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Author Topic: Why so Many Different ALT Coins  (Read 1086 times)
WHMOB
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October 20, 2016, 05:06:36 PM
 #1

I was looking and studying to do some alt coin trading to try and make some extra cash with my BTC. I just want to know why are there so many different alt coins? What is the point of them?
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talkbitcoin
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October 20, 2016, 05:17:20 PM
 #2

I was looking and studying to do some alt coin trading to try and make some extra cash with my BTC. I just want to know why are there so many different alt coins?

because there is this button on github called "fork" and when you click it you can have your own altcoin in matter of seconds.

and this is the way altcoin market has turned into, just similar coins with slight changes and same crap all over again.

0 innovation.

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What is the point of them?

3 words: pump and dump














 

 

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shield132
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October 20, 2016, 05:30:52 PM
 #3

Everything has concurent in this world and bitcoin isn't exception. Now there are many open sources and it's easy to make your own altcoin but it has no effect because there are more serious altcoins like dogecoin, litecoin, etherium and etc. So main reason is trading and also what talkbitcoin sayed it's true and at the same time sad. I think there must be filter or something like this because there are many silly altcoins which isn't under use by people.

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fortunecrypto
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October 20, 2016, 05:51:34 PM
 #4

Because people wants duplication and imitation,only few people back then enjoyed what bitcoin have accomplihed and so they are creating a new coin with more features so people will adopt and use it and make a lot of money for the developer.

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rapazev
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October 20, 2016, 05:56:26 PM
 #5

because it's free money...
most users here dont even search before invest, they put money in everything.

in fact, i think i should start my own coin to get some bitcoins for free.

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WHMOB
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October 20, 2016, 06:02:07 PM
 #6

I have been watching what has happened with bitcoin since near its inception and i see these near pointless coins coming out, I just did not see the point except like what was said by another user pump and dump.

And whats sad is new users don't realize that most of these coins are worthless. Those are the ones who get sucked into buying these coins.
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October 20, 2016, 06:08:24 PM
 #7

because it's free money...
most users here dont even search before invest, they put money in everything.

in fact, i think i should start my own coin to get some bitcoins for free.

If you do that where would you go to exchange them?
Robertqueen2
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October 20, 2016, 06:24:34 PM
 #8

I was looking and studying to do some alt coin trading to try and make some extra cash with my BTC. I just want to know why are there so many different alt coins? What is the point of them?
Most of the altcoins are useless and without any goal, but if you want to trade altcoins, you may choose the coins that have known developers team and high trading volume, in addition, you can look at the road map, then you can decide if this coin worth to buy.

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October 20, 2016, 06:59:41 PM
 #9

Coindesk - Why We Need All The Altcoins We Can Get
Danny Bradbury (@dannybradbury) | Published on August 9, 2014 at 10:45 BST

Quote
Did you know that more than one altcoin is launched per day, on average? Website Altcoin Calendar keeps a running total: one day this week we’d had linkcoin, onyxcoin (version 2, no less), xryptbit, and limicoin. The day before that, we saw the birth of bizcoin, shopcoin x, filebit, and, predictably given the political situation, palestinecoin.

The obvious temptation is to say that there are too many of them. After all, the cryptocurrency markets are littered with crummy coins that add little technical merit to the coins that they cloned, and which have no clear goal or community backing.

Sometimes they’re launched by enthusiasts from their basements, with good hearts but no idea how to execute. Sometimes they’re 'flashcoins', launched by smart fraudsters, intent on pumping and dumping for a fast buck. Either way, many altcoins are like the fast food of crypto. They’re no good for you. You’ll buy them, and receive no value. And half an hour after you’ve bought in, you’ll want another one.

Some altcoins may offer returns, but they’re like penny stocks: highly volatile, and difficult to predict. That makes investment difficult, especially when they’re entirely unregulated.

However, this still doesn’t mean that there are too many coins. In fact, we need them all.

A frothy market

Quote
Proliferation is common during the early stages of any major new trend. Technology is like Mentos and Coke. When someone drops a new concept into the market, you’ll see it froth and bubble, as people try to implement it in different forms.

Back in the early days of the home computer, there were dozens of them, which made many geeks like me insanely happy. The Apple II and the IBM PC were well known, of course, but then there were Vic 20s, the Z80s, the BBC Micros, and the obscure ones, such as the Imagination Machine and the Lynx.

I had a ZX Spectrum, which you might call the dogecoin of early home computers. Small to begin with, but cute to look at, and incredibly successful, it was supported by a dedicated community, at least in the UK. But few memory. Much slow.

Over the years, as the technology matured, all these machines fell away. Only a handful of platforms now remain for computers at home. But it was important for the market to have them when the concepts were so immature, because competition bred innovation.

Hardware is difficult to design and finance, of course. Software is far easier. When the first computer viruses rolled around, there were not that many. Then, people learned the concepts and began writing their own. As computer software inadvertently made it easier (thanks, Microsoft macro programming language!) the barrier to entry decreased. Within four years, the first virus construction kits appeared, and then any wannabe evil genius could make one.

The barrier to entry is similarly low for cryptocurrency. The code is open source, and easy for a developer to tailor in a few working days. Already, there are online tools appearing that let you colour by numbers, and create your own alt with next to no technical skill. There will be a glut of coins for a long time to come.

Faced with a barrage of new coins, what can cause an altcoin to rise above the general din and become more interesting? There are several contributing factors:

Community activity

Quote
Coins with a strong community can do particularly well. In some cases, a community builder will work alongside the coin’s technical mastermind, focusing on marshalling a group of people together and making things happen. It’s hard not to respect these coins.

When you have tens of people all lobbying to have an altcoin used at conferences and festivals, and creating cross-promotions with products and services, it quickly becomes the little coin that could.

Ideological or political innovation

Quote
Coins are often interesting when they promote a particular ideology or cause. One example is solarcoin, the environmental coin that links itself to renewable energy production.

Some of the earliest ‘national’ coins – whether auroracoin, or the Lakota Nation’s mazacoin – stimulated discussions about financial freedom and economic sovereignty. Now, national coins are sprouting like weeds. Suddenly, it becomes less interesting, because it’s already been done once.

Developer activity

Quote
The developer is key. Ideally, the developer is well-known to the community. They are consistent and reliable at updating the coin’s code, and it is encouraging to have more than one developer to handle various aspects of coin development, including exchange integration and block-chain explorers.

However, it’s easy for developers to get burned out, or to go rogue. In the past, there have been cases where a single developer for an alt has absconded, leaving the community floundering and angry at having put in so much work building the ecosystem for the coin.

Technical innovation

Quote
Coins that push technical boundaries can often be interesting because they enable the cryptocurrency community at large to test out new ideas.

Computing concepts are one example. Coins that introduce new cryptographic algorithms, or different proofs of work can be stimulating. Economic concepts are another, and coins have tested these too. Freicoin tried this with its demurrage (the application of a carrying cost to money) approach, for instance.

A celebrity

Quote
Is Max Keiser a celebrity? I don’t know, but he’s the only near-famous person to publicly launch his own coin as an extension of a personal brand. So that makes it at least intellectually interesting.

One of the notable things about celebrity coins if launched or endorsed by the celeb themselves is that the stability of the coin is supported by a brand that people have already bought into. If Kanye had launched coinye himself, it may have had some significant staying power. On the other hand, tying the fortunes of the coin to the fortunes of the celeb might not always be a good thing: when the A-lister becomes a C-lister, the coin's popularity is likely to wane in parallel.

Relationship with bitcoin

Quote
Just because a coin is cerebrally interesting doesn’t mean it’s going to thrive or go up drastically in price, though, and that’s what most altcoin investors want – auroracoin and mazacoin haven’t fared too well, for example. But ultimately, the value in these coins doesn’t come from their pinball movements on the markets. It comes from their role as counterparts to bitcoin.

Bitcoin’s developers are a conservative bunch, and rightly so. They’re steering a core architecture that forms the basis for an increasingly large commercial layer. In the early days, mistakes were OK. The bitcoin economy would have been more forgiving, because it didn’t really exist. Now that larger money is pouring into bitcoin’s ecosystem, the devs can’t afford to screw it up. So any changes are well thought out, and cautiously implemented.

The alts create a playground for testing features and concepts that would never make their way quickly into bitcoin – a research and development laboratory for features that may one day go mainstream. The crummy coins with nothing to offer are noise that you’ll find in any natural system. The alts with something to offer are the signal. We must take the good with the bad.

And who knows? In time, an alt may develop with the right mixture of innovation, community support and development expertise to gain prominence over bitcoin. We’re in the early days of what promises to be a long cycle of technological development. Anything’s possible.

PS:
I noticed they had added a disclaimer i am not sure was there when it was posted originally.

Quote
Disclaimer: The views expressed in this article are those of the author and do not necessarily represent the views of, and should not be attributed to, CoinDesk.

PPS:
The short answer ?

$$$

FUD first & ask questions later™
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October 20, 2016, 11:27:50 PM
 #10

Creating alternative coins turned into a business.

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October 21, 2016, 12:29:07 AM
 #11

Creating alternative coins turned into a business.
Yes I agree, altcoin maker only have one reason that is business or money. Because altcoin is free money make all peoples get mind to get instan rich. If I have big capital maybe I will make altcoin also  Grin
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October 21, 2016, 01:05:16 AM
 #12

Good answer from Spoetnik Smiley 

I will add that any single coin can, for the right price per unit time, be DDOSed.  Having others means you can still get TX through.  If there were only one, any problems with it (network or cryptoprimitive) would be fatal to commerce.  With many, there is resilience and strength.  Public coin is a hydra.  Backup plans are always recommended. 


"Give me control over a coin's checkpoints and I care not who mines its blocks."
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October 21, 2016, 03:35:40 AM
 #13

I was looking and studying to do some alt coin trading to try and make some extra cash with my BTC. I just want to know why are there so many different alt coins? What is the point of them?

Some of them are from companies that sells products and services,and some of them for trading purposes with no usage at all,the lifespan of scam coins are only 2 months after that the dev will create a new coin to pump and dump,so better do you research before investing.

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bbc.reporter
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October 21, 2016, 03:40:59 AM
 #14

I was looking and studying to do some alt coin trading to try and make some extra cash with my BTC. I just want to know why are there so many different alt coins? What is the point of them?

Study the history of bitcoin and altcoins and you will see how we ended up with a lot of altcoins in the cryptosphere. Some of them started as a project to improve where the developers bitcoin is weak, while others intended to scam the community by riding on the popularity, the promising future and the potential of bitcoin. Now we are at a phase where the ICO is very popular. Some of them sincerely believe that they could create and develop something with big potential while others again are created to scam people.

As for the simple answer "why"?  Because they can.

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Spoetnik
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October 21, 2016, 07:15:20 AM
 #15

Creating alternative coins turned into a business.


Yup we went from rebellious against the suit & tie wearing man keeping us down
..to being one of them.

Or trying anyway LOL

All these guys do now is cry my coin is a business and we are trading "Penny Stocks" for profit
with scammy ass ICO's

They flip flopped on the whole core ideals of it all and did the complete opposite.
More centralization.. more Govt tracking.. more ANN topics.. 6 or 7,000 of them.

FUD first & ask questions later™
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October 21, 2016, 08:41:05 AM
 #16

Yes there are many different altcoins but each of them has unique properties. Nah just kidding most of them are totally useless  Grin
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October 21, 2016, 08:49:56 AM
 #17

Just check this link for all altcoins - https://coinmarketcap.com/, especially TOP10 altcoins. Then after some time choose one altcoin, which have strong going up - buy it and then after some time sale it. With time you can earn more and more.  Wink
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October 21, 2016, 12:46:53 PM
 #18

because it's free money...
most users here dont even search before invest, they put money in everything.

in fact, i think i should start my own coin to get some bitcoins for free.

Indeed, many of the member here most often they still invest in different altcoin especially if there is a new ICO even most of them are shit coin. Majority of the altcoin they clone bitcoin as reference to get money from different investors but still there are few altcoins who are legit anyway like ltc, doge, eth, xem, etc. but still most of it are not actually.

                                 
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October 21, 2016, 01:09:15 PM
 #19

I know about altcoin which already exists after bitcoin appears is because they want to make something of the growth of digital currency or want to strengthen the network of bitcoin. As you can see or know all altcoin 100% will definitely use rate bitcoin transactions or as a tool to say that bitcoin is a place to Exchange digital currency





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October 21, 2016, 01:25:36 PM
 #20

Look for altcoins that innovate, that have a professional team behind them, that have a long term plan for the coin.
Right now I'm looking to invest in the decentralized gaming coins for example... Bitcrystals, the upcoming Beyond the Void ICO etc. They have a real company behind them and a proven business model.

Others try to solve a problem, like anonymity, transaction speed or what have you. Altcoins do serve a purpose in that they inspire innovation.. yes there will always be the lazy fucks that just want the quick pump & dump without adding anything new. Those coins too can be traded of course, but for longer term investments you need to do your research, just like with stocks.
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