Topic: WHy the fuck so many alt coins? (Read 3074 times)

The crazy rise of the blockchain project in 2017, let people see the road to making a fortune, will only create a lot of scam projects.

And why are there so many types of clothes and shoes?
The only answer is that people want to create something of their own, something special and new, and also want to capitalize on it. Therefore, based on the fact that everyone is allowed to the process of creating new coins and tokens, this will happen in the future and this is quite normal. Only in this way can a cryptocurrency be improved and developed. Useless coins and tokens vseravno eventually leave the market.

Incredible, they were already unhappy with some altcoins since 2013! Imagine now? Well, it is a natural and inevitable situation, because each one wants to create the next BTC, instead of all go in a single path, it is preferable to each go their own way, it is the free commerce that provides this situation.

Because every person today is trying to create his own project, which can be realized sooner or later. Maybe today you and I will not be able to fully answer the question, but it seems to me that there has not been without greed.

Damn, I can’t believe that this question worried the crypto community in 2013. I think fast money attracts entrepreneurs from all over the world to create new crypto projects. And at the current numbers, the quantity of crypto tokens will not stop.

I personally really don't think that i will be rich at this moment because of the crypto. In fact, I am not a trader that can hint the profits everyday. i am only a bounty hunter and an investor that can enjoy the profits after several months. Well, when seeing the market, this is too bad, they are likely dying and cannot be expected.

What's the panic? Why are you so afraid of such amount of coins but not thousands of shares in the Wallstreet markets? You seem to be a hamster who ask without trying to think with his own brains!

It's possible to remove them as long as the investors must keep their trusted on the crypto expert and aware with any awareness regarding the scam project. But a lot of  dumb bounty hunters are so blindly promoting shit scam coin just like ETCV.

The emergence of many altcoins sometimes has no development, I also wonder why many altcoins appear but don't develop anymore. since then I have stopped investing in the new altcoin because of doubt.

most fraudsters will continue to make coins with their best concepts to deceive investors and bounty hunters. this is very difficult to remove from the crypto industry.

People simply want to make own coin and there are a lot of ideas they want to realise.
Well, as far as I know, besides coinmarket cap there are a lot of coins with lower volume not presented there

In fact im think, at present, the number of altcoins is declined.I associate it with that ICO number developed at ETH has declined. Really in the market now much is not needed cryptos without technology and ideas designed to quickly make money and then disappear

I think your reasons are exactly what happened in year 2016 and 2017
Everyone made fun of altcoins and I’m the process learnt a lot of lessons and made a lot of money too
Even more money because there are thousands of uselsss tokens across exchange platforms

99 percent of the new coins are here to raise money after they will run aways with someone money, information, energy.

This is the serious consequence of the abuse of ICO. This directly led to a large devaluation of cryptocurrencies, but the growth of emerging markets in capital is usually crazy. The bull market will come when Bitcoin approaches death.

Not really people but organizations and companies since creating a token is now very easy and it is open source, anyone can create their own token for their organization and companies, and because of this we will see more tokens in the market that are attached to a company or organization.

I had ever meet something or project that saying that if they join them, there is a possibilities that they could create their own personal coins for themself without having to struggle with the code or something like that. I believe that is one of many reason why there is so much coins available.

There seems to be a bit of bad rep about the number of coins in the recent couple months. I have started to see more and more topics of how new coins are bad for business and whatever constantly, that is not to say people are wrong about the subject but they should realize that ICO and new coins are not a new thing.

Back in the day ICO wasn't a deal but people created their own coins constantly and premined almost half of the coins themselves as a means to make money later on and just published the wallet like a start and than manage to get people to use that coin instead and they would sell their coins small by small to make the funds needed.

All of the big coins you see started that way and wasn't a big problem considering for every big coin like eth there was a thousand useless coin. This is not a new thing and the only difference is now people need to pre-fund something before it comes out, so if they stop funding bad ones we will not have this problem at all.

Blockchain is like the internet. People will create websites of they own to advertise and promote their products and services. But I got to agree that the effect of many altcoin is different from websites. Many websites created means that there's a great opportunity in it but many altcoins means many investments lost is failed projects.

in fact they don't only talk about wealth. some of the many altcoins are now a result of industrial developments that are beginning to become interested in crypto technology. or market demand that asks some industries to keep up with this development, because they know that there will be many interested people who can give him an advantage.

being rich is everyone's dream, so in terms of looking for wealth, it takes intelligence both in terms of making altcoins and other things, we cannot stop every step of the person who wants to go forward and seek wealth.

Because many ICOs are being born. I think instead of complaining and wondering, "there are too many coins" why don't you focus on the coins you care about.

And some do not enter the market at all. Simply put it were scammers! It's a pity for investors, but on the other hand it's good that the market is self-cleaning!

There were hundreds of projects launched by teams everyday but most of the team's purpose is to make money from their projects,only few team have the purpose of making their crypto into the real life usage,hope to see some of then in 2019.

When there are opportunities and holes to be exploited, scammers will try to benefit from it and is no exception to the cryptos hype. The number of alts is now very large and most of them will definitely be forgotten. Market selection will only leave coins that really have a vision and mission, along with continuous development. Not only alts from scam projects will be gone, alts from real projects with minimal development will certainly disappear too.

Creating a new Altcoin is not only simple, but also has no cost, so it is favored by many scammers. It is not that we need so many alt coins, but scammers. In fact, many of them are shit. I believe that most of the Altcoins will die in the future, and the Altcoins that can survive will not exceed 10%.

Because it's too easy to make and many coin seekers are seen from current bounty enthusiasts..

I think the presence of a new altcoin is quite useful, making it easier for everyone to buy at a low price, but there is also a negative side like many new altcoins that have no selling points and no further developments.

Most of the Altcoins will be destroyed in the future. Too much Altcoin is hurting the market.
I'm sure whales will be happy with this situation and it will be easy to confiscate these savings.

Because they want the benefits of each Bitcoin price increase, they make trading partners with Bitcoin, so they can manipulate prices on the market, because they have their Coins in their hands. So that it is currently being followed by the ICO project which is very much arriving every day.

maybe what looks like that everyone dreams of becoming Satoshi Nakamoto but if viewed from another perspective, I see the development of crypto in the emergence of altcoin because each project has a purpose that

Because so many people have the dreamer becoming satoshi nakamoto by creating their own cryptocurrencies.

This happened because there were a lot of projects that died due to declining market conditions and in my opinion the market is currently in a bad condition. ico also has too much fraud and makes a lot of garbage tokens

I will not speak with you. If projects were created with high standards. That such a fall in prices would not be. Now projects do not reach out and are practically not suitable.

If investment in alt-motive coins stops, will the market improve? I think this will not be ..

Altcoins arise mainly from the greed of people who create them. A large majority of altcoins has no use and is created only to make pump&dump, thats why we always have to check the project very well before investing.

You are confusing, are the bankers the ones creating altcoins on here? If so what will be there gain? Because only newbies will fall victim to silly scam projects like wavex and ethereum classic vision, till the end of time there will always be scam projects unless a new way is introduced to tackle them

if there is only one coin. i think u may be very disappointed. so many coins can make the market look messy. but it also means that the market is booming. they will produce some real lasting coins

i don't know why so many altcoins are launched ,but some altcoins are vanish in after some  days after it launched.

Actually, the fact that the crypto industry is unregulated means there are a lot of people looking to game the system by developing meaningless and senseless projects mostly with the intentions of defrauding people through shabby ICOs. This occurrence has increased tremendously over the past few months leading to a proliferation of uncountable number of altcoins. Unfortunately, this will continue unabated until strict regulations are put in place.

i think this question has no sense .. why there is a lot of project in life every altcoin has an agenda and purpose behind it but not all of them will succeed in the long term and you need to be safe

I think the main reason it hype. Using cryptocurrency for collecting funds is the easiest way to reach capital. All investors are investing in this segment, they believe in blockchain. But some projects don't need blockchain at all for their work.

Because many altcoins do not have a cogent problem they want to solve. A lot of developers of many altcoins projects are scammers. No concrete roadmap, no reasonable product. They just want to defraud people/investors and disappear. Even those that made it to market because of lack of good plan and problem-solving strategy die of market force quickly.  These so many fuck altcoins have created a kind of panic in investors.  I am of the opinion that the activities of ICO be regulated, this will curb or minimise the advent of these useless altcoins.

Because of preference and open source! Any body can  just wake up and decide to make a brand different which give room for choice!

There is a call for new alt forums, altcointalk.org is being born, altcoinforum.org is already active I believe

The more shitcoins there are, the easier it is to ignore them. So I say the more the merrier. Pile on, shitcoin makers!

I don't hate the new alts, but I do feel that this place, the birth of them, needs to be organized. It all depends on the preference of the user like another user referenced cigarette brands. Not all companies can stay alive forever. Since most of these new coins offer little difference to their parent coins(All the new litecoin based) and are valued less, they will fade away and be a mere memory of the time they were alive.  

It's clearly working; some of my Bitcoins this morning wouldn't work because there were too many Chinacoins and Bitbars gumming up the system.


I haven't even started yet.

Another example about first movers failing: the inventor of the transistor, William Shockley. Nobel prize winner, and yet a terrible manager.
He failed miserably in making a commercial product, for being such a nerd he focused on "sexy problems" rather than practicality and commercial success, all his key employees ended up deserting him.
Those desertors (aka. the traitorous 8) ended up working for the competition Fairchild Semiconductors taking advantage of everything they learned through the insufferable Shockley.
Later on they took whatever they learned and researched in Fairchild to create their own company: Intel.

So if we take that as a case study from discovery to actual implementation: bitcoin may have a very long way to go, and the future is quite unpredictable.
The fundamentals of bitcoins might subsist, but the future of cryptocurrencies will not be bitcoins. Probably it will have another face and another name.

The first mover advantage & Bitcoin's much greater network effect.  On many technical points, AOL was a better network than the Internet at large.  The Internet improved.  AOL is not dead though, still used by old people running modems.

infact they should ban all but euro and dollar

Answered your own question. Just don't buy them if you don't support them. People will learn to judge them based on their merit.

Exactly, and from where do these changes come? It's not like someone suddenly discoveres that it would be great to have a faster blockchain and then Bitcoin suddenly knows how to handle it. The idea is tested, evaluated, discarded or not, after having been used in alt-coins extensively.


Again, exactly. First mover is not a competitive advantage in all cases or even most cases, nor is market dominance, or second mover even. A competitor must stand on their own merit, not simply because of time. If Bitcoins main benefit is being first, then the first Bitcoin clone to offer something more than that will win, or be the IE to Bitcoin.


Bitcoin may adapt by copying what makes its competitors successful, but then the argument could be reversed and say that "Well, Bitcoin is only cloning the success of Litecoin's SCrypt, so why would we use Bitcoin instead of Litecoin?"


I don't think we really disagree, but my point is that Bitcoin isn't special because it is Bitcoin. Bitcoin is special right now because it is largest and most widely known, but that and the fact that it (as well as any other coin) can copy-cat other alts cannot be its primary competitive advantage in the long run.

Like I said; we don't really know what the future holds. We're at Netscape Navigator 2.0 now.

.b

Ha ha nice pick.

People have their habits.

Imagine how annoying Litecoin is, its like television commercial-breaks that are just too short to actually let you "relieve yourself" without missing some of the show.

You barely order your coffee to sit down and have a nice relaxing chat with your shopping buddies while your transactions clear before the announcement system is bugging you "number 234, number 234, your order is ready at Walmart checkout lane 6..."

Okay so Walmart might know better, but will all shops allow you your tradtional sit down once litecoin starts edging out bitcoin?



-MarkM-

Agreed. Netscape is not a valid comparison because it was deliberately killed off by Microsoft using their 95+% dominance of the PC market to promote their own IE. You could call that a 51% attack  

Bitcoin's first mover advantage is more analogous to that obtained by the QWERTY keyboard, prevailing over other competing formats in the 100 years since.

It maybe isn't working all that well though. Instead of cutting their teeth, their teeth seem rather to tend to get cut.

I can think of at least two excellent learning opportunities off the top of my head that instead of being taken up were simply tossed aside.

One is I0Coin, why does it die on a boost exception trying to do a host lookup and why does it eat so much RAM?

The other is GeistGeld, if you think I0Coin eats a lot of RAM check out GestGeld! Are they both eating it for the same reason, or do 15 second blocks simply consume a lot more RAM than 10 minute blocks do?

Learning does not really seem to be a popular motive nowadays, "kids nowadays" seem to prefer get rich quick schemes. Learning might not be quick, so doesn't really fit well into that gameplan...

Think though how many people there are out there holding such antique coins, maybe wishing an exchange would re-open or open so they could offer bounties for the expert restoration of such classic antiques...

-MarkM-

Yes, if so desired.  Note, however, that these are not changes that cannot be replicated in Bitcoin itself.  The faster block interval is unlikely to change, but the hashing algo is deliberately modular in Bitcoin.  There is nothing magical about SHA-256.


Indeed.  You do realize that Firefox is a direct code successor to Netscape Navigator, right?  Netscape (the company) did not cease to exist because they failed to compete with IE, they ceased to exist because they were legally destroyed by M$.

In the same way that Firefox is an open source version of Navigator and has successfully incorporated features into the codebase that Windows IE pioneered, there is no innovation that any alt-coin can make that Bitcoin can't just steal, if such an innovation proves to be desired by the public.



Again, evolution.  I have no doubt at all that bitcoin will be something quite different, but it will still be bitcoin.  Keep on mining your litecoins, though.  Bitcoin still needs it's evolutionary failures.  Keep in mind that this is a bitcoin discussion forum; if bitcoin didn't have something to gain from the alt-coin section, would it be here?

You mean like 2) a quicker blockchain or a non-SHA algorithm or more coins, if so desired by society?

You do realize that Netscape was the first mover by a long margin, right?

Bitcoin may lead now, we have no idea about the future. I strongly believe that Bitcoin 10 years from now is either gone or something quite different from what it is today.

.b

Bitcoin has the first mover advantage, and by a long margin.  The only way any alt-coin ever "makes it" is 1) if it serves a niche market Bitcoin was not optimized for (i.e. Namecoin) or 2) manages to make a huge leap in some technical or economic fashion which cannot be replicated in Bitcoin itself (almost impossible) or 3) Bitcoin turns out to have some fatal bug in the protocol itself.

Which of these scenarios is most likely?

You forget that these coins may not survive and by that serve their roles in evolution. Thus, they are perfectly fulfilling their destinies by simply showing what does not work. Science is disproving; not proving.


The coins are not carbon copies. Evolution and mutation isn't always about huge changes; even the slightest change can be the trigger that causes a new mutation to survive. For every coin built, we learn something new, even if it's just that the name actuially matters for the adoption of a new coin.

.b

What strikes me odd about all of these new alts is not so much the coins themselves, but the complete lack of support structure around them aside the usual couple of exchanges and pools, and complete lack of push for actual adoption for something other than something new to mine.

If a coin is actually going to "make it" it will need more than a slightly modified version of Bitcoin or Litecoin. Most of these will likely go away, I don't see any clear innovation in any of these really.

Litecoin and Bitcoin are primes as they actually differ from one another in a core way (SHA vs Scrypt). I think any real contender will need to be this kind of fundamentally different that improves upon or solves a particular problem, with their creators doing more than just dropping it off on here.

Multiple coins are not a bad thing, multiple carbon clones is. Plus most of them will never make it out of the gate with such unmarketable names.

We should be thankful that troglodytes had no network effect.

Just like during the Cambrian Explosion when a huge number of crazy body-plans competed against each other, resulting in only a few long-term surviving types...

+1

Because BitCoin can and should evolve.

The only other Alt Coins I've checked out/showed interest in so far is LiteCoin/LTC and ByteCoin/BTE

Free BitCoins www.BitHits.info

Free ByteCoins www.ByteHits.info

What I'd really like to see in a coin is a much better TX Fee system or no TX fee system!

I go away for a week and things were pretty alt crazy before i left. I come back and it is bat shit insane now. Well done all.

This thread was so desperately needed.  It just wouldn't have made sense to ask this question in one of the other five dozen threads started with the same question every day. 

Im happy because its keeps the LTC difficulty from being EVEN HIGHER and teaches people the hard way at the same time. Win-win

If bitcoin is a meta-currency of fiat money, altcoins are a meta-meta-currency.
Consider them the cheap knock-offs of bitcoins, everyone is a satoshi wannabie.
That's human nature, it happens with gangnam style, Harlem shake and serial murders, whatever crap that becomes popular, you'll have copycats popping up everywhere.

The only altcoin project modestly original is the Ripple, the rest is shit. Some of the others are just minor tweaks of the bitcoin protocol.

why so serious?

Q. Why so many alt coins?

A. So future Bitcoin-qt developers can cut their teeth and learn the codebase.

Because people believe they will get rich off the new next thing.

to get btc for the dev team

That's funny... I just noticed that.

because bitcoin is opensource. If it's not as ripple, there will be no cheap alt-coins.

No the reason that the ignore button is highlighted is because I tell faggots like you to suck my cock. Feel free to ignore me too.. oh and by the way go fuck yourself

no wonder the option to ignore you is highlighted.

it's ok that there are alt coins.. but it's not good that random alt coins which have only just been released, that have been made by someone who isn't or can't support it are put onto the main exchanges... if it's something completely new (revolutionary), then fairplay..
i think a coin should not be put on an exchange for at least a month or 2.. just an intuitive guess/idea ;d

of course, if it's not worth anything then most people won't mine it... but the ones that do, and stick with it, and know that it is actually better than the other alts will be rewarded eventually.. and those that didn't think about the future, and only the present will be pissed off

something like that.. i shouldn't write while drunk ;d


edit: i suppose the failures could eventually fade away..  maybe they won't, maybe exchanges will stop putting random coins on their exchanges because they get so full, leaving the real good coins without an exchange..

Please, keep making all your alt coins. No, really. People chasing spamcoins with their hash power makes less hash power on the real coins. Means less competition for me... 

Why so many cigarette brands ?

I agree it is stupid shit every time you turn around a new alternative coin. I personally support competition and have been selling ltc almost exclusively, but come on every day a new bullshit coin... wtf? 

Because we make money off them.
Because they are fun to fuck around with.
Because it is a learning experience for the devs.
Because there is no stopping anybody from making one.
Because, why not?

If owning a single 5770 makes a person rich then rich it is.  You can mine with less, but a 5770 will do the trick.

In finance, a high-yield coin (non-investment-grade coin, speculative-grade coin, or junk coin) is a coin that is rated below investment grade. These coins have a higher risk of default or other adverse credit events, but typically pay higher yields than better quality coins in order to make them attractive to investors.

why are there so many -fucking- threads about this shit every day.. there is a dedicated bitcoin forum.. stay there if you hate this.

There are so many alt coins because it is next to impossible for normal people who dont have a 3000 dollar rig to mine anything worth a shit.

FIFY

There are so many alt coins because people really want BTC, and the only way to convince people to part with their BTC is to show them something new and shiny. The shine wears off quickly, so you have to make another coin.

Umm.. Yup SUCK IT

I'm just posting her to up my post count.  Thanks!

what is alt coin?

Look at litecoin diff.  It's gone from what, 300 to 600 within a month?

It is going to go from 470 to 614 by the weekend.

Just stop making hate thread to stop alt coin so the bitcoin you hoarded can go back to $266.

I think the more altcoins the better. Bitcoin is only minable by the rich and insiders now a days.

Why so many alt-coins?

Evolution, of course.  Those are the dead-end muations.

Best answer ever.

You call this "many" ?

Ha! 'Tis but a trickle!

-MarkM-

Ahhahahhhaahhaaa!!!! Then

dont



mine




them....
.
..
....

Why?

People want to get rich?

Bankers want to bring down the bit coin system, by flooding the market with alt coins?

Just stop creating more alt coins!