Crypto, your opinion requested.

[65-2x2]

Lot of people mentioning that crypto is based on nothing and tied to nothing. Guess what? That also describes the U.S. dollar! We went off the gold standard a long time ago. Nowadays, the only reason a dollar has any more value than any other piece of paper is because people BELIEVE that it has value. That's it. Just exactly the same as any crypto currency.

The only meaningful difference is that dollars are widely enough distributed and used to have established a stable value in the marketplace. If any of the various crypto currencies ever get widely enough distributed and used to establish a stable value, then they will be no different than any other established currency. (Though at this point none are even remotely close.)

While that is certainly correct, the dollar is backed by the US government, (for what that is worth) who has your back with crypto?

 

[glenwolde]

While that is certainly correct, the dollar is backed by the US government, (for what that is worth) who has your back with crypto?

That's as comforting as Bernie Madoff having your back. The U.S.dollar is not guaranteed by the U.S. Government. Nor can they control its value. Nor will they buy it from you. I guess the only positive is that they have to take it for payment of taxes. whoopee.

Given the rather high probability that the only way our excessive debt will be resolved will be through a devaluation of the dollar, it's hard to make the case for the Dollar vs Crypto. At least Crypto is limited in its issuance. They can print as many dollars as they want...and they will.

The current Administration is hell-bent on a lower dollar. They have publicly stated so. I believe them.

 

[cp1969]

It's a mystery to me as to why any government would allow other unbacked "currencies" to compete with their own.

 

[ladder13]

1900, True, not?

How Many Cryptocurrencies Are There?

blocklr


You've heard about Bitcoin, Ethereum, and probably Litecoin and Ripple. But have you heard of Pandacoin or DopeCoin? What about CryCash, Dogecoin, TeslaCoin, Philosopher Stones or WolfCoin? How many cryptocurrencies are there? And did you notice one of those isn't a real cryptocurrency? (Spoiler: it's WolfCoin—at least it wasn't real at the time of writing!)

Next week, there could be fewer or still more. New coins rise and fall, are created and destroyed, all the time. Some vanish because they never caught on; others because they weren't legitimate in the first place. Others have created great wealth, in the form of lambos or turned out to be scams. Given the increasing accessibility of the technology required to create a cryptocurrency, it's easier than ever to make your own coin. So how many cryptocurrencies are there, really? And why are there so many?

How Many Cryptocurrencies Are There?

There are currently more than 1,900 different cryptocurrencies. Today, there are 1,910, to be precise. At least as of today!

But cryptocurrency comes in two flavors: coins and tokens. Both contribute to the total count, but their differences are key. A coin operates on its own blockchain. Bitcoin and Ether are examples of coins. By comparison, tokens reside on preexisting blockchain infrastructure, like the Ethereum network.

Creating a coin, also known as an altcoin or alternative coin, takes a lot of work and resources, though not enough to dissuade developers. Building your own blockchain or forking an existing one with a few tweaks requires some specialized knowledge that you either need to have or pay for.

Creating a token is a comparatively cheaper and easier process. Instead of building and maintaining a forked blockchain, you can rely on Bitcoin or Ethereum blockchain technology.

Altcoins take the core blockchain protocol of an already existing coin and make a new one. Tokens just ride on top of the infrastructure that's already there. Since creating a token has a lower barrier to entry, there are more of them, swelling the bottom ranks of the cryptocurrency roster.

Why Are There So Many Cryptocurrencies?

How many cryptocurrencies are there? As many as people are willing to create. But what's motivating them? Why are there still so many different cryptocurrencies? Are people just making them because they can?

Sometimes, yes! Part of what's so attractive about blockchain and crypto is its unprecedented accessibility. The code for the technology is open-source, widely shared and distributed. Decentralization means there's no governing, central authority making all the decisions. And when have people ever been able to create their own currency?

For the most part, people create new coins and tokens to modify, specialize or improve upon the core technology. Take the cryptocurrency Ripple, for example. Developers created Ripple because they weren't happy with how long it took to verify transactions on the bitcoin blockchain. With some modifications of the code, they were able to create a blockchain that processes cryptocurrency transactions within seconds and costs pennies.

Furthermore, currencies have different circulation caps, and some of them aren't capped at all. For instance, there will only ever be 21 million bitcoin. Cryptocurrencies can also have widely different applications. Some tokens are used as commodities, smart contracts or other digital assets, for instance.

Suffice to say, whether it's just for kicks, like Garlicoin, or to drive real innovation, like Ripple, there are all kinds of reasons to create a new cryptocurrency. People are still experimenting with the technology and testing its limits. Others are taking advantage of blind enthusiasm to run scams. Still more are looking for new ways to trade goods and do business. This means that the answer to how many cryptocurrencies there are will be different today from next month, or even next week.

All Cryptocurrencies Were Not Created Equal

How many cryptocurrencies are there? Probably too many or, depending on your view, still not enough. 2017 brought an explosion of new coins with the rise of initial coin offerings, also known as ICOs. Over the year, there was $5 billion in ICO investment, leading to the introduction of 700 new coins. This was enough to draw the attention of SEC regulators. If new regulatory oversight deters scam ICOs and ****coins, there could be far fewer new coins in 2018.

Either way, most of the coins out there are for niche trading or exist as a developer's passion project. Perhaps one day, one of the hundreds of altcoins will surge through the ranks into the top 100. But for now, cryptocurrencies with the largest market caps, like Bitcoin and Ethereum, are the only relevant ones for the majority of traders.

Breaking Down the Bitmain IPO

 

[Smoke]

I wrote when I'm about to post on May 29th of 2014 it still holds true for me.

I used to have a supervisor who was a big Coast to Coast AM fan and he'd take every opportunity he had to warn us all that we had better be stocking up on gold because the economy was going to collapse and only gold would be worth anything.

He used to get so pissed off when I'd ask him (in front of everyone else) "What are you going to do when the economy does collapse and the very first thing the government does is outlaw all gold transactions?" His response invariably was "There will always be a black market and people will always accept gold." To which I'd ask "so, you're willing to trust criminals to give you fair value for your gold?'

Long story short he got bent out shape every time he opened his mouth.

IMO our money has been worthless for a long time and I'd rather save things that have some intrinsic value (commodities, medical supplies, toilet paper) that waste time investing in an economic system that is headed off a cliff

I still feel the same way 11 years later. If I can't eat it, keep myself warm with it, defend myself with it or wipe my butt with it it doesn't have any intrinsic value.

When the stores are out of food would you rather have crypto, or dollars, or even gold.

Or would you rather have this?

 

[Muddyboot]

I wrote when I'm about to post on May 29th of 2014 it still holds true for me.



I still feel the same way 11 years later. If I can't eat it, keep myself warm with it, defend myself with it or wipe my butt with it it doesn't have any intrinsic value.

When the stores are out of food would you rather have crypto, or dollars, or even gold.
View attachment 795172
Or would you rather have this?

I understand what you are saying. I am in both worlds, not just the future is bleak world.

 

[Muddyboot]

1900, True, not?

How Many Cryptocurrencies Are There?

blocklr


You've heard about Bitcoin, Ethereum, and probably Litecoin and Ripple. But have you heard of Pandacoin or DopeCoin? What about CryCash, Dogecoin, TeslaCoin, Philosopher Stones or WolfCoin? How many cryptocurrencies are there? And did you notice one of those isn't a real cryptocurrency? (Spoiler: it's WolfCoin—at least it wasn't real at the time of writing!)

Next week, there could be fewer or still more. New coins rise and fall, are created and destroyed, all the time. Some vanish because they never caught on; others because they weren't legitimate in the first place. Others have created great wealth, in the form of lambos or turned out to be scams. Given the increasing accessibility of the technology required to create a cryptocurrency, it's easier than ever to make your own coin. So how many cryptocurrencies are there, really? And why are there so many?

How Many Cryptocurrencies Are There?

There are currently more than 1,900 different cryptocurrencies. Today, there are 1,910, to be precise. At least as of today!

But cryptocurrency comes in two flavors: coins and tokens. Both contribute to the total count, but their differences are key. A coin operates on its own blockchain. Bitcoin and Ether are examples of coins. By comparison, tokens reside on preexisting blockchain infrastructure, like the Ethereum network.

Creating a coin, also known as an altcoin or alternative coin, takes a lot of work and resources, though not enough to dissuade developers. Building your own blockchain or forking an existing one with a few tweaks requires some specialized knowledge that you either need to have or pay for.

Creating a token is a comparatively cheaper and easier process. Instead of building and maintaining a forked blockchain, you can rely on Bitcoin or Ethereum blockchain technology.

Altcoins take the core blockchain protocol of an already existing coin and make a new one. Tokens just ride on top of the infrastructure that's already there. Since creating a token has a lower barrier to entry, there are more of them, swelling the bottom ranks of the cryptocurrency roster.

Why Are There So Many Cryptocurrencies?

How many cryptocurrencies are there? As many as people are willing to create. But what's motivating them? Why are there still so many different cryptocurrencies? Are people just making them because they can?

Sometimes, yes! Part of what's so attractive about blockchain and crypto is its unprecedented accessibility. The code for the technology is open-source, widely shared and distributed. Decentralization means there's no governing, central authority making all the decisions. And when have people ever been able to create their own currency?

For the most part, people create new coins and tokens to modify, specialize or improve upon the core technology. Take the cryptocurrency Ripple, for example. Developers created Ripple because they weren't happy with how long it took to verify transactions on the bitcoin blockchain. With some modifications of the code, they were able to create a blockchain that processes cryptocurrency transactions within seconds and costs pennies.

Furthermore, currencies have different circulation caps, and some of them aren't capped at all. For instance, there will only ever be 21 million bitcoin. Cryptocurrencies can also have widely different applications. Some tokens are used as commodities, smart contracts or other digital assets, for instance.

Suffice to say, whether it's just for kicks, like Garlicoin, or to drive real innovation, like Ripple, there are all kinds of reasons to create a new cryptocurrency. People are still experimenting with the technology and testing its limits. Others are taking advantage of blind enthusiasm to run scams. Still more are looking for new ways to trade goods and do business. This means that the answer to how many cryptocurrencies there are will be different today from next month, or even next week.

All Cryptocurrencies Were Not Created Equal

How many cryptocurrencies are there? Probably too many or, depending on your view, still not enough. 2017 brought an explosion of new coins with the rise of initial coin offerings, also known as ICOs. Over the year, there was $5 billion in ICO investment, leading to the introduction of 700 new coins. This was enough to draw the attention of SEC regulators. If new regulatory oversight deters scam ICOs and ****coins, there could be far fewer new coins in 2018.

Either way, most of the coins out there are for niche trading or exist as a developer's passion project. Perhaps one day, one of the hundreds of altcoins will surge through the ranks into the top 100. But for now, cryptocurrencies with the largest market caps, like Bitcoin and Ethereum, are the only relevant ones for the majority of traders.

Breaking Down the Bitmain IPO

Thanks, great post.

 

[arjay]

While that is certainly correct, the dollar is backed by the US government, (for what that is worth) who has your back with crypto?

The taxpayers,just like they did in 2008

 

[Muddyboot]

The taxpayers,just like they did in 2008

Hence the risk, and possible consequences and or reward.

 

[Jocko-44]

Not for me, I'm not smart enough. I do what Buffet says- all you need is a S&P 500 Index fund.