Dissapointments of the creation of the thousands of failed altcoins.

[rosenbauer02]

What is the purpose of altcoins? This is the very first question I had when I join cryptocurrency. At first, I was thinking that it has no use for just bitcoin should be the real focus and not an alternative coin. However, later on I learn that altcoins are still great even if it has been created for the purpose as an alternative coin to bitcoin and at the same time other altcoins has projects and could be like also a sort of investment that whenever you get a good altcoin one can earn huge to it.

But there are things that bother me about altcoins,

There are too mnany great altcoins in the market already. In fact there are many of it created and working good as well even listed in coinmarketcap.com having good assets. On the contrary, other altcoins were becoming shitcoins and many investors got scam or being promised good but ended not having a good return. And yet, many are still creating altcoins with the same promise to have a good return. The more altcoins created the more it kills the altcoins system. This is what bothers me the creation of so many altcoins until now and still counting. Here are some of dissapointment of altcoins.

First,  the creation of altcoins destroy other altcoins that could bring their project down. Why? Existing projects with exisiting investor may opt back out in the invested project and switch to other projects. This means that other project could go down and other investor in that project will follow to leave as well in the project and the altcoin will become a shit coin.

Second, Investor will have to chose between altcoins and with so many of them in the market it creates confusion especially altcoins with the same abbreviation or altcoins sound or rhyms the same but are actually different project.

Third, Altcoins were becoming a tool for the scammers to attract investors to invest promise good but then end up scammers. This one is really a big issue wherein the country like the USA had inhibited their citizens about investing altcoins.

Fourth, no assurance. There are too many altcoins and of course aside from investing in bitcoin having some extra would tend to invested in altcoins to get better utility or earnings on it. However, there is no assurance to it that it could give you more return in fact the risk is more than when you invest in bitcoin.

Fifth, staking is one worst things that happen in altcoins. They advise you to stake your money to them and then give you profit but you could not move or withdraw your coins being stake whenever you need to. This is like more an abuse or scam when your money being held up by others and give you only interest as earning. This is not a good deal. They earn a lot of the money you stake and you only get a little from them. Again the worst thing is that once your money was stake you could no longer withdraw and high chance your money will be gone when the team leave or abandone the project running away with your money.

It may be disappointing but not all altcoins are bad. There actually do more good. The only thing are those bad altcoins or shit tokens. The only help we could do is to help scrutinize the projects they posted and making some evaluation if it is not a scam. And if found out that the project was scam the thing to do should be report to the staff or DT users or make a posts in the scam and accusation section. It would also be possible to post in the beginners and help for the newbies to be kept aware.

What say you?


Any opinion to that matter?

[masterrex]

IMO, I think disappointments are just normal in the crypto industry, Because we all know that crypto is a high-risk kind of investment and mostly run base on speculation, that's why many developers are taking speculative action and adventures into the crypto space, And they are creating tons of useless altcoins that commonly called by others as "Shitcoin's," and the truth is whether we like it or not, it is a never-ending cycle, As long as crypto people are willing to speculate and continue to invest in those projects.

[semobo]

Altcoins are created for no purpose even with no idea, they just create another token or coin which may get included into the marketcap if it succeeds but not many people really want to hold an altcoin, they invest to make one time profits and willing to take the risk for it. Some newbies invest with no idea this is the reason why scammers took altcoin as a tool to loot money from people with no exceptions.

[ivankoh]

An inevitable consequence of what it has to happen.  There are a bunch of huge dumps piled up with just says.  Market capitalization is diluted from these reasons.  Instead they put in bitcoin.  Countless have been crying because of that.  Dreams about the moon in a hurry.

[Coyster]

When discussing about disappointments in altcoins, what is considerably more disappointing is that altcoins generally are short term projects, I think the problem stems from the fact that the creators of this coins/owners of this projects obviously know their coins are not sustainable for the long term, it's more or less 'a game of lottery, 'a pump and dump affair', if you're lucky to take ROI during a pump, then you make profits, but if otherwise, then disappointment becomes the case. I think if Altcoins can start working on the long term productivity of some of their coins, then the disappointments in the network will reduce.

[gurunanakji777]

Good and bad people are everywhere and we can not expect every ICOs dev is genuine some are here for the long run but some are also planning to loot the investors' money and run away but it's not easy to identify such projects in the starting. Its investors choice whether they want to stake or not. We are not forced to stake our coins and we know we can not move the coins during the staking period and we have to follow it even many bounty managers create scam accusation threads whenever they find a scam project. Altcoins will be created continuously and we will see more good coins as well as scam coins.

[Anonylz]

Greed,  some of the dev sole aim is to make quick money and not to develop a project that will actually benefit anyone in blockchain, have you ask yourself why we have countless numbers of rug pull projects, hack projects and the likes! Some hack are inside job done by the team themselves, and the sad part is that this shady team can create several other projects like this in the market because most of the project have anonymous team without no identity,  it is definitely disappointing to say the least, it is very hard to trust altcoins especially new upcoming ones because you never know what their true intentions are.

[isaac_clarke22]

~

The first one though. You would not be surprised anymore, as it just does not happen in crypto but it also happens to businesses these days to destroy other business. There would be FUDs to destroy a certain business and the other side would retaliate. It is just those who dominates the market does it all. Oh worth mentioning also that there are simply carbon copies of those project.

Thing is when those scams get reported, they just keep coming back. It is still the best to use their own diligence of their own rather than depending on people. There are even those people that still fall for doublers.

[DarkIT]

Greed,  some of the dev sole aim is to make quick money and not to develop a project that will actually benefit anyone in blockchain, have you ask yourself why we have countless numbers of rug pull projects, hack projects and the likes! Some hack are inside job done by the team themselves, and the sad part is that this shady team can create several other projects like this in the market because most of the project have anonymous team without no identity,  it is definitely disappointing to say the least, it is very hard to trust altcoins especially new upcoming ones because you never know what their true intentions are.

Some project do self hacking and I am give you more points on this. The exchange also do some self hacking.In a recent news, a well know exchange in the Nigeria had hacked by some person worth of 13 Bitcoin. It was huge then the exchange capital. Like this was happening now in the crypto world.

[pixie85]

Fourth, no assurance. There are too many altcoins and of course aside from investing in bitcoin having some extra would tend to invested in altcoins to get better utility or earnings on it. However, there is no assurance to it that it could give you more return in fact the risk is more than when you invest in bitcoin.

Were you really expecting assurance? If yes then you're in the wrong place.

With cryptocurrencies assurance is a sign that someone is trying to scam you. All the projects that were promising great returns were scams. There's no such thing in stocks and there's no such thing in crypto and all other investments. If you want someone to promise you big money with no risk you shouldn't invest at all.

[7788bitcoin]

~
An altcoin is a startup and sometimes a project created to attract money and disappear. There is no certainty for altcoins so we shouldn't expect too much from them. Invest wisely and strategically.

I will not blame the entire altcoin market but the token market is a different story altogether, all they do is experiment and majority of the token projects will be having the aim to make the profit and they know that it is impossible to sustain the long run and the developers usually run away with the money they raised or eventually the project disappears when the market goes down. 

[crzy]

It's easy to create your own altcoin but it's hard to market it especially if you are offering a service that is not needed here in the market or you just copy the other project to scam people, that's why many failed to remain afloat here in the market and there's no need to disappoint if you didn't invest any money to that project, we can't fill this market with a good project because there's always a bad one. There's a lot of altcoins that are still running good today, better to focus on that.

[ten seventy]

Disregard altcoins if you do not like it or disappointed by it. Just focus on positive things that has brought you here in the crypto space.

[dunfida]

First,  the creation of altcoins destroy other altcoins that could bring their project down. Why? Existing projects with exisiting investor may opt back out in the invested project and switch to other projects. This means that other project could go down and other investor in that project will follow to leave as well in the project and the altcoin will become a shit coin.

Second, Investor will have to chose between altcoins and with so many of them in the market it creates confusion especially altcoins with the same abbreviation or altcoins sound or rhyms the same but are actually different project.

I don't think all investors are doing that and will do that, why would they leave the project they invested in if the project is doing good in the market and development is in progress, and take a gamble on a new one that is not yet in the market, investors will include that new project in their portfolio if it is promising but never totally leave the old one which is doing good to a new one which has no guaranty of success.

Who would be the one to leave on the investment that they had even they are engage on a new one? Its just dumb for someone to forget unless if he had accepted that the project is totally shit and showing off no progress and decided on not to look on it but for long term and as my own behavior when it comes to this then you would definitely be looking after your coins you possess.

Disappointments is normal because selection of good coins would really be pain in the ass and wont be that easy as it looks.Therefore the best thing to be done is to do your homework and make out some
research if you are tending to dive in with crypto investment.

[bocyaj]

Fourth, no assurance. There are too many altcoins and of course aside from investing in bitcoin having some extra would tend to invested in altcoins to get better utility or earnings on it. However, there is no assurance to it that it could give you more return in fact the risk is more than when you invest in bitcoin.

Were you really expecting assurance? If yes then you're in the wrong place.

With cryptocurrencies assurance is a sign that someone is trying to scam you. All the projects that were promising great returns were scams. There's no such thing in stocks and there's no such thing in crypto and all other investments. If you want someone to promise you big money with no risk you shouldn't invest at all.

Assurance was like to have to all the cryptocurrency investors.But almost it's not a possible one.Who give assurance for your trading,the exchanges .Or the coin ,in which you made the investments.It's not a possible one.Only thing is,you can earn with no limits,when the market shaded with the green colour.

[Dread Pirate Roberts]

People are expecting more. while not all projects have the capability to do that, and when the project they invested fails , stuck and corrupt nobody can save his assets . and the worst possibility he falls to scam project ( its already lost in the first place ) that's why I don't like investing in new coins, even though there are many stories that give big profits for become early investor but the worst possibility is also much bigger. I'm still on coin2 that already exists on market and and has a large community.

[Hypnosis00]

I believe we all felt the same as we also have terrible experiences with shit and fake projects. Their numbers are still increasing and there is no way to stop them from spreading and tricking people. This gives some reason why many had to keep doubts and negativity as they heard about issues like scamming and losses.

But I do hope that we could get some solution with these, even though we can't stop people to create fake and worthless projects and by sending awareness and thorough research we can still prevent newcomers to fall into their traps.

[Kemarit]

As much as we hate it, we have to admit what's going on with the current altcoin market.

There are literally hundreds of scams and fake coins out there, just hype and meme and all for the money grab. That's why we always wanted to warn investors specially newbies because there's a lot of traps out there. And as the nature of crypto is open and decentralised, so obviously this won't stop the creation of so many altcoins that will simply plague the crytpo space with non-sense and shitcoins.

[ARTURVH]

Most cryptocurrencies projects teambe having the purpose to make the profit.Dont expecte assurance If you're in the cryptocurrencies macket.

Higher profit also means higher risk .If you are fear of risk you shouldn't invest at all.

[Fundamentals Of]

Disappointment is even an understatement. When we look at how many altcoins were created and then left behind without having released even a single product despite the millions and millions of investment from a lot of people, you don't only get disappointed. You would probably feel anger. That anger would even go to another level if you know that the people behind those failed projects were actually scammers who just vanished after making easy money. And it would touch the extreme after knowing that they are not even prosecuted or brought to justice.