Topic: Why so much hate for new coins? - page 2. (Read 1602 times)

My guess is that the people who are most butt hurt are those who have lost money in previous pump-and-dump coins (or failed to get rich overnight when they chose the wrong one), or that feel that their bitcoin wealth is threatened by the prevalence of altcoins in general.

Also it is clogging up internet fora, or for example the newbies section. I do like new coins and their advantages and new technologies, but I hate all those clones with goofy names. Nobody should take that to seriously.

People will criticise a coin when it offers nothing new and is just another clone. Why is this coin needed and 99% of the other crapcoins? It's not. People are not trolling, they're just voicing their opinion.

its very rare for a new coin nowadays with innovative feature

Many of the new altcoins are only being created to be pump and dumped to make the creators some quick cash.  Not too many genuine coins that want to advance cryptocurrency.

The proof of work has benefits outside of the workings of the currency itself, but otherwise, XPM has problems. It's currently only possible (or more accurately, profitable) to mine on CPUs which makes it attractive to botnets to a far greater extent than scrypt, since botted computers tend not to have capable GPUs, but now often have multiple CPU cores. Presumably this could also enable less intrusive usage (only one out of two cores, etc) that might lead to lower detection and removal.

It seems like the real issue is that new coins get hosed by the "Eye of Sauron" multipools and then dumped into something "safer" like litecoin or bitcoin. This has an obviously negative impact on the currencies and will presumably lead to investor interest drying up eventually; how many times are you going to gamble a few BTC on a new currency only to watch it get gobbled up and dumped by the pools?

I think the problem is that it is very easy to launch a coin. Everything you need is freely available. What is not easy is to support and promote a coin. So anything that looks remotely like a scam gets a lot of hate mail at first until it has proved itself.

Things that look like scams:
1) Proof of work based coins that have been pre-mined (mined before they launch to the public) such as the one you linked to. Really there is no need to pre-mine, as long as the development team have the hardware they can mine just as well with the few new followers that a coin picks up at the start.

(I am not completely certain but it appears that proof of stake coins are pre-mined by default if that actually means anything for this type of coin. I am sure someone will correct me.)

2) Poor support, but this is harder to tell at the beginning.

3) Name copying, such as the coin you mentioned. Using someone else's good name to support your coin is just deceptive.

4) Just a copy. If it can only be used to do what BitCoin does then whats the point? See below.

What's should a new coin have:
1) A niche, for example NameCoin is use to buy .bit domains which means that it has a real value as long as people want .bit domains.
NXT or Mastercoin or Bitshare which all have the goals of representing real items so they can be traded. Again there is real value there other than what you can already do with BitCoin.

2) Good support. Meaning questions get answered, bugs get fixed quickly, you do not loose your money... Support is hard work so it represents commitment. All praise to the people supporting the coin.

3) A good brand image. For example Annon Coin for the dark web is probably not the best image for your coin if you expect to have a large following (I may be wrong ).

4) Support in the bricks and mortar world (but that is hard for a new coin to achieve). If you can use it to do something then its worth having.

4) Better technology. Proof of Stake which uses far less energy than Proof of Work is better technology. The Primes based mining of PrimeCoin offers a better use of mining as a foundation for a coin. But Protoshares, which represent a stake in future niche Coin launches is also a better use of the current technology and a better approach to pre-mining which produces an instant user base instead of a few 'wealthy' people.

Anything I have missed out?

It is improvements in application and technology that are important at the moment. This means, at least form my point of view, some coins have to fade away and new better coins have to take their place. So new coins are not bad. New coins that offer nothing new, however, are a waste of good people, energy and time.

Depends....  Most people hate new coins because it's for pump/dump scenarios and end up getting burned on their investment.  However, if a coin is solid and has a well known reputation among online/offline market places, they grow to be more supportive.  After all, BTC is the most commonly used cryptocurrency.

Feel free to view the below article detailing and example:

http://tinyurl.com/m7vz9z3

Thanks,
Scottii

easier to hate

Hello guys,

I'm new to cryptocoins and very new to this forum. I started following the forums two weeks ago and since then I was fascinated by this social phenomenon.
Also my gf thinks I spend way to much time checking this and way to little time checking her.
Despite that I'm still fascinated. However, I've seen so many hate posts when a new coin is announced that It got me wondering why.
For example, just now I was reading about this new coin that just launched on this forum and almost half the replies look to me like hate posts and trolling.

Why do you think so many people are hating?

On a sidenote, any advice on how to calm the gf?

Cheers,
coolisbad