Why do people start up new cryptocurrencies?

[Crapz23]

I believe that people start up cyrptocurrencies because they either want to make some money or maybe experiment with the internet. It's basically like when a scientist test run a new gadget. It still is amazing how these cryptocurrencies live though. What do you think?

[gabbie2010]

I believe that people start up cyrptocurrencies because they either want to make some money or maybe experiment with the internet. It's basically like when a scientist test run a new gadget. It still is amazing how these cryptocurrencies live though. What do you think?

People starting their own cryptocurrency has a well laid plan and agenda but whether the cryptocurrency is going to last nobody knows but the owner will ensure that every possible action is taken to make sure that  the coin thrive and surely they are going to make money from it.

[HabBear]

Because people missed getting in on Bitcoin in the beginning and want to create their own scenario where they own a ton of coins and the market runs up the price of the currency.

Most of these ICOs are pre-mined, meaning the creator(s) already own most of the coins in existence (if not all of them) and then choose a price at which to sell them to the broader market.

The problem is people buying in the marketplace just hear "new cryptocurrency" and want to buy 1000 or more with hopes that they'll be in on the next big thing. Most ICOs fail or don't get any lasting existence, you'll just see a quick pump and dump in their chart.

The first question you should ask of any new cryptocurrency is what they're offering that doesn't already exist from Bitcoin, Litecoin, Monero, Dash, and Ethereum.

[darkangel11]

Because people missed getting in on Bitcoin in the beginning and want to create their own scenario where they own a ton of coins and the market runs up the price of the currency.

Most of these ICOs are pre-mined, meaning the creator(s) already own most of the coins in existence (if not all of them) and then choose a price at which to sell them to the broader market.

The problem is people buying in the marketplace just hear "new cryptocurrency" and want to buy 1000 or more with hopes that they'll be in on the next big thing. Most ICOs fail or don't get any lasting existence, you'll just see a quick pump and dump in their chart.

The first question you should ask of any new cryptocurrency is what they're offering that doesn't already exist from Bitcoin, Litecoin, Monero, Dash, and Ethereum.

You have a strange attitude towards new cryptos. Those altcoins you have listed also started somewhere from scratch and people were saying exactly the same thing back then, that there's no need making new ones if we have BTC and LTC, it's all in there. In a year you'll probably add something else to your list and keep saying that there's no point in making new ones, because it's all in those 6... or 7... or 8...

[Pearls Before Swine]

That's fine, except the gadget is a scam and doesn't need to be continually retested.  People start up shit coins solely to enrich themselves at the expense of other people.  At this point, there's no reason to keep introducing new coins, as they're essentially destined to become Yobit dumpster trash.  You know damn well developers aren't innovating, they're just copy-pasting code, and what really matters is their salesmanship.  It was the same thing with patent remedies back in 1890.  They all used the same ingredients, but there was nothing new under the sun.  It was hucksterism all around.  Except Civic.  That's a damn fine project if I do say so myself, and I am being sincere.  That one won't end up in the Yobit pile.

[Kainzo]

Out of the 300+ currencies, I think only 5-6 will live past the bubble...

It's important to point out which ones have absolutely no use case and sell them off asap.

[pixie85]

They make new cryptocurrencies because they are:
-scammers that just want you to invest so they can dump their coins and disappear
-people who want something of their own. So many coins have become popular, why not mine?

[gentlemand]

You ain't seen nothing yet. Imagine what it'll be like if crypto's market cap hit a trillion. There'd be 'developers' scurrying around like ants pumping out even more outlandish crap.

The bigger it gets the more silly sausages there are who are too dim to realise that missing the boat often means they get on one that sinks instead.

[bitcoinvestor]

ICOs can be fake project or real project. Whatever reasons, ICOs are the easiest way how to raise money. How to fund start up with ICO , a developer team just need to create a good and applicaple projects and create token with ETH or new coins. In one or three months the dev can raise million dollars. Do you think banks will easily lend that such a big amount of money? With ICO a start up doesn't have to pay the debt to banks. That's smart way. How about faked ICOs. That's " attention" for investors. Investors should be smart enough to choose real project of ICOs.

[Kaiser72]

There is a newness to the old stuffy norm.  There can be many rewards as well as some setbacks.  All I know is I am excited to take part in some of these adventures from my mom's basement... 

[matuson]

In my opinion new always attracts people. After people saw the meteoric rise of bitcoins they were covered with real gold rush. All want to become millionaires and try to use every opportunity. It will last a very long time until people understand that all can't be millionaires.

[CuriousGeorge]

I believe that people start up cyrptocurrencies because they either want to make some money or maybe experiment with the internet. It's basically like when a scientist test run a new gadget. It still is amazing how these cryptocurrencies live though. What do you think?

But too difficult to determine the project will be included in the best one or not. I think a lot of the acknowledge developer just try to use the new crypto currencies as the money grab that gives million dollars for them.
I think it is the main reason behind the amateurs developers are greedy to started their projects.

[CARrency]

I believe that people start up cyrptocurrencies because they either want to make some money or maybe experiment with the internet. It's basically like when a scientist test run a new gadget. It still is amazing how these cryptocurrencies live though. What do you think?

There are a lot of reasons why many digital currencies are made every year, one of them is making themselves earn money from their invention. Helping other people is also one of the reason why they made their own coin. Bitcoin is not a perfect digital currency, so they made another one that can compete with bitcoin or will fill the holes of bitcoin. They also made another coins that depends on the efficiency or the need of the user, having those coins will really be something that users will want.

[tippytoes]

Every one here has a point why those people started their own cryptocurrency. But I observed that, most of them are just after the money. Anyway, that's human nature, we can't help that.  But I admire those projects that aside from personal gain, they are really contributing something to the humanity.

[CyberKuro]

I believe that people start up cyrptocurrencies because they either want to make some money or maybe experiment with the internet. It's basically like when a scientist test run a new gadget. It still is amazing how these cryptocurrencies live though. What do you think?

Yes, they just give it a shot if their coins could survive and success in the cryptocurrency market, but the main purpose they created a new coin for profit/to collect more money obviously. Those coins will be used for trading and speculation to pump its price, whether it will works or not but in the end people would know which coins are worth to use.

[xuan87]

People created crypto currencies because they want to get rich with it, they want to have their own coin so they can control that coin and become famous and rich, they are inspired by the success of bitcoin so who knows they can have huge success, if they can make one success coin they can become very rich

[FlightyPouch]

Every one here has a point why those people started their own cryptocurrency. But I observed that, most of them are just after the money. Anyway, that's human nature, we can't help that.  But I admire those projects that aside from personal gain, they are really contributing something to the humanity.

As you've said, most of them start bitcoin so they can be rich and famous, most of them are about themselves only. And yes, there are also projects that are aiming or have a goal to help others or the world in a certain way. But I think, even if they are doing it, there are still something that will make them rich or famous in return of doing them.

[Shinpako09]

People created crypto currencies because they want to get rich with it, they want to have their own coin so they can control that coin and become famous and rich, they are inspired by the success of bitcoin so who knows they can have huge success, if they can make one success coin they can become very rich

There is two purpose of those who make their own coin and that is one. The other one is mainly for scamming, if they have taken a profit, they will leave that coin and will make another one and so on. That is how those shitcoin exist.

[Armstand]

People created crypto currencies because they want to get rich with it, they want to have their own coin so they can control that coin and become famous and rich, they are inspired by the success of bitcoin so who knows they can have huge success, if they can make one success coin they can become very rich

There is two purpose of those who make their own coin and that is one. The other one is mainly for scamming, if they have taken a profit, they will leave that coin and will make another one and so on. That is how those shitcoin exist.

Its hard to trust now alts especially those new created since there are a lot of options now,why bother trying others that are not yet proven to take the risk if we have assurance already in other alts.

[iram1011]

There is a huge potential for virtual currencies present today. Cryptocurrency world is in expanding mode right now. Therefore, everyone wants to reap the benefit. There are billions of people who haven't even heard of bitcoin and atleast some percentage of them if get to know about cryptocurrencies would get into it. This provides a huge market and if the new cryptocurrency has the potential. Then it can easily be profitable. I consider this phase as a starting and there is more to go.