How to solve the ICO and shitcoins madness? - page 4.

The Sceptical Chymist

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Quote from: 13abyknight on July 06, 2017, 08:21:28 AM

I don't think 95% of the altcoins will die off, not even close. If you look around, almost all the new coins and ICOs in the market have a very unique use or at least differ from each other in multiple ways so you can't completely deem them useless before they're actually put to test. I agree with your point that some altcoins are being dumped on the newcomers but as a newcomer, its your responsibility to do some research before you invest in anything.

Yeah yeah, they're all unique snowflakes and are beautiful and blah blah blah. Meanwhile domino's pizza sti doesn't even accept bitcoin. My point being that there just isnt enough demand or usage of altcoins to justify their survival. All anyone ever does with a shitcoin is try to pump and dump it. Period. These 'unique features' don't mean shit if people don't use them.

And I disagree. The volume of shitcoinage doesn't spook or disgust newcomers--they're usually the ones buying those garbage coins!

letsgoman

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ICOs do need some sort of regulation though, this can't continue like this.

samcoin

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People like to ride the wave, investing in crypto assets is the most profitable investment now a days. I agree the scam or fake ICOs hurt the crypto image, but people have a lot of resources to investigate, even the newcomers should be responsible of their investment choices.

YodaYoda

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Quote from: letsgoman on July 06, 2017, 08:16:17 AM

There are so many coins, over 95% of them will be dead and will never EVER have any real usage. I see people shilling shitcoins on twitter, telegram, slack, etc. and all that so they can later dump on people that are new to the crypto and fall for this. It's setting a very bad image for newcomers and taking away money that could be invested in the growth of real coins with potential and future. If you say something or try to warn someone, you are called a troll or FUD spreading because everyone in crypto right now thinks that they will get rich quickly on some coin that will be dead sooner or later.

ICOs... same story, I don't even want to start with this... Why are people so dumb and how to prevent this?

It's a bit of 1999, when everyone wanted to add a .com behind their name, go public and raise money. The ICO's are unregulated, and so fast to promote so even worse. The way to 'stop' it, is not the answer, but hopefully, the investors in ICO's will start to do their homework. A few simple things:
1. Invest on trackrecord.
2. Look at founders.
3. Look at business plan and if they have functioning systems. Don't invest in a development project.
4. Look at eval. If an ico raise 1 million and have a float of 10% is the company worth 10 million? Can it be? Use math. EOS for instance. 185 million raise, billion dollars in eval and they have shown nothing except a fluffed up whitepaper.

Just as a tidbit: I didn't invest in Etherum, after sitting with about 10,000 USD worth. I chose not to. Why? Buterins lack of track record, their budget was kinda silly '10 million for development' and so forth. So yeah, im strict and don't get it right, but im a conservative investor. I also develop my own concepts, so i sink my money into my own projects, that I control, can see and truly believe in.

Kaiser72

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I'd put the number closer to 80% will die off....

CrowdFunder

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Eventually the shitcoins will all die and only the ones with real usage will survive. It might take a bear market to wipe them out or it could happen organically. I think the main problem is the market is still young and doesn't know how to properly price it plus individual investors are often stupid and don't do proper research...

Everyone will shill their coins cause they don't want to lose their investments, its just human nature.

letsgoman

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Quote from: FrankNoland on July 06, 2017, 11:02:45 AM

Quote from: letsgoman on July 06, 2017, 08:16:17 AM

There are so many coins, over 95% of them will be dead and will never EVER have any real usage. I see people shilling shitcoins on twitter, telegram, slack, etc. and all that so they can later dump on people that are new to the crypto and fall for this. It's setting a very bad image for newcomers and taking away money that could be invested in the growth of real coins with potential and future. If you say something or try to warn someone, you are called a troll or FUD spreading because everyone in crypto right now thinks that they will get rich quickly on some coin that will be dead sooner or later.

ICOs... same story, I don't even want to start with this... Why are people so dumb and how to prevent this?

Why do you regard those coins as shitcoins? They might end up big someday, even worth more than Bitcoin, do you know that Bitcoin was once less than a dollar?

Because only the top 5% might survive. There is 950 coins listed now on CMC and that doesn't even include the whole list. Every day some new shitcoin comes up and the same story happens all the time. To be honest, the problems are these scummy exchanges like Yobit, Coinexchange, Cryptopia... that live only off of these pump n dump coins.

FrankNoland

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Quote from: letsgoman on July 06, 2017, 08:16:17 AM

There are so many coins, over 95% of them will be dead and will never EVER have any real usage. I see people shilling shitcoins on twitter, telegram, slack, etc. and all that so they can later dump on people that are new to the crypto and fall for this. It's setting a very bad image for newcomers and taking away money that could be invested in the growth of real coins with potential and future. If you say something or try to warn someone, you are called a troll or FUD spreading because everyone in crypto right now thinks that they will get rich quickly on some coin that will be dead sooner or later.

ICOs... same story, I don't even want to start with this... Why are people so dumb and how to prevent this?

Why do you regard those coins as shitcoins? They might end up big someday, even worth more than Bitcoin, do you know that Bitcoin was once less than a dollar?

Ayers

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ico or new coin with shit dev have the same meaning to me, they are both bad, ico are good for quick buck if you know where to put your hands, but it's not always easy, they all look the same now, all smart contract copy paste, some good idea are there among this madness, like tezos and SONM, but other are to avoid, just ignore them like i do

Abricotier

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ICOs are not shitcoins. If there is such a craze about it, this is not out of nothing. A great majority of ICOs end up being very profitable, and after a very little time for some of them !

And about true shitcoins, I think that does not exist anymore. I have no heard anything about it for a long time.

YYmeans

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Quote from: letsgoman on July 06, 2017, 08:52:37 AM

Quote from: Taki on July 06, 2017, 08:47:08 AM

People are so dumb, because we all wish to become rich fast and easy. Bitcoin is a promoter of such ideology, how many stories we heard about some boy who bought bitcoin five years ago and holded and now he is rich. All this shitcoins and ICOs are porazitating on such stories and peoples' wishes. I think tihs is jist going to be continued tihs way, because of there is no any seriouse control and punishment in this area.

That's obvious yes, I was trying to figure out if there is anything even possible that could be done to prevent this?

Maybe you could make an ICO report web, to prevent shitcoins from collecting money .

Ucy

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"you are called a troll or FUD spreading because everyone in crypto right now thinks that they will get rich quickly"

Guess people mistake you for a troll if you criticize without proofs or use nasty words.
I have no problem with constructive criticism, infact, I often search for criticisms before participating in any ICO. Just take it easy and be constructive.

Patatas

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Quote from: letsgoman on July 06, 2017, 08:16:17 AM

There are so many coins, over 95% of them will be dead and will never EVER have any real usage. I see people shilling shitcoins on twitter, telegram, slack, etc.

They're paid shills.You know the bounty campaigns,that's how they're suppose to work.

Quote from: letsgoman on July 06, 2017, 08:16:17 AM

It's seting a very bad image for newcomers and taking away money that could be invested in the growth of real coins with potential and future.

What's wrong with the existing ones ? Btw no one forces anyone to buy coins ,it's your own choice.

Quote from: letsgoman on July 06, 2017, 08:16:17 AM

If you say something or try to warn someone, you are called a troll or FUD spreading because everyone in crypto right now thinks that they will get rich quickly on some coin that will be dead sooner or later.

You shouldn't really worry about them.Those are technically challenged traders who know nothing apart from poloniex and bittrex.

garet

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While I do agree that the market is madness right now, I'm not sure there will be much change until more structure is brought to it. I know the ideology is is all about being decentralised, but considering how people want to treat coins like stocks, eventually some sort of governance will be implemented to hold all participants accountable. If the current trend continues, this will probably lead to the governance of the crypto trading market looking very similar to the current stock market. Different exchanges, some reputable some not, rules, regulations etc.

Just my 2 cents.

letsgoman

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Quote from: Taki on July 06, 2017, 08:47:08 AM

People are so dumb, because we all wish to become rich fast and easy. Bitcoin is a promoter of such ideology, how many stories we heard about some boy who bought bitcoin five years ago and holded and now he is rich. All this shitcoins and ICOs are porazitating on such stories and peoples' wishes. I think tihs is jist going to be continued tihs way, because of there is no any seriouse control and punishment in this area.

That's obvious yes, I was trying to figure out if there is anything even possible that could be done to prevent this?

Taki

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People are so dumb, because we all wish to become rich fast and easy. Bitcoin is a promoter of such ideology, how many stories we heard about some boy who bought bitcoin five years ago and holded and now he is rich. All this shitcoins and ICOs are porazitating on such stories and peoples' wishes. I think tihs is jist going to be continued tihs way, because of there is no any seriouse control and punishment in this area.

Renji Abarai

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Quote from: letsgoman on July 06, 2017, 08:16:17 AM

There are so many coins, over 95% of them will be dead and will never EVER have any real usage. I see people shilling shitcoins on twitter, telegram, slack, etc. and all that so they can later dump on people that are new to the crypto and fall for this. It's setting a very bad image for newcomers and taking away money that could be invested in the growth of real coins with potential and future. If you say something or try to warn someone, you are called a troll or FUD spreading because everyone in crypto right now thinks that they will get rich quickly on some coin that will be dead sooner or later.

ICOs... same story, I don't even want to start with this... Why are people so dumb and how to prevent this?

My suggestion there should be a board that will review the ICO's before it is released to public for investing.For example for Ethereum Board, Waves platform Consortium etc. for each platform they will used the board should review it. In this way the project is scrutinized, reviewed and evaluated for its profitability and viability.

13abyknight

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Quote from: letsgoman on July 06, 2017, 08:26:34 AM

Quote from: 13abyknight on July 06, 2017, 08:21:28 AM

I don't think 95% of the altcoins will die off, not even close. If you look around, almost all the new coins and ICOs in the market have a very unique use or at least differ from each other in multiple ways so you can't completely deem them useless before they're actually put to test. I agree with your point that some altcoins are being dumped on the newcomers but as a newcomer, its your responsibility to do some research before you invest in anything.

I get what you're saying but newcomers are being sold lies which they believe in because the shills are everywhere. They create websites, twitter and yt account, share fake articles and everything possible, just to convince them. From their perspective, it's not that easy as "do some research before you invest in anything" because in that research they will find exactly these "traps" that seems real to them.

By the word 'research', I mean the information which is being posted about the coin/ICO by other people and not coin/ICO owners itself. If somebody invested in a coin and found out it was dumped, he would definitely make a post about it to spread awareness about the same and when you read this you will clearly decide not to invest there.

letsgoman

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Quote from: 13abyknight on July 06, 2017, 08:21:28 AM

I don't think 95% of the altcoins will die off, not even close. If you look around, almost all the new coins and ICOs in the market have a very unique use or at least differ from each other in multiple ways so you can't completely deem them useless before they're actually put to test. I agree with your point that some altcoins are being dumped on the newcomers but as a newcomer, its your responsibility to do some research before you invest in anything.

I get what you're saying but newcomers are being sold lies which they believe in because the shills are everywhere. They create websites, twitter and yt account, share fake articles and everything possible, just to convince them. From their perspective, it's not that easy as "do some research before you invest in anything" because in that research they will find exactly these "traps" that seems real to them.

13abyknight

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I don't think 95% of the altcoins will die off, not even close. If you look around, almost all the new coins and ICOs in the market have a very unique use or at least differ from each other in multiple ways so you can't completely deem them useless before they're actually put to test. I agree with your point that some altcoins are being dumped on the newcomers but as a newcomer, its your responsibility to do some research before you invest in anything.

Topic: How to solve the ICO and shitcoins madness? - page 4. (Read 3515 times)