Related Posts
Hi Fishes. Is Job in EY GDS secure ?
9/22 Thread (General):
Additional Posts in Everything crypto
Anyone transferring out of celsius?
What zkrollup coin do you have and why?
What’s the best crypto so far
eBay on my mind
Is this what everyone is waiting for ? ⬆️
Couldnt HODL anymore 😩
New to Fishbowl?
unlock all discussions on Fishbowl.
It’s all about making money
Most of those coins are actually built on ethereum using ERC 20 or ERC 721. I reused some code last weekend and launched my own coin on testnet. I realized how easy it is to do the same on main net if you have some ether. All you need is a decent use case and great marketing team. You're already making millions. The system sucks right now as people are pouring in lots of money. I think it'll eventually calm down and there'll be lesser shit coins.
You're over thinking it. It's just to make money. There doesn't have to be a use case and often times there's not. That's why so many ICOs are scams.
Think of this as the way the auto industry evolved... it expanded to about 2000 "auto makers/assemblers" but then it went back into market dynamics where size and engineering matters so now we have the big three. Then the international markets will create their own Bitcoins by geography and hemisphere and then it will go though the same winnowing and reduce into a few major crypto. The best and brightest will see all these trading opportunities and make massive amounts of money and the rest will wonder how to explain to their spouses and significant others what happened to their retire funds...shades of Enron...
Well, i get it from that perspective.. but it wont last too long... maybe a couple more years..
my question is related to the utility of it?
Why people coming with new use cases everyday are not using the tech infrastructure/coin that already exists like ethereum for instance? Wont that increase the probability of adoption of the coin the use and the use case itself?
Imagine if you bread coin, beer coin, salad coin, water coin vs amazon coin where you can go and buy everything u need from one platform? Wont people start selling and buying bread on amazon? I know its a silly example but still....
Most of the times i understand the use case but i cant wrap my head around the need for the new coin itself..
And so imo ethereum makes the most sense coz that has a large ecosystem around it.. correct me if my understanding is wrong..
To kill bitcoin. If blockstream hadn’t strangled it back in December by letting the blocks fill up, none of these other shit altcoins would’ve been able to gain adoption. After that fiasco, users/businesses likely lost trust in BTC being THE cryptocurrency, and at minimum diversified into alts to hedge for that possibility. Businesses will not adopt something that works with low fees and processing times one day, and suddenly does not the next (i.e. as we saw in this December scenario).