Bitcoin Forum

Recently, I have noticed much hate against shitcoins. I totally get that, so many ICOs stealing money and giving nothing in return. Just pure greed by so many people, making over 1,000 cryptocurrencies right now according to CoinMarketCap. At least 95% of them will not seal in history or even survive but does it mean we don't need? I mean if Bitcoin was the only the currency in the market how could we know if it's good or bad. If Usain Bolt was the only runner on the field, how could we know if he's fast or not? We must see the bad to know what it's good. Someone once told me "Only in the jungle lions grow" meaning that we need the crypto market to be a jungle to see some lions such as Bitcoin, Ethereum and etc.

Eventually, it's our choice if we want to fund those ICOs or not. We decide if we believe in this project for a change or not. A lot of money will be lost in the crypto market and that's obvious, like the fact that so much money is made in the crypto also the opposite. If people rather take risks and choose random ICOs it's their choice or even coins that offer nothing special than the other competitors. It's all about comparison, right now we see so many awful coins but in the long-term future, we will realise that it made big legends more determined. Looking at Bitcoin, Ethereum and Litecoin doing this all those years while some coins rise and some fall it's showing how good and stable those coins are. If we want for mass adoption around the world the real coins need to surpass many more, and only after many years of progress and proving themselves again every time then they will become a currency, a real coin.

What I am trying to say is that shitcoins are here and they will be here and I won't be surprised if there would be above 10,000 useless coins and so on.
Because eventually it doesn't matter all the noise and it only matters how the strong coins keep going forward and adopting many targets every time.
And those lack of future coins will fall anyway so our job is to keep focused and let everyone opportunity to prove themselves, technology is the thing that matter and if you can produce you are fitting into the high class and if you can't then you are just a garbage but nice try anyway.

Yeah, they are very necessary, if you have the need to gamble lol. But if you dont, then dont trap yourself into thinking that ICOs will solve real world problems today. They wont.

Source:
#1#2#3#4#5 https://hackernoon.com/mastering-shitcoins-the-poor-mans-guide-to-getting-crypto-rich-2e469b762ba9 (https://hackernoon.com/mastering-shitcoins-the-poor-mans-guide-to-getting-crypto-rich-2e469b762ba9)

Having 10,000 shitcoins might be good for the competition,but it`s bad for the newbie investors,who are entering the cryptocurrency community.If I was a crypto newbie,i would be totally confused by all the altcoins and tokens and i would stick to the big coins,like bitcoin,ethereum and monero.
It`s like when you have to choose between 1000 different types of one product.You need so much information ,in order to distinquish the good ones from the bad ones.If you can`t gather that information,you just follow the crowd and pick what the majority picks.

They don't solve real word world problems but they will prove the real coins' quality so it is helping eventually and not such big threat to the crypto market.
I mean it's not about gambling it's about investing and if people think that this specific ICO will be different and bring some solutions and then it falls it's their own fault because all the coins are on the market and they are aware of the situation but people rather take big risks for the instant huge profit then the low profit or long-term such as Ethereum and Bitcoin. Both ways are completely fine but you have to prepare yourself for the worst, if you take a high risk it means you will probably fall and get nothing.

I don’t see the logic here.. 1000 shitcoin is too much.. 500 real coins is good enough for competition with bitcoin.. We can’t deny that creating ICO now is a business to them and crowdfunding for the team to earn.. The victim here is the new investors because of ignorance they’ve suffered and loss much money in the long run.. And dragged the cryptocurrency name into a bad light in mainstream.. We only need 100 Usain bolt and not a thousand of them..

They are not necessary. It is some kind of theft. Create a website and a whitepaper and then boom, sorry, we could not finished the project. And they are doing some serious marketing with lies.

I don't think I agree with that statement, just because that's not the only option.
I'd much rather have 50 solid coins than 1000 shitcoins. These scammy ICO's are nothing but bad publicity for the crypto-sphere in general.

I don't think it would be such a bad thing if we'd see a bit more regulations in that regard. Some are just outright scams or ponzi schemes.

There are two quotations which come to mind here: "necessity is the mother of all invention" and "nature abhors a vacuum".

Unfortunately, the emergence of numerous ICOs and altcoins we've witnessed are bad for bitcoin and crypto brand name recognition. Long term HODL'ers don't want the store of value role bitcoin represents to be devalued or diluted by spamcoins which are often petty short term get rich quick schemes carrying a potential to diminish the credibility of both bitcoin and crypto currencies over the long term.

There is a question as to whether this phenomenon is random or fueled by necessity or an intrinsic need for a vacuum to be filled.

Altcoins and ICOs may provide best candidates for low network transaction fees as well as additional scaling bandwidth for transactions. Those two aspects may represent the best pros for the uptick ICO and altcoin introductions we've witnessed as well as the major area where they provide benefits for crypto and bitcoin in general.

This could also imply that if scaling issues and transaction fees relating to bitcoin and crypto are solved, we will see the tendency for ICOs and spamcoins to diminish as the necessity they provide and the vacuum they fill are gradually eliminated.

I tried to reduce the post to its main arguments to analyze them. It is true that if there's only one coin, it is hard to say whether it is good or not. Nevertheless, there's still always a lot of fiat, so crypto can be compared with fiat on the basis of both being types of payment. Moreover, as there are many other coins, it is still hard to determine which is good and why is it up. Bitcoin is #1, even though it has the most expensive transaction that require the longest time to proceed. Pretty much any shitcoin will work faster.
As for ICOs - yes, it's one's own responsibility to decide whether a project is worth putting money into it. Blaming scamming icos or even banning them altogether seems unfair and too protective of people from the government, while cryptocurrencies are generally about giving up the protection and acquiring freedom instead.
Finally, strong coins are truly likely to move forward no matter what, but still there's this thing that as bad coins are the majority, the overall reputation of cryptocurrencies is suffering and might be a great obstacle for good coins.

I don't want to argue but. I really don't think shit coins are necessary to our market because we have other altcoins right now who have real use, and they can be a bearing or a tool of comparison for other Altcoin and also Bitcoin. And I mean even if there are better cryptocurrencies out there compared to Bitcoin, it is still the reigning king of all cryptocurrencies.

yeah

digital assets and crypto actives (what all of us call generally and ironically shitcoins) are fertile humus of cryptomarkets
think about a lot of new enterprises and business ventures that start new incredible projects based on blockchain.all of these are shitcoins and tokens

among this ocean you can find raiden network, aion, dragonchain, vechain, komodo, iconomi, substratum, kyber network, etc etc etc

these are all projects that from a generic point of view we call shitcoins, but if closely analized, they are teams of great devs working 24/24 in order to create the new fintech tokenized economy.....

Its quite debatable to say that shitcoins become a necessity for the crypto economy as there is a need to understand from both the sides of the coin while it seems like a double edged sword. Assuming it to be a scummy ponzi scheme, there is always possibilities of innocent investors falling prey and this has happened a lot in the past.

Your example only holds true because running is a competition. Bitcoin was not made to compete with anything; it was meant to solve real world problems, and it will continue to do just that with or without competition. People knew it was good even before altcoins showed up, so it definitely doesn't need them.

I don't really have a problem with alts as some of them are legit projects trying to make the world a better place, but most shitcoins just exist as a way to make money. They just give crypto in general a bad name in the end, so it may even be argued that they're harmful.

Actually, these same shitcoins are attracting more investors to te market that have never invested. These certain investors are actually losing their investment after the developers of the shitty coin start to flee but in the end, these investors ain't leaving the market but instead they are starting to support more popular coins and with that circle of investment market is growing and it has already grown to the phase no one expected.

Noneducation of the certain investors is actually very good for the cryptocurrency market; ask yourself - would they all invest if they would really now the truth behind the most of the ICO projects?

Most of the advertisements are lies and lies are needed for a little push up for the community to sustain itself and to prevail over time. A market is prospering right now no matter of the red mark that is currently ongoing trough it and we can in some percent thank so hated shitcoins for that.

Shitcoins are not necessary, the cryptocurrency market can survive with the 10 or 15 altcoins that actually have real world use cases. Tbh, the rest of +1550 pump and dump scamcoins selling dreams and promises in a whitepaper to naive investors/people in the need to gamble their money because of greed can dissapear and the market would be fine without them.

It does matter because these shitcoins give cryptocurrencies a bad reputation which in the long-term can cause a negative effect on the sentiment from the general public regarding cryptocurrencies.

Let's be honest, this narrative is no longer true, people don't care about the technology anymore, it's all about making profits off the shitcoin surrounded by hype.

I agree with most of the comments here. 1000+ shitcoins are not needed, but I would like to argue that there has to be some room for growth. If all the coins were similar to BTC, ETH and NEO in value it would slow down investor money. I still think there is a negativity towards owning fractions of a coin.

I agree with you. Although I feel for the people who lose their money to scamming ICOs, I think all such cases should be dealt with post factum by the law, not preliminarily. Banning all the new ICOs, like some people demand, would be a big step backwards on the way to free market. Developers should have the right to try their products, there would be no progress otherwise.

Thats is tons of shit altcoins which nobody need that , and its just have same scheme like everyone , release - top high news hype  pump - dump - dump again - sold all - nobody need that , close - new alt and again and again we see the same scheme all this years.

As long as we want to, those coins need to vanish from the pits of the oblivion, you don't know how those useless coins and their greedy and drooling devs behind it cost much damage to the existing legit and long-term coins, can't blame for those people who got scammed by this coins due to the lack of knowledge, experience and understanding the proper analyzation over the promising coins or projects what's the effect? we lose potential investors, thinking that crypto coins are all scams expect articles, post and blogs on the next day, the community and the market has a big NO for those coins.

no they are not.
in fact these shitcoins, specifically all these ICOs which were made easy thanks to ethereum platform, are a disease that has been infecting the cryptocurrency world for quite sometime now.

why do you think there are so many bans these days? the recent news for example about Google banning crypto ads? that is thanks to all these ICOs and shitcoins. they are in fact ruining the name of cryptocurrencies.

A year or two ago it was still fine but now imo the shitcoins are getting out of hand because anyone can start having their own coin then put an ICO or airdrop to easily spread the coins. I agree with tomahawk that with these many we have it's not beneficial for bitcoin anymore. I also hate shitcoins because i've heard a lot of negative things about them. I would rather see a  couple of coins in the market than seeing a thousand where a few of them are gonna be scammy ones.

You are wrong to assume shit coins are necessary for the economy and the assumptions you have made are outrightly incorrect. We don't need every runner to be like Usian Bolt we only need quality runners. Today in football, only two players have been winning the world best players for several years but that does not mean others are not striving and even without those others, there won't be team to play against the other team. No one is saying we want bitcoin alone but let the majority of those coming out be worthwhile.

In shorts the shit coins you are supporting here, have caused more harm than good to the community. China banned ICOs not because they don't like bitcoin outrightly but hid under the excuse of those running with investors money. Facebook stops allowing crypto ads because its being portrayed by shit coins promoters as a quick rich scheme by promising 500% returns by investing in their shit coins, now we are faced with another from Google.

Respectfully I agree with you. We must have the shits among us to know what's good for us. We must see to choose the right one and being able give it a good reason. But the thing is, there are waaaaaaayyy too much shits all over the crypto world. We don't need all these shits. We don't need to compare 1.5K or more shitcoins to know how shitty they are. It should been a total number of 50 crypto coins (at the very most). They are all currency serving the same goal, why so many of them?

Of course there are too many shitcoins, and the numbers will continue to increase.Even in real stock markets, after a while many shares have become useless.

No, many of those straight up rip off their investors. There's nothing good about people losing money. And in the case they don't, it really only slightly redistribute the money. People buy coins so the value rise a bit, and then they all dump it immediately. Woe to the last one to dump.

yeah there is too many like that
there are many of them not provide the real work to realize their project, just working hard to gain more investment and investment but their project just collapsed
and whem they collapsed they coin is falling down too and we just get nothing for them

Aside from being bitcoin's testing ground, cryptocurrencies also serve as another asset that can be traded by the people if they think bitcoin would take a turn downwards. Some traders buy bitcoin first then buy crypto afterwards to make money, only for that money to return to bitcoin in a much higher amount. This also helps bitcoin's price to push upward if those profits from crypto go straight towards bitcoin. Usually it does, but some traders like to take a chance on their profits and explore other cryptos but ultimately, the money will still end towards bitcoin since it has the most proven track record of giving profits to its investors/traders in the last few years or so. Everyone would love a share of that bitcoin profit pie.

Everyone is free to create their own Crypto-Currency, it's useful for people who want to gain experience, train their skills, for hobby, fun, for personal purposes, etc. And it's not right to blame these developers and their coins. As OP said very clear, no one is forced to invest in any coin, you are free to choose what currencies to support. If you want to weak "shitcoin's" strength just don't put your money on them.

No not at all because there are so many tokens there that area actually helping the economy to grow and not like shitcoins they are just created to make money and after it releases and list in exchanger the price will just dumped.

With more demand comes more supply I guess. This is what happening all around the international market. When people see how beautifully some coins have marked the level so why not they start their own coins. Then different coins with some variations coming along and we see market being saturated with shitting ones. And see it now, we can say all over, it is shit.

But they better not create weka shots by themselves. Many times it comes to mind that they are creating these sheets for their own greed purpose where they want to earn lot of money out of scams. It's all about the trust. Though it's our decision to get into crypto or not then also it's their fake advertising which attracts us and if we don't show trust at all then how their crypto will work anyways. So you see there should be bidirectional approach where we can trust the crypto inventors and they can trust us as well. In long terms coins turn into shits because crypto developers go crazy by making the project look like scam and somtiems it becomes real scan too. They are necessary or not don't know but they shouldn't be there at all.

Most of these coins are like a lottery game. Their success or failure is a mistery until it happens. It's hard to distinguish legit coins from fake coins at their early stages, but I believe it's part of the game... That is what makes this market interesting for many, the different probabilities.

For people who wants to avoid risk, they can buy a coin on its later stages, when the coin have already prooved to be a good deal or not, if it came to stay or to disappear like a Ponzi.

Once you restrict the currencies development because scams, all the legit ones will suffer together, especially for $$ reasons.

Yea agree with you situation is a little beat similar that with with dot.com companies 90-95 of them dead today but what survive are really strong)

I just went half way through your post (too big, should have added a summary for those who TL;DR) and got an idea about what you are trying to say. No shit coin is never good for a the economy. People who invest on those shit coins lose a lot and then those coins end up creating a bad impression about crypto currencies. Negative impression about something is never good for the economy.

An excellent answer, the only thing that can be supplemented, is if you are a dreamer, and believe that a coin that costs 1 satoshi, in a year will cost 2, then yes it's saving. Analyze the market, many such that will be in a month to have the same price?

Yes, without bad, we can't know what good. But, where humanity is found, there have bad.
One of the most important rules of trade is ''to lose''. Because you do not know how to win without learning to lose.
Stay green...

Its always been part of this crypto investment game which those shitcoins are quiet necessary on my part which as you have mentioned this do give a probability to make some profits which would give some interest among people or investors unlike on having a single thing to focused on.We would rather like to have another option to choose from,even though we do know that it is really like gambling but we do still continue since we do know the possibilities on getting rich with it.

Shitcoins have given more profit than bitcoin ever did. Call me crazy but one coin against hundreds of shitcoins makes a difference. People may hate shitcoins all they want like you said OP, even I do, but when it comes to trade these asshole whales know what they are doing and they clearly know how to reap the profits. So yes, shitcoins maybe necessary. But there is an alternative, you can put your money in an altcoin which has legitimate purpose and not just get pumped and dumped. If you want to mobilize funds put them in the right place.

And in the meantime shitcoins will create a bad press for us and make people believe that cryptocurrency has been created only as a money-making scheme.
It is because of shitcoins facebook and now Google banned cryptocurrency related ads - do you really think we need this kind of 'advertising'?
I am not against altcoins completely - I would like to implement some kind of regulations to prevent scams - that's all.