ERC20 gives birth to too many shitcoins

[mahibul49]

i agree with your statement but i am also very pleased to see that erc20 gaves so many real and big project

[sixtyonefourfive]

i agree with your statement but i am also very pleased to see that erc20 gaves so many real and big project

I agree also, one of the best an real projects is HST decision token, voting on the blockchain using erc20.

[thesmallgod]

I once read a comment of one of the legendary member here on BTT about how easy it is to creates an ERC20 smart contract with just little amount and this is exactly why many project always rush to make ERC20 token. Many of them can not afford a fully optimized website not to talk about going with blockchain technology that best suite their project. In case you don't know, a lot of project that intend to launch bounty this day make use of erc20 token just because they want to lock some certain people's token when it is released for them. All these are what we have noticed

[MarioV]

In fact I cannot blame this statement of this thread. The ease of programming a Smart Contract of a Ethereum blockchain token has also generated so much superficiality, incompetence and fraud attempts. Otherwise, if a coin has its own blockchain, the investment in work to do is much greater and the scams would be less.

[bitsurfer2014]

I don't think ER20 standard or any other blockchain platforms gives birth to too many shitcoins but rather it was borne out of greed by fraudsters that greatly capitalizes and take advantages on other peoples naivety. Imho.

True, the large number of shitcoin is not wrong with the technology that runs beneath it, but it's because of the scammers themselves. In the ERC20 vision it is not said that ERC20 is intended for scammers, because this system is universal and all can use it. The problem continues, it depends on how the person who manages it, if it is wise it will be a good token and vice versa.

Additionally, I would like to emphasize that existence of shitcoins will never stop or at at least be minimized as long as there are people who are innocent and often lack experience in cryptoland as they are the ones who are fueling its existence and often encourage its perpetrators to do it shamelessly. I guess we can help minimize this issue if we help share ideas with others and try to acquaint them about the pitfalls in crypto-industry so that they may not become a victim of this schemes.

[Classica35]

It is not as if ERC20 platform is the propagator of shitcoins, but that because it offers an opportunity for just anyone to lunch his token on it, because of it's smart contract. This can also happen on other platforms that offer the opportunity. So ERC20 is not the cause.

[Kiefner]

All because it is the first platform that provides opportunities to create tokens. And it is still popular. It doesn't matter how easy it is to create your coin, it matters the willingness of the team to work and develop it. Few people are really ready to do it and so in the end many coins dont survive.

[olabiyijummy02]

Ethereum ERC 20 blockchain cannot be blamed for the birth of the numerous shitcoinsin the cryptocurrencies market today. The reason is because after the ico boom of the year 2017, a lot of people seek ways to make money through cryptocurrencies and the ease of creating smart contracts and blockchains on ERC20 meant that it is the blockchain that is mostly used.
Even blockchains like NEO and Stellar and has also given birth to a number of equally shitcoins

[andika2018]

It is not as if ERC20 platform is the propagator of shitcoins, but that because it offers an opportunity for just anyone to lunch his token on it, because of it's smart contract. This can also happen on other platforms that offer the opportunity. So ERC20 is not the cause.

All can make tokens on ERC20 and this makes a lot of shitcoin in the ethereum network. This is what makes us have to do research on the developer team because the project will be good if the developer team understands the project being worked on and also has an extensive network in the field of the project to create a partnership

[wack slacker]

Most ERC tokens are created for Airdrop and their creation is simple and doesn't cost as much as other tokens on other platforms. Smart forms of contracts on Ethereum are quite easy to use and popular.  Some projects forged tokens on lazy Ethereum network cause confusion for investors.  Those are the reasons why ERC20 has so many shitcoin.

[Barracuda]

Why does ERC20 find many shitcoins because we know that making tokens is very easy. And of course if people make their own tokens shitcoins will always be created, if they really have the initial intention to make these tokens useless. So until that time it will always be created.

[Pithaxz]

Erc20 platform is a smart contract in several ico projects, some ico projects use this platform to develop their projects or tokens. but over time, many scamers have misused this platform for their own sake, and that is the reason why many of the new coins generated from this platform become useless.

[jawakoak]

Yes thats was true too many shitcoin on erc20, but ethereum is real decentralized platform, any one can create smartcontract on erc20..

[shooleh]

Many of these – but you should also see that ERC20 has generated a lot of successful coins. I see that we have to be smart in investing in order not to get stuck in useless coins. See the price of Bitcoin and Ethereum starting to grow high. So now is the right time for all the coins to start going up.

[bangkecol]

That is true that there are many of altcoins based on the Ethereum Blockchain.
Because Ethereum network is the only platform that easy to use for the many developers of projects.

[wack slacker]

Most ERC tokens are created for Airdrop and their creation is simple and doesn't cost as much as other tokens on other platforms. Smart forms of contracts on Ethereum are quite easy to use and popular.  Some projects forged tokens on lazy Ethereum network cause confusion for investors.  Those are the reasons why ERC20 has so many shitcoin.

That's right, ERC20 is mostly used by most ICO projects, because it's very free and easy to use, but the biggest weakness of ERC20 is that it has given birth to a lot of Shitcoin that we see today in the ETH market.

We don't need to worry about that.  The market will purify all bad projects and look but the token has been created.  They have almost zero volume and those tokens are not traded on ethereum as before.  Those are dead tokens.  The ethereum network is now much improved and faster because ICO and airdrop activities have greatly decreased.

[inanilujimi]

ERC20 really gave birth to shitcoins but didn't you see it?
there are also those who use ERC20 which is the best altcoins currently available?
this is not about ERC20 or any other block chain but about people who claim to use the platform for personal gain only.

[Naughty Princess]

It is not as if ERC20 platform is the propagator of shitcoins, but that because it offers an opportunity for just anyone to lunch his token on it, because of it's smart contract. This can also happen on other platforms that offer the opportunity. So ERC20 is not the cause.

I agree. ERC-20 supports mostly of the platform but it has nothing to do with shitcoins because they are just giving opportunity to everyone who wants to deploy the coin in the market. There is company that taking risk on the market but the project won't take long to operate and leave the market with no value. Shitcoins started when airdrop came into market.

[StatesManG]

If we start counting all useless tokens in crypto space you will notice that most of this useless tokens are running on erc20 block chain ,many good altcoins ive came across have separate owned block chain and they are plain better, I guess the reason we have too many shit altcoins in crypto space is because of the flexibility of erc20 ,making it easy for unprofessionals to build there useless tokens.

We have some good altcoins that are running on erc20 but you will see then moving to their own block chain later on or it will be included in  their roadmap about the future swap.

The reason why I like tron block chain is the ability to get rid of fake tokens running on tron blockchain if ethereum can do this it will help a lot.

My answer is too many shitcoins are based on erc20.

that's not true,  ethereum has nothing to do with any bad project that existed in its chain. Ethereum has developed it's product for a better and easy use for developers. Also ethereum is not the only project that is open chain. Why don't you talk about many scam project in waves too?

[coin-investor]

This is decentralization anyone can make or create his own token for his company or attach it to his products and services, Ethereum just so happen was create to make it easier for any company or individual to create a token for themselves.