Too Many Altcoins! - page 3. | Bitcointalksearch.org

TopTort777

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Quote from: bussybuddy on July 30, 2020, 08:40:15 AM

New projects only copy from old projects.

But this is not bad. Take a look on how many refreshments are in the store, while all they are liquid aka water. Each has something unique. Like numerous brands that copy Pepsi or CocaCola. While Pepsi and CocaCola are original products, their copyist still buy and drink.

I'm ok with lots of altcoins in the market, even if the project behind them is a total crap. All of them simply create a healthy competition on the market and don't let strong project relax.

infocoino

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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?

smart contracts on altcoins solve specific purposes, you may do it in a current coin, but making it using your own blockchain makes it more expensive and more cheap in the same time and more profitable.

besides having a branding with your own coin name too, it is a good solution for all online and ecommerce sites, when people pay you in crypto you almost lose no fees, unlike fiat.

the issue is if every company creates its token and only make it for paying for services it will be cheap and useless that's why they also go and put it on exchanges hoping to get funds and the price to jump

iged_war

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too many altcoin in crypto market but most of this token useless and be shit project in my opinion, they only take investor's money and slowly exit scam when already listing in market. to this project we must becarefull , its price could dumped alot and maybe could delist in market due their activity in developting product.

ethereumhunter

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I think it is no problem if the crypto has many altcoins because we have more chances to select the potential altcoin that can bring us the profit. Although it may be difficult to choose the coin, we can analyze one by one of the coins, so we can find that coin. We don't have to analyze the coin if that coin is not in the top 100 coins list because that will need more time to get the coins. We can limit the number of coins that we need to analyze, so we can manage our time to get the coin.

omnik

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Quote from: kensaii on July 30, 2020, 09:03:21 AM

Because they want to be rich by creating a new altcoin to jump of cryptocurrency bandwagon. Most of the new altcoins today didn't care if there is already a coin superior to their own coin existed.

Some may become money grabber but when it has a very strong vision and the new crypto can bring a new technology to be implemented into the crypto ecosystem. Mostly new coins were improving the old coins and this is the fact.

kensaii

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Because they want to be rich by creating a new altcoin to jump of cryptocurrency bandwagon. Most of the new altcoins today didn't care if there is already a coin superior to their own coin existed.

tukagero

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Quote from: bussybuddy on July 30, 2020, 08:40:15 AM

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.

New projects only copy from old projects. That's why we see so many new projects appearing every day, but their goals are exactly the same. After a while, new projects will die and collapse

Youre right, new projects are copycat of some old projects they only upgrade the project but still the same shit and scam project, different in name but same agenda, conduct token sale and then abandoned the project.

bussybuddy

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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.

New projects only copy from old projects. That's why we see so many new projects appearing every day, but their goals are exactly the same. After a while, new projects will die and collapse

bttmember

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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 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.

Furious 7

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Most people now want to make more money than the tokens they make because their product goals on the altcoin project on average nothing works even though in their whitepaper tokens only for real payments they don't and still people use bitcoin and ETH as the intended payment.

Now if the project has gotten more money and tokens have entered the market, the team or the developer will no longer be active, they will usually abandon their tokens in the market so that they do not have good volume.

This has become a fact.

fuer44

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as an alternative and also as a market competition, because aside from being a payment, crypto is also an investment asset. therefore you should not be surprised if new altcoins and new projects always appear. the aim is as a crypto market investment competition. because in terms of investment if only one coin stands, it will not go well.

GideonGono

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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?

They want to have their own project or crypto they want to have a successful name in crypto and gain profit from it.
And every crypto or alt-coin have their own advantages and maybe that is the reason why there are so many alt-coin right now each and every alt-coin is different from each other.

luckyflop

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Quote from: Yaunfitda on July 30, 2020, 05:03:01 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?

That's one reason, other are:

1. they want to challenge bitcoin's dominance
2. supposedly offer more privacy
3. solve real life problems in different industries/sectors
4. to scam people

And there could be more, but that's on top of my mind right now.

Well, this is what I was thinking of. Most altcoins are created to scam investors and make money in this market. Since 2017 until now I've seen a lot of altcoins being created, but only a few altcoins are good and growing to the present.

TastyChillySauce00

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I do and the main objective of crypto has already changed and it's not only to be focused to create a payment system but remember it can be used for various things.
Bitcoin is not scalable enough to be a payment system and you should see the fact any altcoins have different purpose.

bitcoinst

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If you read the information about each individual bitcoin, you would probably understand that behind each individual coin there is a certain project, with a certain idea.
Not all of these projects have been implemented to the required extent, however, due to the specifics of the crypto market, all coins are financial instruments, while the functionality of the projects itself may be outside the financial framework. But such is the market now as it is. Coins can be equated to some extent with the shares of the project.
All of the above is related to non-scam projects.

key4co.in

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Quote from: tiang_tower on July 30, 2020, 05:40:58 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?

Yes, the founder of each altcoin creates their tokens for money

I can't agree less, every altcoin project is created to make money as the principal aim, the project aim is just a secondary aim. However, if only BTC existed, it won't make much sense and by now the Bitcoin network will be super clogged. Also if ETH didn't come to existence, there won't be anything like smart contracts, think about it 🤔. My issue with altcoin projects is that most team members keep launching new projects for money, with no intention of bringing in something new or revamping the traditional system.

fortunecrypto

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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?

Yes, there are developers who create coins for money, because it's easy to create your own token because of it's open-source, the trickiest part id finding coins or token that has a usage, Bitcoin can serve every industry but because there are developers that want to serve a particular industry on the coin they are making, so many coins or tokens are created and there is a new technology that revolves around Cryptocurrency.

tiang_tower

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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?

Yes, the founder of each altcoin creates their tokens for money, this is the general goal of every Altcoin founder, although there is a specific purpose but the general goal is to make money, and what makes Altcoin a different person is not the same person, so it is only natural that when This is a lot of Altcoin on the market.

Bananington

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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?

On a broader scale, ease of payment is not the only objective for creating cryptocurrency even if its a core objective. Monero for instance falls under privacy coin category since it was created so that transactions cannot be traced. Some utility coins have different use cases ; for instance holding INTERNXT coin increases cloud storage bandwidth. Most altcoin projects were created to enrich the team, no matter how cool the project looks.

PerfectCircle

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We have many altcoins in crypto space and it's not bad at all, it's left for you to choose carefully among the coins, having too many altcoins is no problem, just focus on choosing the right ones for long or short term hold

Topic: Too Many Altcoins! - page 3. (Read 466 times)