Dissapointments of the creation of the thousands of failed altcoins. - page 4.

RbiggerG

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Quote from: gabbie2010 on July 17, 2021, 05:07:12 AM

The decentralized feature of cryptocurrencies market is responsible for creation of tons of shit altcoins of course most of their developers abandon those project mid way to their roadmap thus rendering those altcoins worthless in fact Binance recently delisted some shit altcoins recently, I believe those developers created those shit coins in a bid to make money and later abandon it afterall there is no regulations in cryptocurrencies market thus any Tom, Dick and Harry can clone any of the existing coins in the market and launch an ICO to generate funds. Investment-wise it better to invest on already established altcoins majorly picking from the top 100 in coinmarketcap.

I am not sure if the majority of tokens and coins is listed on coinmarketcap, but for now there are close to 6,000 listed. I think it's a no brainer to conclude that 95% are really just scams and money grabs. The sad part isn't the number of coins though, but rather how often these scams worked out for them.

gabbie2010

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The decentralized feature of cryptocurrencies market is responsible for creation of tons of shit altcoins of course most of their developers abandon those project mid way to their roadmap thus rendering those altcoins worthless in fact Binance recently delisted some shit altcoins recently, I believe those developers created those shit coins in a bid to make money and later abandon it afterall there is no regulations in cryptocurrencies market thus any Tom, Dick and Harry can clone any of the existing coins in the market and launch an ICO to generate funds. Investment-wise it better to invest on already established altcoins majorly picking from the top 100 in coinmarketcap.

Liamttw

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With the popularity of the cryptocurrency market, a large number of altcoins continue to increase. Most altcoins were created in recognition of the profitability of cryptocurrencies such as Bitcoin. Altcoins' initial low-cost and high-profits will attract a large number of investors, but it also carries great risks. Most altcoins aim to obtain profit and target investors’ funds and will die out over time.

Robinson66

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The creation of some altcoins was initiated by crooks, by modifying the code casually. Change the name and pretend to be a new coin to deceive everyone's money. But there are indeed a lot of new coins. Through technological innovation, altcoins are getting better and better. It is still recommended that you understand the project before investing. Investment is risky and you need to be cautious. If you encounter fake projects, you must report.

Pelana vreo

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Developers of new coin usually take advantage of Hype as there is now, there are a lot of meme coins then the team will copy paste like build a Dex exchange then they will offer staking and farming to prevent price drop, there are a lot of new projects and we need to be a little careful- be careful when investing because it is not easy to choose a new project so they really have a good team and plan the project according to the roadmap.
New projects will always be there and no one can stop this advancement of technology and ideas apart from the users, if the project seems like it will fool us then stay away and don't invest

Mistafreeze

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Many or few cryptocurrency programmers has taken it as an opportunity to manipulate the market by developing altcoins that can never cross the border of becoming enlisted in crypto platforms. A lot of shit coins are all over the internet looking for people to invest in them so as to run away with funds leaving the coins to perish over limited time. This is a wicked practice that had been going on for time now, making people to fall victim losing their hard earned funds.

Meme coins had made the cryptocurrency market more risky than normal because of the increase in the number of scam projects that are alluring attacting investors to invest in their coins, at the end of the day dumping the project to create another one. The creation of all these coin is really affecting the trust system of the entire crypto market. One the to make thorough research on a coin before purchasing it, making it difficult for investors to free invest in different sorts if coin of their choice without have two thoughts or it been too risk. Meme or shit coins had also affects good projects of excelling because investors are scared of putting their funds where it will not germinate mostly due to previous experience.

Fivestar4everMVP

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@op, one thing we all should have at the back of our minds as we get involved in crypto is that the system is completely decentralized and as such, it not regulated by any government or authorities, this means that anybody from anywhere in the world can decide to create their own crypto coin and no body will question this decision, it's up to you/us to decide whether to put our money in such coins or not, this is why it is highly adviced that before you invest in any crypto coin, try as much as possible to research the project very well and make sure there's no red flag pointing to whether such a project could be scam or not, there are sure alot of scam in this space that some times, it's very difficult to differentiate the good from the bad, but the beautiful thing is that is scammers dont force anyone to invest in their project, they don't go into your wallet and steal your money without you giving them access, it's up to us to educate ourselves so we can always be atleast, a step ahead of the scammers.

john_nautica

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Quote from: jrrsparkles on July 10, 2021, 11:30:38 AM

People who are scamming are criminals and they are never going to stop until people let them to do, in the investment sector people are investing again and again after they faces many loss which is what feeding the scammers to be here.

I get what you are pointing here, as long as people project themselves as targets and become baits to these scammers, they will continue to exist and lurk around. Although victims are partly responsible for being scammed, I believe that they are only being taken advantage of because of their hopes that sometimes make them blinded and gullible with opportunities.

And to add that with the existing numbers of coins today, people are having hard time to discern which is which, especially the newbies.

DapanasFruit

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Cryptocurrency came into existence because we wanted to fight the idea that the government can just print more money and thus increase circulations which can be affecting the value of the money you are holding today and into the future - the problem of inflationary asset. Now, with many altcoins I am seeing the same kind of mindset - set-up a project whether the use-cases and the technological expertise can be there or not and then invite people to shell out their money in return for some coins or tokens. I am seeing a big similarity to the printing of money here. And the saddest part is when the coin or token will eventually have no real value in the exchanges...that is the biggest equivalent of a big rip-off inflation much worse than Zimbabwe experienced. Just my opinion, anyway.

sheenshane

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Quote from: ?? on ??

actually we have contribution to shitcoin project since we didn't care about project quality. there are alot good project that build their ecosystem and utility token , but we prefer invest in pump and dump coins. If we more care about the quality of project maybe fake dev team will have no idea to scam us

It could be also the reason thousands of failed altcoins are just because once they had already exited the scam, they keep coming back with a different name and other promises that will lure investors and scam again. If we don't have proper research on it, we will always suffer from losing our investment.

I don't understand people why they give a chance a new project will potentially scam again, instead, you can give full support to Bitcoin and invest as many as you can since it is proven and tested when it comes investment, you're safe if you know how to be patient.

wheelz1200

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Quote from: RbiggerG on July 09, 2021, 05:01:24 AM

Quote from: Sithara007 on July 08, 2021, 11:20:55 PM

If users stop investing in shit projects, then there will be less number of failed coins. Right now the situation is that the promoters are guaranteed to get tens of millions from an ICO, even if the project doesn't have anything unique about it. Most of the new projects are just old wine in new bottle. And in many cases, the promoters stop their development, once the ICO is complete. Even after all these years, investors haven't learnt any lesson from their failures. They still hope that there will be that magic moment where they get 100x or 200x returns from a new project.

I don't think failed coins are the problem. Failed in the senes that someone really tried. That is part of any industry where start ups launch and fail. The real issue are the outright scam projects disguised as legitimate and hard trying. It is difficult sometimes to differentiate the scams from the real failures because you could pretend you tried hard, pay yourself a decent salary and let the coin fail on purpose. I believe that happens more often than we would think.

Oh it's pretty much the course and has been since the first forks started coming out. Ypu can honestly believe ypu will retain your investment in any of these shady coins. It's a gble in hope of a quick flip, the fact that people get pissed amazes me since ypu pretty much need to look at every "project" like it's a scam outside the course of a select few decent actual projects out there.

iged_war

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Quote from: Argoo on July 10, 2021, 01:10:56 PM

Open source provides an opportunity for everyone to create their own profit. We cannot influence this process, therefore we cannot prohibit the creation of altcoins. At the same time, thanks to such decentralization, when there is no one person or body that would allow or prohibit the creation of altcoins, cryptocurrency continues to develop rapidly and this, in my opinion, is the only right way. Even if from every hundreds of new altcoins only a few useful ones remain, it is still their rapid development.

many people interested build their own project although with less skill and knowledge about blokchain and crypto market, but the easinest creating token be a trigger for this trend. There are alot new projects launched today , and they have similar concept with the existing project even there is no uniqueness. As investors we must carefull with this kind projects, it will not survive for long term.

coolcoinz

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Quote from: wheelz1200 on July 08, 2021, 05:13:56 PM

99.99% of every altcoin is just a clone with a different name and supply. There is no point to most of them. In fact I'd go to offer and say most of the people who create them have already created hundreds of others, they profit and move on. That's the game. Ignore them and it won't bother you anymore

This is true that most altcoins are clones of some other coins, just like BCH, BTG, BSV and so many other coins were made to profit from bitcoin's popularity. That said, they create diversity.
If you had only one coin to choose from you wouldn't know how good it really is. Thanks to shitcoins like BSV you can see how good BTC really is and how lucky you are to own a decentralized coin that isn't linked to some weird individual who goes to court every time someone calls him out in the Internet.

iTradeChips

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Quote from: rosenbauer02 on July 07, 2021, 07:54:03 AM

First, the creation of altcoins destroy other altcoins that could bring their project down. Why? Existing projects with exisiting investor may opt back out in the invested project and switch to other projects. This means that other project could go down and other investor in that project will follow to leave as well in the project and the altcoin will become a shit coin.

Second, Investor will have to chose between altcoins and with so many of them in the market it creates confusion especially altcoins with the same abbreviation or altcoins sound or rhyms the same but are actually different project.

If you come think of it, many of these altcoin investors, are also avid supporters of these coins. I am positive most investors made their research and made their decision to support the coins however long they have to wait to get something out of their investments. There are also those who somehow were also supporters of certain projects but they picked the wrong projects and their investments became a failure. Such is the world of cryptocurrency, when one wrong investment would mean a lot to so many. But also I think many of the investors are not putting all their eggs in one basket and they also invest with the big ones like Bitcoin and Ethereum.

Dump3er

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Quote from: yazher on July 08, 2021, 12:51:59 AM

Quote from: semobo on July 07, 2021, 10:31:55 AM

Altcoins are created for no purpose even with no idea, they just create another token or coin which may get included into the marketcap if it succeeds but not many people really want to hold an altcoin, they invest to make one time profits and willing to take the risk for it. Some newbies invest with no idea this is the reason why scammers took altcoin as a tool to loot money from people with no exceptions.

The reason for this is the easy way to create one token with small fees and with some light promotion and hypes, they create some kind of pump and dump coins and when they evil plan has been successfully executed where they escape without a trace, they will create another one with the same reason again. The list goes on and on until we have a huge list of shit coins nowadays. As you can see some of them are not like that since when they said they have some good backup big investors and their project will go public in the next month, it will come true but only a rare project will do so as we witnessed a great fake project right now is on a scamming-free.

You can't exactly be sure what they think. They might have an idea about something but who knows whether they are true about what they say? I think it is more difficult than we all believe and we should invest our time in creating something great!

Argoo

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Open source provides an opportunity for everyone to create their own profit. We cannot influence this process, therefore we cannot prohibit the creation of altcoins. At the same time, thanks to such decentralization, when there is no one person or body that would allow or prohibit the creation of altcoins, cryptocurrency continues to develop rapidly and this, in my opinion, is the only right way. Even if from every hundreds of new altcoins only a few useful ones remain, it is still their rapid development.

Golftech

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Quote from: panjay on July 10, 2021, 10:59:22 AM

Haha that how our world works dude, people figure out they can make a cash grab this thing to the ground.
Countless copy cat born with no innovation whatsoever or even solve problems that they don't have in the first place.

Have a problem? solve it with blockchain!

More likely riding with the hot train and scam people to grab money without their knowledge,

those copycat projects still works since there are lazy people who continue to believe with

sweet promises of quick success. We can't deny the fact that both sides are after the money

and sad to say scammers always win the race.

jrrsparkles

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Quote from: john_nautica on July 10, 2021, 10:35:06 AM

I have seen this happened with a number of projects and it really did result into the disruption of the maturity of the project in the market and disappointment of the participators in the projects. It is cruel to just think that some are intentionally doing this, taking advantage of the opportunity at the expense of others, leaving them with nothing or losses.

People who are scamming are criminals and they are never going to stop until people let them to do, in the investment sector people are investing again and again after they faces many loss which is what feeding the scammers to be here.

panjay

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Haha that how our world works dude, people figure out they can make a cash grab this thing to the ground.
Countless copy cat born with no innovation whatsoever or even solve problems that they don't have in the first place.

Have a problem? solve it with blockchain!

OZmaster

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Quote from: kawetsriyanto on July 09, 2021, 09:46:44 AM

Quote from: ?? on ??

I have a lot of disappointments in my life. Then when I came into crypto the worst disappointment was invested in scam. I trust the team but they stole my money. Yes, I am not yet familiar how scammers work. I'm now more mature to avoid and handle my disappointments and avoid the scammers. I think it is part of crypto since this space is digital and more on decentralized system.

Glad to know that you already took the lesson and learn how to avoid scammers.
Scammers will never end, failed and the shit projects will be always there.
That is why, we are here to learn in order to be more and more careful, smarter, and also wiser.
Following any hype to buy certain new projects promoted by certain people or influencers may be also very risky. As what happened right now, there are many newcomers that are here only following hypes, buying shitcoins, adn then losing much money. What happens next? they hate crypto itself because they are doing wrong in entering the crypto.
that is why I said that glad to know you taking good lessons from your previous mistakes or bad experiences.
yeah, experiences always become a good teacher and partner.

And about disappointment because of the shit projects, never take it too deeply, because shitcoins will also exist.

With cryptocurrencies it is so extremely easy because everything is open source and they can just fork the code, maybe make some tweaks, write a white paper (or copy that as well) and launch an ICO anonymously. For scammers this is a paradise. If they are careful they can never get caught. That is a side effect we all have to live with. If we want the things to be open source, we must know that someone else will take the code, start his own project and it could be a scam.

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