Hello Steemit Friends:
I wanted to post and get everyone's opinions and thoughts on the overall cryptocurrency ecosystem.
With 946 coins as of July 4th (according to coinmarketcap.com) and additional coins being added almost on a daily basis, has the cryptocurrency space become saturated? Is this continued growth sustainable and manageable? With all the coins being offered, it's beginning to get muddy trying to decide which currencies and technology to invest in.
I don't know about you, but I myself am beginning to get confused and lose track of all the currencies available. I remember when I first started with crypto. I would diligently check the [ANN] section of bitcointalk.org on a daily basis just to see what new currencies/ico had been announced for the day. I would then quickly try to figure out how I could get my hands on some and/or mine it anticipating a huge bump in price.
I remember my task tray being filled across the bottom of my start bar with a long line of the various wallets of currencies that I was invested in. The bandwidth, space, and processing, usage was massive with each of the different wallets being open and constantly syncing; not to mention the resources used for all of the google tabs open for each of the different ico websites and mining pool pages.
How many of you were (or still are) in the same boat?
Sadly, or even not so sadly, those days are gone. As blockchain technology and the users that support them continue to mature, we as consumers are becoming more selective of the crypto we choose to associate ourselves with. It's not simply about which blockchain is faster or more secure and private anymore, but how innovative the technology is. With this innovation however, comes complexity which makes it difficult to really understand and differentiate one from the other. With all the pump-n-dump schemes, it's hard to determine which ico to follow since most coins come out, pull in investors -who make a quick buck, and then turn around and sell out, and then move onto the next currency.
It's like how the BPO industry works in emerging countries - You get in, get the experience, wait to get poached for a higher salary offer, leave, rinse-and-repeat. In one day and out the other.
I'm beginning to wonder what it's all about. What is the end game? Is it about the technology and making things better so that one day we have a final product that disrupts and forces a change for the better, or is it just all about the money and making a quick buck? We don't even flinch much when a scam or pump-n-dump happens, we see a quick fluctuation and drop in value, but then just as quick as it happened, the market recovers and everyone goes back to the way things were. They forget about it and move on.
I now spend my time focusing on a few rather then a bunch. I keep Bitcoin because it is the pioneer currency. I keep Ethereum because I support and believe it has potential (and because it's still easy to mine). I hold some Dash, Monero, and ZCash. I keep Steem and SBD, because it too has immense potential and a thriving community and social media platform and other innovations which have proven value and a great community and support base. I recently again started mining and holding Litecoin.
I vary rarely get caught up in hype for new crypto these days unless it is truly something special and unique, however so far most have just been the same ole same ole with a few tweaks. Everyday new coins come and new coins go. It's just the way things are and I feel that we are so far saturated that people only pay attention to a handful of currencies leaving the others to wither away and die. I am however hopeful that we will one day find that one true game changing currency that will take us to the next evolution and beyond.
As always, I really appreciate your Up-votes. If you enjoyed my post and want to stay up-to-date on my posts, please follow me and leave me a comment to let me know what you think!
