Bitcoin Forum

I think its time to ban new altcoins from coming in, there should be a limit on how many altcoins there should be per year
so that people can actually profit from investing in altcoin.

I think that would be a great Idea so people may not be confused on what coins should they invest in, it is good to limit it only per year.

In an ideal world/market, yes. In practice, no.
The whole deal with crypto is that it isn't regulated.

This is a poorly thought out statement and for your sake OP I hope you spend a little more time reading and doing homework. It’s clear that you don’t truly understand the cryptocurrency landscape. Not all coins are meant to challenge Bitcoin.

that would be great idea...but my question is HOW...i think no one could stop new altcoin for being created since its sometimes anonynimous and no regulations about it...our best way to do that only make market do tight selection to these new altcoin

I'd have to agree with this idea. So many altcoins are popping out of nowhere every year and the risk of being able to join crappy ones are quite high. I know that the whole point of crypto is not being regulated by a certain entity, but the amount of altcoins is too damn high that you won't be able to tell legit ones from scam ones.  

first of all this is a decentralized and free market, "ban" means nothing here.
secondly the current altcoins that exist are more than 90% shit, and if you want to do anything we should start banning these altcoins starting from top 2 altcoins that are causing the bloat in total market capitalization.

not to mention that good projects may finally come out after this altcoin fever ended and everyone got tired of losing money in the pump and dumps and they started focusing on the technology.

How are you going to ban it? A developer will make some small changes to a existing Alt coin {Open Source} and then tweak it a little bit and release it on a public forum or a website. Who will enforce this ban and who will get priority, when spots are available? <First come first serve>?

Crypto currencies are Open Source and a breeding ground for innovation. Why would we want to stop innovation? Nope, I think this will open a can of worms for corruption in the centralized authority, who would be assigned to manage this. 

Create web site with your banned new cryptos list, and agitate peoples dont buy this coins.
Behind new altcoins staying something, maybe its very important technology, and you trying ban it.

I don't think its a good idea. There are always room for more innovations. Yeah, there's been tons of shitcoins out there now but there will always be good ones. People just need to be smart, choose wisely what to buy or what coins to invest with.

Developers are creating coins and selling them in ICO's for crowdfunding. I think it's not bad even if there are lots of coins out there now. Well, the future of a specific altcoin depends on its long term purpose and the support of its community. Having more altcoins means there are more choices, more opportunity to earn.

I agree with this idea, with the restrictions on entry of other coins will minimize the competition and will further facilitate us in transacting and not too confusing us as hunter.dan to avoid the movement of the exchange rate is very significant

Literally i think its the best ideas, there are lots of altcoins everyday popping left and right even until now there are 1,3k coins registered in the coinmarketcap. However i also think it is inapplicable because there are no regulations for bitcoin and its alts, we dont even know who created it at first and i dont think people want coins to have any regulations at all since you will be forced to obey the rules.

Ahmmm no! Just do your homework and then decide which altcoin to invest in. It is not like anybody is forcing you to buy altcoins!

yes, I agree with you, preferably altcoin which enter to market is limited. so does not make people confused as well, or better market do altcoin filtering, such as between decent and unfeasible. which is not feasible should be burned and decent let it circulate in the market.

I had the same thoughts, the popularity a coin depends on how popular and existence of the team. The more creative and active a developer, the better the coin's popularity.

This is a very good idea, but it's hard to implement. New altcoins can make a lot of money, and a small amount of altcoins can make coins more valuable, but for people, they care more about the benefits they bring.

If banning a new altcoin is an unfair for them. New altcoin contributes on profit and stabilize and limits the price of the existing coins/tokens. If the market is just monopoly price will definitely soar high which deny a privilege for the upcoming investor. Everyone wants a profits but do it in a healthy way not bu suppressing others.
Competition in the market is where the investors/traders made a healthy profit.

I think that is not a necessary one since new altcoins serves as new investment to keep the market always on the go. If we ban so many new coins I think we will see a massive decline of market cap that makes the other cryptos lively too. Hence, if that coin is a decentralized one, there is nothing to worry about since blockchain makes it possible no one controls it.

yes, a good idea, but I think it will not happen. today I see there are already 1500 altcoins in the market, unless the market has a maximal limit. and as long as the market receives altcoin, it will continue to increase.
may be temporary, we can still choose a good atcoin to invest. but if it has reached 5000. I think this will make us confused and difficulty.

Yes the crypto market is wide and there are so many currencies like bitcoin and altcoin which are circulating in the market. If we ban the new altcoin then it will be monopoly of the other altcoins and the choice between good and bad altcoin will be difficult for us. I think we allow every one to come and provide the best things in the crypto market.

Banning altcoin is not really a great way to the coming of new one. Maybe they could be given some limit, just what you have said but not really control from having a new one. It is their own strategy or decisions to earn and is none of our business.

We cannot prevent any team in introducing new altcoins in the market. It is good for us that there are new altcoins every month. Because we are working in promoting the new altcoins.

I think you totally have no idea what you are saying and how cryptocurrency work, we cannot do anything to stop or prevent new cryptocurrency from coming out every single day. People can make their own without revealing their true identity and it doesn't require to be registered or even licensed to create a new one so how can we stop a new decentralized cryptocurrency to come out? this is the bad side of cryptocurrency specially Bitcoin being an open source, people can just copy and edit the codes and run it without any difficulties, and we cannot do anything about this anymore.

Hello, I think we should have a regulation for new altcoins to remove the shitcoins from the decent ones. If we will totally ban or limit it per year, there is a possibility that we are removing the good alts.

We cannot limit new altcoins coming in because it is based on an open source block-chain technology. Everyone can create a new coin, think of it as an Android operating system which is also an open source technology that every smartphone company can use as a smartphone operating system.

I don't agree with you. That concept is opposite of how things work, not just in crypto, in life in general.
This is like a competition, but we will decide which one is here to stay. You can't suppress the human mind to develop.

Limiting altogether coins is like limiting also the growth and its development, its like a business that as long as their is a possibility for it to grow and has a potential and they don't violated any rules or laws who are we to stop it? Competition can not be avoided it means business owners will focus on how they care for their customers...

We don't live in Socialism and Communism in the crypto world. Everyone can create his own currency if he likes. And I think that it is a good sign that everyone with a plan, a solution an a dream can start to create an ICO and collect capital to start development. What if there would be only 10 slots for new currencies per year and a new developer team with a vision and a good white paper could not start because some other sammers already blocked the free spots.
No regulation for me. It's up to us to filter the good from the bad projects and support only the good ones. Start to think before spending and investing money and be responsible for your own decisions!

This will eventually happen. At the present rate, there could be 10,000 altcoins by the end of 2018 and this rate and level of capital diffusion is unhealthy for the market. A catastrophic crash will occur and all the shitcoins, which is 99% of coins, will become extinct. It's going to be the same as the dotcom bubble.

I really think this is not a good idea at all. If more and more altcoins are produced, the electronic money market becomes more diversified and will attract more people to participate in this market.
Do you think that more and more people entering the market will become better? I totally think so. If the market loses its new altcoins, that means there will be no more projects for us. It will affect the bounty a lot.

Why there is no need to do such a move because again it would be centralising the market which is one reason why crypto currencies were created to remove any sort of barriers so that everyone can showcase what they have. Yes i do agree that there are a huge amount of shitcoins but the simplest way is we can avoid it rather than complaining.

It is market) The strongest and best altcoins will survive. It doesn't matter how many altcoins :) Any market has the same situation

I think this would be a very bad idea.  Because new coins give people a chance to get in at the beginning and make lots of money if they missed out on Bitcoin at the start.  And then in gives people more choice of coins. 

It will be difficult to define criteria for banning. Of course people will benefit much more if the market will be filtered, but it will be difficult to manage.

Although with more altcoins it does make it harder for coins to emerge as a strong coin in the sea of altcoins we have if the coin has a good road map it will do better than some coin that comes onto the market that people speculate in. Banning new altcoins is almost down the road of regulation.

Sometimes there are beautiful altcoins, it would just take a comission that would validate the next altcoins

Indeed, there should be more laws and regulations to limit altcoin.
More and more teams are raising money through ICO to issue a new token, which I think is a very dangerous thing. That could lead to a collapse of the cryptocurrency market, which has created a huge bubble in the market, which is bad for bitcoin.

And who is going to do the banning? The code for bitcoin and most alts is open source, and anyone can take the code and tweak it and make their own coins. And any customer can CHOOSE to buy those coins. Free market, isn't it?

I agree with this idea, but the big question is how? We are entering in decentralized placed, then who could do that? Its not decentralized anymore if there are third party regulates.  >:(

How will you stop this, all altcoins and tokens are not centralized and all of them actually out of control. So, I doubt that this process will ever be stopped, only if all digital currencies will be admitted out of the law all world round and the government will be punish everybody who produce new coins.

the coins should be ruled by the free market.
by the rules of demand and supply.
otherwise we might just turning our back on the next big thing by limiting the numbers of new arrivals.

You're totally right,the OP might not know what is the cryotocurrency and what is the meaning of decentralizatuon.

Any one in this world can create their own coins if they want and there are lots of coins introduced to the cryotocurrency market everyday but not all the coins will stay here,only the best coin will hold on and the shit coins will fade away in months or years.So if OP want to get profit from investing on cryotocurrency you need to pick the right coins bro.

You can only do it in your country and that's only possible if you are the President or the head of state. But banning new altcoins from coming in on this forum, don't know if it's possible. Just don't know where you got your wild idea, and since you said "its time to ban" (very urgent?) what would happen on the following board then?

https://bitcointalk.org/index.php?board=67.0     > Altcoin Discussion
https://bitcointalk.org/index.php?board=159.0   > Announcements (Altcoins)
https://bitcointalk.org/index.php?board=160.0    > Mining (Altcoins)
https://bitcointalk.org/index.php?board=161.0    > Marketplace (Altcoins)
https://bitcointalk.org/index.php?board=224.0    > Speculation (Altcoins)

Thank you for your sharing, mate. And then we will all be very rich even we are investing the so-called trash right now. :-)  But banning new coins is ideally accomplished, but in practice, No way.

While I agree something needs to be done here, I don't think banning is neither an solution nor it is aligned to core concept of Crypto (more like an Oxymoron).

While the idea of no restriction sounds cool in the beginning, I am hoping you all agree that it is not sustainable. The options are either Govt/Authorities would come in and throw some restrictions regulations around or  community comes in together and come up with some ground rules. If there is an external regulation, it is hard to say how it is going to turn out to as it is mostly people with no clue writing the regulations.

The best case is for Crypto community to come up with some basic guidelines. Crypto Community need to take a hard look at present practices and cut down on the one's that is really hurting. One such practice is how the marketing of new coins are being done. It is sad to see senior members praising a new coin only to get air drop or other similar options benefiting them. The new comers sees their comments and starts to believe in cost and throw thier hard earned money. How long do we think this can continue before common people start thinking every currency as scam?

I see coins having no info on the page, no dev presence or not even a good purpose to show case why this coin is going to make any difference. The next thing I see is because there is a marketing campaign, everyone is praising the coin. Few weeks down, no one knows where the coin or Dev is. There s strong need for self governance and lay down some rule such as (these are just my suggestion and actual rules may not be same):

Some basic aspects are up and published before coin is launched (things such as wallet, web page, Block explore, Dev info, purpose  and what is different in this coin then 10K other floating coin:-))
There should be a phase where the coin is developed and then launch. Exchange listing, ICO info if applicable should all be listed in Dev phase and good time frame for launch. This time gap would ensure people have time to analyze and also show Dev commitment over time.

I am sure you all will come up with more rule around it....
 

Bottom line, either we take control or someone else will. In case of later, there is no saying how it is going to be turn out to be...

My 2 coins.....

who will ban banning wont happen in decentralised market

Why is there a need to ban any upcoming alt coins in thise community? I think this is not actually necesaary unless it was proven to be a scam. As far as I can see it new alt coins shows potential to be in the industry which helps all of us to have a mark up. I think people just needs to be picky on investments that you will make to ensure the safety of your investment.

it's hard to be able to banned the new altcoin because of the ICO, CROWDFUND and AIRDROP. These are the new coins that come out this year. If other people are confused about choosing or investing in their coin we are no longer guilty of learning about crypto. my opinion is that I favor new coin appearing because of the opportunity that is just a pretty good background of the company and increasing the bitcoin exposure to other exchanger this possibility will still be in bitcoin. Today I do not see anything wrong with tokens that appear to be wrong to us if we choose the right coin. Another coin is just a bait to raise funds for us to make it worse when we get into it. so we make our own research before we invest.

yes its a good idea. but it is practically possible to ban the coins

this sounds like a good idea, but how should this work? i think this is impossible. people will still release new altcoins to get profit from it and there is no way to stop it.

t. Individual who has a hard time making money on probably the easiest money-making platform right now.

You can't do what you're suggesting at all, the more of them that exist the more interest there is from the rest of the community for things like altcoins, and then it's just a game of finding the ones that will make you money reliably. It's not that there are too many, you're just looking in the wrong places. And there shouldn't be any guarantee of profit either. It should try to be somewhat legitimate, considering the situations plaguing a majority of the market (and the community at large) right now.

Either way, you'll never ban them. Guaranteed.

Forget about banning. Let the market sort it out. We're all adults here and we are all capable of doing our own due diligence. Our investment decisions should be entirely our responsibility.

It is a good idea and also every investors in altcoins would be able to benefit on this, but my question is who would or who can handle this to make it possible? Is there any person who is powerful enough to ban incoming altcoins all over the world? Or do you mean in ban incoming alt coins only in this forum?
But the cons for this is if there are only limited altcoins per year, bounties and campaigns would also be limited therefore it will be more harder to join campaigns.
And the goodside of the project is it will be able to minimize the scam ICO, unless someone will check or there is a person involve on which altcoins should be accepted. Just my opinion, feel free to correct me.

Mate, being logical we cannot ban new altcoins coming in because they are using Block-chain technology and Block-chain technology is an open source decentralized system. It means everyone can use Block-chain and no one can stop it. But I also wish there is a limit on how many altcoins need to be created per annum. It will flood less coin in the market and normally it also helped haste the growth of other altcoins.

You cant ban new altcoins doesn't matter if they are coins or tokens. There has been many god tokens emerge in past few months then why to ban them?

we can not forbid the making of new coin coins, it is the right of everyone, and I guess we should not be afraid of the number of new altcoins every year because in the same year many coins are gone

Actually its not possible to ban selected coins or new ones, so its a shit concept in reality.

I think this good idea to realize because so many ico comes last year and this year too.
However, i think this idea is equivalent with legalizing ico so the only worth project can be raisen.

This is not a good idea because many companies are affected in this plan. So we should allowed only 50 coin in per year other altcoins are launching in next year. This kind of plan is better to your plan. First we create chart for this year launching altcoin. Then we should allocate one to fifty altcoins but i don't know how this is possible in current scenario. Because many MNC companies are launching the new altcoins so we don't stop or control. I think only one option is possible we don't invest in shit coin.

Banning new altcoins is a good idea but I think it's not possible at this time. At the moment there are more than 1,000 digital currencies and most of them are not regulated by the government. Also everyone has the right to build their own business through cryptos. We also has the right to build our own digital currency.

First this impossible because there is no regulation about creating new coin. There is no agency or ministry that can do this worldwide.
Second I do not think that having a lot of new coins will hinder the rise of the other coins. You just really need to know what are the coins that are potentially great in the future and you can do that by researching.

Well, I don't think banning would affect anything because we trust the principle of decentralization and if someone is not comfortable with the existing coins then he has a right to create his own with his own set of rules and there is no infrastructure as of now and I don't even see any possibility of such regulations where imposing a ban on the creation of such a coins but if we need something to prevent damage from scammers using ICO method.

I don't agree of banning, I suggest  there should be a regulation for new alt coin that want to be created, it will halt the swarm of the unuseful coin and it also can prevent scammed coin, I think we are already flooded with tons of coin that got no value, it can make people have a negative perception about alt coin, I don't mind to have a lot of alt coins appear as long as it got a good usage and potential for the future

Putting a cap on new coins or tokens being created will limit the new projects coming in to the crypto space.

It's really up to the Devs to be mindful of what they are creating.

Also to the bitcointalk community, If you assessed that it's just another copy/paste of an existing coin with no innovation or roadmap to develop it / use case OT it's a shit token in ethereum that will be another trash in the crypto space, do not support it - even if it's an airdrop.

I don't think this idea gonna happen and will work well if implemented. We all know that crypto currencies are decentralized and there are no country or any government to control over it. And banning the crypto currencies is not a good idea because the competition of every crypto will be low, developments will be stagnant or no developments at all coz there's no one or few one's to compete with. The huge growth of crypto currency creation is a good thing for those who have REAL and LEGIT projects to work well and keep on updating their project for the benefit of everyone. At the end this is still a big issue and need a lot of time to study and make some policies and rules and regulations for the crypto currency world.  :)