Why Death of 800 Cryptocurrencies is Good for Bitcoin (BTC), Ethereum (ETH) and Others

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The cryptocurrency ecosystem is vast and has exploded in popularity over recent years, most notably in the big Bitcoin (BTC) run up of 2017. One of the things that makes cryptocurrency so special is its egalitarian nature and accessibility. Truly anyone can make their own cryptocurrency. This is a great thing and many innovators have taken their ideas and apply them to code. Of course, this level of accessibility is a double-edged sword. On one hand, you have individuals using this vehicle to build or fund their ideas, on the other hand, ANYONE can make a cryptocurrency as the barrier to entry is incredibly low. This has resulted in a flood of cryptocurrencies hitting the market, some are very good projects with a solid future, others... not so much. Scam, vaporware, and joke coins proliferate the market like an infestation.

So, keeping that information in mind when I see headlines like "Crypto Carnage: Over 800 Cryptocurrencies Are Dead" or "Over 800 cryptocurrencies are now worthless" all I can say is "good". I've dubbed this period of time the "Crypto Purge" and to be completely honest I'm elated with the news. If you have been following most of these journalists they spin it as totally negative and I could not disagree more.

Here's Why

There are well over 1800 cryptocurrencies at the present time and while there are many great projects and noble aims I don't mind some short-term pain if it means getting rid of all the garbage floating around out there. Many liken this to the dotcom bubble and it is similar in many ways. For myself, I see this as growing pains for the sector. prices may be down but adoption is up and projects like the Ethereum Enterprise Alliance indicate the show is far from over, much to the contrary I believe this is merely the beginning of cryptocurrencies role in the world.

In order for the space to grow in a healthy fashion and retain and in some cases regain the trust necessary, these coins need to die. Ponzi schemes and memes really don't have a place here, it's time for cryptocurrency to mature past this stage. Some of this can be addressed by common sense regulation as some exchanges, like Binance, have attempted to self-impose but even that has proven to be difficult. Not that their efforts haven't been successful but the public backlash is always severe and hyperbolic.

When an entity finds and solves a problem it's an immediate reaction for a portion of the community to accuse them of being part of it all along. As we talked about before Malta is establishing its own regulatory agencies tailored specifically for cryptocurrency, this may assuage the fears and anxiety or at least cool off some of the reactionary sentiment. Journalists are heavily guilty of this as well, any hack or bug is immediately plastered all over the net as the end of cryptocurrency as we know it, however, when something similar happens to traditional financial institutions it's just treated as just a thing that happens. The public at large's view of Bitcoin (BTC), Ethereum (ETH) and other cryptocurrencies are as outliers, and traditional banks are just the way things are, despite being even more vulnerable to scams and theft in some ways.

What Needs to Happen

In short, cryptocurrency needs to mature. Common sense regulations and protections need to be implemented in order to elevate the idea of being your own bank to the level of storing your money in a traditional bank or financial institution. In order for these to be successful, the sh*tcoins need to die. So yea, I'm celebrating, I'm tap-dancing on their virtual graves. It is unfortunate for the people that lost money in scam ICOs that seemed legit, or in a few cases due to countrywide bans or strict regulation, but I certainly don't feel bad for anyone who bought PonziCoin, useless Ethereum (ETH) token or any of the other more obvious scams and jokes. They knew what they were getting in to... 

To see the current list of "dead" coins you can visit the appropriately named deadcoins.com.

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I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive content

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