Workers in the digital currency market expected an impending collapse that would lead to the evaporation of billions of dollars and the complete disappearance of some currencies from the world, while some likened the expected collapse to what happened in the early emergence of the .com market. کردن. .
There are now more than 19,000 digital currencies and dozens of Chinese blockchain platforms in the world, according to a report released by the American network CNBC, while the market is expected to see the industry collapse in the next few years, leading to its disappearance. Becoming some currencies and reducing the number of currencies worth each other.
Brad Garlinghouse, CEO of Ripple Cross-Border Payments, is likely to have “dozens” of cryptocurrencies in the future, which means he expects a large number of existing cryptocurrencies to disappear.
“I think the question is whether we need 19,000 new coins today,” Garling House added.
“In the world of Fiat currencies, there are probably only 180 currencies,” he said.
There are currently more than 19,000 digital currencies, and dozens of China blockchain platforms are the core technology on which many of these different digital currencies are built.
The recent collapse of an algorithm called terraUSD and related digital tokens has shed light on the thousands of digital currencies on the market and whether they will all survive because it created shock waves in the market.
“One of the consequences of what we saw last week about Terra is that we’re at a point where there are a lot of blockchains and tokens,” said Bertrand Perez, CEO of Web3 Corporation. This is confusing for users.
“This also poses risks to users,” he added.
Bertrand Perez continued: “As in the beginning of the Internet, you had many Internet companies, and many of them were scams, worthless, and all of them were cleared. Now we have very useful and legitimate companies.”
“Last week, more pessimism swept the markets,” said Scott Maynard, chief investment officer at Guggenheim. He added that most cryptocurrencies are “undesirable” but that, according to CNBC, bitcoin and atrium will survive.
Crypto comments come as the market continues to feel the pressure, with bitcoin falling more than 50 percent from its highest level last November, and many other digital currencies falling sharply from their highest level.
Many different blockchain platforms are vying for leadership positions in this sector, but Brett Harrison, CEO of Digital Currency Exchange (FTX US), said the hundreds of platforms that exist today will not survive and will disappear in the future.
“When you think of the China block, there will probably not be hundreds of them in 10 years, I think there will be two clear winners for different types of programs,” Harrison said.
“We will see that the market will solve this problem over time,” he added.
Source: Lebanon Debate
