Topic: Is Bitcoin Talk's love affair with shitcoins over? (Read 467 times)

That's only for the dark web though, even though it's a decent sized market. Also, whose to say that bitcoin can't have privacy features? There are already proposals for this. It's probably just a matter of when.

I've read somewhere that around 92% initial coin offering launched in 2017. turned out to be but scam/projects simple failed/didn't hit exchage and only 8% of all ICO's were listed on exchange  (I am not sure how many of ICO's  issued erc20 tokens, probably most of them), my guess is many investors lost their faith and moved from this market...
...lack of investors directly affects payout rates, less money collected = lower bounty rewards and bounty hunters will receive much less shitcoins or tokens (if they receive them at all). Looking at scam accusations and complains against bounty managers, situation is "not so good" and with all these exposed scams lately that whole board is looking like "investor based games", people are scared to invest money in shitcoins(my opinion)

For most bounty hunters this is regular 8 hour shift and I believe they will simple create more accounts to "compensate lower rewards" (if this is correct expression) and to, as you said, pollute forum.

That's one of the few coins that has a utility and will survive.

I just got this from one of my fiat market feeds.

https://www.livesquawk.com/members/crypto_update_aug_2018

It makes a good point about how the market is changing due to having institutional and professional traders involved more now.

Have you been on the dark web within the past year? No one even takes bitcoin, they only take privacy coins like Monero.

I generally don't watch the altcoin market much, but the pattern has been that when bitcoin goes up, altcoins go down and vice versa.  It's not a hard and fast rule, but that's the way I've seen it happen.  At any given time, there seems to be a fixed amount of money in the entire crypto space, and people are either buying bitcoin or buying shitcoins.

A 90% mortality rate for shitcoins sounds about right, and I suspect it's going to be even higher than that in the long run.  I just don't know how long it's going to take.  However, we've seen bloodbaths in the market before, and we've also seen incredible recoveries too.  Whatever the market is doing right now may not be a sign of anything other than extreme volatility.  That's standard for crypto.

Sure. Doesn't mean we should bow down to them, and let them do what they want though. I think the best way to approach most of the problems with altcoins is imposing restrictions to reduce the spam problem. I'm really not sure how to combat the scam problem, because from a moderation point of view it isn't going to happen. I've seen a few users starting to research each project in depth though which has given some decent results.

when us dollar disappears things will change quite a lot.

there is no guarantee that old bitcoin will survive. and people will continue thinking its "valuable"

sorry JC don't take offense
when the span of 2016-2017 is unthinkable to do mining of altcoins. it's a golden year for altcoins miners and I feel it, 1 day can get 100$ (5xGPUs) rather than having to buy bitcoin and sell it at a high price. until now I don't invest in Bitcoin because it is too risky.

Unfortunately all these scam coins tend to discredit the crypto market.

Maybe I should go anonymous, and then I could start a few.

I totally agree with you. As soon as the time of the bulls starts, and it starts, I'm sure of it, then the future will appear for altokens. Now, with a dominance of 50%, many projects are bent. 

The saddest part of all this bounty spamming is the change that it has made to the forum. Up until now, all I've been doing is collecting Bitcoin by various means. Recently I bought a small amount of Bitcoin from a forum member, and I would like to increase this in the future. I missed out on the massive price rise a couple of years ago because I didn't trust exchanges. I didn't have any problems with the exchange here, and this is probably the result of my interaction with the member over several months. I don't feel that the trust system here can be used to evaluate a potential trade though. This is for two reasons, one is that it covers far more than trading trust, and the other far more significant fact is that accounts can be purchased. Obviously the trust needs to be related to the person, and not the account. Unfortunately it is not possible to guarantee that the two are the same.

I can get round this by setting up a small invitation only trading room, and I am working on this at the moment. It does mean that trading potential is rather restricted though.

altcoins will never die, its boring to invest in bitcoin when you can get over 10x gains from altcoins really quickly.  There will always be new tech coming out and altcoins with new features, it simply wont die.

Well, my wish is that exactly those top 10 altcoins will be part of the 90% that will get purged.

Not because I fear them taking over from BTC but because they are selling the same promises as the bottom shitcoins the only difference being a better PR team.



Theymos has banned ICO advertising on the forum and the current line-up of ads is heavily orientated to BTC.
People that deal only in bounties and are just interested in dumping their catch as soon as possible (using eth) are not so much of a target for sales


I have a feeling half of the hunters are actually bots, or even worse...
Thousands after thousand or reports on all kind of bot activity are making me wonder on all those numbers in the altcoin section, from the number of posts to number of people posting there

If the proposal of hilariousandco with the 1+ merit requirement gets the approval of the sir Theymos we're going to have a somewhat better view on the reality there and I'm sure it won't be pretty.


The problem is that running a bot costs pennies, even if the bounties are 1$ multiplying it by 1000, is still profitable.

There are thousands of people doing captcha work for 50-100$ a month, the reward from posting here must go below that and the recent "bloodbath" wasn't capable of triggering this, we must see ETH hitting 100 for a real one

Effective Marketing strategy is the heart of a crypto currency. Without having smart marketing plan most of the Alts can't ensure their goal. On this basis bitcointalk Is a nice platform to expand marketing activities through worldwide crypto community.

But what happens in real. After the end of ICO most of the Alts who got the chance to be listed on exchanges pull of their promotions. In my opinion which Alts are very operative after the end of ICO those gone viral and enrich their goal.

But if you close you reserve cash before investors get engaged properly with your Alts than its gonna be vanish soon.

Alts historically always have fluctuated more than bitcoin.

Part of the reason for this is that BTC is their primary base market.

Just like the price of commodities that use the US$ as a base market fluctuate more than the US $ itself.

I agree that the majority of Alts have no purpose for existence. They are a ploy to take bitcoin and provide useless tokens in return.

It is like saying: "Give me your gold and I'll give you an interest bearing piece of paper that shows I've taken your gold that you can exchange with others."

The only "alts" and ICOs of value are the ones that provide some sort of actual real world service or purpose. - Not just promises of a purpose.

Most of the "promises" are just BS.

Yes, but if the visitors are bots and low value bounty hunters,then the advertisers start to question the value of advertising. There is a reason why some clicks are worth $500+, and some are worth less than one dollar per thousand.

don't shitcoin and bounties, due to the volumes of visitors that bring, generate indirectly funds to the forum in the form of paid advertisement?

The 90% of shitcoins dying in a bloodbath claim originates from this tweet from Ted Rogers the president of Xapo.

https://twitter.com/tedmrogers/status/1029234182386409472


Unlike a cloth sack, most of those coins never had a use in the first place. They only are ever used as pump and dump trading vehicles. The ones that will survive will be the ones with some kind of utility.

The other reason Bitcoin is getting back above 50% market dominance is that tokens, as well as coins, are included in that measurement. It seems that people are slowly waking up to the fact that the vast majority of the ICOs are just plain simple scams.

How long before the ICO signature spam dies as well is another question.

They will still be here collecting dust and hoping someday that these dusts will become mountain of gold  . As long as there is money in here, even if it is small they will stay.

It's true that certain coins/tokens are likely to crash in price after they get distributed to the bounty members, but still again, money is money. A few dollars from the shitcoins is still something to those people especially if they're from a craphole country like Venezuela or something.

Not everything recovers, and industry changes. Years ago I made some money from buying shares in a company called West of England sack. They rented traditional sacks to farmers, and farming was moving towards different distribution methods. The shares had slumped, although the company was still making a small profit. It was taken over, and the purchaser paid less than one years profits for the company. So he got his money back from continuing to trade, and he got the assets of the company as a bonus. I don't think the company lasted for more than a couple of years though. I mention this to show that you can make money from a dying asset,but you have to be prepared to get out quickly.

Looking at some of the alt projects, by the time you receive your coins  it may be too late to get rid of them, and in the meantime you've killed your reputation in the forum.

Unfortunately, altcoins have been somewhat healthy because of the promise of free coins, and the next Bitcoin. Which has resulted in great media coverage for all cryptocurrencies including Bitcoin. Its this exact reason why we are seeing so many scam projects. I'm not going to pull a figure out of my arse here, but the majority of altcoins on this forum aren't worth the effort of reading.

If you follow the rule you don't loose until you sell, big part of the shiposters will turn in HODLers with the dream to the moon one day /or at least recover/.
At least this is what happen around Jan. when the big drop came. I stared trading just before that time /really unfortunate time to start trading but luckily enough it was only small amount I was actually prepared to risk/ and many I had contact with decided to wait for a better times / if you can afford it of course/
There are ups and downs all the time so, nothing new here. The market will recover again and the alts will rise/some will be gone hopefully/.
I really doubt that this will affect the post quality in the forum, the reporting will do tho

Even if alts prices do a nosedive(lower than they are right now), as long as there is still money to be made there will still be people spamming bounties, no matter how high bitcoin's dominance will be.

And yea, definitely 90%+ will die. But it will definitely take time for people to realize that they're investing on crap. I don't expect most of them to die any soon.

Oh good lord that line. Everytime I browse r/cryptocurrency and I read along the lines of "X or Y coin is better because BTC is slow etcetc, I get so triggered.

In all honesty i think 90% + NEED to die if crypto is genuinely going to appeal to the masses. I'm kind of contradicting myself here as i have been happy to try and make few $$ off the back of shitcoins (i'm sure i'm not the only one!  ) but i know only too well the vast majority will wither and die.

Too many scammy 'coins' are jumping on the bandwagon, trying to make a fast buck with blatantly crap projects. Once a lot of these are rightfully flushed down the toilet then i think Crypto will be taken seriously. The crypto space in dire need of a good clean-up!

Whops! I got that round the wrong way didn't I. I meant that 90% won't survive. Thanks for pointing that out, and I've edited my post. I must stop starting threads before I've had my first coffee of the day.

It seems that the top 10 will consoidate behind Bitcoin, and it will take something special to break into that group in the future. I expect to see an increase in complaints from the spammers here as they either don't receive payments, or the payments are so low that it isn't worth exchanging them.

I think that’s what he meant, just a sentencing error. Jet Cash is a pretty smart guy. To stay on topic though - I hope shitcoin’s bleed beyond a point where they can be resuscitated. Bitcoin dominance can only be a good thing, right? Pour that money into bitcoin bitches. 

Do you mean that 90% of alts won't be able to survive? 90% of them surviving seems a lot to me.

only those people have lost large sums of money who have sold during this bearish market. Moreover, as long as the coins have some value in the market, spammers will be there for sure.

P.S. Dominance of BTC is just due to the fact that altcoins are more volatile in nature and tend to fall or rise more during bearish or bullish market respectively when compared to BTC. Its just a matter of time when BTC dominance will fall again. Every coin has its day. sometimes BTC is in power and sometimes altcoins

Nah... I think you're giving people too much credit. I'm pretty sure that as soon as Bitcoin stabilizes and starts recovering, we'll see a lot of money flowing into alts again.

The fear of already having missed the Bitcoin train is too big. The lure of investing in "the next Bitcoin" is too strong.

Besides, didn't you get the memo that Bitcoin is old tech? /s

This can be true or false,
True, if they only have one low-rank account because the coins they receive can't cover electricity and internet costs unless they do it at the Internet cafe, just order one cup of coffee they can sit there for hours.

False,if they have many high-rank accounts like Sr. and above. no matter how sinking the price of altcoin will not affect them. earning a little in large amounts over time will become a mountain of gold.

This forum has become an industry for "them".

The blood bath in the altcoin markets has caused a lot of people to lose large sums of money. The talk is that about 90% of them will not survive. Bitcoin is now at over 50% dominance. Will this mean that most sig spammers will not make any money from their board pollution here?

Now would seem to be the time to revive the beginners board as a Bitcoin starters board.  Bitcoin has a golden future, but most of the sig spammers here don't have a future in crypto, unless they start to learn about the industry ofcourse.