Why Good Altcoins Fail

[paramind22]

at some point probably many devs realize that their time spent supporting/developing the coin doesn't pays of

They should agree to be bought out then, at the price the market will bear.

[g3rszpi]

at some point probably many devs realize that their time spent supporting/developing the coin doesn't pays of

They should agree to be bought out then, at the price the market will bear.

but who wants to buy a bunch of overvalued shitcoins that technically delivers nothing. if the price is crashing and there is no trading volume and buy support, we can easily say that, that coins is dead/dying.

[paramind22]

at some point probably many devs realize that their time spent supporting/developing the coin doesn't pays of

They should agree to be bought out then, at the price the market will bear.

but who wants to buy a bunch of overvalued shitcoins that technically delivers nothing. if the price is crashing and there is no trading volume and buy support, we can easily say that, that coins is dead/dying.

Well, like Namecoin and others lesser, like Earthcoin, someone might want them.

[coinsmanager]

That's true, take a look at Litecoin, people who bought it a few years ago are having terrible losses, if they did not sell it half way. Perhaps the alts market is very hype-driven.

[bbc.reporter]

Why do you think good altcoins fail to keep going?   It seems there are some that are good and people collectively have put in tens of thousands of hours supporting, but the team decides to give up midway.

Because what you consider as "good altcoins" are either scams or that there really is no need for them and they are all riding their own hype by taking advantage of the economic law of supply and demand, and the typical altcoiner's gullability and ignorance. The demand part is fake because, as mentioned it is derived from hype. The supply part is created out of think air just like in the case of ICO tokens and proof of stake coins.

[legdunes]

To the main question, quite simply because they are not actually any good.

[The Sceptical Chymist]

most of the alt coin couldn't develop because it was lack of interest and to be honest there are too many alt coin that being created without a solid foundation, why should a user used your coin if your coin doesn't has any extra advantage or extra feature than other coin? if your coin got extra things that other coins don't have then you need to push your advertisement to let people know it

There are way, waaaay too many altcoins on the market.  No one is ever going to want/need/use most of them.  New ones keep getting pumped out with no purpose, much less advantage over existing coins.  Seriously, who's going to spend trump coin?  Or any of the zillions of shitcoins that you see on Yobit and other exchanges?

It's bitcoin or bust.  Maybe Dash & DOGE.  The others can go gargle a sausage.

[puremage111]

many unncessery pump and perhaps project is hard to achieve

[paramind22]

It's funny, there are hundreds of coins, and a lot of them with high market caps, and some like Curecoin and Namecoin that seem to have reason to exist, but you rarely find people defending the reason for them in these kinds of threads.  All the defense is in the announcement threads by the amount of energy keeping them going.   The only reason an altcoin needs for existence is sincere people wanting it to succeed for some reason, like Dash, Doge, Ethereum, Monero, there doesn't need to be some cosmic written-in-stone absolute worth of its existence except if people want it there.  Yes there are a lot of scams and naive teams but all the FUD in the world doesn't seem like it will slow all of them down. I understand the reason to focus on BTC alone, the rest seem unstable and a good way to lose money.  But the creativity and sense of ownership for the small teams of people that are sincere shouldn't be looked down on, especially if it creates income and employment.  If foolish people lose their money, they would probably lose it some other way anyway.  No sense in blaming the idea of altcoins in general.

[g3rszpi]

It's funny, there are hundreds of coins, and a lot of them with high market caps, and some like Curecoin and Namecoin that seem to have reason to exist, but you rarely find people defending the reason for them in these kinds of threads.  All the defense is in the announcement threads by the amount of energy keeping them going.   The only reason an altcoin needs for existence is sincere people wanting it to succeed for some reason, like Dash, Doge, Ethereum, Monero, there doesn't need to be some cosmic written-in-stone absolute worth of its existence except if people want it there.  Yes there are a lot of scams and naive teams but all the FUD in the world doesn't seem like it will slow all of them down. I understand the reason to focus on BTC alone, the rest seem unstable and a good way to lose money.  But the creativity and sense of ownership for the small teams of people that are sincere shouldn't be looked down on, especially if it creates income and employment.  If foolish people lose their money, they would probably lose it some other way anyway.  No sense in blaming the idea of altcoins in general.

I can totally agree with your last sentence. i remember when back in Q1 2015 people started to blame altcoins in general, and since then even more crying babies appeard around here.
IMO if you are dumb or retarded you just easily can profit or benefit from a lot of altcoins.
1. First of all if you are a miner and you bought strong mining equipment, new coins are a MUST for you, since just imagine if 1-2 new coins would appear in a month. The cost of your mining equipment would never break-even.
2. If you are a trader you just need to catch the good entry and exit point and not blame the dev if you was dumb enough BUY HIGH, SELL LOW.
3. If you are a crypto-enthuasist is the heaven for you

[kidoseagle0312]

But then it is difficult for folks who know nothing about programming and the likes to identify a good coin from a bad one just by reading the white paper, because the paper contains lots of technical terms that are hard to understand.

Yes your right!, it is very hard for the people here in bitcoin world who don't have any idea in the programming technology,  Or sometimes the developer who made the coins is running away and take all the collected coins with the big amount of bitcoins. In the end their investors will become a victim of scam.

[Ryan Dugan]

Why do you think good altcoins fail to keep going?   It seems there are some that are good and people collectively have put in tens of thousands of hours supporting, but the team decides to give up midway.

I also habe that fustrstion. You follow a Dev for a very long time and then they just give up and leave or the Dev stays for some time and leaves and the coin is not doing well bit getting better and he will only leave and not return and we hold onto a worthless coon when the Dev dumps of he is a scammer after he runs.

[Shiroslullaby]

Its hard to predict what coins will catch on and which will not.

Burst for example, is a great project with a fully-developed GUI wallet that incorporates mining right into the wallet.
They also have some really cool ideas like an "asset exchange" where you can buy stock (basically) in a project and share in the profits that are returned.
But, the price remains low, lower than other coins that I would say are total garbage.
Will Burst become more popular? Only time will tell.

[spartak_t]

Its hard to predict what coins will catch on and which will not.

Burst for example, is a great project with a fully-developed GUI wallet that incorporates mining right into the wallet.
They also have some really cool ideas like an "asset exchange" where you can buy stock (basically) in a project and share in the profits that are returned.
But, the price remains low, lower than other coins that I would say are total garbage.
Will Burst become more popular? Only time will tell.

OK, shill, please stop.

[bbc.reporter]

Its hard to predict what coins will catch on and which will not.

Burst for example, is a great project with a fully-developed GUI wallet that incorporates mining right into the wallet.
They also have some really cool ideas like an "asset exchange" where you can buy stock (basically) in a project and share in the profits that are returned.
But, the price remains low, lower than other coins that I would say are total garbage.
Will Burst become more popular? Only time will tell.

The question you should be asking is "Is Burst a good altcoin?". The answer to that usually is no. 99.9% of them are not good and they are mostly scams to make bitcoins from. In another post I said that altcoiners are really closet bitcoiners because they convert everything to bitcoin eventually. Many of them do not even withdraw their altcoins from the exchange.

[Anillos2]

IMHO the biggest problem is that I can't deal with too many coins at the same time, they could have interesting features I can try to use them, but most of times I get "tired" and I forget the coins (and the money stored in that from faucets). Most of my altcoin earnings are under "papperwallets" which are stored on my PC.

[kelsey]

alot of good (not in it for the fiat) crypto devs keep to themselves and do little promotion, however the scamcoin types are conman types and as such promote alot.

as they say when it comes to advertising all advertising is good advertising, so alot of talk about scamcoins (even negative) promotes them.

often great coin communities keep to themselves and seem to be mainly preaching to the converted.

[deadsilent]

Well, nothing is forever. You cant expect a good altcoin will at steady in rising. Even bitcoin we experience that. Sometimes its temporary and sometimes it takes a long time to recover. Also we experience failing because of bugs on the system which makes panicked and forced us to sell those altcoins because we dont want to lose more.

[greenuser]

A good shitcoin is as rare as a conversation on this forum. Threads are usually just a list of folks opinions rather than valid argument. Anyhow, here is my opinion on what makes a good Altcoin.

The Devs need to get paid in USD or BTC.
Devs usually get paid in the shitcoin they are producing so not only do they have to dump it to get real money to live on, they have to sing its praises regardless whether they believe in it or not.
We have all had jobs involved in products or services that we have no real faith in but, we have to keep quiet about it all because we need to make a living. I once had a job making icecream and I don't even like icecream. I just thank God that they didn't pay me in the retched stuff. I would have had to go selling it after work to get real money. So if the Devs got paid in USD or BTC, they wouldn't have to promote it as falsely as they do.

Also, you need people to "big up" your coin.  It's better if you own a media outlet or a forum to do this.  Vitalik owned Bitcoin Magazine so it was easy to make positive reviews on his Ethereum. You have to spend far more time, money and resources on PR and advertising than you do on developing. You need to create loads of hype before you even release the coin.

Then you need a private slack channel so you can conspire with the exchange owners to put up false buy/sell walls in the market depth when needed.  

Finally, you need a bunch of people that think they will be rich if they hold on to it for long enough (sadly that's the easiest bit).

This is what you need for a good altcoin but remember, Devs only make money at the start unless you stick a 40% tax on the mining for the first 4 years.

I believe that the devs, forum owners, exchanges and media people are all in it together and as soon as the income starts to fail, they put out another shitcoin. This is why we have so many!


Edit: Oh I nearly forgot, a good gimmick helps.  What about something like PizzagateCoin? All good darknet pedo sites will be accepting it as payment.

[Herbert2020]

The Devs need to get paid in USD or BTC.
Devs usually get paid in the shitcoin they are producing so not only do they have to dump it to get real money to live on, they have to sing its praises regardless whether they believe in it or not.

let me just stop you there.
this is the problem with altcoins in my opinion, the devs are looking for making money or worse to live off of the money they earn from developing their coin!

so when your goal becomes earning money first then developing you end up earning a lot if you are paid with your own altcoin and hype pump it to dump and make money.

Satoshi was never thinking about making money from bitcoin and those coins he mined are still un-touched and look at where bitcoin is today.