More Cryptocurrency Is Greater Resiliency
Many often question why we "need" so many different cryptocurrencies. This is especially true for maximalists.
In this video I discuss how, collectively, more tokens provide resiliency. It is a way to protect ourselves from the forces that seek to attack what is being constructed.
Also, as things spread out, the overall economic resiliency skyrockets. Whereas one area can suffer, the entire ecosystem will not falter.
▶️ 3Speak
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More cryptocurrencies are needed to help investors spread their risk or build their portfolio. It would have been very bad if we had fewer cryptocurrencies in the market because we will be faced with a very limited investment options.
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That is true although I would say a thousand would give enough ways to spread things out.
But we will see a lot more options arising.
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Certainly, a lot more tokens will come as awareness and knowledge increases.
A tokenized world is just by the corner, I'd say
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I am a little skeptical about how dead tokens can contribute to resiliency but I guess there will be a lot of dead projects either way.
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Not all of the 9000 are dead tokens.
After all, many believe that Hive was dead too.
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I adhere to many crypto currencies because it help reduce risks by spreading investment to various assets or project.... Happy new year In advance
More is better in this case. Love the abundance. !BEER
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BEER.Token diversity serving different purposes is needed in order to serve the specific requirements in different domains. And those ensure equilibrium in the entire ecosystem as it is not an ALL IN game, but rather when some cryptos are down, others can be up.
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Summary:
In this video, Task discusses the importance of having multiple tokens in the cryptocurrency space. He argues against the idea of maximalism, emphasizing that the sheer volume of transactions across various centralized entities like social media platforms, banking systems, and more cannot be adequately handled by a single blockchain like Ethereum or Bitcoin. Task highlights the significance of multiple tokens in enhancing resiliency within the crypto space. He draws parallels with diversified economies like that of the United States, pointing out that having a variety of tokens reduces vulnerability to attacks. Task further delves into the resiliency of tokens like Bitcoin, Ethereum, and Cardano, exploring the impact of mining, proof of stake, and token ownership on network control. Additionally, he touches on the growth of different projects and applications built on various blockchains, reinforcing the idea that more tokens lead to increased resiliency and decentralization.
Detailed Article:
Taskmaster4450 begins the video by addressing the common notion of maximalism in the cryptocurrency space, where some individuals advocate for a single dominant token to rule them all, typically Ethereum or Bitcoin. He highlights the impracticality of this concept due to the massive transaction volume across centralized entities, underscoring the necessity of multiple tokens to handle such a scale. Task emphasizes the role of decentralized networks in processing transactions from platforms like Twitter, Facebook, and financial institutions, pointing out that no single blockchain can absorb this workload efficiently.
The discussion shifts towards the resiliency aspect of having a plethora of tokens, drawing parallels with a diversified economy like that of the United States. Task emphasizes that a varied token ecosystem reduces vulnerability to attacks and provides stability akin to robust economies. He contrasts the resiliency of tokens like Bitcoin, Ethereum, and Cardano, citing factors such as mining, proof of stake, and token distribution that influence network control and security.
Furthermore, Task delves into the significance of project diversity within the crypto sector. He explains that the growth of different projects and applications built on various blockchains, such as DeFi platforms on BSC and smaller projects like Hive, contributes to the overall resiliency and decentralization of the crypto space. By having a wide array of tokens and projects, the attack surface diminishes, making it challenging for malicious actors to target the entire ecosystem.
In conclusion, Taskmaster4450 asserts that the proliferation of tokens in the cryptocurrency realm augments resiliency and decentralization, making it harder for adversaries to exploit vulnerabilities across the network. By embracing the multitude of tokens and projects, the crypto space can bolster its security and stability, paving the way for a more robust and diversified ecosystem.