one freshly minted millionaire is hatched.
Exactly.
The only ones getting rich off altcoins right now are devs and the people holding ICOs.
Create coin, take peoples money for startup, premine and dump on exchange. Rinse and repeat.
There might be one coin every two or three years where you can make big profits in the long-term,
but most you need to dump quickly because they won't last. Most alts offer no new technology, no real support, just a lot of marketing hype.