agreed and that is pretty much what i said on cryptsy chat + forums etc roughly a year ago.. as BitJohn made excuses for it all.. ALL along LOL
he goes and adds them and then blames us for the problem 100% and then takes his bounty or fee's etc and laughs at us.
i'm not making shit up either i have publicly got into it with him on Cryptsy chat and on this forum probably a dozen times in the last year.
and he's not the only one either.. i went through the same shit with Mr. Allcrypt and he fed me the same bs excuses..
USER DEMAND
How well did my CryptoBits (CYB) do since mid July when it came out last year ?
not too well, it did not go on any exchanges ever and i still have my coins and wallet.
if they went on an exchange or two.. there would be a market period.
But even adding a coin is no guarantee..
i joined up trading Maru Coin when it came out and it went on a few exchanges but died off rather quick or actually never took off..
The point i have harped on as hard as possible in the last year is this..
these "shity" coins would go nowhere at all if it was not for pool operators and exchanges and other misc bounty / fee's collecting services supporting them.
and THEN after that the miners mining them.. Miners would not mine a coin they figured it was almost guaranteed to be ignored by exchanges.
these guys all chant the 'ole Free Market™ mantra and blame all of you for every single bit of this problem.. 100% of it !
if you ask some exchange asshole why ? ..they will say "user demand"
Topic: Brand New Altcoins Can Really Burn Investors (Read 849 times)
When there were only ten alt coins an old bitcointalk member said he predicted there would be 30 altcoins in 6 months, 300 six months after that, and 3000 six months later. His predictions have been right so far, so we can soon expect 3000 alts.
http://altcoinherald.com/brand-new-altcoins-can-really-burn-investors/
If you’re tempted to jump into the latest altcoin, think twice.
Numerous new coins are launched every day. 81.1% of them fail within the first 30 days of launch.
Even more troubling, another percentage of them fail basically right after launch!
Many new coins that are ‘ninja-listed‘ on Bittrex are quickly pumped based on momentum. The problem with that is, the coin is essentially unproven and the code unreviewed. The week we saw how that could be a big problem with ‘Aegiscoin‘ and ‘Spartacus.’
This week was also heavy on very large ICOs. The dangers of unknown Devs came to rear its ugly head quickly. ICOs are scary for numerous reasons, but all coin launches can be a disaster when the Dev team has no plans on supporting the coin. Once an instamine or premine is dumped, or ICO funds are secured, there’s no guarantee that the Dev team will even return to their ANN thread let alone build out the coin for the long-term.
Euphoria Kicks In When A New Altcoin Is Listed
Altcoin Traders Burned Again
Coin launches kick off an early phase of euphoria. OMG, the coin has been listed! Look at the market cap shoot into the millions! The trouble is, after a bit of hardcore pumping, a wave of even newer coins floods the market. The trading volume shifts to those coins and the prior set of coins completely deflate in price. The cycle is happening every day now.
The reality of a new coin is that is should be priced at 1 Satoshi until proven otherwise. The chances that it will survive and change the world is similar to the odds that a golfer will be hit by lightning on a sunny day. The process of over-pumping these coins is a guaranteed formula for failure. The exchanges make money and so do a few groups of ‘Whales.’ After the party ends, the bagholders are left swimming in a river of tears.
Can this formula really sustain itself for much longer? If there are more net losers than winners every day, the pool of investors has to dry up. After all the amount of marketing done for altcoins outside of the current circle jerk of ‘enthusiasts‘ is minimal.
Without bringing new blood and Bitcoin to crypto, this constant market fragmentation of altcoins saps resources from stronger, more developed projects.
Consolidation Of Altcoins Is Sorely Needed
The time has come for altcoin projects to be rolled up into larger, ‘mega‘ coin projects that stand a chance for survival. Many current altcoins use the exact source code, the same ‘marketing strategies,‘ and have the same basic aims and principles, and target markets. Why exactly are they independent? Why are new CloneCoins launched every day when so many already exist? Could it be Dev, Pumper, and Exchange Greed causing this explosion in the altmarket? Clearly there’s no real ‘end user‘ demand, especially for a new clone.
Even coins with ‘innovative features‘ don’t get far in the real world. What’s the chance that a brand new alt with no following and no unique features is going to carve out a niche? The answer is ‘NONE,‘ at least at first. That’s why you can put a fork in 8/10 coins after 4 weeks! They are finished and everyone knows it. Once the pump and dump is complete, the coin is quickly delisted from Bittrex so that a freshly ‘minted‘ coin can takes its place.
Consolidation in altcoins would serve the same function it does in business. The weak offerings would be rolled up into less units that are stronger. Redundant positions such as ‘Dev‘ would be eliminated. Right now many Devs have more than one coin. After the launch phase is over, they obviously won’t be able to devote much time to any of them as individuals. Devs with multiple coins projects would be better served by rolling their coins into one larget project that may have a greater chance for success.
Right now I don’t see any move towards this happening which leads me to believe that altcoins are a completely inefficient market. Currently new coins are created primarily for pump and dump and exchange volume creation purposes only.
The next month or so are going to be pivotal times for alternative crypto. There seem to be signs of fatigue setting in in certain circles. Certainly most pumps have been running into trouble early as volume tends to gravitate towards one or two coins at time. The market can’t support all of the current listing with sufficient volume. It would be refreshing to see new coins that clearly have no redeeming qualities remain unsupported. When this happens, we might enter a new phase where the best of the best start rise to the top to become impressive currencies.
If you’re tempted to jump into the latest altcoin, think twice.
Numerous new coins are launched every day. 81.1% of them fail within the first 30 days of launch.
Even more troubling, another percentage of them fail basically right after launch!
Many new coins that are ‘ninja-listed‘ on Bittrex are quickly pumped based on momentum. The problem with that is, the coin is essentially unproven and the code unreviewed. The week we saw how that could be a big problem with ‘Aegiscoin‘ and ‘Spartacus.’
This week was also heavy on very large ICOs. The dangers of unknown Devs came to rear its ugly head quickly. ICOs are scary for numerous reasons, but all coin launches can be a disaster when the Dev team has no plans on supporting the coin. Once an instamine or premine is dumped, or ICO funds are secured, there’s no guarantee that the Dev team will even return to their ANN thread let alone build out the coin for the long-term.
Euphoria Kicks In When A New Altcoin Is Listed
Altcoin Traders Burned Again
Coin launches kick off an early phase of euphoria. OMG, the coin has been listed! Look at the market cap shoot into the millions! The trouble is, after a bit of hardcore pumping, a wave of even newer coins floods the market. The trading volume shifts to those coins and the prior set of coins completely deflate in price. The cycle is happening every day now.
The reality of a new coin is that is should be priced at 1 Satoshi until proven otherwise. The chances that it will survive and change the world is similar to the odds that a golfer will be hit by lightning on a sunny day. The process of over-pumping these coins is a guaranteed formula for failure. The exchanges make money and so do a few groups of ‘Whales.’ After the party ends, the bagholders are left swimming in a river of tears.
Can this formula really sustain itself for much longer? If there are more net losers than winners every day, the pool of investors has to dry up. After all the amount of marketing done for altcoins outside of the current circle jerk of ‘enthusiasts‘ is minimal.
Without bringing new blood and Bitcoin to crypto, this constant market fragmentation of altcoins saps resources from stronger, more developed projects.
Consolidation Of Altcoins Is Sorely Needed
The time has come for altcoin projects to be rolled up into larger, ‘mega‘ coin projects that stand a chance for survival. Many current altcoins use the exact source code, the same ‘marketing strategies,‘ and have the same basic aims and principles, and target markets. Why exactly are they independent? Why are new CloneCoins launched every day when so many already exist? Could it be Dev, Pumper, and Exchange Greed causing this explosion in the altmarket? Clearly there’s no real ‘end user‘ demand, especially for a new clone.
Even coins with ‘innovative features‘ don’t get far in the real world. What’s the chance that a brand new alt with no following and no unique features is going to carve out a niche? The answer is ‘NONE,‘ at least at first. That’s why you can put a fork in 8/10 coins after 4 weeks! They are finished and everyone knows it. Once the pump and dump is complete, the coin is quickly delisted from Bittrex so that a freshly ‘minted‘ coin can takes its place.
Consolidation in altcoins would serve the same function it does in business. The weak offerings would be rolled up into less units that are stronger. Redundant positions such as ‘Dev‘ would be eliminated. Right now many Devs have more than one coin. After the launch phase is over, they obviously won’t be able to devote much time to any of them as individuals. Devs with multiple coins projects would be better served by rolling their coins into one larget project that may have a greater chance for success.
Right now I don’t see any move towards this happening which leads me to believe that altcoins are a completely inefficient market. Currently new coins are created primarily for pump and dump and exchange volume creation purposes only.
The next month or so are going to be pivotal times for alternative crypto. There seem to be signs of fatigue setting in in certain circles. Certainly most pumps have been running into trouble early as volume tends to gravitate towards one or two coins at time. The market can’t support all of the current listing with sufficient volume. It would be refreshing to see new coins that clearly have no redeeming qualities remain unsupported. When this happens, we might enter a new phase where the best of the best start rise to the top to become impressive currencies.
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