Cryptocurency: What Is The End Game?

[JollyGood]

There are currently 853 cryptocurrencies listed on coinmarketcap.com

A few years ago it was a simple case of people launching coins with fancy names, doodles and catchphrases. The owners pre-mined for their own benefit, then using pumping and dumping techniques exchanged them for bitcoins for a quick profit. Sadly, later adopters lost out significantly as they watched the newly launched coin decline in to obscurity. I see on the forum here that people are still making announcements about soon to launch coins, again mostly with some percentage of pre-mining.

The sheer number of outlets online and in the real world that use Bitcoin makes it clear there is space for using it as currency in a FIAT based world but what exactly is the end game for the other coins out there? There is more than enough information available to make a case for Bitcoin to be king of the field based on historical records. Other than that only Stellar and XRP have a different approach to the coins listed on CoinMarketCap therefore have potential uses. Stripe and Google respectively back them.

Bottom of the pile at number #853 on the CoinMarketCap list (as of today 12.30pm UK time 1st June 2017) is a certain coin called "bitRUBLE"

I remember a time when Quark was promoting its secure format as the future and was listed in the top 10 at coinmarketcap, now at #171. Primecoin, Namecoin were chasing Bitcoin but they are #126 and #57 respectively. I hear the same chants and cheering about Ethereum that I heard about various others, all drifted away. The list can go but Bitcoin remains top.

There are Bitcoin ATMs and many retail outlets that accept it by using a QR code. I doubt there will ever be an ATM for the other cryptocurrencies. Bitcoin is the base currency for exchanges, it has many uses.

In your opinion, what is the point of the majority of these cryptocurrencies? Why do people continue to launch them when they are doppelgangers of earlier coins even if they point out things they claim are different.

They seem to have no function at all apart from being listed at coincapmarket.com. So many such as CENT/Pennies, Noodlyappendagecoin and Billioncoin have died and no longer listed.

So what is the end game of the coins that are out there?

[BitcoinHodler]

not much has changed, new altcoins replaced the old ones, the methods replaced the old methods, new newbies with fresh money replaced the old newbies who either went broke because they got dumped on or learned from their mistakes and re not dumping on others.

it was premining before now it is ICO. and it is actually a lot easier now, specially with Ethereum starting a new altcoin and linking it to that platform and enjoying the hype by just being near a hyped up market is there for them.

and the goal for launching any of them has always been the same: to make more money.
although to be fair there are many innovations in these altcoins too, but they never become big enough for their innovations to matter because they get crushed under a big coin that is being pumped and has a big marketcap

[IIOII]

Ripple and Stellar are not decentralized cryptocurrencies. These are Corporation coins, exposed to the risk of massive monetary inflation.

New altcoin-scams will continue to emerge as long as premine and similar scam techniques will work. The end for most of these coins is clear: They will become untradable and disappear. That's it.

[Rinder]

For some greedy people they saw at new altcoins, the shitty ones a source of income, with their ico they able to get funds they would never be able to reach trying trading or any other normal way, soo this wont end, sure some people are more informed and its harder to you invest into something you know the objective already, but the thing is some people still invest into shit coins and few are able to get a decent income with fake pumps.

[JollyGood]

not much has changed, new altcoins replaced the old ones, the methods replaced the old methods, new newbies with fresh money replaced the old newbies who either went broke because they got dumped on or learned from their mistakes and re not dumping on others.

it was premining before now it is ICO. and it is actually a lot easier now, specially with Ethereum starting a new altcoin and linking it to that platform and enjoying the hype by just being near a hyped up market is there for them.

and the goal for launching any of them has always been the same: to make more money.
although to be fair there are many innovations in these altcoins too, but they never become big enough for their innovations to matter because they get crushed under a big coin that is being pumped and has a big marketcap

If there is innovation with each launch it seems a good thing but all as you said, are designed to make money. Most though are not making it.

In your opinion how do ICOs make things easier or better for project owners, investors or miners versus a few years ago? I mean pros and cons if possible please.

[Harpua]

Like everyone has said, a large majority of altcoins that are released are primarily scams.  But, that doesn't mean that other altcoins out there aren't doing good in terms of innovation.  I'm not going to say which ones, just because it will come off as me personally trying to pump shit on my own; but I truly believe there are some out there that are doing good for the cryptocurrency space.

The end game of these altcoins, I believe, is to try and test out certain theories Bitcoin Core isn't willing or capable of trying.

[airsounds]

Ripple and Stellar are not decentralized cryptocurrencies. These are Corporation coins, exposed to the risk of massive monetary inflation.

New altcoin-scams will continue to emerge as long as premine and similar scam techniques will work. The end for most of these coins is clear: They will become untradable and disappear. That's it.

Though it is definitely not a scam. The fact that people actually it might inflate over the long time doesn't mean that it can't be beneficial. Also just look at ethereum, it also doesn't have a cap to which it can be mined, but no one is calling it a scam, then why would we think that ripple is a scam? To be honest I'm putting money into ripple because I believe it will grow

[YuginKadoya]

Alternative Coins or Altcoins there are many out there that are currently struggling but there are simply a more competitive ways in trading them with bitcoin, The vast majority of altcoins listed on market data platforms are experiencing an increase in price due to the overwhelming performance of top cryptocurrencies such as bitcoin. so when bitcoin maintains stability, most of them become volatile and fluctuate wildly. and Altcoins are divided by hashing algorithms, and that is Altcoins that are using SHA-256, the same hashing algorithm as Bitcoin, Altcoins using scrypt algorithm, and Alt coins using other, innovative hashing algorithms such as X11, X13, X15, or NIST5, and I think the end game here is none! Cryptocurrency would continue and so is your earning towards it, and well there are Altcoins that have come and go.

[JollyGood]

@ IIOII and airsounds
I also have invested in XRP some years ago and have currently made over x10 the amount I paid for them if I sell now. I think Ripple is a potential gold mine. If it fails and my XRP lose value then I can live with it because the invested amount was not massive though I received many tens of thousands of XRP


@Harpua
Quite possible they are trying to innovate and test theories that Bitcoin is not willing to try but it seems the majority are simple launching them to add a feather to their cap along with making money themselves rather than achieve what Bitcoin started, which was real innovation


@YuginKadoya
I see you point but if they have no real FIAT real world based value then what is their point? How many BTC have been traded on coins outside the top 20, top 50 or top 100 listed on coinmarketcap? I see they have little or no point yet people keep churning them out


@Rinder
The pump and dump quick gains is probably one of the biggest factors when people release their own coins but for them to have any real value they have to exchange their pumped and dumpled coind with Bitcoin or several of the most traded ones. These have some value as they are continuously traded upon where as the newbies really have not much going on now or the futre. With that said, I see one end game for the majority of coins listed on coinmarketcap... failure.

[Red-Apple]

anybody who understands bitcoin knows that it is not perfect and there is a lot of room for improvement. but most of the times we just see random features and generally altcoins that are trying too hard instead.

the end game will be some new altcoin that takes lesson from the most successful cryptocurrency: bitcoin.
- be decentralized and aims for it in all its aspect, be it the mining, nodes,...
- no pre mine, no ICO, no weird initial distribution of some amount of cupply. a normal and logical distribution.
- a coin with a logical maximum supply. nothing like a couple of billion, 90 million or 42 coins !!!
- try to be a currency for once. not just something that is listed on poloniex and pumped and dumped till the end of time.
- work more on a more user friendly wallet.

[zend7]

End game is always the same for altcoins, after some time they get dumped and disappear many of them. Only a few selected few like Ethereum,Monero ,Zcash and Dash are performing well, yet I believe this coins are not worth my time, except mining them and converting to bitcoin, that is the only thing they are good for. I think these coins too will meet their end after a bit.
There is no end game for bitcoin I firmly believe and hope so all my focus is on bitcoin only. I see altcoins only as a mean to arrive to bitcoin and increase my holdings in bitcoin. I don't really care if they die all at once. I am a bitcoin hardcore fanatic.

[JollyGood]

@ Red-Apple
Very well said. I agree with all you said especially the fact that ICO and pre-mining is not a fair, logical distribution is essential. Can you believe one of the yet to be released coins has raised $4m in an ICO? I am not knocking them at all, I wish them and all associated success but the evolution of altcoins is also evolving new ways of people to generate more and more money from cryptocurrencies when most have little no value in the first place.


@ zend7
I also think that Bitcoin will be around for a long time to come. I think it will hold very high value as time goes by and I agree that all these coins have no real value on their own and only seem good for exchanging in to Bitcoin. I mean, where exactly in the real world and cyber world can you go and spend 0.01 bitcoin? Many places right? Where can anyone go to spend 50Million Paccoin, 50Million PinkDog, 50Million NeoCoin and alike?

[Monnt]

New altcoin-scams will continue to emerge as long as premine and similar scam techniques will work. The end for most of these coins is clear: They will become untradable and disappear. That's it.

Yes, I am not foreseeing any possibilities from crypto people to understand the facts of why they need a special coin just for one reason. Many devs are coming into different accounts and writing here about their fake success stories just to lure innocent people to get them into altoin trading/ investing into ICOs.

But there were a serious discussions about do we need altcoins or not and the consensus was similar to we need altcoins. Probably they are working as market movers like attracting new people into crypto world for some reasons.

It is decentralized system, people come with their projects for their own intentions and conscious people protecting themselves and amature people learn that after few experiences.

[fishfishfish313]

Alternative Coins or Altcoins there are many out there that are currently struggling but there are simply a more competitive ways in trading them with bitcoin, The vast majority of altcoins listed on market data platforms are experiencing an increase in price due to the overwhelming performance of top cryptocurrencies such as bitcoin. so when bitcoin maintains stability, most of them become volatile and fluctuate wildly. and Altcoins are divided by hashing algorithms, and that is Altcoins that are using SHA-256, the same hashing algorithm as Bitcoin, Altcoins using scrypt algorithm, and Alt coins using other, innovative hashing algorithms such as X11, X13, X15, or NIST5, and I think the end game here is none! Cryptocurrency would continue and so is your earning towards it, and well there are Altcoins that have come and go.

I agree with this 100 percent.  The end game is only further advancement of blockchain technology.  Once fiat currencies are done away, that would be the end game for me.  But we are experiencing an era of unprecedented growth and expansion.  People who never even heard of Ethereum are Googling it.  Researching it.  I think that we are on the precipice here.  And that within my lifetime, the banking system will disappear as we know it.  At least, that's my hope.

The cool thing, is the smart contract and DaPPS coins will grow along with ones like Bitcoin.  Coins like Ethereum, Stratis, Expanse, etc . . . these are TECHNOLOGIES.  Technologies that just happen to be traded as well.  That's what I am most excited about.  To see what the future holds for these coins and many others, and ones that have yet to be created yet.

[YuginKadoya]

@YuginKadoya
I see you point but if they have no real FIAT real world based value then what is their point? How many BTC have been traded on coins outside the top 20, top 50 or top 100 listed on coinmarketcap? I see they have little or no point yet people keep churning them out

In my opinion People are still rooting for Altcoins  because altcoins seems to follow the same pattern. First they experience an exponential boom as new users buy-in and a miniature speculative bubble is created. Then the inexorable crash follows, the movement of Altcoins are very unpredictable and always fluctuating just like it's predecessor bitcoin, I think they have a world base value and just like bitcoin they can surely profit with Altcoin as well that is why there are people mining and earning for some altcoins

[btccashacc]

Ultimately, only altcoins with good innovation will survive. I'm kind of tired seing ANN thread of altcoins, there are too many altcoins out there, every week there's always new altcoin borns, i don't know what their real purpose of creating this project well i don't mind if that for development of cryptocurrency technology but if it's for making money? I dont think that i would give my money to them. On the other hand there are some altcoins which has proven it's worth, not only for speculation but also can be used as an good alternative besides the bitcoin.

[Pfizer]

As long as the technology era continues, there is no end for cryptocurrencies. The examples you mentioned are interesting to see how coins could fall apart, but it won't be true to generalize it for bitcoin or ethereum.

[Brutalent]

As long as the technology era continues, there is no end for cryptocurrencies. The examples you mentioned are interesting to see how coins could fall apart, but it won't be true to generalize it for bitcoin or ethereum.

ETH and ETC are scams! Not invest in any smart contracts 👍

[JollyGood]

Ultimately, only altcoins with good innovation will survive. I'm kind of tired seing ANN thread of altcoins, there are too many altcoins out there, every week there's always new altcoin borns, i don't know what their real purpose of creating this project well i don't mind if that for development of cryptocurrency technology but if it's for making money? I dont think that i would give my money to them. On the other hand there are some altcoins which has proven it's worth, not only for speculation but also can be used as an good alternative besides the bitcoin.

I am looking in to cryptocurrencies after a several year break. I hoped things had changed but like you I am also tired of the number of announcements of coins being launched.

[BitcoinHodler]

not much has changed, new altcoins replaced the old ones, the methods replaced the old methods, new newbies with fresh money replaced the old newbies who either went broke because they got dumped on or learned from their mistakes and re not dumping on others.

it was premining before now it is ICO. and it is actually a lot easier now, specially with Ethereum starting a new altcoin and linking it to that platform and enjoying the hype by just being near a hyped up market is there for them.

and the goal for launching any of them has always been the same: to make more money.
although to be fair there are many innovations in these altcoins too, but they never become big enough for their innovations to matter because they get crushed under a big coin that is being pumped and has a big marketcap

If there is innovation with each launch it seems a good thing but all as you said, are designed to make money. Most though are not making it.

In your opinion how do ICOs make things easier or better for project owners, investors or miners versus a few years ago? I mean pros and cons if possible please.

if you want my opinion, i say ICOs are all bad, and there is no reason for anyone to even want to invest in them. but not that many people share my view and some even say the developers deserve the money they get for the "development" they are doing!

there is also another view that i also share which is saying if these developers believe in their project and think it is good, then they should invest in it themselves. it can be mining it or even buying it. and then improving the project means a bigger profit for them. and that is a big difference in my opinion.
someone who got paid during ICO to do something in the future.
or someone who is invested and making any money will depend on him doing some actual work.