Why Good Altcoins Fail

[kelsey]

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.

100% agree.

i think its lost on most people on this forum what the whole point of developing an alternative to fiat p2p currency is in the first place.

like i've said 1 million times before; "whats the point in creating an alternative to the greedy banks fiat if we ourselves become the greedy bankers."

making a profitable system for the devs, well then why would we even bother converting from fiat  

you know the world doesn't really need more paypals 

[dbstmddhks]

Are there any real valuable alts ?

Almost of them are just copied and just have something fancy for pumping.

It is bubble in my view.


This madness for making money from ICO and alt will cause cold season of whole cryptocurreny world.

It is same with 2014 year.


From wan.

[adhitthana]

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.

They could change the name. It might be a good coin. I have never looked at it, and I've looked at a lot of coins. I found this claim on the website which I find hard to believe.

The underlying network for transactions is decentralized by 2027 full nodes.

If that is true then I agree it is way too cheap IMHO

[CryptoSporidium]

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.

100% agree.

i think its lost on most people on this forum what the whole point of developing an alternative to fiat p2p currency is in the first place.

like i've said 1 million times before; "whats the point in creating an alternative to the greedy banks fiat if we ourselves become the greedy bankers."

making a profitable system for the devs, well then why would we even bother converting from fiat  

you know the world doesn't really need more paypals  

Sorry, but your missing the point, starting a 'greedy bank' is beyond the capabilities of everyone, but being an alt dev is open to many. Greedy alt coin devs can come and go forever, and the barriers to entry are miniscule. Please don't say that silly phrase 1000001 times, just accept that greedy bankers have a strangle hold on the world and we use them even though we know they are greedy bastards, because our paychecks and legal tender laws require it. Greedy alt devs face competition and can die all the time, so it's entirely differen to banks which are protected. Get another catch phrase that actually has intellectual content.

[Adbitco]

Maybe because most of them are just copies or clone of the already established and globally accepted coins like bitcoin for instance and because of bitcoins wide acceptance and being more popular it has advantage over other altcoins and that's why those altcoins fail

[Pursuer]

Are there any real valuable alts ?
Almost of them are just copied and just have something fancy for pumping.
It is bubble in my view.
This madness for making money from ICO and alt will cause cold season of whole cryptocurreny world.
It is same with 2014 year.
From wan.

well there are some altcoins that are not just copy and paste of another code and they actually have come up with newer concepts and added newer feature. not saying those aren't getting pump and dumped but there are some valuable development here and there.

for example you can not deny the features monero is offering, whether it is pump and dump or failure or success those features are good.

[kelsey]

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.

100% agree.

i think its lost on most people on this forum what the whole point of developing an alternative to fiat p2p currency is in the first place.

like i've said 1 million times before; "whats the point in creating an alternative to the greedy banks fiat if we ourselves become the greedy bankers."

making a profitable system for the devs, well then why would we even bother converting from fiat  

you know the world doesn't really need more paypals  

Sorry, but your missing the point, starting a 'greedy bank' is beyond the capabilities of everyone, but being an alt dev is open to many. Greedy alt coin devs can come and go forever, and the barriers to entry are miniscule. Please don't say that silly phrase 1000001 times, just accept that greedy bankers have a strangle hold on the world and we use them even though we know they are greedy bastards, because our paychecks and legal tender laws require it. Greedy alt devs face competition and can die all the time, so it's entirely differen to banks which are protected. Get another catch phrase that actually has intellectual content.

yes and you don't enhance your intellectual argument by trying to insult people with a different point of view

you're like saying a murderers done nothing wrong and comparing them to a genocidal dictator as your reasoning.

[shinratensei_]

Are there any real valuable alts ?
Almost of them are just copied and just have something fancy for pumping.
It is bubble in my view.
This madness for making money from ICO and alt will cause cold season of whole cryptocurreny world.
It is same with 2014 year.
From wan.

well there are some altcoins that are not just copy and paste of another code and they actually have come up with newer concepts and added newer feature. not saying those aren't getting pump and dumped but there are some valuable development here and there.

for example you can not deny the features monero is offering, whether it is pump and dump or failure or success those features are good.

I can say it was rebranding of the coin, too many the coin based on zero knowledge right now. I may think if you are right about they wasn't copying and paste the code but giving a little change for their source code.
Their concept has based on the speculation even their intention was coming from fill up the lack tech of bitcoin and put them into the alt.
http://www.coindesk.com/why-you-should-beware-the-altcoin-rebrand/

[Caladonian]

Maybe because most of them are just copies or clone of the already established and globally accepted coins like bitcoin for instance and because of bitcoins wide acceptance and being more popular it has advantage over other altcoins and that's why those altcoins fail

because of more and more alts are keeps on showing and introducing new things but since bitcoin really working well its hard for them being adopted i personally think that alts only can move forward if there's a particular offer that btc can't done.

[kidoseagle0312]

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.

In my assessment and observation some of the altcoins are not transparent to their investors they just hyped them then they will show good standing for a couple of weeks after that they run away, or sometimes the developer is scammer unknowingly, or lack of team work and group effort. That's what I've been thinking about it.

[spartak_t]

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.

You're WRONG! This is my entire concept for an altcoin from the start. If people involved in coin development are paid with the coin itself, then you have a team. If you pay them with BTC (for example), you have mercenaries. There are a lot of people making money from shitcoins (developing, graphics, signatures, promotions, giveaways etc...) and those are the people who mostly doesn't care about its future as long they are getting paid. In my view, an altcoin (or whatever asset/token is) should be like a company in which you have a specific share. People forgot what cryptocurrencies are. If this is a fiat-digital currencies war, then why one should demand getting paid in fiat (because BTC can be considered as a fiat - it's easiest to convert it to fiat)? I'll give you an example with FAILCoin. Currently we are a team with people from Bulgaria (2), England (2), Netherlands, Indonesia, South Korea, India, Russia, Cyprus, Thailand, France and recently - Slovenia(2). NO ONE have received a single satoshi for what he's done and what he's about to do in future, when our hard fork is ready. And do you know what else? If I decide to travel to (you name one of these countries), I'll be accepted as a guest and a friend. Same goes to everyone else in the team. THAT is how it has to be done!   

[frankmb]

It's about acceptance a community that supports a coin and being opensource, and the initially devs not taking ridiculous amounts when the coin just launched. If a alt coin is a good one it wouldn't fail, when it fails it wasn't a good one.

And some coins are designed and supported to not last that very long. If there's no way to spend the coin and it's just on a exchange and nothing more, there is no mainstream use of it and it will never get widely accepted and slowly die.

[serjent05]

Thanks for the interesting responses.  To clarify, I know there are a lot of bad altcoins.  I was asking why good (as far as we can tell) altcoins fail, and I think there are a few examples of that.  However, since there are not "boards" like in a corporation set up or even a consensual rule that altcoins should have a board addressable by the public, it's hard to know who these people are what their motives are.  It would be good to know the "good" coins that have devs that are able to communicate on a weekly or even daily basis like most normal folks can.

I think one reason is funding, when a developer is too honest, and decided to work on a project without collecting any premines or ICO's for his project and just rely on the donation of the community, this will likely happen, fund got depleted and the developer need to work and focus on it to keep himself alive.  Besides no one cares if the developer drink or eat, they are just interested in their own profit.

[salmanahmedone]

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.

I agree with every word you just wrote. It's those people who create shitcoins without any purpose and then they dump it on innocent newbies and then they develop another coin and this keeps going.

[just_Alice]

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 think most of the new altcoins created just to earn on pump and dump strategy so no wonder they disappear afterwards. So the team you are talking about probably decides to give up midway because they already earned what they wanted.

Of course not all of them are like this. There are at least several established altcoins such as Dash, Dogecoin, Ethereum, Litecoin, Monero and some others.

[RealEstCoin]

The project needs to be well planned out and the objective needs to be clearly communicated to the target market. Also, patience and persistence keep the momentum behind new projects and ICOs.

[OrangeII]

they might have predicted that the project atlcoin they run to lose and will create some problems, so they decided to stop. Well, competition is one of these factors, and perhaps they feel they make altcoin project will not last long faced tough competition in the world cryptocurrency

[spartak_t]

Of course not all of them are like this. There are at least several established altcoins such as Dash, Ethereum...

What a joke that is....

[Robertqueen2]

They fail because a few reasons, they might haven't development purpose or just a copy of other projects.
They might have bad marketing or they failed to gain community trust.
They launch in unsuitable time, like now, there are a lot of running ICOs in the same time.

[shield132]

There are a lot of reasons, financial and coding, it's safety and one of them is good marketing.
One time litecoin was popular in altcoins, than dogecoin, than appear dash, etherium - which had a good success but so much hard forks from their side caused less trust and it = less popularity.
If altcoin is good at the begining and then there'll appear some wrong things or it isn't much profitable anymore, than they fall.