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April 23, 2013, 11:23:49 PM |
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It is obvious why there are so many ALT. And it's of no help to be rational about their improvement over BTC or LTC to understand why.
First a guy launch something, which basically is:
- download BTC or LTC
- sed 's/litecoin/feathercoin/g' *.cpp *.h
- change the number "50" into "200" in a file.
- release it
Then, people are greedy and know that at the beginning they can mine a lot easily, so they do, it's almost free to try, in the worst case you waste few days of mining that could have been spent on something else, but that's ok. Then they hold coins, so they want them to gain values, so they will promote this new coin. Then it actually starts being traded, and more people jump in (after all, after few days you can still consider yourself a lucky early adopter), which makes more promotion, etc.
It's just reinforcement, fueled by greed.
If you just step back and look at this whole ALT popping, it is just absolute non-sense.
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