Do we have too many alt coins? - page 2.

faiza1990

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Quote from: tinof on August 23, 2014, 06:19:28 AM

Quote from: giveBTCpls on August 19, 2014, 12:31:42 PM

99% of altcoins these days exists with the sole purpose in mind of their creators (and community) to bump and then extract BTC from the unsavy/speculators. Do not get fooled by false promises my friends.

Not only are they extracting BTC from fools, they are also dumping BTC for cash.

Not sure if anyone notice, every time there is a successful IPO or new coin, BTC market cap take a huge hit not long after. I am going to guess this is due the developers cashing out their btc.

You are right and as they cash out coins after few days new coin is not in frame and many newbies and investors lost huge money

tinof

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Quote from: giveBTCpls on August 19, 2014, 12:31:42 PM

99% of altcoins these days exists with the sole purpose in mind of their creators (and community) to bump and then extract BTC from the unsavy/speculators. Do not get fooled by false promises my friends.

Not only are they extracting BTC from fools, they are also dumping BTC for cash.

Not sure if anyone notice, every time there is a successful IPO or new coin, BTC market cap take a huge hit not long after. I am going to guess this is due the developers cashing out their btc.

giveBTCpls

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There are people making decent amounts of money offering services that are basically "we pay us and we make your own shitcoin". It has turned into a whole market moving big amounts of money. Roll Eyes

DrG

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Quote from: On1X on August 22, 2014, 01:31:29 PM

Quote from: fast-coin on May 28, 2013, 08:59:31 PM

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

alt coins should get banned.

The same way China banned BTC 48 times? Cheesy

There's no reason to ban them if fools don't put their money into them. The pump and dump devs rely on the constant stream of new foolish money. The altcoin section is a zoo now.

On1X

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Quote from: fast-coin on May 28, 2013, 08:59:31 PM

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

alt coins should get banned.

faiza1990

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Quote from: Gnarrrly on August 22, 2014, 07:10:52 AM

Yes, why so many? We dont need them

But no one can stop them just because of this we have too many and everyday many still coming

Gnarrrly

newbie

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Yes, why so many? We dont need them

Yuki1988

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Quote from: Chompa on August 22, 2014, 06:40:19 AM

Quote from: Bananana on August 22, 2014, 05:58:57 AM

People have to stop falling into those IPO scam, pump and dump scam and so on.

Yes but people also like to invest in the next big thing, new technology and make a big ride (get rich). Pretty much like gambling. Ofcourse it's sad if coins were just created to make people believe it's gonna be the greatest new technology without really trying or awfully failing at it.

Exactly.
Many people have missed the boat for bitcoin, and they can't resist the chance to catch the next big thing that could bring them an extremely high profit.

Chompa

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Quote from: Bananana on August 22, 2014, 05:58:57 AM

People have to stop falling into those IPO scam, pump and dump scam and so on.

Yes but people also like to invest in the next big thing, new technology and make a big ride (get rich). Pretty much like gambling. Ofcourse it's sad if coins were just created to make people believe it's gonna be the greatest new technology without really trying or awfully failing at it.

Bananana

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People have to stop falling into those IPO scam, pump and dump scam and so on.

Yuki1988

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Quote from: DrG on August 22, 2014, 05:11:41 AM

Quote from: Grownwithbtc on August 22, 2014, 02:46:17 AM

No It's no good at all and I wonder why exchanges accepts all those dump coins, they will never be anything like bitcoin. I'm Ok with Litecoin and Bitcoin but only 2 and not 1000's alts which are just for pumping money from other ..

Exchanges typically have nothing to lose other than database management by hosting all kinds of alt-trash. Since they take a 0.2% cut typically it's free passive money for them as long as the wallet is secure. They can dump the alt-trash coins whenever they want for BTC in their own trading systems. Some exchanges promote every single coin possible, some just stick to the older ones.

Exactly.

Developers create those coins for profits, and they don't care if others will lose in the pump and dump.
Exchanges list those coins for profits, and they don't care if others will lose in the pump and dump.

Chompa

newbie

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I don't care the many altcoins. The good ones will remain. It's not that easy to have the good technical skills, devotion to develop, good marketing and community interaction.
It's just important to research the coin you are willing to invest in, don't go in blind or on rumours and hypes, there's so many trolls trying to lure you in the wrong things.

DrG

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Quote from: Grownwithbtc on August 22, 2014, 02:46:17 AM

No It's no good at all and I wonder why exchanges accepts all those dump coins, they will never be anything like bitcoin. I'm Ok with Litecoin and Bitcoin but only 2 and not 1000's alts which are just for pumping money from other ..

Exchanges typically have nothing to lose other than database management by hosting all kinds of alt-trash. Since they take a 0.2% cut typically it's free passive money for them as long as the wallet is secure. They can dump the alt-trash coins whenever they want for BTC in their own trading systems. Some exchanges promote every single coin possible, some just stick to the older ones.

Grownwithbtc

newbie

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No It's no good at all and I wonder why exchanges accepts all those dump coins, they will never be anything like bitcoin. I'm Ok with Litecoin and Bitcoin but only 2 and not 1000's alts which are just for pumping money from other ..

Dannie

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Quote from: Bitsaurus on August 17, 2014, 05:11:02 PM

Again just look at this http://mapofcoins.com/ and tell me that's not nonsense. No single coin will be able to fulfill every market niche nor should it have to, but 3+ coin launches a day is ridiculous.

Out of that 550 altcoins, how many you have heard of? May be 10 or 20.
On how many of them, you can actually name a special feature of the coin? May be 3 or 5.

Cheesy

Nawaytes

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Quote from: iluvpie60 on August 21, 2014, 08:56:15 PM

Quote from: fast-coin on May 28, 2013, 08:59:31 PM

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

well that is the consequence of having open soruce. everyone and their mother is going to copy it and say theirs is better. it might be, but its not what is beign used. the more altcoins created the more of a joke it becomes. there really isn't almost any need for more than a few altcoins, but since this is the open market on things like this as many will be created and uses as there is a demand for.

now many are making new coins because it is very easy to make,
but if the coin was just copied from the previous coins and not good in management. definitely the coin will quickly die Shocked

iluvpie60

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Quote from: fast-coin on May 28, 2013, 08:59:31 PM

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

well that is the consequence of having open soruce. everyone and their mother is going to copy it and say theirs is better. it might be, but its not what is beign used. the more altcoins created the more of a joke it becomes. there really isn't almost any need for more than a few altcoins, but since this is the open market on things like this as many will be created and uses as there is a demand for.

ensurance982

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Trust me!

Quote from: fast-coin on May 28, 2013, 08:59:31 PM

It's so easy to make one, does it make sense? But think about it, Bitcoin and Litecoin are the same thing.

We have too many Altcoins! Definitely. It's purely a question of adoption. A commodity or currency will only be successful if people agree that it's valuable and they can be sure to trade it for other things in the future. I guess 99% of those altcoins won't transfer any real wealth in the future. They're interesting when it comes to new ideas, though...

CoinDiver

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The more alt-coins, the less each one is taken seriously. Alt-coins will be the death of alt-coins. No one can ever have the most important feature of bitcoin, first to market.

TimeWatch

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Yea there are too , far too many of them. At coin-swap we can get a new coin for 1 btc, or lower rates..Too much saturation after Bitcoin entered.

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