What is a lifecycle of a shitcoin? It seems that currently there are hundreds of various coins. What is their purpose besides making devs richer? Im not talking about projects with an actual aim (like ICOs) but of coins like "42", Superbitcoin, etc. What is their purpose??
Do all of them even have roadmaps? do they work on it or simply pump and dump their huge premine?
Take for example BitBean. they did rebranding and the price pumped again. BUT before that they published a message something along the lines of "we are dissapointed with community and abandoning the project"..
How can they abandon such projects?
Look at Project Decorum. ok that one had an actual ICO. and since May last year they made only a wallet! still the coin was up..
whats going on with all that rubbish..
People that are investing in these shitcoins are over-compensating for missing out on BTC when it was 10 cents. They haven't yet realized that the opportunity has passed. Most of us missed out on registering incredibly good domains in the late 90's that are now worth 10's of millions. Most of us missed out on SEO in 2006 when you could rank keywords like "Buy Viagra" with a few backlinks and make millions. Most of us missed out on BTC in late 2009 when you could mine or trade thousands easily. In each such scenario there is an over-compensation and wishful thinking by speculators after the fact that they're not too late to ride that particular boat. The reality hasn't yet hit them that the boat has long sailed away, and the only thing that's left are people attempting to create shadows and mirages of the latest boom. Once the painful reality sets in, the absolute shitcoins like 42, Bitcoin Diamond, Ethereum Dark etc, will stop having millions of dollars pumped into them by speculators, and they will rightfully fall to 0 where they belong.
But until then, that deceptive dream remains. That that low market cap blockchain is going to boom just like Bitcoin did. Never do such people think to look to the future and take a risk with something completely different and new, something completely unrelated to perhaps even cryptocurrency. They can't do this because they don't appreciate the cruel game that hindsight is playing with their own mind. These are the same people that say "that's absolute shit it would never be worth anything" to the next big thing before it takes off. I know this because I'm one of those people myself.
