Topic: why are there so many coins and the reason why some developers failed (Read 636 times)
March 27, 2022, 10:15:56 AM
Not all tokens creators are real blockchain developers in the first place so what do you expect? They create junk tokens to grab some cash and exit the market with big smiles on their faces, if there is a way to screen every single developer in the crypto space many will be unqualified.
March 27, 2022, 10:14:22 AM
You have said it all. The reason for failure is not far from all you have said. A lot of developers just do copycat project and end up stuck with the project because they lack ideas on how to push it forward.
March 27, 2022, 10:07:49 AM
Some of the reasons why I think some developers fail is because:
1. Lack of funding both the starting aspect and the launching aspect (lack of money to continue)
2. Failure in out righting frauds
3. Failure to evolve especially when the coin initially start bomming
1. Lack of funding both the starting aspect and the launching aspect (lack of money to continue)
2. Failure in out righting frauds
3. Failure to evolve especially when the coin initially start bomming
I think that your 1. point is the biggest reason why most alt coins fail. There were unfortunately some coins that got only developed to scam people. Looking at them is not really helpful because the designed from the start to only be active for a few months after launch. As soon as the developers manage to get rid of their coins, trading should slowly disappear until the coin is worthless. For active managed coins that try and succeed, its very important to set enough money away for the time after the launch. A successful coin not only needs promotion before the launch phase but also after it. The most important aspect is to have liquidity in the coin to allow quickly buying and selling. The less trading happens in a coin the more will be investors cautious to invest in it.
March 27, 2022, 12:07:29 AM
I believe developers saw the the vision of Bitcoin and try to explore from the vision by introducing and making their own coin but they lost focus because they only have one goal in mind which is making money, forgetting the most vital ingredients in developing an asset. They forget that they are certain steps and strategies to undergo before accomplishing a good assets or goal.
Some of the reasons why I think some developers fail is because:
1. Lack of funding both the starting aspect and the launching aspect (lack of money to continue)
2. Failure in out righting frauds
3. Failure to evolve especially when the coin initially start bomming
Most developers have only one vision which is making money that is why many coins doesn't grow and they failed because they didn't see the vision ahead.
Some of the reasons why I think some developers fail is because:
1. Lack of funding both the starting aspect and the launching aspect (lack of money to continue)
2. Failure in out righting frauds
3. Failure to evolve especially when the coin initially start bomming
Most developers have only one vision which is making money that is why many coins doesn't grow and they failed because they didn't see the vision ahead.
I think why many altcoin projects have failed because they only sell coins and give some bonuses to each buyer through sales, but they don't offer a long term program that they will do in the future. because I think many investors are interested in projects that have long-term prospects by launching various programs and products. so many projects fail because they only build short term projects.
I think that the reason why they fail is very simple, those who create cryptocurrencies do not all do it with good intentions, the intentions that do it the most is to profit themselves through them, however when they do a good job and achieve good community, the coins can be maintained over time and become coins that only survive in Pump and Dump, the ones that have the most relevance are those that reach Binance and from there they can make those movements, this is very common and I think that for that is the reason under which there are so many crypto projects, it is a lottery to say which project is worth it.
March 25, 2022, 01:59:42 PM
I think at present time only scammers are coming and take your money away. If a project will be made on a long term plan and excellent team will done hard work to get their plans executed they will not going to fail but developers coming to sell their coin. They don't want to solve any problems of our society only money making system will always going to fail. These developers who don't have any long term plans destroy market and traders both.
Obviously they will sell their coin in exchange for a more better coin or cash (fiat) because that will help them continue the project that they are building or what you mean by sell is they choose the money over their project? Well, there are projects like that. If the developers and the team are greedy, they will realize that they are holding a huge amount of money on their hands so why will they need to work hard and use all this money for the sake of their coin? but they don't think that if their coin gets better, many people are going to invest on it which can give them a better earning than the amount that they are trying to get away with.
March 25, 2022, 12:24:03 PM
You got that right. Most projects are simply copies from one another, as developers are only focused on making money as fast as possible. Only a small number of projects survive because they deliver real use cases to the mainstream world. It'll be up to the investor to decide which project he/she wants to pour money in for the long haul. As long as the coin you've selected has strong fundamentals, you'll have nothing to worry about.
Remember, it's not about how many shiny new features a cryptocurrency has. Rather, it's all about preserving decentralization/censorship-resistance and bringing banking to the unbanked. I wouldn't be surprised if most coins die, leaving us with a very limited number of cryptocurrencies to choose from. Just my thoughts
In reality, there are only a few that will survive, but along the way we may see more new coins to offer.
Project that will allure investors with new offers that really engaged investors' interest, like what you said it will be depending on
how investors and traders will react and take the advantage of making a decent amount of profits, but in the same sense, developers
who intend to runaway will always take more money compared to those who will manage to ride first. Very risky to take a new project.
but if there's real usages you don't have to worry, it will rise if the intention is for real.
March 24, 2022, 10:51:13 AM
It is not correct to say lack of funding for the project in the first point IMHO, there are millions dollars when they carry out fundraising or private sales at the beginning of the project.
There is only a rift in teamwork, due their own internal greed that causes them to fail and work halfway because they have been paid in advance from their sales in the ICO or private sale.
There is only a rift in teamwork, due their own internal greed that causes them to fail and work halfway because they have been paid in advance from their sales in the ICO or private sale.
March 24, 2022, 09:00:04 AM
One of the successes of a coin also depends on the development team, whether it is right on target or not to compete with the many new coins that are popping up on the market. The new coins that appear in the market are getting here more and more so that the development team also needs to follow it so that their coins can survive in the market. To be honest most projects fail because developers are not ready to prepare long-term plans so that their coins are abandoned in the market and end up being trash coins. although not everything is like that but it should be underlined here that the success of a coin depends on the team that handles it so that the coin can survive and compete with other coins in the market.
Yes, you're right mate, the success of one project depends on the development team and also on what kind of project they are going to propose to the people. The use case of the project was still the main consideration here and also I can say that lots of coins or projects are dead and failed because the project is just copying the old projects that existed, copycat in short. Well, somehow I knew that these new coins are just trying to resolve the problems of the existing project however most of the time copycat projects didn't work.
March 24, 2022, 08:28:05 AM
A copycat that tries to allure investors just to collect investors' money.
It's true that only few have a bright realistic and innovative ideas.
Most are a copy from other developers and trying to make it more usable, but in the real sense,
it's just the same concept with some tweaks that sometimes investors are being fooled, believing
that the project will prosper and provide a decent amount of profits.
Best to sort everything first before you trust the team. It's not always the developing fund, but the ideas that's not
original that causes the project to fail.
It's true that only few have a bright realistic and innovative ideas.
Most are a copy from other developers and trying to make it more usable, but in the real sense,
it's just the same concept with some tweaks that sometimes investors are being fooled, believing
that the project will prosper and provide a decent amount of profits.
Best to sort everything first before you trust the team. It's not always the developing fund, but the ideas that's not
original that causes the project to fail.
You got that right. Most projects are simply copies from one another, as developers are only focused on making money as fast as possible. Only a small number of projects survive because they deliver real use cases to the mainstream world. It'll be up to the investor to decide which project he/she wants to pour money in for the long haul. As long as the coin you've selected has strong fundamentals, you'll have nothing to worry about.
Remember, it's not about how many shiny new features a cryptocurrency has. Rather, it's all about preserving decentralization/censorship-resistance and bringing banking to the unbanked. I wouldn't be surprised if most coins die, leaving us with a very limited number of cryptocurrencies to choose from. Just my thoughts
March 24, 2022, 04:25:41 AM
I think why many altcoin projects have failed because they only sell coins and give some bonuses to each buyer through sales, but they don't offer a long term program that they will do in the future. because I think many investors are interested in projects that have long-term prospects by launching various programs and products.
Actually, bonuses in the selling phase aren't a problem as long as the project has a long-term program that can guarantee for the development of the project and the token value. Sadly, as you know that many new projects only focus on marketing for the selling phase. They prioritize only for selling all their tokens as much as possible. Even worse, if the project has no product offered for a long-term goal. We simply can guess that the project will fail or won't survive a long time.they are strong and busy when selling but they are weak in doing project updates. especially in their community management. if investors are disappointed of course they can withdraw their money quickly. and many new projects make mistakes like that. not to mention projects that have to compete with projects that already have a strong market. Of course, gaining investor confidence will be difficult.
March 24, 2022, 04:18:31 AM
It is not entirely right if you exclude the urge of the scammers to make some fast money. All other coins are trying to make a real product and of course because of the lack of investments and experience they fail to move forward.
If you think of those coins like they are an established company that tokenized its products than a number of 5k to 10k coins/companies is not that much. You can find more than 10k companies in a single small country so there is still a lot of room for much more.
Any business can fail, big or small.
If you think of those coins like they are an established company that tokenized its products than a number of 5k to 10k coins/companies is not that much. You can find more than 10k companies in a single small country so there is still a lot of room for much more.
Any business can fail, big or small.
March 23, 2022, 06:48:11 PM
I think why many altcoin projects have failed because they only sell coins and give some bonuses to each buyer through sales, but they don't offer a long term program that they will do in the future. because I think many investors are interested in projects that have long-term prospects by launching various programs and products.
Actually, bonuses in the selling phase aren't a problem as long as the project has a long-term program that can guarantee for the development of the project and the token value. Sadly, as you know that many new projects only focus on marketing for the selling phase. They prioritize only for selling all their tokens as much as possible. Even worse, if the project has no product offered for a long-term goal. We simply can guess that the project will fail or won't survive a long time.
March 23, 2022, 05:33:54 PM
If you were to approach the project that you are planning into something that has value in the world and is going to help the masses, then it would be some kind of valuable project especially if it was to really ignite the passion of people. They fail to start a great project because it's probably going to be a selfish thing and approached it differently. I think having a long term vision for the project is important so that it's being applied with the right mindset.
I do hope there would be a good project that would be that "moonshot" that we all want.
A potential project will turn into a great project if it falls into developers who have long term vision for it. Those who have good plans that the project will be more useful in the future and will always gain high demand from the community. But its hard to find developers who are not driven with money. Once greed will be present, even how potential a project is, it will never become in demand because the developers have wrongly managed it. I do hope there would be a good project that would be that "moonshot" that we all want.
March 23, 2022, 05:26:25 PM
Now many fake project get into market.The only motive for such project is just to generate revenue.They will create a fake whitepaper for the project. They won't directly work with the project.They just requited huge workers for their project by making them to accepted of their token as the payments to them. They make the workers to believe that, they will say the workers.They will list on good exchanges and make workers greedy. But the developers scam at the end.
March 23, 2022, 04:59:11 PM
New developers fail, because they dont bring new or innovative. All they do is repeating other peoples ideas while adding a pinch of individuality. They aim is to earn now, earn quickly, easily. The are similar to beverage manufacturers. They just add new taste, recipe, color, elements, when the base is just plain water. All they want to replace water, but it will always remain as most popular element, like bitcoin.
As simple as that, innovative and groundbreaking ideas are rare and only a few individuals are capable of them, most developers simply do not know enough to produce those ideas and as such they just keep releasing projects that are direct copies from the work of someone else, claiming that their project is revolutionary when that is not the case, however since their potential investors do not know a lot about cryptocurrencies either this tactic works and they can obtain a lot of money in a relatively short amount of time with almost no effort.A copycat that tries to allure investors just to collect investors' money.
It's true that only few have a bright realistic and innovative ideas.
Most are a copy from other developers and trying to make it more usable, but in the real sense,
it's just the same concept with some tweaks that sometimes investors are being fooled, believing
that the project will prosper and provide a decent amount of profits.
Best to sort everything first before you trust the team. It's not always the developing fund, but the ideas that's not
original that causes the project to fail.
March 21, 2022, 01:36:03 PM
New developers fail, because they dont bring new or innovative. All they do is repeating other peoples ideas while adding a pinch of individuality. They aim is to earn now, earn quickly, easily. The are similar to beverage manufacturers. They just add new taste, recipe, color, elements, when the base is just plain water. All they want to replace water, but it will always remain as most popular element, like bitcoin.
As simple as that, innovative and groundbreaking ideas are rare and only a few individuals are capable of them, most developers simply do not know enough to produce those ideas and as such they just keep releasing projects that are direct copies from the work of someone else, claiming that their project is revolutionary when that is not the case, however since their potential investors do not know a lot about cryptocurrencies either this tactic works and they can obtain a lot of money in a relatively short amount of time with almost no effort.A copycat that tries to allure investors just to collect investors' money.
It's true that only few have a bright realistic and innovative ideas.
Most are a copy from other developers and trying to make it more usable, but in the real sense,
it's just the same concept with some tweaks that sometimes investors are being fooled, believing
that the project will prosper and provide a decent amount of profits.
Best to sort everything first before you trust the team. It's not always the developing fund, but the ideas that's not
original that causes the project to fail.
March 21, 2022, 01:25:02 PM
I believe developers saw the the vision of Bitcoin and try to explore from the vision by introducing and making their own coin but they lost focus because they only have one goal in mind which is making money, forgetting the most vital ingredients in developing an asset. They forget that they are certain steps and strategies to undergo before accomplishing a good assets or goal.
Some of the reasons why I think some developers fail is because:
1. Lack of funding both the starting aspect and the launching aspect (lack of money to continue)
2. Failure in out righting frauds
3. Failure to evolve especially when the coin initially start bomming
Most developers have only one vision which is making money that is why many coins doesn't grow and they failed because they didn't see the vision ahead.
Some of the reasons why I think some developers fail is because:
1. Lack of funding both the starting aspect and the launching aspect (lack of money to continue)
2. Failure in out righting frauds
3. Failure to evolve especially when the coin initially start bomming
Most developers have only one vision which is making money that is why many coins doesn't grow and they failed because they didn't see the vision ahead.
I think why many altcoin projects have failed because they only sell coins and give some bonuses to each buyer through sales, but they don't offer a long term program that they will do in the future. because I think many investors are interested in projects that have long-term prospects by launching various programs and products. so many projects fail because they only build short term projects.
March 21, 2022, 08:45:55 AM
I will respond to points 1 and 2.
1. usually at the time of the token sale the development team will provide softcap and hardcap targets. Softcap is the minimum fund needed by the development team to build a project and if the target is not achieved the team will return all funds to investors.
2. failing does not mean fraud because sometimes when it is released on the market the market response is not as expected and makes the token price drop very deep. Poor marketing techniques can cause this to happen.
1. usually at the time of the token sale the development team will provide softcap and hardcap targets. Softcap is the minimum fund needed by the development team to build a project and if the target is not achieved the team will return all funds to investors.
2. failing does not mean fraud because sometimes when it is released on the market the market response is not as expected and makes the token price drop very deep. Poor marketing techniques can cause this to happen.
March 20, 2022, 03:18:30 PM
New developers fail, because they dont bring new or innovative. All they do is repeating other peoples ideas while adding a pinch of individuality. They aim is to earn now, earn quickly, easily. The are similar to beverage manufacturers. They just add new taste, recipe, color, elements, when the base is just plain water. All they want to replace water, but it will always remain as most popular element, like bitcoin.
As simple as that, innovative and groundbreaking ideas are rare and only a few individuals are capable of them, most developers simply do not know enough to produce those ideas and as such they just keep releasing projects that are direct copies from the work of someone else, claiming that their project is revolutionary when that is not the case, however since their potential investors do not know a lot about cryptocurrencies either this tactic works and they can obtain a lot of money in a relatively short amount of time with almost no effort. March 18, 2022, 08:32:55 AM
To put it simply, most of the projects can be achieved without incorporating cryptocurrencies, their business model can simply just exist without a so-called blockchain that will solve all things and as a buzzword for their funding. I rather say they are all lack of concept rather than vision as you've stated, but the silver lining is, they are mainly here just only for money instead of the continuity of their projects.
Regarding, funding, I believe that is not the case, if the project is worth enough attention, the community are batting an eye into it.
Developers have been more profit centered rather than being project centered so they tend to forget their goal which is to make the project work and let the community see its worth. Because if the community will see that the project has real utility case, the community itself will be the one battling to invest in it. Unfortunately, most of the new projects have no long term effects on the community because the developers fail to develop it. Instead, they focus more on their own selfish needs rather than the need of the project to succeed.Regarding, funding, I believe that is not the case, if the project is worth enough attention, the community are batting an eye into it.
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