What is the purpose of all these altcoins?

TheUltraElite

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Quote from: andyou1234 on April 08, 2022, 10:59:43 AM

I think the purpose of all altcoins in crypto is to be an alternative investment to bitcoin itself, as we know bitcoin
created in very limited quantities and the value is very high, therefore altcoins are an option other than bitcoin for investment, but we also need to know that the price of altcoins is very dependent on bitcoin development, if btc goes up altcoins will also increase, as well as otherwise,

Like I said, it is a free choice and bitcoin is not forced upon someone to be the only "alternative" to fiat currencies but there are options elsewhere too.

The difference in opinion is there and expressing it is possible too and shown in an healthy manner in this as an example. With bitcoin on the toplist, it does receive hate from the owners and bagholders of altcoins, but we all know that the biggest source of money to spend on altcoins is through bitcoin and not fiat and therefore the price movements.

Quote from: hamba laeh on April 14, 2022, 03:00:27 PM

if you want to collect altcoins then you can say that Dogecoin and Shiba inu are memecoins that have no purpose. but for me in cryptocurency only to seek profit from various types of altcoins, which have the potential and trend of altcoins in the future.

They can have a purpose if they are used for something else other than just a mode of payment which can be true for any coin. That is why the developers of these coins attempt to bring in some merchant contacts into their their system in order to market the demand of their coin.

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Quote from: jerry0 on March 17, 2022, 12:44:59 AM

And I am especially talking about those memecoins like dogecoin, shiba inu and those other coins that pump and dump in those shiba doge and those make up coin names? There is zero purpose of these coins. They had that squid game token I believe. What is the purpose of these coins? It literally sounds like someone creating a video game and making up coins. The worst part is you have people buying these coins to most likely try to make a profit and then sell since rarely are these coins meant for holding.

Not only that, these coins have no usage. When there are coins called bluecoin and greencoin, what exactly is the purpose of these? The only coins that make sense is btc and litecoin. I don't even know why ETH is a coin since its not like currency. Ripple for example does seem like a coin since it seems like a penny or nickle so to speak. I know there are tons of those memecoins are pancakeswap and uniswap and many of these coins are top earners for the day before they later all go down. Are there many that even stay up?

Anyone can make up coins but why is anyone even buying any of these? If dogecoin has no real use... then none of those other coins have any use. So why do these new coins keep showing up?

if you ask what is the purpose of all these altcoins ? then I will ask you back, what is your purpose for using and buying Cryptocurency? is it just for a collection in your wallet or you buy altcoins to seek profit from it ?? if you want to collect altcoins then you can say that Dogecoin and Shiba inu are memecoins that have no purpose. but for me in cryptocurency only to seek profit from various types of altcoins, which have the potential and trend of altcoins in the future.

andyou1234

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I think the purpose of all altcoins in crypto is to be an alternative investment to bitcoin itself, as we know bitcoin
created in very limited quantities and the value is very high, therefore altcoins are an option other than bitcoin for investment, but we also need to know that the price of altcoins is very dependent on bitcoin development, if btc goes up altcoins will also increase, as well as otherwise,

TheUltraElite

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Quote from: jaberwock on March 27, 2022, 04:52:00 AM

when in fact they just rugpulled in a sense that they took the money and did absolutely nothing to better the project.

This happened with many projects true. They raised the money, went bankrupt and simply disappeared.

Quote

I have to say it is a bit our fault as well, where did this "pay some guys to build a good coin" idea started from? Back in the day you would have to work really hard, and build something new, and you released it, nobody paid you, maybe you held some coins of your own, but that was about it.

There is a group of investors who are over-enthusiastic about such projects. They want to invest in every new innovation, feasible practically or not, something like a gamble. That gambling mindset is what brings in the market of such projects. Hence the influx of scam projects ready to scam investors off their money.

But this is easy to prevent, if the investor is a diligent one. They would stick to ones that are time-tested and stress-tested and keep their portfolio limited to those only.

bocyaj

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Quote from: Woodie on March 27, 2022, 07:43:37 AM

Let's think of these altcoins to be compliments of bitcoin and btw these are testaments to the world that the crypto world is a free market that has no barriers to entry for new coins hence the wide variety of coins for all of us crypto users...we spoilt for choice:)

And btw not all these coins are the same, which gives altcoins their purpose to fill the gaps that bitcoin has left.

Except the bitcoin,all the coin are altcoin.But only few altcoin survive in the crypto world.Most of the coins will get into trade and do all type of social marketing.Then the coin will be sold in all the listed exchanges.When the expected amount of dollars was raised for the project will close its move.Mostly this was happening with many projects.Only few sustained over year to year like bitcoin,Ethereum.

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Let's think of these altcoins to be compliments of bitcoin and btw these are testaments to the world that the crypto world is a free market that has no barriers to entry for new coins hence the wide variety of coins for all of us crypto users...we spoilt for choice:)

And btw not all these coins are the same, which gives altcoins their purpose to fill the gaps that bitcoin has left.

Yamifoud

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Quote

How Does Shiba Inu Coin Work?
Shiba Inu is a project launched in the Ethereum network. This is the reason the consensus mechanism of Shiba Inu is the same as the consensus mechanism of Ethereum: Proof-of-Work (PoW), transitioning to Proof-of-Stake (PoS).

https://learn.bybit.com/altcoins/what-is-shiba-inu-coin/?msclkid=ef6c7344adc611ecbcacd9d216cf8904

This is means that Shiba Inu is not just a joke and meme coin that most think about it. Of course, it has a function and role played in the market. Well, Dogecoins gains attraction and fame because of EM but aside from that, it only becomes a meme coin that has no significant role in the market. May people just say, at least it still has a market value, unlike the other meme coins.

Anyways, these two coins aren't good for investment, can't deny that. So those who look for long-term investment will simply not going to choose the two.

asyakashi

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Actually not all coins have a clear purpose, some of them are sometimes just an experiment or even an intent for fraud.
The obvious question is why there are so many coins in the world of cryptocurrencies, as if the coins are trash because there are so many, this happens because everyone is competing to be the best.
It doesn't stop there, after they become the best they have to be able to survive for a long time in the face of market conditions, here many projects fail and they have to lose their top position and even disappear.

evichi

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I also wonder the purpose of some coins especially meme coins, but on a second thought I come to realize that human beings are psychological and emotional beings. Our emotional nature makes us to like or hate something merely by looks or just for some emotional feelings. Some people that have pets, for example, dogs in their house simply like them, not necessarily for the dogs to keep watch. Likewise keeping cats, etc. In a similar way, people may like some meme coins even though it has no utility. I think that is what is playing out in most meme coins. I think that is also what is playing out in the NFTs and metaverse. The emoji we have in our phones, for example, are miniature ways of expressing our selves. That is why most meme coins can be hyped especially when an influencer makes a comment on it, because to some extent we have emotional inkling to the influencer/meme coin.

From another view point, some people create coins, especially meme coins/tokens, just to make quick money. Both the coin holder and owner aim to make profit when the token/coin is hyped so that they can cash out. However, in recent times some meme coins are now built with utility function to boost its growth.

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Quote from: jerry0 on March 17, 2022, 12:44:59 AM

Anyone can make up coins but why is anyone even buying any of these? If dogecoin has no real use... then none of those other coins have any use. So why do these new coins keep showing up?

the main reason for all that is money. everyone wants to get rich quick and some people try to profit from all that by creating new coins/tokens. so there will always be new cryptos released by looking at the existing ones. what everyone looks at when buying is not about utility or use cases, but hype. everyone is aware that new coins are shitcoins, but they will keep buying because of the hype.

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Quote from: TheUltraElite on March 24, 2022, 01:11:32 PM

Quote from: Scripture on March 20, 2022, 04:39:59 PM

I don’t think just because of Bitcoin, most probably new tokens are here to replicate other project and either to scam people here or to really compete with those altcoins, that’s the only purpose they came here in cryptomarket. We should be able to see their difference and invest only with the good projects.

Hah, correctly said, the main purpose behind them is the rugpulling of money from newbies who are enthusiastic about new projects and therefore they can be labelled as scams. There are those who are not educated enough to be able to detect scams from legit projects in this sector and they fall prey of such scams.

Although not every project is made to be a scam, but strictly speaking, legit projects are like a needle in a haystack. Today some project might seem legit, tomorrow it might go bankrupt and run away or the humongous amount of fake projects will overshadow the legit project.

Use an altcoin, only if you feel it is solving a real life problem, not some made-up thing that is not even a problem at all.

That rugpulling is mainly done in hidden ways for all those who say they didn't even rugpull. I mean if they did an open and obvious rugpull then you are done with it and you should be fine. But there are some places that act as if the project just failed, when in fact they just rugpulled in a sense that they took the money and did absolutely nothing to better the project.

I have to say it is a bit our fault as well, where did this "pay some guys to build a good coin" idea started from? Back in the day you would have to work really hard, and build something new, and you released it, nobody paid you, maybe you held some coins of your own, but that was about it.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Scripture on March 20, 2022, 04:39:59 PM

I don’t think just because of Bitcoin, most probably new tokens are here to replicate other project and either to scam people here or to really compete with those altcoins, that’s the only purpose they came here in cryptomarket. We should be able to see their difference and invest only with the good projects.

Hah, correctly said, the main purpose behind them is the rugpulling of money from newbies who are enthusiastic about new projects and therefore they can be labelled as scams. There are those who are not educated enough to be able to detect scams from legit projects in this sector and they fall prey of such scams.

Although not every project is made to be a scam, but strictly speaking, legit projects are like a needle in a haystack. Today some project might seem legit, tomorrow it might go bankrupt and run away or the humongous amount of fake projects will overshadow the legit project.

Use an altcoin, only if you feel it is solving a real life problem, not some made-up thing that is not even a problem at all.

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Quote from: NewRanger on March 20, 2022, 05:47:59 PM

its only fun project which its creator and even dev team never think doge will survive and even have current price. but now doge used to reduce transaction fee and alot traders convert their coins to doge while sending to another wallet

If it's only for reasons of cheap transaction fees at the moment, I don't think Dogecoin is the only one that has this, but there are also several others such as Matic and some even free ones like BUSD if the transaction is considered with others or internally in the network.
So for now, it's not only Dogecoin that has cheap transaction fees.

NewRanger

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Quote from: Scripture on March 20, 2022, 04:39:59 PM

I don’t think just because of Bitcoin, most probably new tokens are here to replicate other project and either to scam people here or to really compete with those altcoins, that’s the only purpose they came here in cryptomarket. We should be able to see their difference and invest only with the good projects.

new altcoin will have same idea with previous coin and it repeatly happen till many investors realize this is fake project that will take their money.easinest creating token now be feature that provide by smart contract platform and unfortunately it bring new negative concequence to cryptomarket.

Quote from: Ryker1 on March 20, 2022, 05:18:18 PM

Well each coin has its purpose why they created either it will use or it is pure hype. Dogecoin was created as an alternative to high transaction fee coin and also this is a memecoin that was hyped much during that time.

its only fun project which its creator and even dev team never think doge will survive and even have current price. but now doge used to reduce transaction fee and alot traders convert their coins to doge while sending to another wallet

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Quote from: jerry0 on March 17, 2022, 12:44:59 AM

^[snip]
Anyone can make up coins but why is anyone even buying any of these? If dogecoin has no real use... then none of those other coins have any use. So why do these new coins keep showing up?

Well each coin has its purpose why they created either it will use or it is pure hype. Dogecoin was created as an alternative to high transaction fee coin and also this is a memecoin that was hyped much during that time. Each coin has its own purpose but they are a limited purpose and none of them serve truly decentralized. That is all about bitcoin since bitcoin is decentralized and no one could be changed, so they created a copycat to bitcoin and the features that don't bitcoin have they applied on it until such there are too many discoveries that have happened just to discover a good blockchain network. So far, only Ethereum has a good smart contract network.

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Quote from: jerry0 on March 17, 2022, 12:44:59 AM

And I am especially talking about those memecoins like dogecoin, shiba inu and those other coins that pump and dump in those shiba doge and those make up coin names? There is zero purpose of these coins. They had that squid game token I believe. What is the purpose of these coins? It literally sounds like someone creating a video game and making up coins. The worst part is you have people buying these coins to most likely try to make a profit and then sell since rarely are these coins meant for holding.

Dogecoin was created a long time ago this memecoin hype. It was useful as tip coin and to pay cheaper fees when transacting money between addresses. The problem started after Elon Musk adopted it and then the speculation went out of control, shiba inu was created within so many other useless clones and people started losing money being lured by sharks like Musk through apparently innofensive jokes.

The genuine purpose of dogecoin was subverted into the purpose of scamming money through pump and dump schemes making use of a plethora of altcoins which are supposed to be funny.

Quote from: jerry0 on March 17, 2022, 12:44:59 AM

I don't even know why ETH is a coin since its not like currency.

Why isn't ethereum like a currency?

Quote from: jerry0 on March 17, 2022, 12:44:59 AM

Anyone can make up coins but why is anyone even buying any of these?

Because they were told by internet financial specialists to do this. Cheesy

There are financial companies selling their signals of which ~~shitcoins~~ altcoins people must buy to make huge profit. And the result of that are so many people losing their investments value in 50%, 80% or even more...

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Quote from: jerry0 on March 17, 2022, 12:44:59 AM

And I am especially talking about those memecoins like dogecoin, shiba inu and those other coins that pump and dump in those shiba doge and those make up coin names? There is zero purpose of these coins. They had that squid game token I believe. What is the purpose of these coins? It literally sounds like someone creating a video game and making up coins. The worst part is you have people buying these coins to most likely try to make a profit and then sell since rarely are these coins meant for holding.

Well i have to say that i totally agree with you here and i also think that all those meme-coins are completely useless as they have no functionality and they are providing not service or other stuff for it's investors and users. The reason why they exist even though they don't have a purpose is quite simple. Dogecoin was invented as a likeable, kinda ironic community project and is around for many years now, everything is fine with that. Then the tweets of Elon Musk about came out where he said he likes Dogecoin and the whole meme-coin craze started. Then we saw literally 1000's of new meme-coins appearing each and everyday. Not because people wanted it, but because the people that were creating those coins wanted to make money with as little effort as possible. Thank god the meme-coin hype is dying at the moment and in a year or two only a few of them will still be alive.

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I think the main reason of altcoins is to suppress Bitcoin, because every month people are developing token with different names, so believing that Bitcoin now have another opponent of different kinds but from different sub group, so with only that alone is known that Bitcoin have Challenger's because of plenty altcoins

I don’t think just because of Bitcoin, most probably new tokens are here to replicate other project and either to scam people here or to really compete with those altcoins, that’s the only purpose they came here in cryptomarket. We should be able to see their difference and invest only with the good projects.

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Quote from: jerry0 on March 17, 2022, 12:44:59 AM

Not only that, these coins have no usage. When there are coins called bluecoin and greencoin, what exactly is the purpose of these? The only coins that make sense is btc and litecoin. I don't even know why ETH is a coin since its not like currency. Ripple for example does seem like a coin since it seems like a penny or nickle so to speak. I know there are tons of those memecoins are pancakeswap and uniswap and many of these coins are top earners for the day before they later all go down. Are there many that even stay up?

Bitcoin and litecoin were first designed to be used for electronic payment. Each one of them represents a currency and a payment system as well. While other coins were designed to serve for other purposes; take the example of Eth, it's the token that help interact with the Ethereum virtual machine while creating smart-contracts. Mainly traders who used it as an instrument for trade then it becomes a currency who can serve for better transactions with instant validation and less fees, and as you can see it doesn't play this role anymore after btc got several updates and Ethereum facing scalability issues.
The same condition for almost all the utility tokens out there in the market except for those called "Meme Tokens".

Quote from: jerry0 on March 17, 2022, 12:44:59 AM

Anyone can make up coins but why is anyone even buying any of these? If dogecoin has no real use... then none of those other coins have any use. So why do these new coins keep showing up?

Since their lunch, they are useless tokens which serve for nothing but generating profits from new comers leaded by Hype.

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Quote from: adzino on March 18, 2022, 11:39:53 PM

Most of the memecoins are made to scam people. Quick pump and dump scheme. People invest in those coins with the hope of getting rich. But only few lucky ones that act quick make some profit, while rest of them loses everything. None of those meme coins survives long enough. They all eventually die. Dogecoin has no real use case, but it was the first meme coin and so it has a huge advantage along with a strong community support. Shiba is also another meme coin, but they also have a huge community and actively wants to develop it and bring actual use cases.
Those coin keep on showing up because it is a decentralized market and no one can stop them from making a new coin.

Meme coins and shitcoins can be an equivalent to pyramid scheme/scams because only early investors gets the benefits the most. Early investors must also invite people in the form of shilling the coin so that more people joins and more money for them and for the developers of the coin.

This is can be their true purpose on why they are created because they don't have other real use cases anyway however there are coins with a unique technology around them but the only problem is they join the hype of the meme trend where they also use a name of an animal, this makes them mistaken as a meme coin and legit investors will avoid them.

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