Too many Tokens out There

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I find it rather interesting and troublesome to have so many tokens around. I don't talk about Hive in particular but in general about the many crypto coins and tokens out there. As of now and according to Coinbase there are 21908 coins/tokens listed which is quite amazing and shocking at the same time.

Here on Hive there are numerous tokens as well but the difference is that Hive like ETH, for example, are actually ecosystems where anyone can create his/her own token/community/project which is awesome by the way. That doesn't mean though that most of these tokens/cryptos are needed or that they actually serve any purpose.

First of all, a bunch of these 21908 altcoins are dead or scams. The scam altcoins/tokens are the worst ones and nowadays with the rise of cryptos that led to more and more people investing in without conducting any particular research, scam coins were on the rise. That resulted in many people losing millions of dollars and ofc leaving the crypto world behind them for good.

Note that we are not only talking about the average joe that lost 100$-500$. People from every background lose thousands or even millions of dollars. Thus, i would advise conducting a serious research before investing. Also, as i mentioned there are many dead coins/tokens as well and this is happening here on Hive as well.

In my mind, these tokens/altcoins that are dead follow a similar path as the startups. Actually, an altcoin/token a lot of times starts a startup, a unique idea from a limited number of people that try to disrupt the space and ofc make money. The stats though mention that 99% of startups end up in failure or in other words end up dead, like the vast majority of cryptos out there.

Thus, in a way we don't invest in an altcoin, we invest in a concept, a team, a vision, and as mentioned many times before we need to conduct our own research and be careful. Now if i want to be completely honest i strongly believe that some of those tokens/altcoins don't have any actual vision or something, the only goal of their creators is to earn some quick money and bail.

That's not a scam but without a clear vision, long-term goals, a roadmap or something it will really look like a scam or it will most likely end up as a dead coin. At the same time regarding Hive i think there are too many tokens right now.

Don't get me wrong it's cool to see different projects out there, but a lot of them are quite similar to each other and there isn't a clear path or efficient teams that have done considerable research before starting their projects. That leads to many of these tokens ending up dead or losing each value considerably frustrating their communities and investors.

Thankfully, most of these projects that i have invested in are still considered the top ones on Hive so i feel a bit "lucky" even though the prices of the crypto are quite down these days. I would suggest though to everyone that is thinking of starting another token to do extensive research first, to see if his/her token is actually offering/solving something if his/her tokenomics are in order if there is a clear roadmap or path and ofc if there are people that would be interested in buying or using the platform/service/game.

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5 comments
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Agreed.

I get frustrated thinking about the projects I'm missing out on, but then I just need to pull back and stay focused.

!CTP

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Especially now that every cryptos are in sale, mostly anything everyone buys for the "top 10-20" to be safe, or Hive for instance can make quite some money when the next bull run comes! (if it comes :P)

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It is actually scary to think about 20000 of them tokens are pure scams or just bad ideas and management.

That's why as much as people want them 1000x coins they don't realize but they are actually breeding these scams

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Nowadays it's like any other stock-related company. That's how i see it for example. 99% of startup fail the same applies here as well, thus we need to be extra careful when investing our money!

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