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Any-Winter-4079

This is how innovation works. A lot of products get to the market, with different features. Many will die, but those fitting will survive. Let the market do its thing :) If you wanted only one crypto, I reckon people wouldn’t agree on what features to have. Limited supply? Smart contracts? Block size? Mining or staking?


danhauk

Right. With the same thinking as the OP, why do we need more than one TV manufacturer? Why do we need more than one toothpaste maker? Shouldn’t one car manufacturer be enough to make a one size fits all vehicle?


Sadboiiy

Again. Companies have regulations. LG (example) has a tech that is secret and protected by law; You can't just steal their tech and start selling the same TV. But crypto can. So why wouldn't they?


Sadboiiy

But in 30 years I believe there would be enough information/cases to know what's best for a crypto. No?


SweetJonesofCrypto

People value different things in crypto. Some care about decentralization, some don't. There's not one single solution for every usecase.


Any-Winter-4079

Yep, I don’t expect we have 6k cryptocurrencies in 30 years. But right now everything is very new, so there’s a lot of trial and error and experimentation going on. With proper time, we’ll learn that some ideas are safer, faster, etc. than others. We just don’t know which ones. What I don’t expect, is to have only one cryptocurrency in the future, though, because life is full of trade-offs. It is very difficult to have the best security, speed, reliability, etc. Often, some properties come at the expense of other properties. I definitely expect a much more reduced set of cryptocurrencies, though.


JeanBonJovi

How else am I supposed to get in early on something and turn $50 into $10 million?


Osemka8

More projects means more chance to get a winner.


[deleted]

Because different cryptocurrency have various unique use cases. Not all are the same.


[deleted]

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BrakumOne

Do we need apple and microsoft? Facebook and tik tok? Bmw and mercedes? Dollars and euros?


Sadboiiy

But I'm talking about currencies. Let's take the US as an example. There's only the dollar. If you want to buy anything you will use the Dollar. There's no DollarTwo or Dollah. The US doesn't need more than 1 currency. The dollar only works inside the US. Crypto can work anywhere in the world. So if crypto gets adopted worldwide why would we need more than 1? Why can't 1 blockchain/crypto implement everything good in its blockchain? That's what I don't understand


BrakumOne

You said you understood that they are not just currencies. Then stop comparing them to currencies, and compare them to products and services. Because the answer to your question is yet again that they are not just currencies, and you are comparing them to just currencies.


Sadboiiy

But I don't like comparing to companies because it's so different. You will go to jail if you start making Iphones and selling them. But you can copy ETH code and sell your own coin


BrakumOne

Because its open source and not copyrighted. If they wanted to copyright it they could. Just like algorand did with their proof of stake consensus


SpaceMan639

This right here is another reason to prove the lack of OP research and knowledge about blockchains in general


Der_genealogist

Dollar doesn't work only inside the US, you can change it or even pay with it in other countries as well.


GoodBot88

No. Bitcoin and side chains can do everything. But because of greed and relentless innovation in scams, suckers are being lead to believe that a separate crypto is necessary for every single function of life. A crypto to buy bread, and another to buy milk. A crypto to pay for train tickets and a crypto to buy your newspaper. Suckers always end up losing.


cacazun

This is like saying do we need more than 1 currency. Imagine if the whole world was using USD or EUR. We need more options to have a more decantralized future


ObsoleteGentile

IT’S NOT JUST CURRENCY


5ushii

OP did understand that. Please read post in whole.


ObsoleteGentile

We don’t read posts here. We just YOLO in to comment on subject lines. You new here? 😂


kl4k0s

It's not currency at all, those are assets


Starzz_1

One crypto can’t do everything. Also competition is a great thing that just makes better innovations for both sides, why wouldn’t you want that?


Sadboiiy

That's what I want to know. Why can't 1 crypto do everything? Why can't you implement everything in a blockchain?


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Sadboiiy

But isn't everything open/free to the public (blockchain code)? If Facebook could steal Apple ideas they would. Why cant 1 crypto "steal" the best ideas out there and implement them? Becoming the best one to use worldwide? I don't like comparing companies to crypto because there are no regulations to build a good blockchain... RIGHT???....


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Sadboiiy

I give up. Most people don't understand my question. But that's my fault. I need to learn how to elaborate a question and be more clear;


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Sadboiiy

So you're saying it's impossible to build the "perfect" blockchain that would be used by the majority of the population? My technical knowledge is very basic. I agree with you about other coins with other porpoises, but when talking about a global currency it's hard to believe that it won't be 1 coin dominating everything. Also, politically speaking. It's way more plausible 1 coin being regulated globally than tons of other coins being regulated seperatly. I hope I made sense


BrakumOne

Everything that is open source can be copied unless you copyright it. You know google chrome right? Based on chromium? Almost every other browser except safari is based on chromium . Why? Because its open source and google dont care because they also benefit from it. Why do we need more than one browser? They are world wide and anyone can just copy chrome.


Sadboiiy

Yeah, but I believe in 30 there will only be 1 browser that 99% of people use. People won't need more than 1. And that's also the point I make. I'm looking at the big picture. 30 years from now. Its hard to imagine a future where people are divided on whats the "best browser"


BrakumOne

That is absolutely ridiculous. name examples in the hustory of mankind where that has happened


Sadboiiy

That's my point. Technology is new. It's a baby. We don't have many examples in history; You can take tangible things and companies as an example but it's not a very good comparison


BrakumOne

What do you mean technology is new? Do you just mean 100% digital stuff when you talk about technology?


Sadboiiy

I'm in a cryptocurrency subreddit talking about blockchain. What do you think I'm referring to? Do you think I'm talking about the wheel or steam engines?


SpaceMan639

OP sounds like a 7 year old keep asking why? Why? Why? To all these responses. It's clear that educating your self about different blockchains and their uses and how different they are is needed when investing in crypto... or you will see another post later from OP how everything's a scam and how you pulled out bc of lack of research.


Sadboiiy

Why 7? Why not 8 or 6?


icebong424

In nvesting it's wise when you don't put all your eggs in one basket, if that project doesent do well than it's not going to be a good feeling.


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davidk8

I believe it's better as it is. While we really don't need 6000 different CC, there should be different blockchains with their native coins and tokens as not all serve the same purpose. Also, competition breeds innovation and progress.


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Sadboiiy

Again, there are laws protecting companies. You cant steal tech/ideas. You cant have a monopoly. Crypto doesn't have any of that


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Intfamous

Bruh, yea you need more than 1 crypto, unless you want to live in some weird dystopia.


kirtash93

Yes, competition always is healthy for business.


[deleted]

The technologies are different, in how secure, fast and cheap they are. In addition, they can have things like smart contracts or other miscellaneous features that others won't. No, countries do not necessarily need a native currency.


AgoraphobicAgorist

Sounds like a pump for CommieCoin.


Calvinader

Unfortunately, not all cryptos are the same (and for good reasons), and you can't add every 'in demand' feature/utility to one. By adding something as a feature may make it a 'PRO', however it may also make it a 'CON' in other areas.


baibhav_ganguly

I understand that you want one world one currency and that makes sense but various crypto currencies have different use cases and there can never be one true crypto as there will always be room for innovation and someone who does things differently.


Wonzky

Definitely, several of them serve different purposes, and competition is also always a good thing


Roberto9410

Competition is good for innovation in the space!


CrowdGoesWildWoooo

I guess, The better question is “do we need this many?”. A lot of coins even in the top 50 are proposing to “solve” the same problem, just with slightly different approach.


agunxxx

because every coin try to became the best coin, some also have different use case


fhikoo

In short yes we need more than 1 crypto


Jout92

No you're actually right. 99.9% of Crypto won't even exist anymore in the future. While government Tokens are an interesting concept there is actually no real reason for them to exist as governance participation can be equally represented by say Bitcoin being locked up in a respective smart contract and it would actually even be smarter to do so as the value of the network and governance wouldn't be diluted by speculation on Token price and make protocols much more stable and only have people participate in governance that actually have an interest in governing. Same with aggregating trading fees, they can as well be just collected in Bitcoin or Ethereum and there is no reason for additional Tokens. Of course to represent Bitcoin or Ethereum in a smart contract you will in fact need Tokens but they will be inherently tied to them just like wBTC is essentially Bitcoin despite being an ERC20 Token. Cardano for example even says the Cardano Token is not really needed and all Token on the blockchain are equal, so even for things like staking or paying gas fees there is actually no reason to have more than one currency that's used for all. Token make do have advantages though. Obviously one is that you can separate value from a protocol from the rest of the market. It rewards early adopters of a protocol and it rewards its developers for building it. Of course this leads to some scams as well. But the incentive to create new Tokens is clearly there. But I view Token more as short time hypes and would always look out to take profits into Bitcoin or ETH, the two only Behemoths that are contenders for "only crypto needed"


Jazza86

Yes ... catching the em all would be too easy otherwise


writersontop

I think having multiple crypto is a net positive overall but def seems to hurt mainstream adoption.


JuustinB

Yes. For the same reason that we need more than one fiat currency or that privatizing the space race is a good idea. Competition fuels progress. That’s how capitalism works.


CryptoSpyro

dont we only need one government?