Topic: why are there so many coins and the reason why some developers failed - page 5. (Read 636 times)

Most of the projects that are starting, they have the same problem in funding. And that's why they're doing crowdfunding because the picture is clear that they need more capital to continue their goal. But this is being abused by many developers that once they're funded from the investors, they're not going to fulfill what has been promised as they've made money from the investors. Well, there's no bind or contract and that's why they can easily get in and out from it.

Actually there are few coins in the market and so many tokens, creating your own coin requires a lot of work since you are going to develop your own network while creating tokens is very easy using the existing network. Many are just trying to scam people so they create tokens with a fake details and many fall for this, we should always do our own analysis before investing especially on every tokens.

Most coins coming in are nothing like Bitcoin the developers of this multitude of coins in the Crypto world doesn't have the passion or the knowledge put into Bitcoin, Bitcoin stands alone, most coin coming right now are either going into metaverse, memecoins and the rest, and in the past we have seen such from new project, they are all mostly there for investors money, although there are still some seriously good project out there. What mostly contribute to project fails is the commitments of the project organizer.

They are doing this to scam people, they see opportunity on this market since many are able to make money even if the project is failed, so some are trying to become more greedy and create their own project even if they have no plan to continue the business at all. We should be more careful on buying new tokens, not all are worth it to buy since most of them is just a fake one.

Based on the fact that the cryptocurrency market is currently not regulated, there are more fraudulent projects appearing here. Therefore, a lot of developers set themselves the goal of getting rich quickly at the expense of other investors, after which they abandon work on the project.

Quite honestly this is not a mystery at all, most developers fail simply because they do not have an idea that is worth coding at all, lets look at ethereum as an example, even if there are some people that criticize the project we cannot say that it was not innovative at its time and the same can be said about several other good projects, however most coins are just derivative projects, and if to this we add that their execution is awful then most coins never had any real chance to succeed at all.

To some extent, you are right that most of the developers just want to make money and want to do it quickly. However, there are other aspects as well. For example, why did cryptocurrencies appear at all and for what purpose, and if you start to investigate this issue, it turns out that all cryptocurrencies, including BTC, were created for the sole purpose of making money. However, not everyone is able to do this. As for BTC, everything is clear here, it is the most important cryptocurrency, and everything else is its derivatives, that is, “copies”, the purpose of which is to support BTC and, of course, give the opportunity to earn to their creators. This scheme includes petty scammers who simply use this opportunity for their own purposes, who very often fail to achieve their goal due to greed and lack of professionalism.

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.

What is this crypto philosophy that we should detach from? Am interested to know it. The 99% figure you put as the number of scam projects is an exaggeration of what is really the case. Though I know scam projects are increasing everyday but it is not that bad up to the percentage you mentioned. I see many new genuine projects get listed everyday too and by estimate I know they are more than the 1% you said.

Many new projects spring up every day and that is because there is a discovery of features that the older ones do not have that the new ones can provide or that they have a totally different line of technologies they bring in. If we do not have new discoveries, the crypto industry will die off as there will not be new innovations to draw more attention to it. Creating more coins is not bad a thing to do.

Most projects were launched based on premined which is not far different from the current fiat system and also they set the prices for presale based on nothing so why should an investor trust an anonymous person over government if it doesn't have any weight over the regulated bills.

The reason why most developers fail as a result of this IMO is;
-Though the idea behind a project may be good, most developers plan for when their coins to boom and not when their coin is booming, so they are unprepared for the growth, cannot accommodate the growth and hence them and the projects fail. To ensure that you build/develop a sustainable project, you must be able to predict and prepare for problems you will face when the project begins and when the project is running, also for when it starts to boom.

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.

I see the opposite. When you start a project, you search for a problem that the community needs and develop your project to solve that problem.

How to solve this problem and the efficiency in solving it is what makes the money flow to you.

What is currently happening is trying to make money follow the project and get it quickly, and from here the concept of cryptocurrencies disappears into speculative shares, and the main purpose of shares is always to make their owners rich.

In short, when you find a project that talks about clients, money, and profits without specifying the problem they would like to solve and future development, then know that they are scammers.

Almost all projects that failed did not have a vision. They just followed the hype and created a duplicate project, thinking to cash on the hype.

Eventually such projects end up being dead. Look at the meme hype, practically everyday a new meme coin is being launched to cash the meme hype but only a few were able to do so.

They are not developers but opportunist who think they will make it to the moon. Some of them were successful with it and most of them lost the race. The problem is with the community. Most of us here have invested in such project because they want to be at the moon in a short time.

That is not only all, some developers are not developers but scammers, there are many altcoins that have been a total scam before. There was a time a friend of mine told me to buy a presale some months ago in November last year, it was a BSC token. My friend bought the token and was sent to his address, but all that happened was that the project is a scam. We should be very careful of new projects. Altcoins is an easy means to create many fake projects to scam people which is what to avoid.

Some altcoins are not scam directly, the developers will pump it to attract investors, after the investors are attracted, the developers sell so the price of the coins will reduce to the extent many investors will lose. Altcoins have created ways for scammers to be happy by making sure investors lose for scammers to gain.

The main purpose for developers that are not ready to scam is also profit, for their project to be known to the world, making the price of their coin to rise significantly and they will gain very well. But what altcoins are creating for investors are making many investors to lose. Some projects are good but out of over $17000 cryptocurrencies existing, there are thousands of altcoins that are existing but making investors to lose, there are may altcoins that are still very risky and lead to loss of money in one way or the other.

Most of them failed because they don't have long term plan and cannot able to put up more money on their project for other developments that's why they failed, devs like this always want their pocket to be full and didn't care about their investors, this is why its good for new coins created to dump it immediately and don't follow other who hold for long term because they tell it will pump the same with bitcoin since for sure we will ending up a bag holder of their shitcoin and left behind by them.

You are contradicting yourself when you are saying that the devs only want money, and then present some other reasons why coins fail. Coins fail because they were never meant to succeed, the whole point of those projects is to collect money from investors, then quietly disappear.

There is a tiny minority of coins that are actually being developed honestly, and they do fail for other reasons, like the limitations of cryptocurrency technology, unrealistic goals, general lack of mass adoption of crypto, bad design and so on.

99% of coins are dishonest cashgrabs, but even if a coin is honest, it doesn't mean it's worth investing into, from a fundamental point of view. If your goal is to make money with trading, you should detach yourself from the crypto philosophy and just view coins as pump and dump schemes.

How can you say there is lack of funds in crypto?

Market is flooded with billions of dollars. Any shitcoin has billions marketcap.
ICO made billions of dollars as well.

I would say the opposite: there is too much money  and greed took over.

However,  there are amazing projects like ethereum,  Solana , some DEFI..

Shitcoins are called shitcoins for a reason. They are mostly unstable projects, with no utility and lack fundamentals to back them.
 You can't stop internet fraud or control what people do on the internet. Some of these projects are scams themselves, $SQUID coin is an example of a rug pull scam investors lost all their money.
 The people who buy shitcoins just want to make money. They don't buy because they believe in the technology. Well some just follow the crowd and buy what the media is selling. There are so many coins developed on a daily basis. DYOR

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.