Why so much hate for new coins?

[coolisbad]

Hello guys,

I'm new to cryptocoins and very new to this forum. I started following the forums two weeks ago and since then I was fascinated by this social phenomenon.
Also my gf thinks I spend way to much time checking this and way to little time checking her.
Despite that I'm still fascinated. However, I've seen so many hate posts when a new coin is announced that It got me wondering why.
For example, just now I was reading about this new coin that just launched on this forum and almost half the replies look to me like hate posts and trolling.

Why do you think so many people are hating?

On a sidenote, any advice on how to calm the gf?

Cheers,
coolisbad

[lemfuture]

easier to hate

[scottii]

Depends....  Most people hate new coins because it's for pump/dump scenarios and end up getting burned on their investment.  However, if a coin is solid and has a well known reputation among online/offline market places, they grow to be more supportive.  After all, BTC is the most commonly used cryptocurrency.

Feel free to view the below article detailing and example:

http://tinyurl.com/m7vz9z3

Thanks,
Scottii

[ThinkI]

I think the problem is that it is very easy to launch a coin. Everything you need is freely available. What is not easy is to support and promote a coin. So anything that looks remotely like a scam gets a lot of hate mail at first until it has proved itself.

Things that look like scams:
1) Proof of work based coins that have been pre-mined (mined before they launch to the public) such as the one you linked to. Really there is no need to pre-mine, as long as the development team have the hardware they can mine just as well with the few new followers that a coin picks up at the start.

(I am not completely certain but it appears that proof of stake coins are pre-mined by default if that actually means anything for this type of coin. I am sure someone will correct me.)

2) Poor support, but this is harder to tell at the beginning.

3) Name copying, such as the coin you mentioned. Using someone else's good name to support your coin is just deceptive.

4) Just a copy. If it can only be used to do what BitCoin does then whats the point? See below.

What's should a new coin have:
1) A niche, for example NameCoin is use to buy .bit domains which means that it has a real value as long as people want .bit domains.
NXT or Mastercoin or Bitshare which all have the goals of representing real items so they can be traded. Again there is real value there other than what you can already do with BitCoin.

2) Good support. Meaning questions get answered, bugs get fixed quickly, you do not loose your money... Support is hard work so it represents commitment. All praise to the people supporting the coin.

3) A good brand image. For example Annon Coin for the dark web is probably not the best image for your coin if you expect to have a large following (I may be wrong ).

4) Support in the bricks and mortar world (but that is hard for a new coin to achieve). If you can use it to do something then its worth having.

4) Better technology. Proof of Stake which uses far less energy than Proof of Work is better technology. The Primes based mining of PrimeCoin offers a better use of mining as a foundation for a coin. But Protoshares, which represent a stake in future niche Coin launches is also a better use of the current technology and a better approach to pre-mining which produces an instant user base instead of a few 'wealthy' people.

Anything I have missed out?

It is improvements in application and technology that are important at the moment. This means, at least form my point of view, some coins have to fade away and new better coins have to take their place. So new coins are not bad. New coins that offer nothing new, however, are a waste of good people, energy and time.

[alc]

The Primes based mining of PrimeCoin offers a better use of mining as a foundation for a coin.

The proof of work has benefits outside of the workings of the currency itself, but otherwise, XPM has problems. It's currently only possible (or more accurately, profitable) to mine on CPUs which makes it attractive to botnets to a far greater extent than scrypt, since botted computers tend not to have capable GPUs, but now often have multiple CPU cores. Presumably this could also enable less intrusive usage (only one out of two cores, etc) that might lead to lower detection and removal.

It is improvements in application and technology that are important at the moment. This means, at least form my point of view, some coins have to fade away and new better coins have to take their place. So new coins are not bad. New coins that offer nothing new, however, are a waste of good people, energy and time.

It seems like the real issue is that new coins get hosed by the "Eye of Sauron" multipools and then dumped into something "safer" like litecoin or bitcoin. This has an obviously negative impact on the currencies and will presumably lead to investor interest drying up eventually; how many times are you going to gamble a few BTC on a new currency only to watch it get gobbled up and dumped by the pools?

[koshgel]

Many of the new altcoins are only being created to be pump and dumped to make the creators some quick cash.  Not too many genuine coins that want to advance cryptocurrency.

[megabuxx]

its very rare for a new coin nowadays with innovative feature

[guybrushthreepwood]

Hello guys,

I'm new to cryptocoins and very new to this forum. I started following the forums two weeks ago and since then I was fascinated by this social phenomenon.
Also my gf thinks I spend way to much time checking this and way to little time checking her.
Despite that I'm still fascinated. However, I've seen so many hate posts when a new coin is announced that It got me wondering why.
For example, just now I was reading about this new coin that just launched on this forum and almost half the replies look to me like hate posts and trolling.

Why do you think so many people are hating?

On a sidenote, any advice on how to calm the gf?

Cheers,
coolisbad

People will criticise a coin when it offers nothing new and is just another clone. Why is this coin needed and 99% of the other crapcoins? It's not. People are not trolling, they're just voicing their opinion.

[BlockChainLottery]

Also it is clogging up internet fora, or for example the newbies section. I do like new coins and their advantages and new technologies, but I hate all those clones with goofy names. Nobody should take that to seriously.

[Cyberdyne]

My guess is that the people who are most butt hurt are those who have lost money in previous pump-and-dump coins (or failed to get rich overnight when they chose the wrong one), or that feel that their bitcoin wealth is threatened by the prevalence of altcoins in general.

[PrintMule]

Because it's diluting investment in primary coins. Because it's diluting people attention. Also when it's something obviously retarded - then it's simply annoying.

The train of though "If there's a new coin, everyone will invest, and it will grow, so I should invest" should finally stop.

There are gambling sites for that matter. Do not remember the correct term, but it was something like a chest game or something.

[BlockChainLottery]

My guess is that the people who are most butt hurt are those who have lost money in previous pump-and-dump coins (or failed to get rich overnight when they chose the wrong one), or that feel that their bitcoin wealth is threatened by the prevalence of altcoins in general.

Ah, that's a tricky reply and a false generalization. I think most people never put any money in alt coins or feel threatened by it. They are just saying that they are bad clones or pump-and-dump schemes (which most of them are), taking resources away from alt coins which are really different, and are annoying people who see it everyday over and over again.

[guybrushthreepwood]

My guess is that the people who are most butt hurt are those who have lost money in previous pump-and-dump coins (or failed to get rich overnight when they chose the wrong one), or that feel that their bitcoin wealth is threatened by the prevalence of altcoins in general.

Ah, that's a tricky reply and a false generalization. I think most people never put any money in alt coins or feel threatened by it. They are just saying that they are bad clones or pump-and-dump schemes (which most of them are), taking resources away from alt coins which are really different, and are annoying people who see it everyday over and over again.

This is how I feel. The coins are just ridiculous gimmicks now and the names and users are moronic most of the time. Hurr der derp weedcoin is goin to da moon. Shut up.

[PrintMule]

On a sidenote, any advice on how to calm the gf?

Cheers,
coolisbad

Make-up sex helps every time. Easier than actually deal with problems.

Calming camomile or mint tea, if sex is out of the picture.

[ThinkI]

The proof of work has benefits outside of the workings of the currency itself,

Can you point me in the direction of something that expands on these benefits?

XPM has problems. It's currently only possible (or more accurately, profitable) to mine on CPUs which makes it attractive to botnets to a far greater extent than scrypt

I see your point, however, perversely as it may seem, the fact that people have it and use it may add to its chances of success. Botnet owners may be less likely to pump and dump because it affects the price tomorrow and so is not in there medium term interests (if they are still mining the same coin). I'm not saying Botnets are a good thing but people interested in the price they can sell tomorrow are.

It seems like the real issue is that new coins get hosed by the "Eye of Sauron" multipools and then dumped into something "safer" like litecoin or bitcoin. This has an obviously negative impact on the currencies and will presumably lead to investor interest drying up eventually; how many times are you going to gamble a few BTC on a new currency only to watch it get gobbled up and dumped by the pools?

Good point, which is why any new function the coin brings gives the coin more chance of success. If its useful, you hang on to it, so no dumping just pumping:) .

[Sindelar1938]

because that there is a sense that new coins trivialise the whole crypto space at a time that it is vying for mainstream attention
and some penis envy I am sure

[coolisbad]

Thanks everyone for the answers. After reading some of them I started to understand better why some new coins may look suspicious/annoying and may provoke anger.

It's still thought provoking to me how a few technical speculations can rile up the emotions, though.

[Cyberdyne]

My guess is that the people who are most butt hurt are those who have lost money in previous pump-and-dump coins (or failed to get rich overnight when they chose the wrong one), or that feel that their bitcoin wealth is threatened by the prevalence of altcoins in general.

Ah, that's a tricky reply and a false generalization. I think most people never put any money in alt coins or feel threatened by it. They are just saying that they are bad clones or pump-and-dump schemes (which most of them are), taking resources away from alt coins which are really different, and are annoying people who see it everyday over and over again.

This is how I feel. The coins are just ridiculous gimmicks now and the names and users are moronic most of the time. Hurr der derp weedcoin is goin to da moon. Shut up.

All that says to me, is that you and BlockChainLottery are NOT in the 'most butt hurt' category.

[nyymor]

People hate them because they are just clones from other coins.
But still people can make huge profit with mining these new coins.

[CryptoReaper]

I think people dislike them since they seem like copies of the successful Bitcoin, or they don't bring anything useful to the market. However, I think many alternate cryptocurrencies could prove to be useful in the future.