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Author Topic: Do we have too many alt coins?  (Read 5954 times)
giveBTCpls
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August 23, 2014, 11:19:02 AM
 #141

There are people making decent amounts of money offering services that are basically "we pay us and we make your own shitcoin". It has turned into a whole market moving big amounts of money.  Roll Eyes

tinof
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August 23, 2014, 11:19:28 AM
 #142

99% of altcoins these days exists with the sole purpose in mind of their creators (and community) to bump and then extract BTC from the unsavy/speculators. Do not get fooled by false promises my friends.

Not only are they extracting BTC from fools, they are also dumping BTC for cash.

Not sure if anyone notice, every time there is a successful IPO or new coin, BTC market cap take a huge hit not long after. I am going to guess this is due the developers cashing out their btc.

faiza1990
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August 23, 2014, 11:24:25 AM
 #143

99% of altcoins these days exists with the sole purpose in mind of their creators (and community) to bump and then extract BTC from the unsavy/speculators. Do not get fooled by false promises my friends.

Not only are they extracting BTC from fools, they are also dumping BTC for cash.

Not sure if anyone notice, every time there is a successful IPO or new coin, BTC market cap take a huge hit not long after. I am going to guess this is due the developers cashing out their btc.
You are right and as they cash out coins after few days new coin is not in frame and many newbies and investors lost huge money

PangPang
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August 23, 2014, 02:20:39 PM
 #144

99% of altcoins these days exists with the sole purpose in mind of their creators (and community) to bump and then extract BTC from the unsavy/speculators. Do not get fooled by false promises my friends.

Not only are they extracting BTC from fools, they are also dumping BTC for cash.

Not sure if anyone notice, every time there is a successful IPO or new coin, BTC market cap take a huge hit not long after. I am going to guess this is due the developers cashing out their btc.
You are right and as they cash out coins after few days new coin is not in frame and many newbies and investors lost huge money

Yup, and indeed some suspected the previous bitcoin price drop 5 days ago was due to the Ethereum devs dumping their IPO coins.

bangi
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August 23, 2014, 02:44:00 PM
 #145

Yes, we have too many.

I see coinwarz or any other exchange list and theres likes 18 alt coins.
PangPang
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August 23, 2014, 03:09:03 PM
 #146

Yes, we have too many.

I see coinwarz or any other exchange list and theres likes 18 alt coins.

18? Check http://mapofcoins.com/ to see 550 altcoin lol. Smiley
Among them, there are at least 169 altcoins still trading on Cryptsy.

Wekkel
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August 23, 2014, 06:19:00 PM
 #147

Again, the concept of (too) many is part of this tool of freedom. If you cannot grasp this, why bother continuing posting on this board?

LorettaAndrews
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August 24, 2014, 02:52:02 AM
 #148

We have too many altcoin and too many Shit coin too. Cheesy

Pacowomo
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August 24, 2014, 11:23:16 AM
 #149

Yes we do. 99% are shit.
Sonny
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August 24, 2014, 01:31:59 PM
 #150

Yup.
Those having the programming skills are free to make as many altcoins as they want, but the point I don't understand is why people invest in those shitcoins...
iawgoM
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August 24, 2014, 04:14:28 PM
 #151

Yes. Few months ago there were some new alts that had decent launches and weren't scams. Those are still alive today and their prices vary - mostly because of pumps and dumps. It's hard to make something really revolutionary nowadays (it requires big efforts and manhours) to make your new coin any different than bunch of others. I say kill them all and just leave 15 well established coins (tops).
faiza1990
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August 24, 2014, 05:51:47 PM
 #152

Yup.
Those having the programming skills are free to make as many altcoins as they want, but the point I don't understand is why people invest in those shitcoins...
Most of peoples invest in these just in greediness and some newbies invest because they have no idea what they are doing after losing money then they realize its shit

FuckItWhatever
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August 25, 2014, 11:11:46 AM
 #153

Yes. Please make it stop for crying out loud.
DrG
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August 25, 2014, 12:47:38 PM
 #154

Yes. Please make it stop for crying out loud.

You cannot stop scammers from continually making new coins to fleece new money.  What you can stop is the free money going to those scammers by educating people new to crypto to consider why they are throwing their money away.  Take the fuel away from the fire...
Chompa
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August 25, 2014, 12:54:17 PM
 #155

All the altcoins have done a huge job marketing Bitcoin while marketing their own coin since mostly you could only buy them with BTC's. I don't know numbers but 10-25% of all bitcoin volume may be linked to altcoins.
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August 25, 2014, 01:10:53 PM
 #156

I'm not sure if any of the altcoins made this year are even interested in becoming viable vehicles of commerce.
I opened an altcoin store, and tried to help out the coins I favored, because they all want to be accepted.
Not because they want to spend them, but because it will strengthen the value to investors.
After accepting 10 varieties, in one month, the store has sold $3 in merchandise.
I'm seriously considering dumping them, and concentrating on btc, ltc , drk, and doge.
gelar24
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August 25, 2014, 02:30:44 PM
 #157

almost every day a new coin to emerge, and old coins on the market will die lonely.
here I just took to advantage only when the coin in a market crowded Smiley
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August 25, 2014, 02:41:44 PM
 #158

Altcoins are growing like mushroom after the success of bitcoin many had put a greedy eye on this things,
Testing123
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August 25, 2014, 06:33:45 PM
 #159

http://www.cryptocoincharts.info/v2/coins/info
Indexing 928 cryptocoins with a total 24h volume of 53,102.49 BTC and 7,078,874,268.66 USD marketcap!

Holy crap, we have 927 altcoin already listed on those altcoin exchanges?!  Shocked

RaheemRaj
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August 25, 2014, 06:36:26 PM
 #160

alt coins are probably the future they have time to evaluate the current system of Bitcoin and when/if it fails get to design their product around the vulnerabilities of Bitcoin I think you will appreciate the time given from the developers in the future.
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