Too Many Altcoins! - page 2. | Bitcointalksearch.org

Fredomago

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Quote from: Tipstar on July 30, 2020, 11:58:31 AM

Quote from: CryptoDost on July 30, 2020, 04:55:59 AM

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?

It's a free and unregulated market and it's both good and bad. It's always good to have more options but people and developers would also get divided for gain of individual project which may diminish the overall motive of cryptocurrency.

Open for all and it's good in the sense that investors will be able to pick which project are suits for them, while also considering the
negative implications where it will divide thoughts about existing market if there are lots to choose from.

Quote from: Tipstar on July 30, 2020, 11:58:31 AM

With so much divergence on crypto, enterprises and government would soon dominate the crypto share of market as they have the capacity to bring better tech on crypto and advertise.

This can happened, big businesses and government can takeover and dominates as they have the rightful resources to take advantage.

@baoli

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Yes that baffles me sometimes having gone through white papers and website. So many are created for money no real value. In my own opinion I think some of them needs to be integrated with others.

Argoo

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Quote from: CryptoDost on July 30, 2020, 04:55:59 AM

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?

Most altcoins are tokens that serve some particular specific business. Such tokens have limited circulation and scope of use. Anyone can create new tokens, so no one can stop their development, including their number. We do not need to know all the altcoins, it is enough to select only a few of them, which, in our opinion, have good prospects for growth. A large number of cryptocurrencies are needed as this creates conditions for normal competition.

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Quote from: CryptoDost on July 30, 2020, 04:55:59 AM

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?

It's a free and unregulated market and it's both good and bad. It's always good to have more options but people and developers would also get divided for gain of individual project which may diminish the overall motive of cryptocurrency. With so much divergence on crypto, enterprises and government would soon dominate the crypto share of market as they have the capacity to bring better tech on crypto and advertise.

btccrusher

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Quote from: CryptoDost on July 30, 2020, 04:55:59 AM

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?

Most people are greedy and creating their own coins to take peoples money. Some people are trying to solving the transaction fees and time issue which called as scalability. And finally, Bitcoin isn't ready to use in daily life yet, unless you are using the lightening network, but that one is also just started and a lot of testing needed.

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Quote from: mace15 on July 30, 2020, 11:44:33 AM

Too many altcoins appearing lately because some are there to scam and just create to make a noise. Even there are many altcoins it is just and right to search which is worth of our penny to invest. Hence, let's not fall for a project that is not worth it.

This is actually pretty clear, if the altcoin is not providing anything innovative and the team is also not doing efforts to make it successful then it is going to be dead soon or maybe won't get listed on any exchange in the future. One must always search the right project that is having potential to grow, not only it gives profit for short term investors but if people are going to invest in it for the long term then it will give huge profit for sure. You can see ethereum isn't a project that developed overnight, it took so many years to make it this much successful that most of the new projects are using it to develop their token.

mace15

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Too many altcoins appearing lately because some are there to scam and just create to make a noise. Even there are many altcoins it is just and right to search which is worth of our penny to invest. Hence, let's not fall for a project that is not worth it.

xZork

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Because altcoins are easy to create, anyone can create a coin of their own for a very low fee.
Most altcoins on the market today are bad coins and they should not appear, only a few altcoins are really good and worthy of the investment.

Dart18

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The answer is absolutely yes.
Not all them are angels like satoshi which will do it for the benefit of others.
Most of them are just for creating money with ICO's and IEO's.

There is no stopping it and most projects are just being repeated. You will puke in disgust.

el kaka22

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I feel like one of the main reasons is the human hubris that plays a huge role in doing this. Obviously there are too many people who will think that if they do a semi-decent project and have a roadmap, they could make tens of millions of dollars from it and they could get away with it, for 6 months to a year they will even work on it and get it listed and all of that but after that they will leave with millions of dollars unquestioned and will live an amazing life. That is one thing but I believe there is another, people think that they will make a coin that will be better than any coin.

Honestly I have seen so many people who start out thinking they will make a coin that will be "even better than bitcoin" and that is where they fail, even before they start, because they consider their own talents way too much.

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Quote from: CryptoDost on July 30, 2020, 04:55:59 AM

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?

Literally most of the tokens were creating for money making but it doesn't mean we can only use bitcoin for payments.You can spend altcoins as well if it is accepted anywhere for example in gambling sites you have multiple coins supported so you can spend one over other depends on transaction speed and fee factors.

palle11

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Quote from: bttmember on July 30, 2020, 07:17:13 AM

Quote from: CryptoDost on July 30, 2020, 04:55:59 AM

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?

It is an open market and mostly new projects come up with the slogan of being better than the previous projects but i do agree that there are dozens of projects and coins that were not even needed and that is why they have suffered to maintain any kind of position or value in the market.

Most are duplication of shit coins. Some are bunch of trash and we only end up drilling your investment. This is by you need proper research before buying and also not buying at once but gradually.

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Quote from: CryptoDost on July 30, 2020, 04:55:59 AM

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?

Not all altcoins are bad there are few which have really solved many issues which Bitcoin cannot. For example Ethereum has changed and allowed so many things that I cannot write it here.

Competion is always good and because of it we have Bitcoin lightning network, which is helping Bitcoin to stay in the race otherwise Bitcoin could have lost easily from Fiat.

target

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Some altcoins are created for some use case which sometimes is meant for a community and then they work on it to grow the community. It's not really that complicated to see they all want money but at the same time, teams like the ones who dedicate their work for anonymity are really working hard to make it worthwhile for their investors.

Earning money is just one of their goal for sure. Its also the goal of the investors but I wouldn't disregard the team's effort to give back to the investors what they deserved.

Divinespark

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Quote from: nutriagrigia on July 30, 2020, 10:08:08 AM

now there are no altcoins that have become leaders and that is why new companies are being born that want to become leaders. I think that soon we will see new leaders and old altcoins will start to die

what do you mean ? Currently ETH is the king of altcoin and bitcoin is the king of this market. The newly created altcoins aim to overthrow the previous dominance and create something new. But it's too hard to do that job, most new projects will die after a period of operation and do not offer any products

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Quote from: CryptoDost on July 30, 2020, 04:55:59 AM

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?

Because some one also want to have their own crypto currency and they want to follow what bitcoin do and plan make better than what bitcoin can offer as payment option.

Other want to give try to his own ideas while other is just a greedy persons that want this new technology to give them a lot of money by creating his own crypto currency.

Actually we are a lot tokens not Altcoins that use different platform such as ETH and EOS and many other platform that create tokens.

Rowenta

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Even if altcoins number turned to millions it's none of my consign, what I'm interested in is quality projects that can bring good profits in future, that's what we should be hunting for

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Quote from: CryptoDost on July 30, 2020, 04:55:59 AM

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?

Everyone here wants to make money imagine creating your own money out of thin air and sell it for a promise, so many developers have done that they deceived investors in thinking that the have a working product and their project is the next big thing in the Cryptoworld, investors will only know it after the developers are gone with their money.

nutriagrigia

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now there are no altcoins that have become leaders and that is why new companies are being born that want to become leaders. I think that soon we will see new leaders and old altcoins will start to die

gwaposakon

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I think project admin and developers like to have a sense of ownership about their platform. Having your own altcoin is like branding and the more if you have your own platform to control. The amount of crypto that is currently in the market only means the industry is growing fast and developing faster.

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