Bitcoin Forum

I believe that people start up cyrptocurrencies because they either want to make some money or maybe experiment with the internet. It's basically like when a scientist test run a new gadget. It still is amazing how these cryptocurrencies live though. What do you think?

People starting their own cryptocurrency has a well laid plan and agenda but whether the cryptocurrency is going to last nobody knows but the owner will ensure that every possible action is taken to make sure that  the coin thrive and surely they are going to make money from it.

Because people missed getting in on Bitcoin in the beginning and want to create their own scenario where they own a ton of coins and the market runs up the price of the currency.

Most of these ICOs are pre-mined, meaning the creator(s) already own most of the coins in existence (if not all of them) and then choose a price at which to sell them to the broader market.

The problem is people buying in the marketplace just hear "new cryptocurrency" and want to buy 1000 or more with hopes that they'll be in on the next big thing. Most ICOs fail or don't get any lasting existence, you'll just see a quick pump and dump in their chart.

The first question you should ask of any new cryptocurrency is what they're offering that doesn't already exist from Bitcoin, Litecoin, Monero, Dash, and Ethereum.

You have a strange attitude towards new cryptos. Those altcoins you have listed also started somewhere from scratch and people were saying exactly the same thing back then, that there's no need making new ones if we have BTC and LTC, it's all in there. In a year you'll probably add something else to your list and keep saying that there's no point in making new ones, because it's all in those 6... or 7... or 8...

That's fine, except the gadget is a scam and doesn't need to be continually retested.  People start up shit coins solely to enrich themselves at the expense of other people.  At this point, there's no reason to keep introducing new coins, as they're essentially destined to become Yobit dumpster trash.  You know damn well developers aren't innovating, they're just copy-pasting code, and what really matters is their salesmanship.  It was the same thing with patent remedies back in 1890.  They all used the same ingredients, but there was nothing new under the sun.  It was hucksterism all around.  Except Civic.  That's a damn fine project if I do say so myself, and I am being sincere.  That one won't end up in the Yobit pile.

Out of the 300+ currencies, I think only 5-6 will live past the bubble...

It's important to point out which ones have absolutely no use case and sell them off asap.

They make new cryptocurrencies because they are:
-scammers that just want you to invest so they can dump their coins and disappear
-people who want something of their own. So many coins have become popular, why not mine?

You ain't seen nothing yet. Imagine what it'll be like if crypto's market cap hit a trillion. There'd be 'developers' scurrying around like ants pumping out even more outlandish crap.

The bigger it gets the more silly sausages there are who are too dim to realise that missing the boat often means they get on one that sinks instead.

ICOs can be fake project or real project. Whatever reasons, ICOs are the easiest way how to raise money. How to fund start up with ICO , a developer team just need to create a good and applicaple projects and create token with ETH or new coins. In one or three months the dev can raise million dollars. Do you think banks will easily lend that such a big amount of money? With ICO a start up doesn't have to pay the debt to banks. That's smart way. How about faked ICOs. That's " attention" for investors. Investors should be smart enough to choose real project of ICOs.

There is a newness to the old stuffy norm.  There can be many rewards as well as some setbacks.  All I know is I am excited to take part in some of these adventures from my mom's basement...  ;D

In my opinion new always attracts people. After people saw the meteoric rise of bitcoins they were covered with real gold rush. All want to become millionaires and try to use every opportunity. It will last a very long time until people understand that all can't be millionaires.

But too difficult to determine the project will be included in the best one or not. I think a lot of the acknowledge developer just try to use the new crypto currencies as the money grab that gives million dollars for them.
I think it is the main reason behind the amateurs developers are greedy to started their projects.

There are a lot of reasons why many digital currencies are made every year, one of them is making themselves earn money from their invention. Helping other people is also one of the reason why they made their own coin. Bitcoin is not a perfect digital currency, so they made another one that can compete with bitcoin or will fill the holes of bitcoin. They also made another coins that depends on the efficiency or the need of the user, having those coins will really be something that users will want.

Every one here has a point why those people started their own cryptocurrency. But I observed that, most of them are just after the money. Anyway, that's human nature, we can't help that.  But I admire those projects that aside from personal gain, they are really contributing something to the humanity.

Yes, they just give it a shot if their coins could survive and success in the cryptocurrency market, but the main purpose they created a new coin for profit/to collect more money obviously. Those coins will be used for trading and speculation to pump its price, whether it will works or not but in the end people would know which coins are worth to use.

People created crypto currencies because they want to get rich with it, they want to have their own coin so they can control that coin and become famous and rich, they are inspired by the success of bitcoin so who knows they can have huge success, if they can make one success coin they can become very rich

As you've said, most of them start bitcoin so they can be rich and famous, most of them are about themselves only. And yes, there are also projects that are aiming or have a goal to help others or the world in a certain way. But I think, even if they are doing it, there are still something that will make them rich or famous in return of doing them.

There is two purpose of those who make their own coin and that is one. The other one is mainly for scamming, if they have taken a profit, they will leave that coin and will make another one and so on. That is how those shitcoin exist.

Its hard to trust now alts especially those new created since there are a lot of options now,why bother trying others that are not yet proven to take the risk if we have assurance already in other alts.

There is a huge potential for virtual currencies present today. Cryptocurrency world is in expanding mode right now. Therefore, everyone wants to reap the benefit. There are billions of people who haven't even heard of bitcoin and atleast some percentage of them if get to know about cryptocurrencies would get into it. This provides a huge market and if the new cryptocurrency has the potential. Then it can easily be profitable. I consider this phase as a starting and there is more to go.

Creating all these new coins don't do much good to the community but as far as i know it surely helps the owner. During a ico let's say they raised 3 million. All that 3 million is their money and they can keep it most of it with them after listing in exchanges and other important work. They can distribute tokens and their is  no limit to the supply so they can just list the coin with base price and keep all the 3 million with them. All money raised is ico is pure profit as issuing tokens doesn't cost.

90 percent of new coins released don't really do anything useful, are a copy of an older coin, or is a blatant scam. But there are 10 percent of coins that have great ideas; we would have never gotten Ethereum, ZCASH or Tether, which are kind of vital at this point. I don't think that bitcoin would be as popular as it is today, if not for Ethereum. People trying to get in on bitcoin 2.0 brought into ETH; it turned out to be a decent investment.

We don't need to trust the new altcoins, you just need to read what can they do and what might happen to them. If you are a used trader, you will know what may happen and if that altcoin will be having a good price or a good future. Reading their features, prices and others will let you understand their future.

I guess the logic on why does people create new altcoin is their looking to make money by scamming people into launching their ICQ for more people to attracted into buying it that is also is looking to make profit into buying their coin and when they have collected millions amounts of money they just vanished from thin air or they want to create an altcoin that would potentially be one of the top ten crypto currency in the market like ETH, DASH. So i suggest dont just buy any altcoin you should do some research first.

Correct. Coins that has the potential are just few and I'm sure it's not even more than 20. I'm sure those developers of shitcoin will just keep coming and make new after they made a huge profit on their previous scamcoin.

Because developers can see a wide potential on crytocurrency markets if you are a developer and has enough knowledge in blockchain programming and has a wide background in coding you can earn millions of dollar upon proposing a nice project that gives solution to an existing problem using blockchain technology like etherium blockchain but this is not easy as you think building this kind of projects need some back up from community to be able to succeed.   

In my own opinion, I guess they all want to be famouse like Satoshi, also want to earn money like what bitcoin have now, the money that circulates with bitcoin.
Havinh your own crypto currency is a big thing even if it is not yet famous as bitcoin but for sure if you do not let it down or you just hold on with that then for sure it will rise up, maybe it takes time but waiting and patience is a virtue. We cannot deny that it takes long but it is worth it like what we have in bitcoin it was bashed by those haters but what happened it is still stable. no one beats bitcoin even if they put so much negativities on it yet still alive and kicking.

Sure, so all new coins are a scam except Civic. Surrrrre. What a coincidence

At least 90% of crypto-currencies created nowadays are ICO tokens that are being sold to fund them. All this hype about ICOs funding great technological progress, and that is something I appreciate !

yes they want to scam lol, this is the reason, with new shit coin, you can do a lot of money with the right idea, some coins are good they offer something unprecedent other are just copy paste for money grab, ico are not different than these coins, ico are the worst scam out there, it's easy to get a lot of money with ico and leave the bagholder holding that bag forever, once an ico is done on the market is dead

It's quite simple, people make new cryptos with an idea of them having like 10% of the total supply and if by any chance after the ICO phase, if that coin stabilises, he's going to be rich in no time. It's like starting a company with just the internet as your resource and going big with the time you have to invest.

Apart from using the internet as a source and investing money for advertisement, you should have a strong idea for the altcoin. What is its aim or how can it help the society, if it is not strong enough then leave the thought of profit, you will even loose your own money which you have invested in it. I have seen lots of coins coming up and going down in some weeks time, so dont think it will be easy.

It's amazing how these coins succeed but their success doesn't last long because if the devs and the team have as a goal to get rich as fast as possible.

Sometimes good projects (or probably most of the time) they doesn't succeed in the first months but gradually in the first/second year we see a light and a gradually increase and this means that these coins are being stable while increasing.

Cryptocurrency is to make money, that is obvious. A currency is meant to make someone rich. In this case it would those that control the currency. Thats the same for fiat currency as well as cryptocurrency.

ICOs are a quick way to raise the required funds.

This is just an example.

$90k is the average salary for a developer in the US.
$450k would be the total for 5 developers. I know a team contains more than developers, but lets assume this is the case.
So 2 years to spend $1M.

Plus any incidentals to run the business for 2 years means add another $3M.

So $4M over 2 years.

If my match is correct, 6 years would cost $12M.

Probably its because investors and developers see great potential in the financial asset when bitcoin boomed the market. And people nowadays are hyped whatever new coins are invented or something but there are also some who have real sole purposes on those coins they are creating, but there are also sham coins which I know most of you have heard of. But one way or another the real and common reason would be because its easy money, easy getting wealthy and that's a fact.

The ones that have made it so are the ones that turned the whole thing to a sham of an enterprise of money making. Who would want to compare bitcoin to something like that and its not their fault but for developers who have made it seems easy that any one can just create a coin without even understanding the basics of it, do an ANN thread, then get it listed and that's how easy it is. But at the same time, there are still others that have stand out of the crowd and give investors some reasonable return on investment.

For make money

https://image.ibb.co/mqO1Ck/LEVELS_i.png

Create a Crypto, have an (unregulated) ICO.

A great way to fleece the sheep, if someone doesn't have any scruples!

I don't think people really want to dump others from the very beginning. I think they just want to become rich doing some business. As for new coins, I guess they mostly aren't very new but rather clones of the code written by genius people. Nevertheless, new ideas appear and get realization in the new coins along with some problems of the old ones solved. Some day a currency that used to be nothing will make someone very rich.

You might be on onto something there, since the people that launch coins usually have to rely on another coin such as Bitcoin it’s really tough to see how many people are trying to use the coin just for the sake of having that coin. Mostly all coins are relying on Bitcoin exchanges that will allow the price of an Altcoin so they can exchange the coins for that Altcoin. If there was a coin that was only featuring the new coin with a real currency in an exchange then there would be more people trying to use it for that one purpose.

Although some of the people coming up with new cryptocurrency may have an intention of making huge money out of it but there may be some others whose intention is not just making money but also to bring some kind of innovation to the blockchain technology and the cryptocurrency they come up with so everyone's intention behind launching a new cryptocurrency shouldn't be suspected and termed as scam. I wouldn't mention any particular cryptocurrency but I guess most of us there are a few of them which have a great potential to become second most popular cryptocurrency after bitcoin and that cryptocurrency is here to stay.

The number one reason is to make profit and nothing else. Of course as an investors, you want to invest in a good platform of investment which in this case is the crypto currency.

People are in hope that their coin will be the next best thing with high trwf evolume and value. Also coins all want to be seen as useful like Bitcoin with real word applications.


I agree. The virtual investments are the future of money.

the only reason i can think of, specially when i see someone who doesn't even know how to fork a github repository is to gain some "free money from the gullible masses". there really isn't any other reason for newbies with no knowledge about anything whose whole experience is a random article their read online on "how to create your own altcoin" to make one.

although to be fair there are a couple of good projects out there that were created by people who wanted to "innovate" and they were also successful to some extent but mostly lack the power to advertise their project.

Profit is the major concern and the secondary thing is the ease of implementation of the project with ease and making all their transactions in a secure manner without complicating through different other platforms that takes long time for completion.

People start a new cryptocurrency project because of need for us to have such coins and it always has a target and objective. A coins is about to be louche on 8 of July call carecoin and it objective is to bring together nurses and sick people to a better services. We cannot measures all the coins and state there objective but in future we would understand that those projects will resolve most of the issues we are having now in every sector of humanity. I do believe that cryptocurrency was found to create a paradigm shift from our current economic system and procedures to a better decentralize one.

I think the new coins are just pursuing a fund-raising project, and the projects they build on new coins are just a solution to get the funds raised through ico

I'm new here and see that there are a lot of ICOs around.
Many of them are fake projects, but people still trying to invest in ICO. Why? Did someone here have already gain profit from ICO? I mean the investor, because the ICO owner probably had...

A lot of them will be purely to make a quick buck or two, especially when hosting an ICO as they will receive money ahead of actually having to have anything in place.  There are projects out there which are decent and worthwhile but everyone should be aware and vigilant of potential scammers.

where are the times, where every few days started a new mineable coin - non pre purchaseable...
Everyone waited for the first pools to get ready and mined a good amount for the coins with a low difficulty..
That was fun and you didnt have much to lose.. gold rush feeling...
Now everyone wants to sell their crap coins in ICOs. Every ICO looks the same - advertised with pictures of a team of experts - looking like they
are the most successful business guys.
If I would know how to make a coin I would make it like in the good old times.
No premine - gpu mineable - same conditions for everyone.. but I am to lazy and dumb to do so :P

well i guess because they have no money in the internet and also i think that there is a bit potential in cryptocurrencies.. there so many people that using internet as of today so  that many of the experts start a new crypto.

because they want to make money off the gullible who think it will be the next bitcoin

I guess it is because all they want is to have the same thing with bitcoin popularity and money that bitcoin produces. How everyone wishes for that of course because even me I really want to create my own crypto currency and make a big name. Also these days making an Altcoin and earning in an ICO and then through exchanges is a good business and many people are creating lot of profits from this activity.

It's not only about money, just like the life, everything needs to be updated, people need to update things they already have for a better life, you know :)

Some are just  for money , some are going to change the world, it's up to the coin developer.Anyhow , if you want to invest in an ICO, do a research about the coin at first.

I think that several coins have been created as experiments or side projects, and have saturated the market beyond belief. There are however, several different companies/projects that are creating coins to help them achieve their mission, whatever that may be.

ICO's have further compounded this, because any business in any line of work, with a good proof of concept can now obtain their funding to start without getting absolutely reamed by a Private Equity Firm.

The goal IMO, is to find new coins that have a solid business plan, and something TANGIBLE to back themselves with. Everything else falls into a day trade pump/dump type scenario. Hype train leads the way..

And here in crypto ive learned a lot of how investing how does it work all come here for money and advantage to have knowledge interms of investing.