If you visit some crypto forum you will see so many upcoming cryptocurrency projects coming into the industry but sometimes I begin to wonder what is their purpose of bringing in New crypto project knowing well that some of them have wrong motion of the project they are bringing, I have participated in so many of them last year but I have not hear from them again some are abandoned on the proccess with a lot of promises they come with just to gain your interest. What do you think?
The reason why there's many new project because of Money, I think it's quite easy to get investors by making a whitepaper + token that is peppered with technical words and seems cool even though the idea is too ambitious. Some people might think "Wow this is cool, let's invest maybe this will be the next bitcoin". Cough, this is me when I first got to know bitcoin
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A few years ago, getting cryptocurrency was quite easy, like faucets and doing simple things like tweeting once or twice, so there wasn't much thought when investing in a project.
In addition, it is easier for the owner to escape if the project is a scam.
However, for now, many projects have failed due to intense competition plus the value of cryptocurrencies that are not small and not easy to get.