Shitcoins are necessary for the economy

[BrewMaster]

no they are not.
in fact these shitcoins, specifically all these ICOs which were made easy thanks to ethereum platform, are a disease that has been infecting the cryptocurrency world for quite sometime now.

why do you think there are so many bans these days? the recent news for example about Google banning crypto ads? that is thanks to all these ICOs and shitcoins. they are in fact ruining the name of cryptocurrencies.

[1713506881]

1713506881

[ralle14]

A year or two ago it was still fine but now imo the shitcoins are getting out of hand because anyone can start having their own coin then put an ICO or airdrop to easily spread the coins. I agree with tomahawk that with these many we have it's not beneficial for bitcoin anymore. I also hate shitcoins because i've heard a lot of negative things about them. I would rather see a  couple of coins in the market than seeing a thousand where a few of them are gonna be scammy ones.

[audaciousbeing]

Recently, I have noticed much hate against shitcoins. I totally get that, so many ICOs stealing money and giving nothing in return. Just pure greed by so many people, making over 1,000 cryptocurrencies right now according to CoinMarketCap. At least 95% of them will not seal in history or even survive but does it mean we don't need? I mean if Bitcoin was the only the currency in the market how could we know if it's good or bad. If Usain Bolt was the only runner on the field, how could we know if he's fast or not? We must see the bad to know what it's good. Someone once told me "Only in the jungle lions grow" meaning that we need the crypto market to be a jungle to see some lions such as Bitcoin, Ethereum and etc.

Eventually, it's our choice if we want to fund those ICOs or not. We decide if we believe in this project for a change or not. A lot of money will be lost in the crypto market and that's obvious, like the fact that so much money is made in the crypto also the opposite. If people rather take risks and choose random ICOs it's their choice or even coins that offer nothing special than the other competitors. It's all about comparison, right now we see so many awful coins but in the long-term future, we will realise that it made big legends more determined. Looking at Bitcoin, Ethereum and Litecoin doing this all those years while some coins rise and some fall it's showing how good and stable those coins are. If we want for mass adoption around the world the real coins need to surpass many more, and only after many years of progress and proving themselves again every time then they will become a currency, a real coin.

What I am trying to say is that shitcoins are here and they will be here and I won't be surprised if there would be above 10,000 useless coins and so on.
Because eventually it doesn't matter all the noise and it only matters how the strong coins keep going forward and adopting many targets every time.
And those lack of future coins will fall anyway so our job is to keep focused and let everyone opportunity to prove themselves, technology is the thing that matter and if you can produce you are fitting into the high class and if you can't then you are just a garbage but nice try anyway.

You are wrong to assume shit coins are necessary for the economy and the assumptions you have made are outrightly incorrect. We don't need every runner to be like Usian Bolt we only need quality runners. Today in football, only two players have been winning the world best players for several years but that does not mean others are not striving and even without those others, there won't be team to play against the other team. No one is saying we want bitcoin alone but let the majority of those coming out be worthwhile.

In shorts the shit coins you are supporting here, have caused more harm than good to the community. China banned ICOs not because they don't like bitcoin outrightly but hid under the excuse of those running with investors money. Facebook stops allowing crypto ads because its being portrayed by shit coins promoters as a quick rich scheme by promising 500% returns by investing in their shit coins, now we are faced with another from Google.

[mlgblockchain]

Respectfully I agree with you. We must have the shits among us to know what's good for us. We must see to choose the right one and being able give it a good reason. But the thing is, there are waaaaaaayyy too much shits all over the crypto world. We don't need all these shits. We don't need to compare 1.5K or more shitcoins to know how shitty they are. It should been a total number of 50 crypto coins (at the very most). They are all currency serving the same goal, why so many of them?

[pleght]

Of course there are too many shitcoins, and the numbers will continue to increase.Even in real stock markets, after a while many shares have become useless.

[Mometaskers]

No, many of those straight up rip off their investors. There's nothing good about people losing money. And in the case they don't, it really only slightly redistribute the money. People buy coins so the value rise a bit, and then they all dump it immediately. Woe to the last one to dump.

[lelangsabun]

yeah there is too many like that
there are many of them not provide the real work to realize their project, just working hard to gain more investment and investment but their project just collapsed
and whem they collapsed they coin is falling down too and we just get nothing for them

[dothebeats]

Aside from being bitcoin's testing ground, cryptocurrencies also serve as another asset that can be traded by the people if they think bitcoin would take a turn downwards. Some traders buy bitcoin first then buy crypto afterwards to make money, only for that money to return to bitcoin in a much higher amount. This also helps bitcoin's price to push upward if those profits from crypto go straight towards bitcoin. Usually it does, but some traders like to take a chance on their profits and explore other cryptos but ultimately, the money will still end towards bitcoin since it has the most proven track record of giving profits to its investors/traders in the last few years or so. Everyone would love a share of that bitcoin profit pie.

[mrcash02]

Everyone is free to create their own Crypto-Currency, it's useful for people who want to gain experience, train their skills, for hobby, fun, for personal purposes, etc. And it's not right to blame these developers and their coins. As OP said very clear, no one is forced to invest in any coin, you are free to choose what currencies to support. If you want to weak "shitcoin's" strength just don't put your money on them.

[3la9l_kolbaCa]

No not at all because there are so many tokens there that area actually helping the economy to grow and not like shitcoins they are just created to make money and after it releases and list in exchanger the price will just dumped.

[kateryana81]

Respectfully I agree with you. We must have the shits among us to know what's good for us. We must see to choose the right one and being able give it a good reason. But the thing is, there are waaaaaaayyy too much shits all over the crypto world. We don't need all these shits. We don't need to compare 1.5K or more shitcoins to know how shitty they are. It should been a total number of 50 crypto coins (at the very most). They are all currency serving the same goal, why so many of them?

With more demand comes more supply I guess. This is what happening all around the international market. When people see how beautifully some coins have marked the level so why not they start their own coins. Then different coins with some variations coming along and we see market being saturated with shitting ones. And see it now, we can say all over, it is shit.

[ss890]

Everyone is free to create their own Crypto-Currency, it's useful for people who want to gain experience, train their skills, for hobby, fun, for personal purposes, etc. And it's not right to blame these developers and their coins. As OP said very clear, no one is forced to invest in any coin, you are free to choose what currencies to support. If you want to weak "shitcoin's" strength just don't put your money on them.

But they better not create weka shots by themselves. Many times it comes to mind that they are creating these sheets for their own greed purpose where they want to earn lot of money out of scams. It's all about the trust. Though it's our decision to get into crypto or not then also it's their fake advertising which attracts us and if we don't show trust at all then how their crypto will work anyways. So you see there should be bidirectional approach where we can trust the crypto inventors and they can trust us as well. In long terms coins turn into shits because crypto developers go crazy by making the project look like scam and somtiems it becomes real scan too. They are necessary or not don't know but they shouldn't be there at all.

[mrcash02]

Everyone is free to create their own Crypto-Currency, it's useful for people who want to gain experience, train their skills, for hobby, fun, for personal purposes, etc. And it's not right to blame these developers and their coins. As OP said very clear, no one is forced to invest in any coin, you are free to choose what currencies to support. If you want to weak "shitcoin's" strength just don't put your money on them.

But they better not create weka shots by themselves. Many times it comes to mind that they are creating these sheets for their own greed purpose where they want to earn lot of money out of scams. It's all about the trust. Though it's our decision to get into crypto or not then also it's their fake advertising which attracts us and if we don't show trust at all then how their crypto will work anyways. So you see there should be bidirectional approach where we can trust the crypto inventors and they can trust us as well. In long terms coins turn into shits because crypto developers go crazy by making the project look like scam and somtiems it becomes real scan too. They are necessary or not don't know but they shouldn't be there at all.

Most of these coins are like a lottery game. Their success or failure is a mistery until it happens. It's hard to distinguish legit coins from fake coins at their early stages, but I believe it's part of the game... That is what makes this market interesting for many, the different probabilities.

For people who wants to avoid risk, they can buy a coin on its later stages, when the coin have already prooved to be a good deal or not, if it came to stay or to disappear like a Ponzi.

Once you restrict the currencies development because scams, all the legit ones will suffer together, especially for $$ reasons.

[doreraj]

Yea agree with you situation is a little beat similar that with with dot.com companies 90-95 of them dead today but what survive are really strong)

[adzino]

I just went half way through your post (too big, should have added a summary for those who TL;DR) and got an idea about what you are trying to say. No shit coin is never good for a the economy. People who invest on those shit coins lose a lot and then those coins end up creating a bad impression about crypto currencies. Negative impression about something is never good for the economy.

[Hadji]

I just went half way through your post (too big, should have added a summary for those who TL;DR) and got an idea about what you are trying to say. No shit coin is never good for a the economy. People who invest on those shit coins lose a lot and then those coins end up creating a bad impression about crypto currencies. Negative impression about something is never good for the economy.

An excellent answer, the only thing that can be supplemented, is if you are a dreamer, and believe that a coin that costs 1 satoshi, in a year will cost 2, then yes it's saving. Analyze the market, many such that will be in a month to have the same price?

[Xardasim]

Yes, without bad, we can't know what good. But, where humanity is found, there have bad.
One of the most important rules of trade is ''to lose''. Because you do not know how to win without learning to lose.
Stay green...

[stomachgrowls]

Everyone is free to create their own Crypto-Currency, it's useful for people who want to gain experience, train their skills, for hobby, fun, for personal purposes, etc. And it's not right to blame these developers and their coins. As OP said very clear, no one is forced to invest in any coin, you are free to choose what currencies to support. If you want to weak "shitcoin's" strength just don't put your money on them.

But they better not create weka shots by themselves. Many times it comes to mind that they are creating these sheets for their own greed purpose where they want to earn lot of money out of scams. It's all about the trust. Though it's our decision to get into crypto or not then also it's their fake advertising which attracts us and if we don't show trust at all then how their crypto will work anyways. So you see there should be bidirectional approach where we can trust the crypto inventors and they can trust us as well. In long terms coins turn into shits because crypto developers go crazy by making the project look like scam and somtiems it becomes real scan too. They are necessary or not don't know but they shouldn't be there at all.

Most of these coins are like a lottery game. Their success or failure is a mistery until it happens. It's hard to distinguish legit coins from fake coins at their early stages, but I believe it's part of the game... That is what makes this market interesting for many, the different probabilities.

For people who wants to avoid risk, they can buy a coin on its later stages, when the coin have already prooved to be a good deal or not, if it came to stay or to disappear like a Ponzi.

Once you restrict the currencies development because scams, all the legit ones will suffer together, especially for $$ reasons.

Its always been part of this crypto investment game which those shitcoins are quiet necessary on my part which as you have mentioned this do give a probability to make some profits which would give some interest among people or investors unlike on having a single thing to focused on.We would rather like to have another option to choose from,even though we do know that it is really like gambling but we do still continue since we do know the possibilities on getting rich with it.

[pitiflin]

Shitcoins have given more profit than bitcoin ever did. Call me crazy but one coin against hundreds of shitcoins makes a difference. People may hate shitcoins all they want like you said OP, even I do, but when it comes to trade these asshole whales know what they are doing and they clearly know how to reap the profits. So yes, shitcoins maybe necessary. But there is an alternative, you can put your money in an altcoin which has legitimate purpose and not just get pumped and dumped. If you want to mobilize funds put them in the right place.

[Hazir]

And in the meantime shitcoins will create a bad press for us and make people believe that cryptocurrency has been created only as a money-making scheme.
It is because of shitcoins facebook and now Google banned cryptocurrency related ads - do you really think we need this kind of 'advertising'?
I am not against altcoins completely - I would like to implement some kind of regulations to prevent scams - that's all.