Drawback of all new cryptocoins!Confusion?

[project_delta]

People see this as a good thing that there are different cryptos popping everyday, as this means "acceptance". What I believe is that it is getting people confused! Moreover, this fuels to bitcoin negative propaganda as any sort of scam carried out by them leads to bashing of bitcoin.People don't really understand the difference. What are your thoughts?

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[Marshall14]

There is definitely a huge difference between the bitcoin and other(alternative) cryptocurrencies,the bitcoin may happen to be king, and the very first one in the market, but there shouldnt be any problem differentiating it from other shitcoins, as its value is far higher than any other cryptocurrency, I doubt if anyone can actually be confused about all this

And yeah I may not really fancy the proliferation of more and more coins daily,but it really does show how popular and wide spread this network is and is becoming,if you wanna be on the safer side though, stick to investing on the bitcoin.

Moreover, this fuels to bitcoin negative propaganda as any sort of scam carried out by them leads to bashing of bitcoin.

People have always been indifferent right from day1 of the inception of this currency and that's not changing anytime soon,no great/good system abounds without negativity..

You have enemies?, good, that means you've stood up for something,something in your life---Winston Churchill.

[BitcoinOddsChecker]

Those who are new to crypto tend to get drawn towards Bitcoin, while most new altcoins only get noticed by users already familiar with the technology. It's difficult for these new altcoins to get exposure, so I guess those who are familiar with the ropes of crypto will find the new ones easier as opposed to beginners starting off their crypto journey with a lesser-known "brand". However, if for some instance that someone actually kick-starts their crypto adventures with an altcoin, chances are they will gravitate to Bitcoin as well. But all in all, I think Bitcoin and altcoins do their part in spreading the benefits of crypto.

[Herbert2020]

People see this as a good thing that there are different cryptos popping everyday, as this means "acceptance".

i don't really know of anyone who actually thinks this way! i have read random comments on bitcointalk from newbies mostly trolling but everyone with half a brain can see existence of 2000 altcoins that 90% of them have absolutely no reason to exist doesn't mean "acceptance"!

Moreover, this fuels to bitcoin negative propaganda as any sort of scam carried out by them leads to bashing of bitcoin.People don't really understand the difference. What are your thoughts?

this type of propaganda existed for as long as i know and will exist in the future, many shitcoins is only one of the excuses. it there were 0 shitcoins they would have used another excuse to bash  bitcoin.

[mk4]

People see this as a good thing that there are different cryptos popping everyday, as this means "acceptance".

i don't really know of anyone who actually thinks this way! i have read random comments on bitcointalk from newbies mostly trolling but everyone with half a brain can see existence of 2000 altcoins that 90% of them have absolutely no reason to exist doesn't mean "acceptance"!

Exactly lol. Since when was new coins and tokens being created fall under "acceptance"? Anyone can create their own token. "Acceptance", from it's literal meaning alone, means more of actual global adoption.

What I believe is that it is getting people confused! Moreover, this fuels to bitcoin negative propaganda as any sort of scam carried out by them leads to bashing of bitcoin.People don't really understand the difference. What are your thoughts?

Hopefully I get what you mean: There are indeed a lot of bashing towards bitcoin, people saying ignorant rants like "bitcoin is outdated! bitcoin is slow! high tx fees!". This is mostly from people who don't know much about cryptocurrencies in general, thinking that tx fees and speed is the only important thing. Yeah, some altcoins has better speed and fees, but they're like A LOT easier to take down network wise.

[Kemarit]

People see this as a good thing that there are different cryptos popping everyday, as this means "acceptance". What I believe is that it is getting people confused!

Well, it looks like you are confused and don't understand why crypto is all about. Those shitcoins that's popping everyday will just die down. And as far as I know, bitcoin is the only crypto who has gain wider acceptance.

Moreover, this fuels to bitcoin negative propaganda as any sort of scam carried out by them leads to bashing of bitcoin.People don't really understand the difference. What are your thoughts?

Blame the scammer and not the technology. Your argument is flawed because there's more scammer on fiat system so why doesn't you heard anyone bashing fiat then? If people will continue to bash bitcoin because its been used to scammed then let it be. There's a lot of advantages using it that will overshadow all the negative things you will heard about bitcoin.

[talkbitcoin]

the only drawback of new cryptocurrencies these days is that they are bloating the market up and may create some confusion for those who suddenly enter the altcoin market without knowing what is going on in it. otherwise we have a lot of shitcoins and people who spend a little time looking at the market will understand if quickly and there will be no more  drawbacks.

[Perunex]

I think you should just let the market decide overtime. It will be right. Just give these new coins time and most of them will fail, people will realise that not every new coin is good and will be more picky to choose only good projects.

Wrong thing would be to now do some sort of a censorship and cut-off scams or bad coins. They will die on their own. And people can only learn from their own mistakes (and unfortunately lose some money along the way).

[Isai Arnold]

Coins are popping up everyday only to disappear in the long run. Those few coins who are remaining in market are holding their places but they are nowhere near the stavilty of Bitcoin. Scammers and those with zero understanding of cryptomarket are spreading negativity about Bitcoin, but Bitcoin is the first crypto to rise and it will continue to be the King of crypto regardless of the spreaded rumors, as the rumors gradually die and only the fact remains.

[Kakmakr]

My biggest gripe with all of these ICOs and Alt coins are not the confusion and the scams, but the investment capital that are drawn away from Bitcoin for these projects. If these companies invested this money into Bitcoin projects, we would have been better off, but now money is poured down the drain, into worthless scams and pump n dump coins. 

Yes, the negative affect on investors that gets burnt by these projects is significant, but the wasted investment of money into these scams are much worst. 

[project_delta]

My biggest gripe with all of these ICOs and Alt coins are not the confusion and the scams, but the investment capital that are drawn away from Bitcoin for these projects. If these companies invested this money into Bitcoin projects, we would have been better off, but now money is poured down the drain, into worthless scams and pump n dump coins. 

Yes, the negative affect on investors that gets burnt by these projects is significant, but the wasted investment of money into these scams are much worst. 

Exactly! They could have benefited if they have invested into Bitcoin projects. But nah, they make the worst business decisions and give crypto a bad name But I feel like within a year or two, we wouldn't be seeing more of them. This might just be the cleansing period for them.

[davis196]

People see this as a good thing that there are different cryptos popping everyday, as this means "acceptance". What I believe is that it is getting people confused! Moreover, this fuels to bitcoin negative propaganda as any sort of scam carried out by them leads to bashing of bitcoin.People don't really understand the difference. What are your thoughts?

Altcoins can't fuel the negative bitcoin propaganda.Many bitcoin users hate the altcoins.
However,we can't forbid the altcoins developers to create new coins every day.Keeping the blockchain code public and open source is a part of the crypto identity.

[daarul50]

People see this as a good thing that there are different cryptos popping everyday, as this means "acceptance". What I believe is that it is getting people confused! Moreover, this fuels to bitcoin negative propaganda as any sort of scam carried out by them leads to bashing of bitcoin.People don't really understand the difference. What are your thoughts?

I'm not too happy with the number of crypto popping up because it makes bitcoin as the parent of crypto to be always blamed when the emerging crypto has a bad reputation. The impact of fraud that occurs from the new crypto investment makes bitcoin increasingly untrusted by people as an alternative transaction even though the main goal of bitcoin is to improve and even improve the transaction system in the world.

[shamc]

The confusion is due to the number of shitcoins that serve no real purpose other than a fancy name. Bitcoin cash also diluted the market and added confusion to newbie, better to just stick with bitcoin

[Herbert2020]

People see this as a good thing that there are different cryptos popping everyday, as this means "acceptance".

i don't really know of anyone who actually thinks this way! i have read random comments on bitcointalk from newbies mostly trolling but everyone with half a brain can see existence of 2000 altcoins that 90% of them have absolutely no reason to exist doesn't mean "acceptance"!

Exactly lol. Since when was new coins and tokens being created fall under "acceptance"? Anyone can create their own token. "Acceptance", from it's literal meaning alone, means more of actual global adoption.

when it comes to altcoins people have always been "bending the definitions" to match their own need so that they can explain the altcoin situation and come up with a better result. for instance one of the definitions that has been bent is definition of a good coin and a coin that survives. people define it as a coin that has a high market cap and gets pumped a lot without paying attention to underlying project and whether it is good or not!

[aoluain]

People see this as a good thing that there are different cryptos popping everyday, as this means "acceptance".

i don't really know of anyone who actually thinks this way! i have read random comments on bitcointalk from newbies mostly trolling but everyone with half a brain can see existence of 2000 altcoins that 90% of them have absolutely no reason to exist doesn't mean "acceptance"!

Exactly lol. Since when was new coins and tokens being created fall under "acceptance"? Anyone can create their own token. "Acceptance", from it's literal meaning alone, means more of actual global adoption.

when it comes to altcoins people have always been "bending the definitions" to match their own need so that they can explain the altcoin situation and come up with a better result. for instance one of the definitions that has been bent is definition of a good coin and a coin that survives. people define it as a coin that has a high market cap and gets pumped a lot without paying attention to underlying project and whether it is good or not!

I have seen this happen. The question is asked "what is a good coin to invest in"
and the answers looked for and provided are always very low value coins that
will potentially pump. The details of a project or how usefull it is is not considered.

I agree that altcoins have been used as a stick to beat bitcoin with in the past by the media
and others and its easy because last year for example the majority of people
outside crypto never heard of bitcoin but the ATH has made a lot of people do
their own research so they know more now.

[Shiloh Richard]

Every coin represents their own purpose and vision. I don't think this causes confusion to people who actually knows about crypto market. Scam projects exist, but that doesn't mean we blame it on crypto in general.

[Indamuck]

More coins is actually a good thing because it creates competition and helps bitcoin improve on its features.  Can there be too many companies? Can there be too many restaurants? In the end it will be survival of the fittest and consumers will choose what coin they like to use.  Also its clear that people like to have different choices, there is no reason that a lot of different coins can't succeed. 

[BitcoinHodler]

More coins is actually a good thing because it creates competition and helps bitcoin improve on its features. 

sadly i don't think this is true. because i have never seen actual competition between different altcoins and bitcoin. there is always advertisement of competition but then they just get pumped for a little while and as soon as the pump is done everything is forgotten.

for instance if you find topics of last year during first quarter of 2017 you can find many topics talking about how Dash is replacing bitcoin. it got pumped A LOT and then .... nothing.... back to death and silence from this coin. like many others.

[rodalutor]

People see this as a good thing that there are different cryptos popping everyday, as this means "acceptance". What I believe is that it is getting people confused! Moreover, this fuels to bitcoin negative propaganda as any sort of scam carried out by them leads to bashing of bitcoin.People don't really understand the difference. What are your thoughts?

New cryptos popping up every day is only a good thing if they are good cryptos. If they are crap or are scams then it only harms the reputation of the good cryptocurrencies. As of yet people aren't educated enough in the benefits of cryptocurrencies to tell the two apart. In future the situation will be different, similarly to how people don't say that the Internet is bad because people get phished, they say those people are foolish and should've taken better care.