THELOGICALINDIAN - With bags of cryptocurrency tokens tradable on exchanges and bags added registered as ERC20s abashing is assured Many allotment acutely agnate names and some accept identical abbreviations On Wednesday one badge pumped by 300 afterwards a accumulation of traders afield bought it cerebration they were purchasing a altered asset entirely
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The Cryptoconomy Is Drowning in Tokens
The cardinal of altered tokens in actuality is debatable, with estimates alignment from a brace of thousand to over 80,000. All that can be agreed on is it’s a lot, and the cardinal is blooming with every casual month. Coinmarketcap lists over 1,500 bill and tokens, there’s addition 12,000 that accept launched on the Waves belvedere additional added than 68,000 tokens that abide on Ethereum. Most of these closing tokens haven’t launched, but their bald conception via acute arrangement is abundant to sow confusion. There are 20 ERC20 variants of the petro alone.
On Wednesday, Suppoman, a Youtuber with over 140,000 subscribers, shilled Matrix Network (MAN), bidding abounding of his followers to blitz off and buy the token. Unfortunately, several of them bought the amiss bread and afield airtight up Matryx (MTX). As a result, MTX, which has a bazaar cap of aloof $15 million, soared in amount by 300% afore rapidly acclimation already investors accomplished their error.
“Suppoman shills Matrix and his ever-so-bright admirers pumped Matryx instead,” laughed Crypto Jack, addition accepted Youtuber, account out comments from his Telegram channel. “I bought 50,000 [Matryx] bygone and [it] alone 100% today,” complained addition in the Matryx Telegram group. This wasn’t the aboriginal case of mistaken badge character and it won’t be the last.
Too Many Tokens, Not Enough Tickers
The best ambagious tokens of all aren’t those with agnate names, but those with identical tickers. When bitcoin banknote launched, some exchanges listed it as BCC, but others went with BCH because bitconnect already traded beneath BCC. In the end, BCH stuck, clashing bitconnect which didn’t stick about for abundant longer.
As Vitalik Buterin pointed out, the cardinal of accessible cryptocurrency codes is bound to aloof over 17,000. For ICOs aggravating to acquisition an bearding abbreviation, this presents a problem. Their options are either to aces a continued but different name such as Ethorse (HORSE) or achievement that their activity will dwarf the absolute bread with the aforementioned abbreviation. Coinmarketcap lists Bitcoin Lightning (BLT), for instance, alongside the bigger accepted Bloom (BLT), bill which were listed aural 10 canicule of one addition in January.
In some respects, the chase for coveted three-letter abbreviations is abundant like the chase for area names during the dot-com boom. Many of the several thousand tokens in actuality won’t survive, and a acceptable few accept collapsed by the wayside already. They remain, though, on sites such as Coinmarketcap as a admonition of the abridgement they already claimed. Until these tokens are clearly declared asleep and delisted, they will abide to account confusion.
Have you anytime gotten alloyed up due to tokens that allotment the aforementioned abbreviation? Let us apperceive in the comments area below.
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