Can the massive creation of Altcoins can be stopped?

[melander81]

This is really hard to control as the Ethereum network is designed to support development of smart contracts. The only thing that can sway people in creating these Altcoin is unless the network crashes or there is no one to buy those tokens.

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[yndye]

This is really hard to control as the Ethereum network is designed to support development of smart contracts. The only thing that can sway people in creating these Altcoin is unless the network crashes or there is no one to buy those tokens.

Maybe the solution to this would be to create a token that would reward its users when they can uncover a scam? Unfortunately, creation of altcoins cannot be stopped but at least when this kinds of activity are uncovered then the people who will be scammed would be reduced and the motivation to some people of earning tokens in exchange of the scams uncovered would be good. There are already countless scams being caught in this forum thanks to some members who are doing the research so that scammers cannot get any money. I think this is one of the ways so that massive creation of those altcoins that do not even have a proper whitepaper would be reduced.

[jokowo]

I was just wondering after the altcoin being successful there have been more unreasonable coin that has been created, hence there are more people will  doubt it, and seriously more and more coins has being created just for profit I mean you can gain some profit off of it but its not the reason why a founder should create one.

After seeing so much coin being created and been abandoned with gaining profit from it made me think that if the new coin stops coming then we could focus more on some reasonable coin and some coin that is currently being developed.

Bitcoin will make altcoin cry, I do not care about the rapid development of altcoin. I only see the market situation, where bitcoin is still king, trusted and many fans. It takes a long time for altcoin to be parallel to bitcoin, that alone is uncertain.

[labake]

This would not work and that is why it is crypto, no any regulation behind it in general.

[grifinmch]

stop the new coin that pops up is an action that is not possible. even the new coin was also one of great support for crypto future later. so I think there's a good impact as well. However, it also should at least be reduced in anticipation of a large number of crypto that doesn't value that exists in the market.

[QueenW]

Mass production of altcoyins will end when investors stop massively believing in every project that could write a road map. Already now it is possible to observe. that not all projects collect money and will only be worse for dummy projects.

[target]

The source codes of the products in crypto are opensource I don't think anyone can stop the creation of coins, its free for everyone. Its deliberately done it that way by Nakamoto if its patented then its not going to be decentralized. More altcoins the better the market is. This is the way for adoption, the competition of tokens and coin in the market wanting to rise above will make a healthy market.

[acidburn14]

A lot of altcoins are popping out like mushroom in the woods and we cannot denied the fact that these altcoins are trying to overtake bitcoin or atleast level with it. I see no wrong having a lot of altcoins circulating in cryptoworld, in fact it gives us a lot of choices to better choose the project the we think have the greatest potential. But of course it is our responsibility to be observant and study those altcoins to avoid being scam.

[Hopeman1]

This is a scary phenomenon, because many teams can create ERC20 tokens simply because it's easy, so they can create ERC20 tokens at will, just to make a profit.
I think these teams will eventually face legal sanctions.

[rraymundo]

This is a very good proposal per say and very helpful too. But I think it won't happened because everyone is free to create his or her coin because it is unregulated. If you want to create your own coin then you can do it, there's no one to stop you. But it's really good if we can control the massive creation of altcoins.

[haryatiposton01]

You are right, I think too much altcoin is scattered on the market right now, it's very difficult to focus on some good altcoins, I hope there are settings to manage, and allow for filtering against altcoin, if this is applied then we can manage the investment well and appropriately .

[KuromaYoichi]

This is a scary phenomenon, because many teams can create ERC20 tokens simply because it's easy, so they can create ERC20 tokens at will, just to make a profit.
I think these teams will eventually face legal sanctions.

They can create a lot of erc20 token but the token itself won't have any value and they can't get anything out of it. The only way to sell the token is to create airdrop and hope some dumb people will believe the promise and buy the token. It's open-source so we can't stop the creation of more token.

[ACTrend]

Now there are so many altcoins that it is difficult to follow everything. Basically, because of unnecessary it is easy to lose sight of something really worthwhile. But if you make the regulatory framework for all the ICO that want to exit, then the corresponding scam will become much less. From today's existing 70-80% of ICO is a scam.

[Ranly123]

I was just wondering after the altcoin being successful there have been more unreasonable coin that has been created, hence there are more people will  doubt it, and seriously more and more coins has being created just for profit I mean you can gain some profit off of it but its not the reason why a founder should create one.

After seeing so much coin being created and been abandoned with gaining profit from it made me think that if the new coin stops coming then we could focus more on some reasonable coin and some coin that is currently being developed.

Like on real life business, there are different kind of it. So when blockchain was created, there were many emerging coins that adopt in it as part of the evolution of business. Creating more altcoins means that many business are now adopting to blockchain which is a healthy indication that cryptocurrency is alive.

[The Goat Master]

Hope we'll see thousands of new coins every day. It is the mass adoption of tokenization.

[teeshe]

I was just wondering after the altcoin being successful there have been more unreasonable coin that has been created, hence there are more people will  doubt it, and seriously more and more coins has being created just for profit I mean you can gain some profit off of it but its not the reason why a founder should create one.

After seeing so much coin being created and been abandoned with gaining profit from it made me think that if the new coin stops coming then we could focus more on some reasonable coin and some coin that is currently being developed.

Our hope is to rely on regulations to stop/reduce the rate at which altcoins are popping up. The main reason is because 90% of them are scams, while 60% of the remaining 10% will be unable to implement their roadmap leaving us with a handful of projects with real life use cases. Meanwhile, most of these projects would have raised enough money during their ICO to finance a 10 year operational period with little or nothing to show for it at the end of the day.

[FreddySelvig]

I was just wondering after the altcoin being successful there have been more unreasonable coin that has been created, hence there are more people will  doubt it, and seriously more and more coins has being created just for profit I mean you can gain some profit off of it but its not the reason why a founder should create one.

After seeing so much coin being created and been abandoned with gaining profit from it made me think that if the new coin stops coming then we could focus more on some reasonable coin and some coin that is currently being developed.

New coins will not stop appearing as long as people invest money in them. Why, if this is one of the easiest ways to raise money? They will appear and disappear after a time, due to lack of demand. I think that you do not need to consider coins that are not in the top 200, it's too risky.

[rlm42]

It's a free market, everyone wants profit. And it does not matter what is the underlying technology or product or service or just an alternative currency or even air(bubble). Sell ​everything that sells well. And also in terms of demand.
Crypto community certainly will not be able to influence on this, simply refusing to buy or to trade again with new appeared alts.
The only structure that can influence, and then not fully - a government, and then if all at once forbid the crypto. If there remains at least one country that will support and accept cryptocurrencies, it will become the world center of the crypto zone.

[mabell943]

I t depends if the massive creation of alternativecoins can be stopped
because if it is illegal or against the law then it can stop but if not, meaning there’s no reason to be stopped because they are in good.

[Jombrangs]

I think the main rules of law or regulations in this kind of business is to secured the safety of the inventors and company from the scammers or bad people that have a bad aim too to their business.