There are over 2,100 coins listed on CoinMarketCap.com. This is the result of the greatest hype and speculation cycle in modern times.
I have been pondering how this clusterf*ck resolves itself. Coins, unlike companies, don’t go bankrupt. As long as a group of nerds is mining a coin in their basement that coin can survive. This means that hundreds of shitcoins can survive with minimal support/investment. Zombie coins are a barrier to resetting the hype cycle and narrowing the field to the few (or only) survivor of Crypto.
If coins don’t go bankrupt what will happen? They will be attacked. Bitcoin is a competitive system. Failed coins will be picked off by Bitcoin one by one. Their use case will be made obsolete by Bitcoin. Their users will be assimilated. Their transactions will move to Bitcoin. Bitcoin can do anything a shitcoin can and do it better, more securely and cheaper. Within a few years I expect there to be only a few coins and eventually, only one.
If all other coins aren’t forced into submission then Bitcoin fails. A universe of coins is a fantasy.
This is Bitcoin. Bitcoin is competitive.