Altcoin Numbers Continue Exploding in Spite of ICO History

[affandi]

the positive side is: Bitcoin, Ethereum, and several other altcoins that are supported to buy ICO coins, this has made the above coin prices become bubbles in recent years, and all of us in the cryptocurrency zone have benefited from them. the negative side is: many investors, especially new investors have suffered a lot of losses due to the many tokens / atcoin SCAM projects, and indirectly made the cryptocurrency name a little bad in the eyes of the public.

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[stephanirain]

The number of new altcoins and stablecoins being offered to the general public continues to increase. This is in spite of the fact that the Initial Coin Offerings (ICOs) that started the altcoin craze have met mostly failure.

The beginning of 2020 saw a host of new coins enter the market, often with specialized intent. Many of the new altcoins are designed for specific usage within platforms or games. Nevertheless, the diffusion of attention into these coins represents much of what is wrong with the industry.

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It looks like the numbers keep increasing, as they don't seem to care if they fail or succeed.

I just don't know why people don't get tired of losing their money to these new projects without even doing deep research. As you can see, only a tiny handful of projects do actually succeed, but most of them failed because of their dependency to the crypto market situation.

Like there's one project 2 years ago, where they still "developing" and giving us "quarterly updates" which isn't that exciting for investors as that project is still not on exchanges. There's another "exchange" ICO a couple of years ago, where until now, tokens cannot be traded in their own platform.

It's the reality nowadays for ICOs, IEOs, STOs, you name it. Calculated risks.

It is very unfortunate to think that almost all altcoins are created solely to fail. Many projects failed because they do have real use case or even if they though, there is no real support because many investors are only after the profit. While scam projects are also a problem because those scammers are getting smarter to masquerade blockchain technology.

[fuer44]

The way to stop this or at least to reduce it is by research before it is finally launched to the public. Apart from research, supervision must also be needed to prevent a scam, and maybe the person or team that will make the new ICO will think twice, instead of just investing.

[HabiebRiziq]

I just don't know why people don't get tired of losing their money to these new projects without even doing deep research.

The "producers" of this altcoin projects do not even need to do too much to deceive their naive investors. With or without research majority of this projects will still be a scam or fail, I stopped researching and investing in altcoin projects last year, too many of them I actually had thought was bringing something different "proved me wrong".

I've said this before, the number of altcoin projects isn't doing the industry(altcoins)good, many projects, so many failed, only the naive enthusiasts will still keep losing their money(investing).

We sometimes think that projects that have good features and are different from others have great potential to be able to improve or be able to grow later but if we see that many projects end up in failure and also some projects that run away from investors who then make money many people are reluctant to participate or invest in the project and for now it is better to invest in the top coins in my opinion.

[duuuuude]

This whole bunch of new identical projects is a side effect of capitalism, where everyone seeks to surpass each other. I believe that it would be more correct to combine projects and work together but unfortunately the mentality of people and working conditions do not allow this.

[Wysi]

Even the investors are aware of it nowadays and they don't invest in the projects that's why most of the ICO's don't even reacht he 10% of their softcap, right now there is no investment in the market it's just bunch of scammers coming up with copied projects in order to run away with investment if they could find any noob but it's not working anymore. Eventually, we would see an end to this.

[StephenieDuong]

I agree that the number of altcoin keep growing each day and this seem normal. The profit from create new altcoin is too high and it make this become a game for whale. They try to build a project with beautiful whitepaper, some high level develop, do high value bounty and use money to push the price. Finally they get huge profit back and this high profit make lots of investors want it. But i bet this will become to the end soon.

[Vishnu.Reang]

We need a maximum of 2-3 different coins for different domains. There may be 10-12 different domains in cryptocurrency and therefore the ideal number of cryptocurrencies should be a few dozen. On the other hand, we have thousands of different coins. And this is one of the reasons why the altcoins are going down lately. There is a lot of fragmentation in the market.

[nickenburg]

I think a lot of the Ico's now are created bye scammers now a days with the idea to just take more money/Bitcoin for them self.
To them it is probably a succes even if they take a small amount of money.

But it is bad for new people that heard about succes story's about Ico's and now they try to invest in the first good looking Ico without doing much research.
They fall for the text full of false promises and advisors.

Back in the day you didn't have many Ico's and you could already see bye the amount of reactions on this forum how big of a community the ico created.
For example Lisk and Waves where to Ico's back in the days I tought looked really good and they where very successful to me.

Now it is very hard to recognize the scammers any good project can be a scammer and you really need to watch out.
For example Savedroid  that scared investors proving this exact same point, where they faked scamming everyone and showing you should really watch out.
But their token is worthless now where my 50$ investment is worth nothing now, I feel sorry for the people who invested thousands..

[ameliana]

in fact it is true, that a lot of projects end with fraud and it might be said that there are currently no projects that are truly successful and profitable for investment. 2018-2019 was a bad year for the ICO project.

[Mealea]

As long as we are still having novice in the cryptosphere, shit coins will continue to exist and survive somehow. So many new faces are coming into cryptosphere on a daily basis and they will continue to invest in scam project because they are novice. As long as we have novice we will continue to have new coin being introduced into the market.

[wozzek23]

Well, it is a very very simple reason why people do this ; money. Think about it, the costs of starting a new ICO or even creating something with just airdrops and not even get funding, means that you will be in control of a coin that is used and exchanged in many platforms. No matter how little you can spend, in the end you will just sell bunch of coins and you will make that money back and profit from it.

So, there is no reason NOT TO create a new coin, if you have the capability of creating a new coin, you probably should because there are hundreds of people out there who will most likely want your money as well. I personally won't because I know it is shady and immoral to do so but I do understand the shady and immoral people and why they do it, in a world where money is very difficult to come by, potential of making thousands of dollars is a good reason to do so.

[target]

When you spend nothing upon creating those tokens, its then addictive to create more tokens to do ICO. I bet those developers keep creating tokens for different side projects they have. If it fails, they can create another later. 

I have not see many of the ICO these days having success in collecting their dev funds. They numbers are exploding probably but are not successful.

[Xardasim]

Lack of certain rules causes the market not to be taken seriously. Those who wants to start a new business creates his own token. Nobody thinks about the product, the vision, the future. And as time goes on, it will become deeper and a hole will be drilled somewhere. This hole will grow and I'm afraid the future case of market will be bad.

[hirngespenst]

I just don't know why people don't get tired of losing their money to these new projects without even doing deep research. As you can see, only a tiny handful of projects do actually succeed, but most of them failed because of their dependency to the crypto market situation.

Same thing I thought too many times! Why people keep investing in scam projects, why they don't care, don't research! Even you see after too many negative reviews against P2PB2B, Coinsbit, and other shit exchanges but still, they keep investing there, and because of their fool decision, IEO markets are dying too!

[Febo]

The number of new altcoins and stablecoins being offered to the general public continues to increase. This is in spite of the fact that the Initial Coin Offerings (ICOs) that started the altcoin craze have met mostly failure.

ICOs did not start the altcoin craze. Before first ICO happened, I believe it was was NXT, there were already 1000 altcoins. Most were forks of Bitcoin protocol. And NXT ICO happened in 2013. So at least 3 years before ICO craze. Yes with asset platforms like counterparty, etehreum, omni, ...   starting a token was only few clicks from everyone. So people made a lots of tokens.  

[btcmurat]

Bitcoin price is on the rise. At the same time, Bitcoin dominance is falling. In this case, altcoin prices will increase. Altcoins still offer a great opportunity to make big bucks. Too many investors have damaged.

[DarkDays]

Pretty obvious really, not sure why Beincrypto needed to make an article about it.

Once a cryptocurrency has created, it's practically immortal. I don't believe that most coin listing websites remove inactive cryptocurrencies, therefore the number of coins that will be listed will only grow over time.

Or did you expect people to stop creating cryptocurrencies and blockchain-based assets just because ICOs and IEOs failed as an investment model? Let's be realistic.

With that said, most of the those new tokens are likely absolute trash that have no purpose. We shouldn't be paying them any attention at all.

[Teraboy]

We need a maximum of 2-3 different coins for different domains. There may be 10-12 different domains in cryptocurrency and therefore the ideal number of cryptocurrencies should be a few dozen. On the other hand, we have thousands of different coins. And this is one of the reasons why the altcoins are going down lately. There is a lot of fragmentation in the market.

We have thousands of different coins but more than 90% were dead coins that are still listed on coinmarketcap. The reason was so many dead coins in the past have already made by scammer and that makes a lot of people are feeling frustate to put more money to the altcoin as it has a huge percentage if the scam coin will always there.
The demand can be divided too caused by the new coins keep increase but when the ecosystem goes on the right way and people will think to put fresh money too.

[X-ray]

When you spend nothing upon creating those tokens, its then addictive to create more tokens to do ICO. I bet those developers keep creating tokens for different side projects they have. If it fails, they can create another later. 

I have not see many of the ICO these days having success in collecting their dev funds. They numbers are exploding probably but are not successful.

Right. Most of tokens were created out of thin air and with their "proposing" idea which nothing but an empty promise. They are just bombarding the whole market with ICO hoping that one of them could gather funds from people. At this point the market is unhealthy and with the fact that most of these ICO usually failed. I guess people should just backing themselves away from it.