Topic: Too Many Altcoins! (Read 463 times)
People who are skilled and good at development have found it an easy task to create their own tokens and come up with a project. We can see large number of such projects, and in specific once there was a hype for tokens. It was during the previous bull trend when bitcoin reached its ath value. By the time many such tokens grew big and gained good earning to the developers. Now things have changed and people are aware of the right coins/tokens to invest.
Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
Yes a good number of altcoins founders are creating their tokens just for money, although no one might know the actual number but a very good number of them are doing this, which is why there are many dead tokens in the crypto space with their teams no where to be found and thus the platform already dead. Also, Bitcoin has taken its place in the crypto space which is why it is highly trusted by everyone, in addition, most altcoins are also trying their best in their respective use cases such as Ethereum, Binance coin etc which is why they are growing too. So once again, yes, most altcoins are not good for investing and/or holding because the team are not even ready to develop anything.
people and the market don't need a lot of altcoins. most projects are created simply to scam people and get their money. many projects will soon become a scam and everyone will forget about them except of those people who invested in these projects
That is so right we don't need any more altcoins, there are already above 5000+ altcoins and numbers of them are rising up day by day. Most projects are useless and people lose a lot of money by investing in such projects. Cause of that l'm absolutely against to create a lot altcoins. It is also so hard to see that they don't care about people who invested in their projects and then people start thinking so bad about this world. 
Of course, with many altcoins circulating because the founder of every coin tried to make money by creating tokens. Later they only
need fundraising from investors, by promoting their projects through ICO or IEO. Therefore many useless tokens in circulation,
no wonder it was finally used by scammers to deceive investors. There should be more stringent rules regarding making altcoins,
do not like now that is very easy to create altcoins.
need fundraising from investors, by promoting their projects through ICO or IEO. Therefore many useless tokens in circulation,
no wonder it was finally used by scammers to deceive investors. There should be more stringent rules regarding making altcoins,
do not like now that is very easy to create altcoins.
That's right but don't forget that it is through these altcoins that we are seeingall these numerous blockchain solutions which are driving cryptocurrencies close to mass adoption. Some are turning out to be shit coins i know but let's not forget there are equally good ones out there so let's not label all of them as worthless.
I think that soon we will see new leaders and old altcoins will start to die
So do you think if the king of altcoin will also die (ETH)? I think nothing there will be a new leader in Altcoin because ETH is too big and very difficult to defeat
Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
To many altcoins but one of them are only display and dont have any value or its only a trash altcoins and not listed in exchange site.Ill have in my some altcoins in this year unfortunately one of them have no value and abandon by the development of the altcoins. We can avoid this kind of trash altcoins if we search each of them if they are a potential altcoins or not.
Yes the main purpose of cryptocurrency is to facilitate payment. But you have to know that altcoin is an improvement in the case of payment, meaning that when the network is too congested, it will certainly cause traffic jams, but with the presence of altcoin makes it the second choice for every crypto performer to make transactions.
Too many altcoins means several investments opportunities, several tokens to choose from the market and also, it helps you choose the best that you can from the market if you decide to go for blockchain usage.
people and the market don't need a lot of altcoins. most projects are created simply to scam people and get their money. many projects will soon become a scam and everyone will forget about them except of those people who invested in these projects
Most of these altcoins only exist for the sole purpose of helping its creators turn a profit. Despite what their modus operandi is, it's quite obvious that this is the case, otherwise they wouldn't have an incentive mechanism built into their operation.
I try to stay away from any altcoin that already has a successful competitor. If you look in the top 20 by market capitalization, these are mostly the OGs that have a relatively unique use case and actually successfully executed on it. The ones below that are usually copycats trying to step on their turf, and generally failing to do so.
I try to stay away from any altcoin that already has a successful competitor. If you look in the top 20 by market capitalization, these are mostly the OGs that have a relatively unique use case and actually successfully executed on it. The ones below that are usually copycats trying to step on their turf, and generally failing to do so.
I think that soon we will see new leaders and old altcoins will start to die
So do you think if the king of altcoin will also die (ETH)? I think nothing there will be a new leader in Altcoin because ETH is too big and very difficult to defeat
You are right, all about money, see how many altcoins have died to date? almost countless.
and almost every day there is also a new altcoin appears to decorate the crypto market with a variety of goals that they offer, our task now is to be careful enough in choosing not to get caught into the abyss they have made.
and almost every day there is also a new altcoin appears to decorate the crypto market with a variety of goals that they offer, our task now is to be careful enough in choosing not to get caught into the abyss they have made.
Do you ever wonder why there are many altcoins today? I was just thinking that since the main objective of cryptocurrency is to ease payment. Why would people create so much altcoins when people can only use bitcoin as a payment gateway? Are the founders of every altcoins creating their token for money?
Well, because if you just ask what would you give to bitcoins or satoshi, then no one will give, but if you offer to change bitcoin for an altcoin paper candy wrapper and convincingly tell the legend, then people will believe and change
When you understand people's mindset towards Cryptocurrency you will realise why there's many projects out there. People feels Cryptocurrency us about money and hence there's no regulations to regulate what tokens is being created and team behind the project they keep on creating projects for the sake of quick money. Reason why I always advice Everyone to do research before investing to avoid scam
Heck, I think different that today there are fewer new altcoins being created than it used to be. The new altcoin has to be really good to stay afloat and pitch again old altcoins that already well-established with loyal followers. Meaning that if you don't adapt and improve, you will soon be overtaken by something new. Because of this, I welcome a healthy market of many altcoins where every one of them will need to do everything they can to stay competitive. Money is one of the main drives to push them forward so you shouldn't underestimate it.
lol.
Yea most of the tokens are an attempt of making money, also at lease a half of them are dead tokens who were scams.
I hate that those tokens exsist and are in the top 1000 , or top 2000 because this stands in the way of those people who want to fnd legit tokens.
Yea most of the tokens are an attempt of making money, also at lease a half of them are dead tokens who were scams.
I hate that those tokens exsist and are in the top 1000 , or top 2000 because this stands in the way of those people who want to fnd legit tokens.
the reason why so many altcoins were created is to offer competition and improve on bitcoin shortcomings. unfortunately majority are just there to occupy space. we are entering a new phase and many are fading off already. time will come when all useless and valueless altcoins will fade away.
Every founder of altcoin creating their token because of money. If they were able to create a good altcoin with features that we need that none other altcoins have then they will become a success. Other new altcoins, if they only have the money as the goal in their mind then they aren't going far. The market will readjust and those will become trash coins.
Do you ever wonder why there are many altcoins today? ...
No, take it as the whole point of decentralization.
Each one of us can have a coin and none is more (or less) important than the other.
For what purpose new coins are being created and how are being used is for another debate.
It is easier to just accept the fact that they exist and that they have right to.
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