Bitcoin Forum

recently i keep seeing new people, having no knowledge of what counts, wanting to start a new cryptocurrency (an altcoin) of their own.
these people that i am talking about
have little to no knowledge of programming.
have no knowledge of cryptography.
have no knowledge of economics.
and more importantly they have zero experience.

so why do they want to create a new altcoin? is this market turning into such a crappy place that they can make their own altcoin and list it somewhere to even be exchanged against bitcoin?!

my theory is that it is mostly the fault of crappy exchanges such as yobit that list literary anything on their exchange allowing these types of altcoin to live.

If I could say it all in one phrase: easy money without working hard.  :)

There are several ways to achive that phrase

• Dump the premine
• Run away after getting ICO/IPO money
• Etc

that's the thing though. they can't make money!
what you say works for those who have created at least one altcoin before or done the same scam on 2 different ones before.
someone who i described in my OP has no idea what he is doing, someone who doesn't even know how to fork can not ask for ICO, and be sure that he will mess up the premine and price will be 1 satoshi even before hitting the exchange.

Trail is probably from MLM coin guys who see their coin is falling apart and then show up here wanting to be the top dog in their own coin scam..

Not only this, there are tons of ico project with high rank members, which scammed more people than newbies' ico. Like opair, ebitz, deCLOUDs, LIR, were notorious scams in last year, their OP were all senior or even legendary members.

I can see a few reasons:
They were late to Alt-Coin space
Unrealistic expectations /dreamer
Thinks their idea has not been thought of before

Those were fuckin bought account, we are need deep doing a deep analyze for every ico. But some of the people are already getting awareness about such scam ico. but no one cares.
Too many newbies are interesting in ico with the easiest way to grab some of the money and run away.

Simply to earn money, let us just give them the chance, we all wanted in life is to become successful. They've been noticing and searching that cryptocurrency is one of the most booming industry now, we cannot blame them if they wanted to be part of this successful venture. Let us just see how they will handle this.

I will assumed they just hide in their real accout so that someone can guide them properly and step by step on how to create their own coins. In that way, they can freely asked a newbie question.

All this shit plan are just meant for profit purposes. Since the birth of an alt, it was only made to take profit because they want to follow the price path that bitcoin was passed without realizing that bitcoin is not only meant for profit but for usage.

it is the illusion of getting rich quick and overnight that newbies have with cryptocurrencies. it has always been there and it usually changes form. so far it was like this: they bought 0.1 bitcoin, and waited to become millionaires after a week they became cold.

then they started thinking sine bitcoin has gone up from 1 cent to 1000 dollar we should invest in an altcoin that is 1 cent and hold it to make 1000 dollar (become millionaire) then they bought 0.1BTC worth of altcoins waiting to become millionaires, again after a week they became cold.

and now after a couple of years they have seen lots of scammers and devs who became millionaires by dumping their ICO (eg ether dev) so they think money is in making a new altcoin.

and the story continues.

Mostly they have a project that they plan to found by ICO. Well I dont know if that is the case of most but at least the ones i looked at. They ofcourse have never before posted on this forum, since have little interest in crypt. Usually have teams each responsible for something. If they issued an asset on an asset platform then they dont really need much cryptographic knowledge. In their team should have people with programming and economic skills Or their project will fail.

Im think they dreaming to make a new altcoin and benefit it.They didn't know that its hard to run a successful project you need more team or even companions that help you to run the newly make altcoin by you.

They are hoping to "get rich quick", pump and dump.

they try to earn some easy money by making useless coins that will be worth nothing in the long run, but may give them some money while people keep bumping it, or they just are outright scams that will take people`s money and will not deliver anything

they use newbie accounts so their reputation and trust won`t be , they just will abandon the old newbie account and will go to create another

well after all these successful icos which gathered millions, people get the feeling that there is plenty of money in the altcoin business. So wouldn't it be nice to have you own coin with a premine of 4% let it get listed in a shity exchange, wait for a decent volume and then cash out your coins?

i see the probability to make big money is wide open for new altcoin because before we launch the coins, we make the ico to attract investor to join with us. and i think this is the reason for many newbies wants to create a new altcoin. but without a good effort and hard work, that coins will not stay too long and maybe after the ico is finished, the coins is getting died too like we seen before.

When I first got into Bitcoin in 2013, I was extremely excited about creating some sort of presence in the crypto space. I reached out to all of my friends that were CS grads and asked all of them if they knew anything about it or wanted to explore start up projects. This was the time in which you could pull off a quality coin project and potentially emerge as a viable token platform. Unfortunately, most of the folks around here are so jaded by all the same old bullshit, that a newcomers youthful enthusiasm is immediately dismissed as a scam or fucking worthless..

The crypto space is still in its infancy, and there is still large complex to house great ideas. It's just extremely difficult to impress the peanut gallery here and sensitive people's ideas are generally lost.

easy cheap shitcoisn with premine to dump and make fast money

simple

There was a huge media coverage about the passing of the $1000 mark of Bitcoin some weeks ago. This attracts many new venturers for the crypto currency world. They think they could get rich quickly just by creating a own alt.  From time to time, I get messages from absolute newbies for asking me if I have experience in creating an altcoin.

I think they are traders altcoins who losing money in it,
then they try building altcoins projects to looking for profit with it.
They are trying become scam altcoins developer although
they don't know anything about digital coins.

Another way of saying it would be,  "Monkey see, monkey do".  These idiots see how rich some developers have gotten and they want some of that.  But it's a saturated market with extremely low quality product.   So I think it's best just to stay out of it entirely, for noobs and veterans alike.

We do nnot know if these people are indeed newbies,some of them are altcoins of member or higher ranl member and they want to protect their ranking so they want to post as a newbie,some of them create a mewbie account dedicated for that coin project alone,so we are not really sure if they are indeed newbies of this forum.

It's great. The more coins the better. Soon schoolkids will have them. Every town will have one. They will be everywhere  :)

Soon you will be easily able to make your own coin, with much better specs than we have today. It's going to get better and better and easier and easier to create decentralised networks of all styles.

only if it were true....

what is happening in reality, and in the world we live in is that kids are clicking a button to clone a project and then change the name to have a brand new altcoin and then some of them even go as far as scam others with pre mine and ICO.
in the end we see a shit coin with nothing new, and no development.
and such coins die withing a very short amount of time.

so how do you think it is getting better and better? there is no improvement, only back track.

They hear about Bitcoin for the first time, and are excited and buy a little bit and start trying to increase how much they have (look at how many threads are about increasing 1BTC into 10BTC or alike)

They realise you can trade Bitcoin for Alts, which offers a chance to increase your profits quickly (losses too). The invest in a few pyramids and ICOs and lose their money.

They realise how dodgy the whole Alts system is, and think 'I could do that!', but they don't know how, so they ask here how to make a new Alt.

The make the new crap coin, no one mines/buys/trades it, and they forget about it after a few weeks.

Wash, Rinse and Repeat!

Sounds like Doge coin the biggest ALT for a loooong time.

Funny is some people here thinking, more currency is better.. Google search "Quantitative Easing"
..and why Doge's value is so low (hint = max coin supply)

Problem is.. idiot brats that know fuck all or have any integrity.

There have been so many improvements to the original bitcoin. Too many to mention. How could you have missed them all?  ???

Just look at all the experiments and cool stuff in the top 50 coins. Not to mention other blockchain projects. It's amazing

To make easy money is the answer to the original question. That at least makes people learn of altcoins and the overal technology

This was my concern too, there are so many newbies account flooding the forum, looking for a way to create scamcoins. Just look at the recent Ascendancy ICO scam, they know there are some gullible and greedy people here they can take advantage of

Probably they are thinking that by creating new alt coins it can generate them thousands of dollars that they are seeing to other alt coins.

They didn't even know that creating an alt coin needs to have an appropriate reason and purpose for it.

It is not just all about getting profit. But it is something that needs to have valuable reason upon creation.

Just read throught the posts on this comment...... interesting range of responses.

For myself i am so new to this.... it was only last week that i downloaded a bitcoin wallet onto my phone.... and its still showing 0BTC!

My interest in bitcoin stems from a long term search into the question - where does money come from?

When i started to find answers it has become clear to me that fiat money is on its last legs... the question now is what will replace it?

I run a small farm and we grow and produce more that we need to feed myself and my family... some of the surplus is swapped with other farmers for things we don't produce.... i believe the term is barter. It works well but it is not very scalable outside my local area.

Cryptocurrency seems to offer the possibility to trade goods and services without the 'middleman'.

"It's great. The more coins the better. Soon schoolkids will have them. Every town will have one" .... is a very optimistic point of view..... but why not?

If there was a website offering to create and manage new altcoins i would be interested.

I would like a local altcoin backed by real goods.... for example i grow barley, turn it into malt, brew beer and sell it for $. If instead i could premine the coins and release them according to the amount of barley it would be a 100% grain backed coin. Would there be any takers?

Have a good day.


www.bosaland.com

Hello, im new on the forums, and in bitcoin community, I saw the issue of ascendency, quite elaborated scam, very disapointing  ..

That said been into various computer scenes since im teen, this whole idea of people wanting to invent themselves à life on the Internet by pretending to be super good programmer, and only practicing copy paste is not news, neither vaporware projects that have been plenty in the 2000'.

it's not specific to blockchain and is inherent to highly innovative environment where investors are always scared to miss the train and get convinced they getting a ticket to the first wagon for cheap. And lot of people who are no life and bored and thinks they can get some easy recognition in the nerds world by pretending some kind of skills or projet to drag attention, the temptation is even higher with btc because there is direct money involved, beyond reputation on Internet community.

That said im not very active on forums for a while, i tend to consider it mostly waste of time, I tend to think the level on forums decreased a lot past ten years, and I dont see that much really deep technical informational discussion going on, mostly need to get through wall of trolls and parano to get one or two eventually useful answer, I prefer to keep my mind focused on the code, rather than on making reputation in a social community.

Now I know the blockchain world is very collaborative , and based also on community , and need to keep an eye on the eco system, but im not rabid forum poster either, and I can figure out the info I need much faster by grabhing code and doc rather than sorting out trolls, paranoiacs and fake on forums.

The two last time ive been active on forum it didn't really make me want to invest much time in being active on forums , and it's much faster and less stress full to figure things on my own quietly with a coffee :)

Most of them is trying their luck, who knows their coin can be as famous as bitcoin in the future, if their coin is famous then the creator of the coin could be rich, the other reason is, they tried to be rich in a short time, in other word the coin is used to scammed other user

building an alt coin need a strong foundation, and what can your coin contribute to crypto currencies society, if your coin got a good feature then hopefully your coin can be famous, so in order to create the coin you need have a good reason and good skill

very good point.
and also not to mention, making the max coin supply is just a line of code. changing a number to 100 times the previous one, and there is nothing backing up that many coins.

in fact that is how coins like ethereum has been getting the "brand" of being second crypto currency! with fake supply.

and in other interesting part of coins like ethereum is that not all of the max supply is available to public. if it were price would have been the same as doge :D


i am not arguing about improvements.
but out of a couple of thousands altcoins that currently exist what percentage of them do you think are offering new features and improvements?
i assure you the percentage is less than 10% and the features are usually nothing to talk about but just look good.

Yeah definitely trying their luck to get  financed and maybe along the way their resources are depleted or run away with investors money and forced to abandon project but they know what the signed up for so its no excuse!

Because altcoins market caps increase along with bitcoin's increasing market cap, some poor guys and scammers want to scam money to make their life better, it is a shame, they need to work instead of scamming.