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Author Topic: Why people try to create their own coins?  (Read 10893 times)
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October 09, 2017, 09:03:56 PM
 #1

There are so many coins, but many of them just a copy of anothers. Why they waste their time for nothing? Grin
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October 09, 2017, 09:06:14 PM
 #2

There are so many coins, but many of them just a copy of anothers. Why they waste their time for nothing? Grin

Reasons vary from person to person. Some want to finance their projects, other wants to make quick money.
From what I'm watching lately, there is enough market space for all, including the eBTC Smiley

 
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October 09, 2017, 09:14:43 PM
 #3

They dont waste their time for nothing. They use their time to either develop a legitimate project or a scammy project. It is up to us as the users to decipher which is which.

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October 09, 2017, 09:21:11 PM
 #4

Money.  The reason a lot of people do a lot of things.  So many scams now it's silly.  Create a crap coin, get a bunch of people to buy it, pump it on an exchange and sell everything to disappear on an island for the rest of your life.

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October 09, 2017, 09:28:08 PM
 #5

The reason always is money. Some people got serious ICO and invested in project others just create their own shitty coins to try get money fast.
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October 09, 2017, 09:33:01 PM
 #6

The reason I am thinking about creating a coin is because I truly believe my idea has not been executed before. More importantly, I think my project could create more equality and a fundamentally different face of capitalism and a libertarian economy. But I agree with you that about 99.5% of coins have no legitimate purpose besides further funding blockchain/crypto development or their devs becoming rich.

Thanks for reading and goodnight :-)
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October 09, 2017, 09:34:39 PM
 #7

It's just for $$$. It's easy to create altcoin. Of course you can't do this alone. They need partners in crimes and some imaginary friends to add at their dev team. ICO i think the fastest and the easiest way to get money from people to fund their scam coin. ICOs these days just popping out of nowhere. Most of them are just collect money from investors. Then they will distribute the coin to the investors. And when the coin hit an exchange. That's it, another shitcoin landed an exchange. That's why ICO from other countries are keeping their eyes to them. ICOs is getting out of hand. This thing needs to be regulated.


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October 09, 2017, 09:36:57 PM
 #8

Yes, clear and simple.
Money is the key factor for most of these guys, you'd be surprised how many of these guys are running multiple projects as well.
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October 09, 2017, 09:41:37 PM
 #9

People create their own coins for profit and fame.All businesses aims at profit and you get fame if your coin is accepted and in demand by the crypto currency network.
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October 09, 2017, 09:43:14 PM
 #10

People will create their own coins for their own project and some of these projects could be successful, recently people are leaning more towards the creation of a token on the ETH platform as it seems that much easier to do.

Due to the attention that is now focused on the ICOs there will be a lot of people coming along and creating an ICO for no other reason than to rip people off, this will happen for sure and we as a community need to be aware of this.

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October 09, 2017, 09:43:21 PM
 #11

I don't know about fame.. I mean how many people outside of crypto know who satoshi is or vitalik.
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October 10, 2017, 06:31:18 PM
 #12

It's mostly about Get. Rich. Quick.

Plenty of people clone major open-source coins just for the learning experience, but you don't see those coins on coinmarketcap.
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October 10, 2017, 07:23:10 PM
 #13

There are so many coins, but many of them just a copy of anothers. Why they waste their time for nothing? Grin

There can be a lot of reasons behind any ICO. Just like machine inventions. Some people may have built an ICO, for the purpose of helping the world. To make it better in the way that they know. While some does it to earn money for a various purposes. While others do it for greed or just scamming. While some just do it for fun.
But there really can be more reasons. The ones i have mentioned are the ones that i think are most common.

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October 10, 2017, 07:25:53 PM
 #14

There are so many coins, but many of them just a copy of anothers. Why they waste their time for nothing? Grin
Who said it's a waste of time ? It;s not waste of time if you're making a million dollars out of it.The winning chances are less,but still they have some chance.How many successful ICO's ever released a completed product ? Apart from Lisk/ETH and a few notable coins,I don't think any ICO's are actually used on a production world wide.

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October 10, 2017, 07:33:35 PM
 #15

There are so many coins, but many of them just a copy of anothers. Why they waste their time for nothing? Grin
Who said it's a waste of time ? It;s not waste of time if you're making a million dollars out of it.The winning chances are less,but still they have some chance.How many successful ICO's ever released a completed product ? Apart from Lisk/ETH and a few notable coins,I don't think any ICO's are actually used on a production world wide.
I agree its not a waste of time besides its just what they want is to have a successful project and make some new coin for it to be successful and more investors would come this is risk but they take the risk so lets just support if only that this is not a scam.

 
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October 10, 2017, 07:45:32 PM
 #16

because at the end of the day this (waste of time ) make them millioners Smiley so actually this is not a waste of time but a good opportunity for them
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October 10, 2017, 07:46:26 PM
 #17

There are so many coins, but many of them just a copy of anothers. Why they waste their time for nothing? Grin

True, there are many coins that add nothing. They are just copying each other with no project and no roadmap. This is usually done because these people think their coins will be listed on exchanges and this way they will make quick profits selling them on a bulk. Sometimes it happens, sometimes not. I always suggest to stay away from such coins and invest only in valid project with serious teams.
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October 10, 2017, 07:46:44 PM
 #18

there are many successful coins out there, so I'd suggest we don't put unnecessary assumpiton here. anyway the ones that just copy and doesn't have any brlliant idea behind will be getting lost.

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October 10, 2017, 10:06:12 PM
 #19

To be honest, it seems to me that one of the reasons is that new coins appear every hour and it is really very difficult to keep track of the "uniqueness" of your project. And money, of course)
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October 10, 2017, 10:14:00 PM
 #20

Most of the time, its profit. They create one, hold some, advertise.
Some do it for educational purpose, lets have one.
And some do it for namesake. Creating my own coin.

 
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