Topic: When do we declare Altcoins a failure? (Read 2425 times)

we have delusional people who won't give up.
I say that after looking at StanLarimers Blockchain sumit post here today.
he is in a bubble in his own little world..

look around guys ..nobody cares about this stuff.

obvious yet ?

Thanks, but we haven't given up.  We only gave up on altcoins that nobody wants or needs. 

One problem is that it only takes a few people to prolong the misery of a dying altcoin, dragging it out slowly and painfully for years.  They don't have a way out, so they won't let go.  A small group, spending their time and money, hoping for more people to show up and start buying. 

But the other people don't show up, because they're in other small groups, spending their time and money on another hopeless coin.  Arguing with Mom because she turned off the computer and caused the whole blockchain to stall.   "MOM, I told you the guys are depending on me to mine!  Dave's video card melted and Stu is mining MangoCoinz to raise capital for buywalls!  We have to do 1.4BTC at Trex every 2 weeks or we get delisted, you know that mom!  It's only been 2 years since our community takeover, give it some time.  When we hit the moon, then I'll start selling.  Yes mom, that's when I'll be able to help pay rent.  You know, sometimes you act like running a decentralized network called FartBits isn't a real job, and I'm tired of the disrespect."

It's sad, but I think we have a better way.

fukt you say ?
well your NXT and BTC i think is being damaged by 7,000 crap coins..
to the point where i think mass adoption is now unlikely.. ever.

It's like being in the worst part of town and saying well i'm a good guy.
standing among filth saying i am the 1 clean guy.
the public does not see NXT.. they see NXT and 6,999 coins with it.
and don't forget you dev's out there posted your coin on a forum that has produced many victims and has a bad reputation for many reasons.
it's like starting your business in the worst possible place imaginable then saying oh we have a bright future LOL
guys there is no rule against posting scams here or ripping people off on trades
or running ponzi schemes or coin cloning or reptiela's scam coin forum-games..
people are free to come here and rape till their heart is content..

so what in the hell does that say about a professional that comes and announces their coin on a scam site ?
and you guys wonder why the stock market people haven't joined us ? look around.

i swear you guys here have massive tunnel vision!

@BARR_Official & EvilDave
Thanks for posting i liked reading your replies..
Barr your ideas sounded admirable i am sorry to hear it didn't work out for you.. best of luck.

@spoetnik
I'd say that my post is relevant, but I'll admit that it doesn't fully answer your question.

You and me are looking at this from different viewpoints: I've got a lot invested in Nxt and crypto (mostly sweat equity   ),  and therefore a lot rides for me on the future of Nxt, BTC and cryptocurrency in general.
If all 3 fail, I'll have wasted a large chunk of 2 years of my life....if one, two or all 3 succeed, I'll be a happy bunny. Not only because I'll get some sweet cash, but because I completely friggng believe that genuine, decentralised Satoshi Nakamoto/BTC/Nxt style cryptocurrency will be a good thing for a lot of people, maybe a massively good thing.

So my viewpoint is:
I think that it is still way too early to call failure on the whole concept of cryptocurrency, or on BTC, and definitely not yet on Nxt.
Much of the altcoin scene does appear to be essentially fukt though, and with good reason.

It really comes down to our own personal definitions of failure.
If you define failure as : hasn't managed to achieve mainstream adoption even after two years, six years or even 20 years, then NXT, BTC and cryptocurrency itself are all failures, and I won't argue with you.
But I'm in this for the long term, and I'm willing to wait and keep on working.

I'll admit failure when there are no genuine crypto-currencies left standing. Probably....

We had looked at encouraging people to spend altcoins by offering discounts in certain coins.  CoinPayments.net gave us a price for what we wanted, to add and accept a group of new coins, and we were going to offer a 25% discount on digital downloads at our online store when people paid with those coins.  We figured any crypto user could easily exchange bitcoins for altcoins, then send them to the store for a purchase, and that would create volume and attract new users.  These coins might finally become real currency instead of online speculation tokens for teenaged daytraders.

The idea was to sell e-books and music downloads.  If we got even a minor hit song, a brief internet craze, a viral video featuring our song, or anything like that, it could mean 100,000 people coming to buy the song for 99 cents.  While they were there, maybe some of them would buy a book or an album for $8.99.  When they saw a 25% discount offered to pay with altcoins, maybe 1% of them would take the time to find out how to get Bitcoin and exchange it for our accepted altcoins.  That could be 1000 new people trading these market pairs, which is probably 20 times more people than have traded them this month.  

It's definitely a reach to imagine that happening, but at the same time other people could start accepting these altcoins too since they'd be added at CoinPayments.net.  It wouldn't necessarily depend upon our one online store, and it would give the coins a little boost and hype.  

So, even though the price for adding payment acceptance at coinpayments was enough to buy the entire supply of some of these coins, we decided there was no point in buying all the coins if they were worthless and had no real-world use.  So we worked out the entire deal with coinpayments, told them to go ahead and set it up, and we were ready to pay the bill.  We have the website live with a sample e-book, and we've tested the automated checkout through CoinPayments (with Bitcoin, but ready to add the other coins too.)  We're writing short story collections and novels, and we're recording singles and albums.  

But we wanted to pay Coinpayments with credit card or PayPal, and they don't accept credit cards or PayPal.  All our cash is tied up in these altcoins that nobody will buy, and we're broke.  We spent all our money - and it wasn't that much - on altcoins.  So right when the deal was almost complete, the deal was off because we couldn't come up with the money in crypto that they already accept.  Localbitcoins could sell us maybe .2btc through paypal or credit card, so we were out of options.

Maybe you think we're too small-time, and that's why we couldn't make it work.  You're right, we're very small-time.  But we're still bigger than 99% of people in altcoins.  Our pathetic failed efforts represent the best that anyone is willing to do for altcoins.  Rich people don't want to lose their money, so they're staying away.  That leaves it to us, and we can't do anything.  

We used to think that there was a chance of holding these altcoins for 5 years and they would steadily increase in value as difficulty and adoption went up.  The problem is that these coins won't exist 5 years from now, because they don't have the development like Bitcoin did.  Will your coin run on Windows 10?  What about Windows 11?  And who's going to code a new wallet, if it doesn't?  Can Google Chrome download your wallet, or does it refuse to let you keep the file because it's "dangerous"?  What if Internet Explorer and Firefox change their virus definitions, and then nobody can download the wallet with any browser?

Go to CoinMarketCap.com.  Click "see all", and start from the bottom.  There are over 600 coins listed, and these are the cream of the crop.  These aren't all the coins, just the "best ones" that haven't been delisted from even the smallest exchanges.  How many of these coins don't have a website and/or a block explorer?  Do you think it's less than 75% of them?  Just go up the list and see for yourself.  If there's not even a website, that means there's not 1 user of this coin who is willing to pay $8.99 a year to host a website.  Nobody cares about these coins - not even the people who made them.  These coins have no reason to exist, and nobody would even notice if they disappeared.

Sadly, it's become a race against time.  For most altcoins, the main question is whether you will be able to get rid of them before they are completely dead and can't even be sent.



  

@EvilDave that is irrelevant really and definitely does not answer my question.
Kind of hard not to say that if you have money invested too eh

So what am i hearing that this stuff can NOT ever be declared a failure ?
If it can't be called a failure then we have no choice but to categorize it as a success.. and that is a stretch.

And guys i am sorry i hate to poop on your parade but your XYZ coin that has lots of dev support etc
doesn't mean it's a success or going to lead anywhere..
If your NXT coin or what ever doesn't attract main stream adoption & usage AS A CURRENCY
then i personally think it can be considered a failure.

A currency not used by people is NOT a currency.

Show me one Altcoin that has surpassed what little Bitcoin has accomplished.. you guys can't.
and you never will as far as i am concerned.
Also look at Bitcoin it has been in a steady decline for years now with no real signs of hope of going anywhere.

So explain to me guys why in the hell you have some mysterious faith in Crypto coins gaining mass adoption.
What is it your all clinging to ?
Is Microguy Still 4 years later bag holding Gold Coins waiting for a crowd to come in ?
How long you guys going to wait ?
A currency unused is NOT a currency !
So then let me sit back and wait for you guys to push the stocks angle..
Ok fine i'll bite.. so why invest in a stock ?
to get a return ?
Ok then.. so how long do you wait while sliding in reverse price wise waiting to make a profit ?
HOW LONG ?

It's cute how each and every one of you here have a big mouth and your all bloody little experts on this stuff
and blow hard's will speculate for 500 pages on the Monero topic etc with long winded rants etc
But any time i pose a tough question you bag holders are hiding under your beds silent LOL
I wonder why ?

You know i am right don't ya LOL

PS:
Before responding to this topic guys please review the Bag Holders Excuses topic

Like everything else, the altcoin scene is subject to Sturgeons Law:
90% of everything is crap
https://en.wikipedia.org/wiki/Sturgeon's_law

In the case of alts, it might be closer to 95%, and some of the projects are so unbelievably crap even a developmentally-challenged chimp would have second thoughts about investing in them, but there is some good stuff that actually advances the cause of crypto-currency.
(I'm trying hard not to mention Nxt   but.....)

Edit: Found Amaras Law as well, which could explain some of the craziness round crypto:
We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run
https://en.wikipedia.org/wiki/Roy_Amara

so this Altcoin thing is going well then guys ?

tell me what would it take for you all to declare this scene a failure ?

i take it you all think if things continue as is.. this is considered a success.

for 6 months? if im not wrong exchanges delist it before 6 months, i mean if all those coins have a very low volume.

btw yes, i must agree with you, the best indicator about it is the trading volume, if this is to low it is clearly a sign of failure.

there was any exception to this, if you're able to remember now? it could help more

Low volume coins are trash.  Do not buy those, you'll have a hard time selling those in any exchange.

So I guess a good indicator of a dead coin is something that has low volume for 6 months to a year or so.

These coin might survive for short term at least. It depends on if there are further developments.

It is not so easy. Some crypto coins are very popular, people using it, and they are more or less stable 

The cost to altcoin users is high. Too many altcoins are scam. It is very difficult for user to identify which one is not a scam.

Yup.
Spoetnik is the crazy, wild-eyed prophet of crypto: exiled to the desert until the people suddenly realised that he was pretty much right all along.

But: there is still a very good reason for alt-coins to exist. Technology tends to evolve, which means new ideas have to be tried out. Some of these ideas will lead nowhere, some will succeed.  Maybe we should start calling alts 'experimental coins', just to make it clear.

The problem is that all of crypto (yeah, even the BTC world) is full of people who just want to get some fat stacks, regardless of how they do it, and also full of people who will invest in the most sketchy BS ever without doing any form of research or due diligence. Scammers and scammees.......

My position is: kick out the scammers from both BTC and the alt-coin scene. There are honest projects, you just need to cut through a lot of BS and FUD to find them.

yeah i'd agree but only because people lost money and are sitting around wondering why their favorite coin was delisted etc.
people got chewed up by the system then seen me come back and say the same thing and think oh yeah i guess he's right..
it was easy to mouth me off when Doge coin just kept going up in popularity and price for example
and another thing now that it's dead ! (while i get to say i told you so guys)
I have long said too if another wave of new guys flood into the scene cloning and the support for them will ramp back up to a fever pitch.
And most of the guys loitering around still bashing crap coins will quietly dive back on supporting them in a heart beat.
because you guys want money and you will do anything to get it..
Even if it means trading BabyRape coin when no one is looking.

And 2 years ago, only a handful of people might have listened to you.  But now, after all the scams, pump & dumps and the schemes, I'm pretty sure you have an audience.

It's your time now. 

Exactly why you're the guy who has to tell the stories.  A thread similar to the Story of Bobsurplus would be a good start.

And I take back what I said.  Writing these stories in any way you see fit is better.

Explain how I can tell the story better.
Show me some examples of how my message can be more digest able or easier to understand.

Some of you do not want to hear it but smart people
Who like doing their homework appreciate my so called "rants"
And maybe bear in mind I have stories to tell and most of you don't..
I know more about this stuff and have been around longer.
Which is why few of you have any stories to tell.
So yeah I have stories to tell.. Lots of them (by the same old guys loitering around here still pushing scam coins)

Who else takes the time & effort to stick around keeping the scammers feet on the fire?
New guys NEED to hear my so called "rants"
.. So they can be aware how bad this crap really is.
And how far guys will go to try and harass you etc if you dare speak out against a scam coin.

I do love the little trend in the last year or two where
Some of you that clearly supported crap coins now pretend your against them..
As always most of you just follow the trend..

I start them

PS:
Feel free to scroll past my comments.
That is what I do for every long winded speel i don't feel like reading here.
But I do it with out insulting the poster and whining about it.

I'm glad you understand.