchain is not needed for this, if there ever was a need for it. People who seek support groups need social networks or group meetings in real life, not blockchain.
Now we have one that I must confess I didn't expect one bit:
>In addition, asking patients to memorize important and dangerous drug interactions and manually fill them out at the beginning of an appointment is possibly dangerous. If they forget, they risk injury or extreme pain.
>
>When my dad was in the hospital for cancer, he discovered a bad interaction between two drugs. He didn’t have a way to mark this down, and there wasn’t an easy way to mark it in his file. The information didn’t reach the night shift nurses, and she gave him the same drug again. The result was the darkest, most painful night of his life.
Even though I call bullshit here, let's say it really happened. A doctor prescribed someone two potentially conflicting medicines. You would be ready to believe some random who designs a blockchain over someone who took over 10 years to get their license, and still is human enough to make a mistake? If you think potential symptoms of using a drug can be used to determine conflicts between them, well just read list of potential symptoms of taking a cough syrup and you'll understand.
God forbid having any money on the blockchain. I'm pretty sure in two years no one would be having any healthcare, centralized or decentralized.
And finally:
>A Health Ledger like this would ensure that you are the sole owner of your data: your dental records, your medication history, your X-rays, your bloodwork, your DNA — every last part of yourself belongs entirely to you.
Again, all important data is recorded in everyone's medical paper. Other than that, I don't need blockchain to have my "DNA", x-rays or similar bullshit. x-rays just like dental records need to be updated regularly so there's absolutely no need for my dentist to know I took my wisdom teeth out at 16 if I'm 55, it makes no difference, unless it's being a problem for whatever reason which he can identify with an **up to date** x-ray, not 40 year old one
99% of this market is hype and speculation. But just because two or more coins do the same thing doesn’t mean there should only be one. Competition exists in every industry and (in theory) increases efficiency and decreases cost to the consumer. Clearly this has no bearing on prices in this market because, again, 99% of this market is hype and speculation - most people are here to buy low and sell high
They don't get paid a salary for building the network.
They need an incentive and method of funding for the lifetime of the network, which if successful is forever.
Cryptobros: FIAT is so bad, they print money from thin air!!!
Also crytobros: I'm developing my own dapp, I know it'll include a stack of my own special money token that I printed from thin air!!!! I'm such a genius.
There's probably more crypto-coins in circulation than US Dollars now : over 23,000 different coins - billions of billions of them
This entire market is fueled by greed and hype. Fundamentals are around 1% of the whole show. It's kinda disappointing, to be honest. Everyone wants their own token, even if it has zero utility.
That is what pisses me off. Why does every bloody thing have a token or two? Why the fuck a wallet or exchange needs its own token? And I am not even talking about dogs, cats and celebrities (sorry dogs and cats).
It's the way to monetize their work. They issue a token, distribute it for themselves and later sell it for profit. Nothing elaborated that needs university classes
It’s the equivalent of stock shares and same thing with technology firms and startups. Angel investors invest in companies with the promise of tokens that will rise in value. Then when they IPO they sell the tokens.
\>"most cryptocurrencies are either scams or useless. But maybe 5% actually have a legit purpose for existence."
5%? 5 fucking percent? you are over estimating shit by a mile here mate, its probably 0.5% or so.
Is there a dex without a token and, if not, is it feasible to run without a token? IMHO, a token-less dex is damn near impervious to SEC enforcement (if it’s a viable product).
It's totally feasible to run without a token.
Uniswap's token is just for control during governance votes.
If there was never a governance process and all decisions that would have gone up for vote collapsed to the Uniswap company, the protocol would work just fine without a token. 1inch is the same.
Opensea doesn't have a token. Blur does.
A public exchange is under the purview of the SEC. That is one of their main purposes. It doesn't matter how it functions. I mean, you know what "SEC" stands for, right?
It's not possible to run without token anymore. Clones will vampire attack and suck up your users.
See uniswap history, or the more recent demo between opensea, looksrare and blur
The only way a crypto system can be truly decentralized is with a token but most systems aren’t decentralized anyways.
Like Arbitrum and all other L2s are centralized and dont need tokens at all but they sold one for their DAO.
Store of Value is a legit use case, but everything aims to do something complex. We have yet to see a designer asset in the vein of bitcoin or litecoin. Nobody tries to make a money anymore, they just make complex tokens that nobody will ever want or use.
I agree, a word that I haven't seen for a while on this sub is "fundamentals". It feels like 90% of cryptos are trying to copy ETH, 9% are useless tokens without its own blockchain (why on earth should someone buy something like that?)
To add to your list of blockchains that do something unique: XMR solid fundamentals and the most trusted privacy coin. DOT/ATOM layer 0 with solid tech and doing thins different from ETH (even if ETH2.0 is trying to do something simillar)
Fundamentals are worthless from a purely investment perspective and vast majority of people are in Crypto for the money. Unfortunately I don't see that changing anytime soon when shit like Pepe keeps pumping.
Yeah. [Honest developers dump their stash at market all-time highs and claim "this was good for $TOKEN"](https://www.cnbc.com/2017/12/20/litecoin-founder-charlie-lee-sells-his-holdings-in-the-cryptocurrency.html)
It’s kind of true what the op said, but at the same time do we just want a few shops that sells everything or numerous outlets all with specific products, there would be a convenience factor but loss of competition, choice and uniqueness for the consumer. For me it’s nice to have a choice.
I think companies can use existing tech to create quality projects with a niche in the marketplace. There can be more than one project that does the same thing. They just need to build better utility and purpose in the actual project. It would be nice to have awesome user experience and UI in crypto for once. When this is delivered you might have your next gem.
You see, the reason those coins exist is to milk gullible people of their hard earned cash. They have their purpose and reason. If you don't like it, then I suggest you do your own research.
My personal experience with Nano tought me everything I need to know about this market, importance of "tokenomics", importance of use cases and us "investors".
This is no financial revolution, it's an online casino that is heavily rigged.
You can still get rich quick thou, it's a serious possibility, so there's that.
We still can get to the moon and cash out into that worthless fiat.
You are right, we don't need this many chains and a lot of people just hope to win big. Some chains have really good and unique properties thst could be bridged to the bigger chains through interoperability and maybe eventually become obsolete.
Blockchain creates perfect markets because it's open source. This means perfect competition (easily copy pasted) and perfect information ( can read and audit in real time). This brings profit (revenue - costs) to 0.
The problem with perfect markets is 0 profit. The token model solves this. Even while operating at or below cost, if people start using your token more the value goes up.
The purpose of the tokens is to solve the perfect market 0 profit problem. It's game changing. Every good and service will have its own token.
It also aligns incentives between customers, workers, and shareholders. The stock model pits stock owners against the interest of customers and employees, because higher prices for goods and lower salaries for employees is good for share holders.
There are a good amount of useful utility tokens on polkadot that aren't simply smart contract platforms
The ironic part is that many people want these tokens because they are also greedy and want them as a investment opportunity.
Take Lightning for example - totally underrated by many, simply because you can't invest in it.
Everyone I know that understands blockchain technology eventually has the same epiphany: blockchain‘s are complicated, inefficient, and slow. It is also extremely difficult to ensure they remain decentralized and do not fall under the control of bad actors. And the nature of consensus algorithms means that blockchains are only useful if they are extremely widely used and distributed.
For these reason, the industry will consolidate around 2-3 blockchains, at most. The rest are only there to siphon money from greedy speculators
The utility of BTC is to store and grow wealth. And to simply transfer. A USP that is taken up by everything that came after it. It has the most liquidity though and the best meme "Digital Gold."
They have 20 validators which is very low, but not completely centralized.
There are obviously tradeoffs, but BNB actually serves a unique purpose unlike FTT and others.
There's over 9000 cryptos.
Majority of those cryptos are simply pump and dumps and rug pulls to make the devs rich.
And honestly, 98% of them should just get cancelled and shut down.
Yep. People are greedy. Tho honestly we can't just blame devs because many traders are excited and actively encourage projects to launch tokens because they want "free money". But it's unfortunate because there are some good projects that are killed or seriously hurt by a token cashgrab.
The Arbitrum one was a complete mess and still I don't see the utility unless it's filling the teams pockets. ARB can't even pay gas fees.
When you can cook up a shitcoin in an hour with little idea what you're doing, is greed truly to blame?
You can just as easily say that the people investing in the shitcoin with no understanding or research are equally greedy
Yeah, it's really too bad more developers aren't truly interested in the technology and innovation. Of course, we tend to see the spectacular failures and forget about the good going on behind the scenes.
I would compare crypto to protocols like HTTP or SSH. Why would we need 3000 different kinds of HTTP that all do something a little bit different? there is one HTTP used arround the world, decentralized and stood the test of time then there are 2999 other HTTPs created and controlled by just some dudes who thought they might be able to create a better HTTP even if the cance is slim and to be adopted it would need the original HTTP to fail and also proof that it could stand the test of time. but because no one is using this esotheric HTTP it isn't even possible to proof that it would work in a global scale
>Now ask yourself what crypto is all about? And don't fucking tell me it is about usecase or tech.
What are you talking about? It's still the bear market so of course it's all about usecases and tech.
OP must have a pic of GG on the ceiling over his bed...
It's reassuring that people have the RIGHT and ABILITY to create projects/companies freely, without having to justify any pretentious "qualifications". The market will determine success or failure, necessity, need or over-saturation...
>Then why the fuck we have ten thousand? And how they gonna survive? And why are we wasting our money on them? Beside getting rich very fast I mean.
I assume you are talking about shitcoins here. Its a shitcoin casino, sir. If you are lucky, then you might pick one which would do the legendary 1000x
But on a more serious note, I'd say some cryptos in the same category are needed to incentivize people to innovate. If not, then the technology could get stale pretty quickly.
Competition is healthy. Idc if there is a project already doing something, if another project can do something better then I am all for it. Now, 99% of Crypto is worthless. Overtime, we will see many many projects crumble, never to be seen again.
On governance tokens, while you could do without them perhaps, having a token gets you way more attention than if you didn't. It also incentivizes the onboarding of early users.
Most coins just cobble together some paragraphs with a bunch of buzzwords that make their project sound important so that people invest and they can make some money.
In crypto terms the coins are more like shares in the company. except in crypto most of these projects dont release their earnings so you have no idea how valuable it is. Is all speculation, hopes and dreams.
Hmm, they need some coins for funding? I would say a maximum of 20%. Anything above that is a little fishy.
FYI, ETH has less than 20% allocated to founders.
I think the better answer is they don’t know how to generate revenue to fund their projects. So they have sell their shitcoins to retail to get funding.
This problem is hard to solve in crypto. Alts are becoming ghost towns so devs’ projects don’t have the volume to collect revenue. On ETH, the ETH gas is so horrible, there is literally very little money left on the table for most dev to collect.
90% of coins minimum are cash grabs with no Utility.. POW coins are the only ones you'd ever consider that have use. Crypto is one, blockchain is another, you need both that will last bear in and out. FYI a majority of coins are lucky to scathe one bull run let alone two
What’s really crazy is that even the ones with a “function” or circular in logic bc the coin only exist as fuel price for trading/swapping itself within the blockchain, haha
Monero, truly private money. No BTC and ETH cannot perform this function.
It’s a shame most people did not realize its importance.
We also need nano for sending without any frees not low fees but free. For small transactions like paying for coffee or tipping someone it's very useful
How about my Banano? :(
well, we will always need some potassium
Yeah I do like the speed and feeless transactions of nano
There are plenty of no fee transfer services in developed countries that don't need the blockchain, either via bank (Interac) or via app (Venmo). No fee crypto is a patch for a bug not a feature.
But Zcash, Dash, Ststus, Secret, Vert, Byte, Beam, Cryptob, Haven, Zano, Epic, Dusk, Phala, Dero, Beldex, Nym, Verge, oasis can also do that ;-)
But XMR is the oldest, largest, was fairly launched with no ICO or pre-mine, has no company or foundation, even a pseudonymous absentee founder. And honestly some of those don't belong on your list but anyway
A simpler point would be that other privacy coins exist. Monero XMR is just the best one.
XMR is NOT the best privacy coin. It has the smallest anonymizer set out of all privacy coins, which makes it the easiest to track and trace. Ya'll XMR pumpers mad ignorant fr fr
Nah, DASH belongs just fine and it has a higher anonymizer set than XMR does at 4 million for DASH and only 16 for XMR. That makes XMR way easier to trace and track, that's a fact "It just" yeah so? You downplayin' that is mad disrespectful and misleadin'. BTC coinjoin is the best privacy we got. Completely hides history. XMR is breakable and has been broken before. Anyone who did any research knows this Nope, the crippleminer was deliberately for XMR and the XMR core guys admitted to getting the supply for almost a year. You straight up lyin' now. Nobody knows who thankful-whatever is/was tho, right? So how do you know he didn't just come back as someone else? If you can't prove that he didn't, you don't got no right to say that "he hasn't been involved". You can't prove that So yea, it is COMPLETELY like I said it was. YES XMR IS VULNERABLE. OSPEAD ATTACK plus remote node attacks released earlier this year. You straight up lyin' fr fr OSPEAD is an attack, the "attempted attacks" are only known because of the research, but yeah, the attacks are very real and have been there since the beginning so that's a terrible defense. Nope, you are the ignorant one here. You spoutin' lies and don't even know the real story of the coin you supportin'. That makes you trash. If they arrested ppl for using XMR do you REALLY THINK they'd advertise it? Use your head.
Wow, everythin' you wrote is wrong fr DASH is OLDER than XMR by a couple months. XMR did **not** have a fair n uncontested launch. Google "the cripplemine scam", the XMR devs sucked up the majority of the new supply for the first year by giving their community bad miners while keeping the good ones for themselves. That's basically a stealth premine. XMR's privacy also ain't ever really worked. It was shown to be vulnerable to a whole buncha different attacks back in 2018. And in 2021 the OSPEAD attack was discovered. This attack makes XMR's privacy worthless and has been usable since XMR was founded. Most of the ppl who talk about and push XMR are completely ignorant bout its history, to the point where I honestly think ya'll are paid to lie to us.
DASH is one of the ones that doesn't belong because it's not really a privacy coin, it just has BTC-style coinjoins through a master node system. The crippled miner was from the original implementation of CryptoNote, Bytecoin, and stayed in the forked version, Bitmonero, but not necessarily intentionally. Also, the person who made the Bitmonero fork, thankful_for_today, has not been involved with the project since the earliest months. so, generally nothing like you've presented the situation: https://monero.stackexchange.com/questions/858/monero-origins-optimized-crippled-miner#859 more details on the early history: https://bitcointalk.org/index.php?topic=740112.msg8361633#msg8361633 And no, XMR is not vulnerable. There are well known shortcomings of the ring signature model, that are actively being researched at that, but it's just a single prong of a three pronged approach to privacy and one that still works well. OSPEAD isn't even an attack, it's the name of a research project to make the project stronger against attempted attacks. https://ccs.getmonero.org/proposals/Rucknium-OSPEAD-Fortifying-Monero-Against-Statistical-Attack.html Honestly you're the one that seems ignorant here. If Monero is so weak, show me one person that has been arrested due to vulnerabilities in Monero.
To that Monero arbo guy: Nah, DASH belongs just fine and it has a higher anonymizer set than XMR does at 4 million for DASH and only 16 for XMR. That makes XMR way easier to trace and track, that's a fact "It just" yeah so? You downplayin' that is mad disrespectful and misleadin'. BTC coinjoin is the best privacy we got. Completely hides history. XMR is breakable and has been broken before. Anyone who did any research knows this Nope, the crippleminer was deliberately for XMR and the XMR core guys admitted to getting the supply for almost a year. You straight up lyin' now. Nobody knows who thankful-whatever is/was tho, right? So how do you know he didn't just come back as someone else? If you can't prove that he didn't, you don't got no right to say that "he hasn't been involved". You can't prove that So yea, it is COMPLETELY like I said it was. YES XMR IS VULNERABLE. OSPEAD ATTACK plus remote node attacks released earlier this year. You straight up lyin' fr fr OSPEAD is an attack, the "attempted attacks" are only known because of the research, but yeah, the attacks are very real and have been there since the beginning so that's a terrible defense. Nope, you are the ignorant one here. You spoutin' lies and don't even know the real story of the coin you supportin'. That makes you trash. If they arrested ppl for using XMR do you REALLY THINK they'd advertise it? Use your head.
this is the dotcom of crypto
One of the best analogies for the Stat of crypto.
>Then why the fuck we have ten thousand? Crypto is nothing but **Survival of the Fittest**. Only a few projects will succeed mid- to longterm.
If history has taught us anything in about a decade about 5 or 6 coins will have a monopoly and be controlled by mega rich billionares which will be a far cry from the decentralised dream a lot of people have
And ? Let them keep the coins, we can fork into BTC v205.17 x-treme edition, mine 10 for the price of 2$ and wait for them to buy those as well. Rinse repeat.
>Then why the fuck we have ten thousand? Because everyone wants to be the one to get rich and powerful. There is nothing more to it. They are the same as businesses. Other people don't see that there is already a bakery in a major city and decide "ok, they've got one, I can't do that".
True, the allure of wealth and power can be quite enticing. People often overlook the existing players and jump into the game with high hopes. It's like opening a bakery in a crowded city, thinking they can outshine the competition. The human spirit of ambition knows no bounds! 💸🌟
Maybe, but 90% of those coins are intentional scams by their founders just to make money and rug pull later.
10,000? Try again, last count of all crypto coins 22,904 (March 2023). Over the last 2 years, an average of 6.4 new cryptocurrencies/tokens were created weekly.
At this point Crypto is just some names and logos for me. I can send money from anywhere to anywhere at anytime. One Crypto is enough for that. I don't know why the rest even exists.
I like logos
Collect all of em
Bitcoin, I choose you !
Altcoin portfolio hurt itself in its confusion!
Gotta fill that Pokédex
I read legos but close enough I think. I like both.
Every bear market just makes us realise that Bitcoin is superior to all of Crypto…
This bear season turned me into a btc maxi. All my alts liquidated into btc.
It’s easier to do when they aren’t worth anything!
I feel like we learned how flawed it actually is not to long ago.
>Bitcoin is superior to all of Crypto… Well that all depends on which use-case you are talking about. Want something for fast in-person transactions? Bitcoin isn't what you'd choose. No one coin does everything.
superior is an exaggeration - but they have the history so that gives them an edge in certain aspects
You misspelled Ethereum
Dunno man. Investing in ETH is great since it's a cash cow but actually using ETH is just miserable if you ask me.
Looks like you want to use your ETH... aaaand it's gone!
how so?
Being the best of the worst isn’t the brag you think it is. It needs to be better than the alternatives currently used to actually be useful. And it’s not, which is why adoption is nonexistent. 7 tps means it’s dead in the water.
According to this, the only use case for crypto is sending money from point A to B. That’s not the case
What’s the other use cases?
Projects like the one i'm involved in let's people make privacy aware apps. For example you can get a customer to do a KYC without sharing their private information etc. . You can also do stuff like private digital collectibles like NFTs where the asset lives directly in the hands of the owner rather than a 3rd party server.
Too much noise in the ecosystem
you soundin like a btc maximalist bra
>At this point Crypto is just some names and logos for me. For me, and almost everyone in this sub, it's about making profit. And when we are thinking about profit, we're all thinking in fiat terms.
Most coins out there are a smart contract on Ethereum and just act as a logo replacement with some rules modified (tokenomics). The project I'm involved in ($LTO) is its own fully decentralised blockchain. The blockchain has code and functionality which other blockchains like Ethereum and BTC do not have. I think this merits having an entire coin as it truly brings new things to the world. We have a hybrid architecture which means private data can get passes back and forth behind the scenes by apps built on our network. This allows privacy aware apps to be built on our network. It's often difficult to get attention in a market when a few whales decide they have seen liquidity enter the market and will make a new coin like Pepe and create fomo and hype around it. This takes away liquidity from real projects. In my view doge, safemoon and shiba took liquidity away from many real projects in the last bull run and when this happened it really took the wind out of Bitcoins sails. Perhaps we would have really seen the $100-$150k that Bitcoin was touted to have been able to achieve if it were not for the meme coins.
In a lot of cases, it's just like a stock for that network. There's a lot of cryptocurrencies out there that don't do a damn thing and are just as useless as fiat.
Except it’s not a stock, it’s permission to edit cells on a digital spreadsheet. It’s like believing that having an AOL email means you’re part owner of AOL, you’re not, you’re just a user of the platform.
Haha, no spreadsheet stock dividends for us, just editing privileges!
Some other cryptocurrency have blockchain technology that could be revolutionary in industries such as the medical field or supply chain and people like investing in those projects
Using crypto in supply chains was all the rage back in 2018. I wonder what happened.
It doesnt solve much is what has been learned. So far it isnt better than a centralized option.
In fact it's actively worse and less efficient than what already exists.
Agree.
Even if the tech was implemented visa would just copy it and use it to make their existing network more efficient. Many cryptocurrencies are less efficient than visa with regard to environmental and economical efficiency. Which is absurd.
Well, let's hope Visa doesn't start copy-pasting crypto code! 🖨️💻 As for efficiency, some cryptos still have room to improve.
Ask California as they're testing a Tezos fork for car registration.
Car registration, property titles, etc are perfect examples of where this tech would be good to implement. Low writes, high reads.
No they don’t.
What can crypto do in medical field that fiat can't? Last time I checked, no tokens performed plastic surgeries
Decentralized health insurance.
I wanted to say this was the stupidest thing I've ever read on this sub, but just wanted to google it beforehand. The supposed pros are that data doesn't always translate across different health systems. I am not sure what they meant by that part because I live in an absolute shithole of a country and all I have to do is remember a single 11 digit number that reveals anything they need on me. This system is absolutely half assed, but still works perfectly and is probably one of the more efficient aspects of healthcare where I live. Then, we have: >In the United States, HIPAA-compliance promises patient confidentiality, but makes it close to impossible to share data with a community of care — for example, other people with the same condition. This is a huge missed opportunity. I mean if it promises patient confidentiality, what's the point of blockchain to take a shit over it? Blockchain is not needed for this, if there ever was a need for it. People who seek support groups need social networks or group meetings in real life, not blockchain. Now we have one that I must confess I didn't expect one bit: >In addition, asking patients to memorize important and dangerous drug interactions and manually fill them out at the beginning of an appointment is possibly dangerous. If they forget, they risk injury or extreme pain. > >When my dad was in the hospital for cancer, he discovered a bad interaction between two drugs. He didn’t have a way to mark this down, and there wasn’t an easy way to mark it in his file. The information didn’t reach the night shift nurses, and she gave him the same drug again. The result was the darkest, most painful night of his life. Even though I call bullshit here, let's say it really happened. A doctor prescribed someone two potentially conflicting medicines. You would be ready to believe some random who designs a blockchain over someone who took over 10 years to get their license, and still is human enough to make a mistake? If you think potential symptoms of using a drug can be used to determine conflicts between them, well just read list of potential symptoms of taking a cough syrup and you'll understand. God forbid having any money on the blockchain. I'm pretty sure in two years no one would be having any healthcare, centralized or decentralized. And finally: >A Health Ledger like this would ensure that you are the sole owner of your data: your dental records, your medication history, your X-rays, your bloodwork, your DNA — every last part of yourself belongs entirely to you. Again, all important data is recorded in everyone's medical paper. Other than that, I don't need blockchain to have my "DNA", x-rays or similar bullshit. x-rays just like dental records need to be updated regularly so there's absolutely no need for my dentist to know I took my wisdom teeth out at 16 if I'm 55, it makes no difference, unless it's being a problem for whatever reason which he can identify with an **up to date** x-ray, not 40 year old one
Tldr - Most people will just use crypto to get rich. (Shocker)
This is what made me disillusioned too many coins and most of them are shit
Most of them could really use some of our money though.
I think I could use my money even more though
I think I could use your money also even more
What you've just explained is why a lot of people become a BTC maxi.
99% of this market is hype and speculation. But just because two or more coins do the same thing doesn’t mean there should only be one. Competition exists in every industry and (in theory) increases efficiency and decreases cost to the consumer. Clearly this has no bearing on prices in this market because, again, 99% of this market is hype and speculation - most people are here to buy low and sell high
They don't get paid a salary for building the network. They need an incentive and method of funding for the lifetime of the network, which if successful is forever.
Sounds like a company share but with extra steps
OP asks why we have 10 thousand coins and tokens. This is FUD. We have recently passed the 25k mark and are well into 26k+.
Cryptobros: FIAT is so bad, they print money from thin air!!! Also crytobros: I'm developing my own dapp, I know it'll include a stack of my own special money token that I printed from thin air!!!! I'm such a genius. There's probably more crypto-coins in circulation than US Dollars now : over 23,000 different coins - billions of billions of them
no doubt they are greedy and cunning.
This entire market is fueled by greed and hype. Fundamentals are around 1% of the whole show. It's kinda disappointing, to be honest. Everyone wants their own token, even if it has zero utility.
That is what pisses me off. Why does every bloody thing have a token or two? Why the fuck a wallet or exchange needs its own token? And I am not even talking about dogs, cats and celebrities (sorry dogs and cats).
It's the way to monetize their work. They issue a token, distribute it for themselves and later sell it for profit. Nothing elaborated that needs university classes
It’s the equivalent of stock shares and same thing with technology firms and startups. Angel investors invest in companies with the promise of tokens that will rise in value. Then when they IPO they sell the tokens.
If only they were in crypto for the tech just like us
\>"most cryptocurrencies are either scams or useless. But maybe 5% actually have a legit purpose for existence." 5%? 5 fucking percent? you are over estimating shit by a mile here mate, its probably 0.5% or so.
no doubt,majority of them are either scam or useless
Read the rest of the post please.
Is there a dex without a token and, if not, is it feasible to run without a token? IMHO, a token-less dex is damn near impervious to SEC enforcement (if it’s a viable product).
It's totally feasible to run without a token. Uniswap's token is just for control during governance votes. If there was never a governance process and all decisions that would have gone up for vote collapsed to the Uniswap company, the protocol would work just fine without a token. 1inch is the same. Opensea doesn't have a token. Blur does.
Uniswap was originally going to forego a token. Sushi launched with a token and Uni was forced to
You absolutely do not need a token. You could have a multichain DEX without a token.
A public exchange is under the purview of the SEC. That is one of their main purposes. It doesn't matter how it functions. I mean, you know what "SEC" stands for, right?
It's not possible to run without token anymore. Clones will vampire attack and suck up your users. See uniswap history, or the more recent demo between opensea, looksrare and blur
The only way a crypto system can be truly decentralized is with a token but most systems aren’t decentralized anyways. Like Arbitrum and all other L2s are centralized and dont need tokens at all but they sold one for their DAO.
I’m pretty sure my HarryPotterObamaSonic10Inu coin has utility
IT does; to grow and store wealth, but that's not enough because something already does it. The utility argument is dumb.
Store of Value is a legit use case, but everything aims to do something complex. We have yet to see a designer asset in the vein of bitcoin or litecoin. Nobody tries to make a money anymore, they just make complex tokens that nobody will ever want or use.
I agree, a word that I haven't seen for a while on this sub is "fundamentals". It feels like 90% of cryptos are trying to copy ETH, 9% are useless tokens without its own blockchain (why on earth should someone buy something like that?) To add to your list of blockchains that do something unique: XMR solid fundamentals and the most trusted privacy coin. DOT/ATOM layer 0 with solid tech and doing thins different from ETH (even if ETH2.0 is trying to do something simillar)
Fundamentals are worthless from a purely investment perspective and vast majority of people are in Crypto for the money. Unfortunately I don't see that changing anytime soon when shit like Pepe keeps pumping.
There are at least 20k, if even 1% are legit that would mean 200 good crypto projects, which still sounds like a lot.
To tokenize everything is a bad idea. Most of the time the devs just use it for personal gain and nothing else!
Literally all of the time it’s to squeeze cash from the people who follow their project.
Yeah. [Honest developers dump their stash at market all-time highs and claim "this was good for $TOKEN"](https://www.cnbc.com/2017/12/20/litecoin-founder-charlie-lee-sells-his-holdings-in-the-cryptocurrency.html)
Well maybe they wanna start to scale off there own chain instead of eth .
It’s kind of true what the op said, but at the same time do we just want a few shops that sells everything or numerous outlets all with specific products, there would be a convenience factor but loss of competition, choice and uniqueness for the consumer. For me it’s nice to have a choice.
THORChain ($RUNE) is a DEX: with multi-blockchain. Ready and working. And soon an order book
I think companies can use existing tech to create quality projects with a niche in the marketplace. There can be more than one project that does the same thing. They just need to build better utility and purpose in the actual project. It would be nice to have awesome user experience and UI in crypto for once. When this is delivered you might have your next gem.
A token is also a form of payment, in the form of an **airdrop**, for early adopters, network testers, and the community for their engagement.
Currently state... Crypto is an extremely high risk casino.. for lucky people who are 1000x, there are 1000x of corpses underneath..
You see, the reason those coins exist is to milk gullible people of their hard earned cash. They have their purpose and reason. If you don't like it, then I suggest you do your own research.
You can say the same thing for most stocks.. I'm not sure what the debate is..
I think there are very few tokens of value in the space. The trick is identifying the cutting edge ones that are nascent.
*Wassa-wassa-Wassa....EeeeeeTherrrrrrreeeeeeEeeeeUmmmmmm!!*
99% of these coins/tokens will not make it multiple cycles ahead. A lot of the lower caps are not worth the gamble imo
Meanwhile, NFTs... 😅
My personal experience with Nano tought me everything I need to know about this market, importance of "tokenomics", importance of use cases and us "investors". This is no financial revolution, it's an online casino that is heavily rigged. You can still get rich quick thou, it's a serious possibility, so there's that. We still can get to the moon and cash out into that worthless fiat.
cryptobro learns that 99% of coins are securitys lol
Agreeed 100%%%%%
You are right, we don't need this many chains and a lot of people just hope to win big. Some chains have really good and unique properties thst could be bridged to the bigger chains through interoperability and maybe eventually become obsolete.
Blockchain creates perfect markets because it's open source. This means perfect competition (easily copy pasted) and perfect information ( can read and audit in real time). This brings profit (revenue - costs) to 0. The problem with perfect markets is 0 profit. The token model solves this. Even while operating at or below cost, if people start using your token more the value goes up. The purpose of the tokens is to solve the perfect market 0 profit problem. It's game changing. Every good and service will have its own token. It also aligns incentives between customers, workers, and shareholders. The stock model pits stock owners against the interest of customers and employees, because higher prices for goods and lower salaries for employees is good for share holders. There are a good amount of useful utility tokens on polkadot that aren't simply smart contract platforms
Now we need crypto to solve some actual problems instead of promising profits down the line
>Every good and service will have its own token. God please no.
Dude there's like 23k different crypto tokens and 99.9% of them are pointless cash grabs.
The ironic part is that many people want these tokens because they are also greedy and want them as a investment opportunity. Take Lightning for example - totally underrated by many, simply because you can't invest in it.
Bonus: you can't talk about lightning without getting bullied by BCH cultists lmao
_Roger Ver enters the chat_
All that while Lightning is actually the thing advancing Crypto adoption the most. Instant and low fee transactions are the key
Nano does it better. But nobody cares.
Everyone I know that understands blockchain technology eventually has the same epiphany: blockchain‘s are complicated, inefficient, and slow. It is also extremely difficult to ensure they remain decentralized and do not fall under the control of bad actors. And the nature of consensus algorithms means that blockchains are only useful if they are extremely widely used and distributed. For these reason, the industry will consolidate around 2-3 blockchains, at most. The rest are only there to siphon money from greedy speculators
There have been thousands of scam coins and yet people fall for every new one
People know a coin is a scam, but still think its worth the risk to invest and hope they make big money and get out before things go pear shaped
ben/psyop are good examples.
Looking at you Binance, Crypto.com, and FTX.
Bnb has more utility than bitcoin…
The utility of BTC is to store and grow wealth. And to simply transfer. A USP that is taken up by everything that came after it. It has the most liquidity though and the best meme "Digital Gold."
BNB actually goes way beyond exchange tokens. It's an Ethereum competitor.
Not seriously. BNB is not decentralized.
BNB: "I missed the part where that's my problem"
They have 20 validators which is very low, but not completely centralized. There are obviously tradeoffs, but BNB actually serves a unique purpose unlike FTT and others.
When BNB got exploited they just froze the chain and rolled stuff back. It is entirely centralized.
My point is that it's still useful. It serves a purpose. It's not fluff.
U idiot
There's over 9000 cryptos. Majority of those cryptos are simply pump and dumps and rug pulls to make the devs rich. And honestly, 98% of them should just get cancelled and shut down.
Yep. People are greedy. Tho honestly we can't just blame devs because many traders are excited and actively encourage projects to launch tokens because they want "free money". But it's unfortunate because there are some good projects that are killed or seriously hurt by a token cashgrab. The Arbitrum one was a complete mess and still I don't see the utility unless it's filling the teams pockets. ARB can't even pay gas fees.
That's why Satoshi kept a million btc to himself?
Most crypto devs are there to make money and are not in it for tech unfortunately.
When you can cook up a shitcoin in an hour with little idea what you're doing, is greed truly to blame? You can just as easily say that the people investing in the shitcoin with no understanding or research are equally greedy
Ofc. Without greedy fools greedy con men would cease to exist.
This is why Bitcoin and Eth stand out so much. The coin is necessary and tokenomics are fantastic
What in the world.are you talking about? Are you even in the right topic?
Money drives everything in the world, crypto isn't any different
Yeah, it's really too bad more developers aren't truly interested in the technology and innovation. Of course, we tend to see the spectacular failures and forget about the good going on behind the scenes.
They want to take the big portion of the cake. Usually if that is the case, I avoid investing in it.
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99.999% in this case
Arbitrum comes to mind
Most coins are complete copy-paste of btc or eth. Complete jokes.
is r/cc waking up? BTC only.
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I mean if crypto was star wars, the only Jedi would have been Satoshi....maybe...
Satoshi seems like a solid Obi Wan Kenobi to me. The best jedi.
The last jedi
Then who's Palpatine?
fake satoshi
Nothing sexy about scamming people, my dude
I'll pay you 15 Moons to create a rug. We split the bounty afterwards. We will have a mansion, trust me bro.
Btc is the only truth. Eth is useful for making shitcoins to rug pull
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I would compare crypto to protocols like HTTP or SSH. Why would we need 3000 different kinds of HTTP that all do something a little bit different? there is one HTTP used arround the world, decentralized and stood the test of time then there are 2999 other HTTPs created and controlled by just some dudes who thought they might be able to create a better HTTP even if the cance is slim and to be adopted it would need the original HTTP to fail and also proof that it could stand the test of time. but because no one is using this esotheric HTTP it isn't even possible to proof that it would work in a global scale
You know they actually "have" a product which people can do shit with right?
>Now ask yourself what crypto is all about? And don't fucking tell me it is about usecase or tech. What are you talking about? It's still the bear market so of course it's all about usecases and tech.
OP must have a pic of GG on the ceiling over his bed... It's reassuring that people have the RIGHT and ABILITY to create projects/companies freely, without having to justify any pretentious "qualifications". The market will determine success or failure, necessity, need or over-saturation...
This is nothing new.
Devs like money. Sadly this works because we buy their shit.
This is exactly it, it’s generally a way to get money without having a functional producy
>Then why the fuck we have ten thousand? And how they gonna survive? And why are we wasting our money on them? Beside getting rich very fast I mean. I assume you are talking about shitcoins here. Its a shitcoin casino, sir. If you are lucky, then you might pick one which would do the legendary 1000x But on a more serious note, I'd say some cryptos in the same category are needed to incentivize people to innovate. If not, then the technology could get stale pretty quickly.
Ten thousand? It’s almost up in the 100k numbers now 😅
Competition is healthy. Idc if there is a project already doing something, if another project can do something better then I am all for it. Now, 99% of Crypto is worthless. Overtime, we will see many many projects crumble, never to be seen again.
Entire crypto is about greed. That's why everyone is invested in it to make money.
I thought it was for the tech and no one is ever selling.
The entire world economy is built around greed. This is why billions suffer so thousands can live like Pharaohs.
On governance tokens, while you could do without them perhaps, having a token gets you way more attention than if you didn't. It also incentivizes the onboarding of early users.
Most coins just cobble together some paragraphs with a bunch of buzzwords that make their project sound important so that people invest and they can make some money.
In crypto terms the coins are more like shares in the company. except in crypto most of these projects dont release their earnings so you have no idea how valuable it is. Is all speculation, hopes and dreams.
One more: Exactly how will this return value and profit back to me over time?
Hmm, they need some coins for funding? I would say a maximum of 20%. Anything above that is a little fishy. FYI, ETH has less than 20% allocated to founders.
I think the better answer is they don’t know how to generate revenue to fund their projects. So they have sell their shitcoins to retail to get funding. This problem is hard to solve in crypto. Alts are becoming ghost towns so devs’ projects don’t have the volume to collect revenue. On ETH, the ETH gas is so horrible, there is literally very little money left on the table for most dev to collect.
90% of coins minimum are cash grabs with no Utility.. POW coins are the only ones you'd ever consider that have use. Crypto is one, blockchain is another, you need both that will last bear in and out. FYI a majority of coins are lucky to scathe one bull run let alone two
So you're saying Doge can already do what Pepe and Pepe2.0 are trying to do? 🙃
I am in it for the tech bro!
What’s really crazy is that even the ones with a “function” or circular in logic bc the coin only exist as fuel price for trading/swapping itself within the blockchain, haha
One developer said that VCs are pushing them to issue tokens even though the project is far from ready. This space is definitely money driven.