Why do people start up new cryptocurrencies?

[giveen]

Creating all these new coins don't do much good to the community but as far as i know it surely helps the owner. During a ico let's say they raised 3 million. All that 3 million is their money and they can keep it most of it with them after listing in exchanges and other important work. They can distribute tokens and their is  no limit to the supply so they can just list the coin with base price and keep all the 3 million with them. All money raised is ico is pure profit as issuing tokens doesn't cost.

[shayshaylaboogie]

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.

90 percent of new coins released don't really do anything useful, are a copy of an older coin, or is a blatant scam. But there are 10 percent of coins that have great ideas; we would have never gotten Ethereum, ZCASH or Tether, which are kind of vital at this point. I don't think that bitcoin would be as popular as it is today, if not for Ethereum. People trying to get in on bitcoin 2.0 brought into ETH; it turned out to be a decent investment.

[Janation]

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.

We don't need to trust the new altcoins, you just need to read what can they do and what might happen to them. If you are a used trader, you will know what may happen and if that altcoin will be having a good price or a good future. Reading their features, prices and others will let you understand their future.

[Sadlife]

I guess the logic on why does people create new altcoin is their looking to make money by scamming people into launching their ICQ for more people to attracted into buying it that is also is looking to make profit into buying their coin and when they have collected millions amounts of money they just vanished from thin air or they want to create an altcoin that would potentially be one of the top ten crypto currency in the market like ETH, DASH. So i suggest dont just buy any altcoin you should do some research first.

[RedX]

I guess the logic on why does people create new altcoin is their looking to make money by scamming people into launching their ICQ for more people to attracted into buying it that is also is looking to make profit into buying their coin and when they have collected millions amounts of money they just vanished from thin air or they want to create an altcoin that would potentially be one of the top ten crypto currency in the market like ETH, DASH. So i suggest dont just buy any altcoin you should do some research first.

Correct. Coins that has the potential are just few and I'm sure it's not even more than 20. I'm sure those developers of shitcoin will just keep coming and make new after they made a huge profit on their previous scamcoin.

[ice18]

Because developers can see a wide potential on crytocurrency markets if you are a developer and has enough knowledge in blockchain programming and has a wide background in coding you can earn millions of dollar upon proposing a nice project that gives solution to an existing problem using blockchain technology like etherium blockchain but this is not easy as you think building this kind of projects need some back up from community to be able to succeed.   

[UCHCHILD]

In my own opinion, I guess they all want to be famouse like Satoshi, also want to earn money like what bitcoin have now, the money that circulates with bitcoin.
Havinh your own crypto currency is a big thing even if it is not yet famous as bitcoin but for sure if you do not let it down or you just hold on with that then for sure it will rise up, maybe it takes time but waiting and patience is a virtue. We cannot deny that it takes long but it is worth it like what we have in bitcoin it was bashed by those haters but what happened it is still stable. no one beats bitcoin even if they put so much negativities on it yet still alive and kicking.

[gentil]

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.

Sure, so all new coins are a scam except Civic. Surrrrre. What a coincidence

[Abricotier]

At least 90% of crypto-currencies created nowadays are ICO tokens that are being sold to fund them. All this hype about ICOs funding great technological progress, and that is something I appreciate !

[Ayers]

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 want to scam lol, this is the reason, with new shit coin, you can do a lot of money with the right idea, some coins are good they offer something unprecedent other are just copy paste for money grab, ico are not different than these coins, ico are the worst scam out there, it's easy to get a lot of money with ico and leave the bagholder holding that bag forever, once an ico is done on the market is dead

[13abyknight]

It's quite simple, people make new cryptos with an idea of them having like 10% of the total supply and if by any chance after the ICO phase, if that coin stabilises, he's going to be rich in no time. It's like starting a company with just the internet as your resource and going big with the time you have to invest.

[johnwest]

It's quite simple, people make new cryptos with an idea of them having like 10% of the total supply and if by any chance after the ICO phase, if that coin stabilises, he's going to be rich in no time. It's like starting a company with just the internet as your resource and going big with the time you have to invest.

Apart from using the internet as a source and investing money for advertisement, you should have a strong idea for the altcoin. What is its aim or how can it help the society, if it is not strong enough then leave the thought of profit, you will even loose your own money which you have invested in it. I have seen lots of coins coming up and going down in some weeks time, so dont think it will be easy.

[jpoker272727]

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?

It's amazing how these coins succeed but their success doesn't last long because if the devs and the team have as a goal to get rich as fast as possible.

Sometimes good projects (or probably most of the time) they doesn't succeed in the first months but gradually in the first/second year we see a light and a gradually increase and this means that these coins are being stable while increasing.

[the_hodler]

Cryptocurrency is to make money, that is obvious. A currency is meant to make someone rich. In this case it would those that control the currency. Thats the same for fiat currency as well as cryptocurrency.

ICOs are a quick way to raise the required funds.

This is just an example.

$90k is the average salary for a developer in the US.
$450k would be the total for 5 developers. I know a team contains more than developers, but lets assume this is the case.
So 2 years to spend $1M.

Plus any incidentals to run the business for 2 years means add another $3M.

So $4M over 2 years.

If my match is correct, 6 years would cost $12M.

[xhienigat]

Probably its because investors and developers see great potential in the financial asset when bitcoin boomed the market. And people nowadays are hyped whatever new coins are invented or something but there are also some who have real sole purposes on those coins they are creating, but there are also sham coins which I know most of you have heard of. But one way or another the real and common reason would be because its easy money, easy getting wealthy and that's a fact.

[olushakes]

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?

The ones that have made it so are the ones that turned the whole thing to a sham of an enterprise of money making. Who would want to compare bitcoin to something like that and its not their fault but for developers who have made it seems easy that any one can just create a coin without even understanding the basics of it, do an ANN thread, then get it listed and that's how easy it is. But at the same time, there are still others that have stand out of the crowd and give investors some reasonable return on investment.

[xbiv2]

For make money

[stevebc]

Create a Crypto, have an (unregulated) ICO.

A great way to fleece the sheep, if someone doesn't have any scruples!

[kryptqnick]

I guess the logic on why does people create new altcoin is their looking to make money by scamming people into launching their ICQ for more people to attracted into buying it that is also is looking to make profit into buying their coin and when they have collected millions amounts of money they just vanished from thin air or they want to create an altcoin that would potentially be one of the top ten crypto currency in the market like ETH, DASH. So i suggest dont just buy any altcoin you should do some research first.

I don't think people really want to dump others from the very beginning. I think they just want to become rich doing some business. As for new coins, I guess they mostly aren't very new but rather clones of the code written by genius people. Nevertheless, new ideas appear and get realization in the new coins along with some problems of the old ones solved. Some day a currency that used to be nothing will make someone very rich.

[FiiNALiZE]

Probably its because investors and developers see great potential in the financial asset when bitcoin boomed the market. And people nowadays are hyped whatever new coins are invented or something but there are also some who have real sole purposes on those coins they are creating, but there are also sham coins which I know most of you have heard of. But one way or another the real and common reason would be because its easy money, easy getting wealthy and that's a fact.

You might be on onto something there, since the people that launch coins usually have to rely on another coin such as Bitcoin it’s really tough to see how many people are trying to use the coin just for the sake of having that coin. Mostly all coins are relying on Bitcoin exchanges that will allow the price of an Altcoin so they can exchange the coins for that Altcoin. If there was a coin that was only featuring the new coin with a real currency in an exchange then there would be more people trying to use it for that one purpose.