Why do people create new alt coins?

[EcuaMobi]

Why do people create new alt coins?

I have nothing against them, just curious.

Creating and maintaining a new alt coin is a lot of work! So why?

I realize if you mine the first block and keep mining you can get a lot of coins.
But wouldn't it be the same to just support from the beginning a newly created coin?

I'm sure several coins are created because the authors truly believe their coin has a huge advantages over the rest. They want to give something better to society.
But I can't believe this is true for all alt coins, or even most alts.

Thoughts?

[Explodicle]

I think you've pretty much nailed it with those two categories. Part of the reason you see so many claims of technological superiority over Bitcoin is these claims pump up the price, helping a developer who is more in it to get rich quick.

Assuming you're only willing to use open-source coins (like most of us), any must-have features will eventually make their way into the Bitcoin main branch. I think Zerocoin is a good example; it's a very innovative idea, but it seems most Bitcoin users would rather watch it tested on an alt coin before merging new cryptography into the main project.

[FrictionlessCoin]

why? greed.

most coins are designed for the first adopter to profit tremendously.

[MicroGuy]

Thoughts?

The nature of man is to create.

Some create good, some create beauty, others look to create chaos and darkness. Just as we walk through a field and see a blossoming flower there is also there for us to see the wilted plant. The same is true with altcoins.

Find the flowers, water them, and enjoy their fragrance.

..
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.... oh yeah, and watch my video below!      (vvvvvv)

[EcuaMobi]

why? greed.

most coins are designed for the first adopter to profit tremendously.

But why not just wait for someone else to create one of such coins and start mining from the beginning?

Almost the same benefit with much less effort.

[PenAndPaper]

Assuming you're only willing to use open-source coins (like most of us), any must-have features will eventually make their way into the Bitcoin main branch.

If only it was that easy. Do you think that the pos tha ppcoin uses can be introduced into bitcoin? Both because of concensus and also from a technical point of view.

[Explodicle]

Assuming you're only willing to use open-source coins (like most of us), any must-have features will eventually make their way into the Bitcoin main branch.

If only it was that easy. Do you think that the pos tha ppcoin uses can be introduced into bitcoin? Both because of concensus and also from a technical point of view.

I'm assuming "must-have features" implies a consensus. Merging PoS into Bitcoin would be technically possible with a hard fork, especially since it's more of an economic concept than a specific implementation.

I don't mean to dismiss these as "easy", but with millions of BTC riding on it and plenty of time, it doesn't have to be easy.

[R0yalAir]

people create new alt coins to make a ponzi scheme

[xbudahx]

OP, you're not too bright are you?

[Willisius]

I think some of them do it "just to do it." For instance, [random expletive]coin.

[larem]

Why do people create new alt coins?

I have nothing against them, just curious.

Creating and maintaining a new alt coin is a lot of work! So why?

I realize if you mine the first block and keep mining you can get a lot of coins.
But wouldn't it be the same to just support from the beginning a newly created coin?

I'm sure several coins are created because the authors truly believe their coin has a huge advantages over the rest. They want to give something better to society.
But I can't believe this is true for all alt coins, or even most alts.

Thoughts?

If you watch most new altcoins closely, they are being premined. Even jumping on a new one would not net you nearly as much as premining your own...

[glendall]

8 or 9 out of 10 new coins are just simple (and shockingly effective) ways to make money.

It really is not that hard at all to make some of the scam coins.  You could do it in a few hours.  You just take the source code of another coin and just a couple of numbers, like the drop rate etc and whamo, new coin.  You do NOT hve to be a smart dude or even a decent coder. You could do this with no programming ability and no original idea.

That's why we have over 200 stupid coins right now with more coming out every week.  (Yeah PotCoin just came out, grrreaaattt.......)

There are some great new coins in development but ya, it is tough to tell with the flood of shit coins.  I wish people would not invest in the copy-coins but hey, it is a free market.

[CryptoCashNow]

Because some actually have something to offer like CASH

https://bitcointalk.org/index.php?topic=424421.msg4621352#msg4621352

[larem]

Because some actually have something to offer like CASH

https://bitcointalk.org/index.php?topic=424421.msg4621352#msg4621352

I love it, lol. Doesn't really help answer the question though.

[Spoetnik]

Because some actually have something to offer like CASH

https://bitcointalk.org/index.php?topic=424421.msg4621352#msg4621352

oh the coin Cryptsy snuck into the exchange with no announcement ? lol
no big surprise there lol ..who got's much ORB ? lol

OP your so clueless it's not even funny

NO it is not a lot of hard work to maintain because they simply don;t maintain squat.. ever heard of Pump & Dump ?

Flash / Premine and have your buddies in convienant places (exchanges)
so you can create endless new forum accounts and endless new coins and make endless little Ponzi schemes.

One well know coin scammer / spammer told me he had well over 100 7950's and that was like AUG
so lets take your classic pre-mine / flash-mine strategy for example here, all you need to do is get a minor head start on pre-mining with 100 7950's going
and many don't get posted at all and yet they have endless little tricks and games and lies to avoid posting a ANN topic to make it fair
..so they can premine (flash mine)

I have witnessed and have proof of pretty much any well known coin dev in this scene.. they are all lying manipulative weazles
that take turns pumping shit coins out so they can profit.. and THAT is why they make them.. M O N E Y
and they laugh all the way to the bank because you dope heads defend them and make excuses for them because you sold your soul for a few bucks..
mean while the copy paste douche's are making far more than you.

It's fun cornering these sleazly little pricks though.. just watch out they will contact exchanges and try and get you sued
or send you endless pm's threatening to sue you here at this forum or even on exchange chat threaten to fly to my house and beat me up LOLOL
Scum.. pure god damn scum
These low lifes are the lowest people on the net.. i have more respect for Bitcoin scammers who steal coins from people then i do these Altcoin spammers

there is a lot more to it than that too ..there is a lot of methods used to make big money
i'll give you a hint what happens when Cryptsy add's ORB 7 months ago and pulled it the next day and then adds it Dec 13th ?
You think anyone was stock piling that coin at 0.00000001 or less ??
Only for it to go on the exchange later ..exactly as they planned lol
scaaaaaaaaaaaaaaaaaaaaaaammmmmmmmmmmmmmmers
and Shitsy and friends is one of the worst .

[elgeo]

i believe that same people create new coins all the time... new coin, lot of coins mined, and when on market they sell them...huge profit.

[Monetizer]

Most of it is all for the money.

[BitJohn]

Not sure how many times I can get this out there but Cryptsy was spawned from a mining pool that was requested by the miners there. It was created to prevent the old days of over the counter trading scams. Cryptsy pretty much adds every coin that has any demand or potential.

As far as ORB we stopped trading it way back due to its large premine it traded on other exchanges for months and months. We added it back due to strong demand.

The great thing about Cryptsy is you DO NOT have to buy the coins you do not like you can even hide them.

Many Altcoins have VERY fair releases I used to take a big stand for this but the reality is traders don't seem to care they want to trade the coin they want when they want.

[minecrew]

Do you ask why people make so many coins?
1. It's very easy now to create your own coin. It's not necessary to be a pro developer.
2. It's real opportunity to make money if there will be any exchanges.

I think, in the future, new coins will be added to exchanges and to CoinMarketCap only if there will be many many votes for him, so strong community and promotion will be needed before release. They need this filter because there are too many ShitCoins now.

[brooklynite]

The best part about these altcoins is that they consume miners hashing power. So please developers, make more coins and take all this new hashing power away on new junkcoins, take them away from DOGE network so I can make more coins here.

OP, your question was not real was it? One example: MOON was premined 600M coins, thats one coin I followed from supposed fake inception (no one could mine when they started the "fair" star except Mr. Developer). The 600M MOON was at one point worth over 200 BTC. Thats $200,000 USD. Not good enough reason?