why are there so many coins and the reason why some developers failed - page 2.

Japinat

hero member

Activity: 3052

Merit: 685

Quote from: vv181 on February 27, 2022, 06:09:34 PM

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.

Erumo

member

Activity: 559

Merit: 48

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.

bruntBrunt

newbie

Activity: 12

Merit: 0

Quote from: masulum on March 17, 2022, 10:35:31 AM

Quote from: kojektea on March 17, 2022, 10:03:41 AM

Apart from the internal factors of the project, market conditions also greatly influenced the development of the coin.
When we are in a bull market so many projects are easy to succeed here their coins are sold out - in exchange - boom.
However, when the market is in a bear market, it will actually complicate the development of the coin even though it has large funds, because most of the trading community or cryptocurrency will judge the success rate of the coin from its high price or can survive in extreme markets but currently only a few projects who can survive in that situation.

Revenue from token sales at the time of sale does not guarantee the success of a project. There were many new tokens that appeared in early 2021, which made the meme token the star of the market at that time. Likewise with the P2E hype because of the axie, there are also many P2E tokens that get large funds, but still fail after several months of running. this is enough to prove that it's not just token sales and large amount that affect the future of a project, but the seriousness of the development team. If they are not serious, then they are likely to fail, because their target is money for themselves not for project development.

My favourite p2e project is Engine. It has various features including an arcade, NFT marketplace, VR rooms, AR services and a native token. With all that, I strongly believe it won't fail after several months of running.

ZaMRoneY

newbie

Activity: 55

Merit: 0

Quote from: isukcole on March 17, 2022, 10:33:47 AM

Quote from: Edith1994 on February 19, 2022, 05:22:16 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.

I can agree with you, and what is also essential for me is that community of project must be always alive and should stikc togheter as one, cause we as a people making some platform exist. That is why i always watch out for how community also looks and interigate with their customers. There are plenty more to come and some will succed some will failed, i want to help as ell them which i did with illuvium and lunafi when they launched platforms, cause i'm sticked around community and everything looks good for now.

I've heard about illuvium before they look solid but never heard of lunafi, got any more info of them ?

masulum

legendary

Activity: 2324

Merit: 1603

hmph..

Quote from: kojektea on March 17, 2022, 10:03:41 AM

Apart from the internal factors of the project, market conditions also greatly influenced the development of the coin.
When we are in a bull market so many projects are easy to succeed here their coins are sold out - in exchange - boom.
However, when the market is in a bear market, it will actually complicate the development of the coin even though it has large funds, because most of the trading community or cryptocurrency will judge the success rate of the coin from its high price or can survive in extreme markets but currently only a few projects who can survive in that situation.

Revenue from token sales at the time of sale does not guarantee the success of a project. There were many new tokens that appeared in early 2021, which made the meme token the star of the market at that time. Likewise with the P2E hype because of the axie, there are also many P2E tokens that get large funds, but still fail after several months of running. this is enough to prove that it's not just token sales and large amount that affect the future of a project, but the seriousness of the development team. If they are not serious, then they are likely to fail, because their target is money for themselves not for project development.

isukcole

newbie

Activity: 19

Merit: 0

Quote from: Edith1994 on February 19, 2022, 05:22:16 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.

I can agree with you, and what is also essential for me is that community of project must be always alive and should stikc togheter as one, cause we as a people making some platform exist. That is why i always watch out for how community also looks and interigate with their customers. There are plenty more to come and some will succed some will failed, i want to help as ell them which i did with illuvium and lunafi when they launched platforms, cause i'm sticked around community and everything looks good for now.

kojektea

sr. member

Activity: 2296

Merit: 256

SecureShift.io | Crypto-Exchange

Apart from the internal factors of the project, market conditions also greatly influenced the development of the coin.
When we are in a bull market so many projects are easy to succeed here their coins are sold out - in exchange - boom.
However, when the market is in a bear market, it will actually complicate the development of the coin even though it has large funds, because most of the trading community or cryptocurrency will judge the success rate of the coin from its high price or can survive in extreme markets but currently only a few projects who can survive in that situation.

llecrf

jr. member

Activity: 420

Merit: 1

The failure of the project was caused by many things including the lack of trust of community members in the project, Bitcoin is an example of a successful project that has gone through years of rejection from several countries and Bitcoin to date has had many communities, previously listed on the exchange, Bitcoin is used to pay for pizza, this is what surprised me, while many crypto exchanges exist today, some projects find it difficult to register due to high registration prices on crypto exchanges, new projects will not fail if they have new products and a solid community

Finestream

hero member

Activity: 3052

Merit: 606

Quote from: crwth on February 19, 2022, 08:25:49 AM

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.

There are certain coins that are bound to succeed, and some are not. But how the developers created and launch the project creates a big difference. However, most developers failed due to bad publicity of the coins, some security issues, unethical behavior, and unclear progression paths. Developers were not focused on the long term impact of the project, instead they are more on the immediate result which is to make profits. If the desire is intended for only the developer's satisfaction, then it will never be successful no matter what. https://qrius.com/the-top-5-cryptocurrency-failures-of-all-time/amp/

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: ANSEL_2.0 on March 13, 2022, 07:20:22 AM

All what developers can give investors are words, it's only later we will know who are serious and who doesn't give a heck about investors, this is one of the reasons why BTC will forever be the best of the best, fully decentralized with no CEO right on top of it.

This is why I do not believe on the promises of most of those developers, after all it is very easy to say they will do something but a completely different thing to actually accomplish it, besides how can they know how much money they need to get from their presale if they have yet to write a single line of code? Because of this the only projects in which I can see some sort future are the ones in which the developers have done everything they could do without the help of the community and only asked for funding when they hit a roadblock they could not get over it without money, in that case you could see the developers are serious as they would have been working in their project for months or years without pay, but unfortunately developers like that are very rare these days.

ANSEL_2.0

member

Activity: 271

Merit: 14

All what developers can give investors are words, it's only later we will know who are serious and who doesn't give a heck about investors, this is one of the reasons why BTC will forever be the best of the best, fully decentralized with no CEO right on top of it.

Pterosaur

member

Activity: 207

Merit: 12

Syntrum.com

Many developers are creating coins and tokens for experimental purposes not all of them are blockchain experts and once they have a clue about this they will create a better one with probably not good enough use case, some even want to enter this blockchain technology just to grab quick money.

asyakashi

sr. member

Activity: 1918

Merit: 256

Just.bet - Decentralized On-chain Casino

Quote from: Edith1994 on February 19, 2022, 05:22:16 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

Apart from the factors you mentioned, the influence of market weather is also very important.
Because so many fail to survive in extreme market weather.
some of them have to deliberately announce to leave their project or they just disappear because the market is so tough right now.
Apart from that, the failure of a project also includes the duplication of a successful project from a similar name or concept, they are classified as uncreative projects.

Scripture

full member

Activity: 1303

Merit: 128

Quote from: Saisher on March 12, 2022, 05:50:05 PM

Quote from: Silberman on March 12, 2022, 05:01:02 PM

many developers are not interested in creating a long lasting project out of their coin, and there are many reasons for this, like being to difficult, being unable to do so and too much competition, so as soon as they gather enough funds then they decide to just forget about the project, but in order to not look like complete scammers they simply delay their exit and make it seem as if the project just died naturally, even if they were the ones to kill it so they could just move on and create yet another coin or begin to spend their ill gained profits.

It's easy to trace or find them when they tell potential investors that they are the meme or Doge killer or they are a fork of this coin and they are a better version, expect their coin to live on hype, a coin that draws its strength from other coins are useless and shitcoins, we have seen it in the so many Bitcoin fork in the past which they are a better version of the original Cryptocurrency.

That killer line is an obvious a soon to fail project, so we should really avoid that kind of tokens and learn from the failed projects in the past. Its easy to create tokens but not all are ok to buy, and there’s a lot of reasons why many projects failed and failing, always go for the good projects on a top tokens as much as possible, it can lower the risk since they are already on many exchanges.

Silver80

full member

Activity: 714

Merit: 104

Quote from: Edith1994 on February 19, 2022, 05:22:16 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

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 there are developers working on projects to build other projects that exist in the real world and they collect income. We remember that coins were published to help develop other projects, for example for online watching applications in the past, or developed for just the gambling world.

Saisher

full member

Activity: 2324

Merit: 175

Quote from: Silberman on March 12, 2022, 05:01:02 PM

many developers are not interested in creating a long lasting project out of their coin, and there are many reasons for this, like being to difficult, being unable to do so and too much competition, so as soon as they gather enough funds then they decide to just forget about the project, but in order to not look like complete scammers they simply delay their exit and make it seem as if the project just died naturally, even if they were the ones to kill it so they could just move on and create yet another coin or begin to spend their ill gained profits.

It's easy to trace or find them when they tell potential investors that they are the meme or Doge killer or they are a fork of this coin and they are a better version, expect their coin to live on hype, a coin that draws its strength from other coins are useless and shitcoins, we have seen it in the so many Bitcoin fork in the past which they are a better version of the original Cryptocurrency.

Rengga Jati

hero member

Activity: 2072

Merit: 656

PredX - AI-Powered Prediction Market

Quote from: Edith1994 on February 19, 2022, 05:22:16 AM

1. Lack of funding both the starting aspect and the launching aspect (lack of money to continue)

Funding will be one of the reasons why I agree. But, many projects actually could get their soft cap at least ad moreover hard cap very easily. But, after the finish of the token sale, they seem not really to be serious. Some of them are not going to list their tokens or coins as soon as possible in the exchanges. They commonly will need longer times for several months to get listed even in the small exchanges. This is about seriousness. If the team is exactly serious, with enough money, they have prepared the listing as soon as possible after the tokens ale in order to list sooner the token or coin. Byt in fact, most of them don't do it. That is why, enough funding but without any seriousness will also mean nothing.
We have seen this phenomena so massively happen and most of the projects will not continue to the exchange, end in the wallet, and never listed on exchanges, become shitcoin and dead projects.

Additionally, many new projects seem not to be so serious in developing and managing their project after listing. Moreover when the token listed in exchange is suddenly dropped very much. they seem not care again with the token and leave them

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: yazher on March 07, 2022, 12:43:33 AM

Quote from: Edith1994 on February 19, 2022, 05:22:16 AM

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.

After they gather huge funds from their investors, they are more likely to conclude their project and stop developing or updating it. to keep their community alive, they will keep updating them with news and some false promises which they don't have any actions or plan to really do it in the first place. they also keep changing their road maps which doen't really make sense and finally they will dissapear with their investors money. Most of the time, this is how the pump and dump coin works, so you really need to be vigilant to avoid them.

Unfortunately this is true, many developers are not interested in creating a long lasting project out of their coin, and there are many reasons for this, like being to difficult, being unable to do so and too much competition, so as soon as they gather enough funds then they decide to just forget about the project, but in order to not look like complete scammers they simply delay their exit and make it seem as if the project just died naturally, even if they were the ones to kill it so they could just move on and create yet another coin or begin to spend their ill gained profits.

BitTraderCute

full member

Activity: 899

Merit: 101

Quote from: retreat on February 19, 2022, 03:26:05 PM

the cause of this happening is not much different from what happened to a failed business in the real world. the lack of attractiveness of the coin, lack of financial support, and developers who do not have long-term planning are the causes of many failed coins on the market.

the first thing was developers capability creating and building qualifying product that have utility in crypto market. so far alot developers only creating funny project which is the main purpose only take money from unprofesional investors which is speculate their money into shitcoin. money could come itself if project running well, alot venture capital concern in this market and they look at good project.

Quote from: yazher on March 07, 2022, 12:43:33 AM

After they gather huge funds from their investors, they are more likely to conclude their project and stop developing or updating it.

alot fake developers take a chance to rob our investors money by creating shit projects. we must becarefull when met this kind projects

Wawa2013

sr. member

Activity: 1666

Merit: 267

Quote from: zonefloor on March 06, 2022, 08:20:23 PM

As you said, there are definitely many cryptocurrencies and dozens of them are joining it every day. Projects that continue by emerging for real operation and technology prove themselves in every period and continue on their way. But, as you said, many of them have to leave the project halfway because they do not have enough financial support or cannot find it. Most importantly, internet fraud, even normal fraudsters, is inexhaustible. That's why it's really a good fit for cryptocurrency scammers. As a result, the vast majority of projects and tokens are created purely for the purpose of defrauding people. Such projects are not interrupted anyway, their aim is to make a big money smash and run away.

New projects will keep popping up, but the fact is that most new projects are just a copycat of the previous project. Because most new projects are
created to raise funds and provide benefits for the project development team, if they already get a profit then they immediately leave the project.
That's why investing in new projects is always high risk, because that is the reality in the crypto industry.

Therefore, I always focus on investing in old projects that already have a good track record. Maybe if I invest in new projects I only use very small
capital, so if the projects fail to make a profit, I don't panic. Therefore, if we do not have the ability to do research and analysis to choose good
projects, don't take the risk of investing in new projects, choose top coins that are safe for investment. So don't be easily attracted by the big
profits promised by the team of developers from the new project, because the reality is not as good as we imagine. Therefore don't ever think
crypto investment can make us rich instantly, getting rich from crypto investing is need a long process. Forget looking for new projects that can
give us 100x-1000x profit because it will only make us lose in the end.

Topic: why are there so many coins and the reason why some developers failed - page 2. (Read 621 times)