coingen is not crashing alts. Here is why.

[rix5]

Was bored and thought could make this thread since some seem to have that missconception persisting.

Coingen does what? It enables total noobs to create their own coin. What follows is a flood of new coins. Some of you seem to think that this will affect all alts in a negative way. That is not the case. Why?

Because there is only one nmc, ppc, xpm, ltc (and so on). You can copy ltc but still there is only one original ltc and it has been aroud for much longer than the latest c/p of it with an animals name.
Coingen only made it harder for new crypto to emerge from this noise. Crypto that has been out 6 months ago and is established should not be affected at all.
Who dumps ltc, ppc, nmc, xpm just because camelcoin, junkcoin2.0 and turtelcoin came out is a fool.

Why should litecoin care about Steve-Urkel-coin?
It shouldn't and it doesn't. On the other hand there is no garantie for steve-urcel-coin to become an instant success like in the old days.

So coingen only affects alts that are released after it went live, not the established ones. At least that is my conception.
Love to hear your views on the thing.

[hvezdasmrti]

Coingen is crashing the trust, not alts directly. It scares off the buypower. IT has rapidly decreased after coingen appeared, there may be a little dependency.

[Snard]

I disagree. Interesting and innovative coins are just getting lost within the crapcoins flooding from Coingen and sites like it. For example, this coin did not stand out even though it has some innovation.

http://www.mediterraneancoin.org/

I guarantee this would not have been the case if the alt coins forum wasnt being flooded with garbage.

[rix5]

i think it will take a cretain amount of failed new coins before investors start doing their research and start actually buying quality-coins with something to offer besides pure marketing and branding.

On the other hand new coins that actually have something new to offer need to be more explicit about it.
Someone releasing a new, really innovative coin now should be aware of this and try to be very clear about their advantages over other coins.
I think overall this whole thing will become more professional instead of dying after the first 'shock' is overcome.
The market will clear out the garbage over time, no worries. Nobody said it would be easy. Just use your head.

[crunchynut]

I fully agree. Even an innovative coin like Rap-eCoin (which is btw about rap and not about rape) that's about to be released soon will have a hard standing between all these useless and badly made mass production coins. People will look at the altcoin scene and get the impression there are only morons around trying to get rich by re-launching bitcoin over and over again. Nobody will make a difference between a useless onlinegaminginternetmemecoin #999 and quality coins like Rap-eCoin (which is btw about rap and not about rape).

[rix5]

I fully agree. Even an innovative coin like Rap-eCoin (which is btw about rap and not about rape) that's about to be released soon will have a hard standing between all these useless and badly made mass production coins. People will look at the altcoin scene and get the impression there are only morons around trying to get rich by re-launching bitcoin over and over again. Nobody will make a difference between a useless onlinegaminginternetmemecoin #999 and quality coins like Rap-eCoin (which is btw about rap and not about rape).

lol. wtf? ... didn't see that one. Well, i think this is a threat to altcoins and their general perception, yes. We better don't have stuff like that. That could be bad press for alts in general. Nothing good will come from that coin. After this i have to rethink.

[evoked22]

I fully agree. Even an innovative coin like Rap-eCoin (which is btw about rap and not about rape) that's about to be released soon will have a hard standing between all these useless and badly made mass production coins. People will look at the altcoin scene and get the impression there are only morons around trying to get rich by re-launching bitcoin over and over again. Nobody will make a difference between a useless onlinegaminginternetmemecoin #999 and quality coins like Rap-eCoin (which is btw about rap and not about rape).

i agree 100%

You should earn your right to create a coin not just press a few buttons and bam you have a coin. That's ridiculous. Its like leaving a machine around in the office where you can create your own paper money. Soon people would be like wtf, which one is a fake and which is a real one. Oh well too messy lets just go with bitcoin and the safe ones.

It contradicts the idea of creating true alt coins when you have a generator. Even if a good coin came from it i still would not want it because if the person believed strongly enough in the coin they would have enough respect to the community and overall market to do it properly.

[rix5]

yeah, some fails will happen and some people (those who bought into crap) will have to learn not to do so anymore.
coins like qrk, xpm, ltc, nmc and so on will very likely not be affected at all - maybe even profit from this after a while as people get put off new coins and may very likely turn to established, safe coins, i agree.

edit:
So all it does is burning money of unwise investors (that is ok) and make it harder for newcomers to get recognized (that is also ok) and in the end bring people back to the good old stuff (that is ok). So should be fine.

[evoked22]

yeah, some fails will happen and some people (those who bought into crap) will have to learn not to do so anymore.
coins like qrk, xpm, ltc, nmc and so on will very likely not be affected at all - maybe even profit from this after a while.

well im glad some premined coins benefit from this - what else can we do to help out the premined coins lol

I think if you look at this from a persons perspective that is new to this you will come to understand that this does not benefit anyone but the owner of the generator.

At the same time it is possible that it may create the idea that "anyone" can make a coin. This could have both negative and positive consequences. Hopefully the positive wins   

[rix5]

At the same time it is possible that it may create the idea that "anyone" can make a coin.

we are at that stage now. anyone can make a c/p crapcoin for less than 0.5btc

[super3]

At the same time it is possible that it may create the idea that "anyone" can make a coin.

we are at that stage now. anyone can make a c/p crapcoin for less than 0.5btc

Technology should be accessible to everyone. There is nothing wrong with someone being able to generate their own coin.

[sighle]

This is what a free market looks like people. This is the exact thing that Bitcoin stands for and why it was made.

The fact is that the useless coins will die and the ones with purpose and confidence with flourish. It's only a matter of time.

[super3]

This is what a free market looks like people. This is the exact thing that Bitcoin stands for and why it was made.

The fact is that the useless coins will die and the ones with purpose and confidence with flourish. It's only a matter of time.

Its evolution and free market, but with coins! If you look on the commit list for Bitcoin only about 20 people are doing 90% of the work. Could you imagine how far we could get if that turns into hundreds of devs all working on making their coins the best?

[kalus]

So coingen only affects alts that are released after it went live, not the established ones. At least that is my conception.
Love to hear your views on the thing.

I was excited about the concept of an automated coin creation script when released becuase it was both a commentary on how carbon-copied most of these coins are  (dogecoin had a Bells icon in one version, catcoin had a litecoin logo in another), as well as a disruptive technology that would shake things up.  

A better working version of coingen should lower the bar so anybody could create a currency.  do i know what the fuck they want it for?  no, and i don't care.  a site that automates coin generation democratises the creation process,  and empowers people.  we have to enable the people that have the inspiration to create a truly innovative currency, but don't have the technical know-how to bring it to life. 

before sites like these were created, only a technical barrier separated these people from coins.  technology has overcome that barrier, and coingen et al. simply make the present process move faster along. 

there's no stopping them.  Currencies adapt, or perish.  

[Snard]

before sites like these were created, only a technical barrier separated these people from coins.  technology has overcome that barrier, and coingen et al. simply make the present process move faster along. 

How does an endless flood of the same shit make this technology improve?

All this does is flood the market with crap so its hard to spot the jewels.

I am not saying they don't have the "right" to create the site and sell the creation of coins, but I am saying this is not helping anything.

[crunchynut]

This is what a free market looks like people. This is the exact thing that Bitcoin stands for and why it was made.

giving the means of productions for creating whatever coin you want into the hand of the people is plain marxism and has nothing to do with free market or the idea bitcoin stands for. i would suggest you take your propaganda back to leningrad, comrad, and leave the bitcoin to the free world.

[Wipeout2097]

This is what a free market looks like people. This is the exact thing that Bitcoin stands for and why it was made.

giving the means of productions for creating whatever coin you want into the hand of the people is plain marxism and has nothing to do with free market or the idea bitcoin stands for. i would suggest you take your propaganda back to leningrad, comrad, and leave the bitcoin to the free world.

Keep your ideologies out of this, nobody cares even if you had a clue about what you're talking about. Bitcoin was made for "free market" or "free world"? lol. First of all, read the pdf. Second, Bitcoin is even more important to people that are not free.

[crunchynut]

maybe you should read some pdf instead of marx and lenin, comrad. the bitcoin revolution is not another 1917, comrad, it's a second 1776.