Dissapointments of the creation of the thousands of failed altcoins.

[adzino]

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.

Isn't it how it is supposed to work? The superior one will always dominate. So if a new project with better tech and features are released, people will jump into it, leaving the old one behind to die. It's a good thing.

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.

If someone is going to invest their money, they are going to do proper research and learn about the coin they are going to invest in. If they get confused because of "similar abbreviation, name or rhyme", then well, they didn't do enough digging and all they wanted to do is invest in that shitcoin and get rich real quick. So if they lose their money, then they deserve it for being greedy. At least they will learn a lesson from it.

[rosenbauer02]

Other users are really saying their opinion about adaptation on the current trend. So whenever shitcoins are created then it became just a normal thing that happen. It might be a good principle or ways to avoid disappointment but if you are really new in cryptocurrency then definitely you will going to be disappointed with the current system that run through the altcoins system.

[wheelz1200]

99.99% of every altcoin is just a clone with a different name and supply.  There is no point to most of them.  In fact I'd go to offer and say most of the people who create them have already created hundreds of others, they profit and move on.  That's the game.  Ignore them and it won't bother you anymore

[gundala]

Disappointment is pretty much normal in this crypto industry because we know how risky to explore cryptocurrency as it has volatility in value. Whenever you invest in some coins you should now trust it 100% because there is no assurance that you can earn big money from it, there is still dump and pump on most of the altcoins so whenever you have earned x3 grab it

Although it looks easy to profit due to high volatility, it requires a special strategy. to be able to get the right buy position we have to do analysis, some like technical analysis, some like fundamental analysis, some combine the two. whichever is up to you, it's better than just relying on luck.
every time you want to start, make sure we understand what we are going to invest in, calm down ... no need to worry about missing the boat, the cryptocurrency ecosystem is still very wide and there are still many opportunities for growth
don't invest in something you don't understand, or invest because of fomo, it's a fatal mistake because you can't control it.

[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.

I think what many people in this thread here miss is that this is a fundamental part of open source technology. You can't have one without the other. It was to be expected that people take code and fork it into another alt coin. A hand full of those forks did good work, modifications, innovations, and so on.

I don't disagree. The open-source setup gives an environment where people are encouraged to create their own projects because they don't have to start from scratch. They already have the complete set of codes to begin with. They only need to do some tweaking and there you have it. It is another project they may call their own.

But this is one thing. It is another to scam people out of it. It is one thing to fork an open-source project, it is another to launch an ICO and exit as soon as millions are raised. Copying a set of codes which is made available to anybody is not a problem. Running away with the people's money is. It needs accountability. It becomes a legal or even a law enforcement matter.

[jinneas]

The creation of altcoins is free, and it is not regulated by the government. Many altcoins are created for profit, in order to obtain higher profits for themselves. Altcoins are short-term high-risk investments, and altcoins will slowly disappear over time. When investors get high profits from altcoins at the beginning, more and more people will start to invest in altcoins, but when the founding team gets money from investors, they will choose to run away，it is full of deceptions on the crypto market.

[molsewid]

With so many altcoins in the market, it will certainly make many people confused about choosing a coin that is really good to have. that way we can get great results. Actually, this doesn't need to be bothered because there are still many altcoins that really have good prospects and if we choose good coins then we will avoid bad coins or scam projects. being careful in choosing a good project to follow is important so that we can avoid big losses. coin in the market is a competition so we also have to be much smarter in choosing coins that are good.

You're certainly right about the confusion that it gives to people which new token to invest but on the other hand if a person really knows the basic knowledge about cryptocurrency which I mean even distinguishing or by just read the whitepaper or making a deep research about the project this person wouldn't compromise any amount to lose. The world of crypto is composed of a well-skilled developer which are trying to make their own kind of profitable coins some become successful and some are not.

[Sithara007]

If users stop investing in shit projects, then there will be less number of failed coins. Right now the situation is that the promoters are guaranteed to get tens of millions from an ICO, even if the project doesn't have anything unique about it. Most of the new projects are just old wine in new bottle. And in many cases, the promoters stop their development, once the ICO is complete. Even after all these years, investors haven't learnt any lesson from their failures. They still hope that there will be that magic moment where they get 100x or 200x returns from a new project.

[RbiggerG]

If users stop investing in shit projects, then there will be less number of failed coins. Right now the situation is that the promoters are guaranteed to get tens of millions from an ICO, even if the project doesn't have anything unique about it. Most of the new projects are just old wine in new bottle. And in many cases, the promoters stop their development, once the ICO is complete. Even after all these years, investors haven't learnt any lesson from their failures. They still hope that there will be that magic moment where they get 100x or 200x returns from a new project.

I don't think failed coins are the problem. Failed in the senes that someone really tried. That is part of any industry where start ups launch and fail. The real issue are the outright scam projects disguised as legitimate and hard trying. It is difficult sometimes to differentiate the scams from the real failures because you could pretend you tried hard, pay yourself a decent salary and let the coin fail on purpose. I believe that happens more often than we would think.

[tvplus006]

It is hard to say which alt coin is going be picked up by investors. ..

In such cases, you need to trust professionals whose work is aimed at selecting promising coins for investment by large companies. Look at the investments in cryptocurrency by specialists of Grayscale Investments Holdings, they will not buy coins that do not have development prospects in their opinion. Recently, Grayscale has expanded the list of altcoins for investment and you can also invest in their chosen coins: https://www.bybt.com/Grayscale

[kryptqnick]

People keep creating coins for different reasons. Since many new altcoins are created by companies, they all want their own tokens which they think they can trust as they'd be under their control. A company might not want to risk adopting someone else's altcoin because of not being in control, but also because why bring profits to others if you can have your own token and get profits for yourself?
The crypto world is swimming in useless coins most crypto users have never even heard of, but it doesn't mean that they're killing the altcoin system, as you say. People just ignore those coins, and many are still interested in top ones, such as EOS or ETH. Some useless altcoins also gain some attention of investors, but I don't think it's done at the expense of top altcoins. It's just about more people joining the market overall. In any case, I think it's a fair price for a free unregulated market.

[ethereumhunter]

I have a lot of disappointments in my life. Then when I came into crypto the worst disappointment was invested in scam. I trust the team but they stole my money. Yes, I am not yet familiar how scammers work. I'm now more mature to avoid and handle my disappointments and avoid the scammers. I think it is part of crypto since this space is digital and more on decentralized system.

Good if you can learn from your mistake. I am sure you will get your chance to make a profit like other people and that will only be a matter of time for you to wait. Many developers create new altcoins or tokens, but some do not focus on their projects and only want to scam people by promoting their projects using many social media. They invite more participants to help them promote but in the end, they just run away with the people's money. Maybe we do not have to invest in an unknown project that we do not know just to prevent the scam project that will always happen.

[kawetsriyanto]

I have a lot of disappointments in my life. Then when I came into crypto the worst disappointment was invested in scam. I trust the team but they stole my money. Yes, I am not yet familiar how scammers work. I'm now more mature to avoid and handle my disappointments and avoid the scammers. I think it is part of crypto since this space is digital and more on decentralized system.

Glad to know that you already took the lesson and learn how to avoid scammers.
Scammers will never end, failed and the shit projects will be always there.
That is why, we are here to learn in order to be more and more careful, smarter, and also wiser.
Following any hype to buy certain new projects promoted by certain people or influencers may be also very risky. As what happened right now, there are many newcomers that are here only following hypes, buying shitcoins, adn then losing much money. What happens next? they hate crypto itself because they are doing wrong in entering the crypto.
that is why I said that glad to know you taking good lessons from your previous mistakes or bad experiences.
yeah, experiences always become a good teacher and partner.


And about disappointment because of the shit projects, never take it too deeply, because shitcoins will also exist.

[SquallLeonhart]

Glad to know that you already took the lesson and learn how to avoid scammers.
Scammers will never end, failed and the shit projects will be always there.
That is why, we are here to learn in order to be more and more careful, smarter, and also wiser.
Following any hype to buy certain new projects promoted by certain people or influencers may be also very risky. As what happened right now, there are many newcomers that are here only following hypes, buying shitcoins, adn then losing much money. What happens next? they hate crypto itself because they are doing wrong in entering the crypto.
that is why I said that glad to know you taking good lessons from your previous mistakes or bad experiences.
yeah, experiences always become a good teacher and partner.

And about disappointment because of the shit projects, never take it too deeply, because shitcoins will also exist.

That is why we need to keep learning about evolving scams as well. What you could be scammed 5 years ago in crypto is no longer what people try to scam you with, we all know it and nobody does it anymore, however there are newer and better and bigger scams and people are getting tricked into that.

The biggest scams are usually the ones that can reach the biggest number because when you get to a certain number the rest is very easy, for example if you have a thousand people you scammed before pulling the plug, reaching to 10k is easy after that, that first thousands is hard the rest is easy. The reason for that is the fact that people keep saying "thousands can't be wrong" when they are investing and that is why they end up losing money. This has always been like this until the places can't pay anymore and they say they are "hacked" and run with the money.

[RbiggerG]

I don't think failed coins are the problem. Failed in the senes that someone really tried. That is part of any industry where start ups launch and fail. The real issue are the outright scam projects disguised as legitimate and hard trying. It is difficult sometimes to differentiate the scams from the real failures because you could pretend you tried hard, pay yourself a decent salary and let the coin fail on purpose. I believe that happens more often than we would think.

What you say may be true because between failure and scam it must be distinguished because a scam is a deliberate attempt, while failure is an unsuccessful attempt so that it must also be given a good score because the team has made efforts even though the results are still zero.

Yes but the issue remains for the outsider to differentiate a deliberate scam attempt from an unsuccessful startup attempt. As an insider, you can always make it look as if you were trying hard but simply couldn't get it done. You could even publicly admit you were overwhelmed, underestimated the challenge and now burnt through all the money you collected and say sorry. How does anyone know if that person is lying or saying the truth with the end result being the same: the investment is lost.

[jrrsparkles]

Investors are yet to be disappointed cause they are still investing on new projects which promises them to be the next bitcoin or going to be the best of altcoins but still they are selling it for 50% discount. Did you see anyone selling their bitcoin for half price?

So wakeup from the dream guys, don't look for the next bitcoin since we are encouraging the scammers to steal our Money.

[deathcode]

Investors are yet to be disappointed cause they are still investing on new projects which promises them to be the next bitcoin or going to be the best of altcoins but still they are selling it for 50% discount. Did you see anyone selling their bitcoin for half price?

So wakeup from the dream guys, don't look for the next bitcoin since we are encouraging the scammers to steal our Money.

but we see a lot of projects that end up not getting initial funding because otherwise, they can't promise something big to investors. eventually, they also have to stop the project. or as you said, major investors sell their tokens early which will disrupt market development.
The ICO is still running, but I'm sure the thousands of new altcoins right now will be useless. they are in the market but will not grow because the market response focuses on those with great potential.

[jrrsparkles]

Investors are yet to be disappointed cause they are still investing on new projects which promises them to be the next bitcoin or going to be the best of altcoins but still they are selling it for 50% discount. Did you see anyone selling their bitcoin for half price?

So wakeup from the dream guys, don't look for the next bitcoin since we are encouraging the scammers to steal our Money.

but we see a lot of projects that end up not getting initial funding because otherwise, they can't promise something big to investors. eventually, they also have to stop the project. or as you said, major investors sell their tokens early which will disrupt market development.
The ICO is still running, but I'm sure the thousands of new altcoins right now will be useless. they are in the market but will not grow because the market response focuses on those with great potential.

So only the people who is selling it earlier get all the benefits but what about the remaining investors, so all these new projects are created with the purpose of giving one time profits to some of the investors or they create it to bring any changes in the existing Market.

[john_nautica]

Investors are yet to be disappointed cause they are still investing on new projects which promises them to be the next bitcoin or going to be the best of altcoins but still they are selling it for 50% discount. Did you see anyone selling their bitcoin for half price?

So wakeup from the dream guys, don't look for the next bitcoin since we are encouraging the scammers to steal our Money.

but we see a lot of projects that end up not getting initial funding because otherwise, they can't promise something big to investors. eventually, they also have to stop the project. or as you said, major investors sell their tokens early which will disrupt market development.
The ICO is still running, but I'm sure the thousands of new altcoins right now will be useless. they are in the market but will not grow because the market response focuses on those with great potential.

So only the people who is selling it earlier get all the benefits but what about the remaining investors, so all these new projects are created with the purpose of giving one time profits to some of the investors or they create it to bring any changes in the existing Market.

I have seen this happened with a number of projects and it really did result into the disruption of the maturity of the project in the market and disappointment of the participators in the projects. It is cruel to just think that some are intentionally doing this, taking advantage of the opportunity at the expense of others, leaving them with nothing or losses.

[OZmaster]

I have a lot of disappointments in my life. Then when I came into crypto the worst disappointment was invested in scam. I trust the team but they stole my money. Yes, I am not yet familiar how scammers work. I'm now more mature to avoid and handle my disappointments and avoid the scammers. I think it is part of crypto since this space is digital and more on decentralized system.

Glad to know that you already took the lesson and learn how to avoid scammers.
Scammers will never end, failed and the shit projects will be always there.
That is why, we are here to learn in order to be more and more careful, smarter, and also wiser.
Following any hype to buy certain new projects promoted by certain people or influencers may be also very risky. As what happened right now, there are many newcomers that are here only following hypes, buying shitcoins, adn then losing much money. What happens next? they hate crypto itself because they are doing wrong in entering the crypto.
that is why I said that glad to know you taking good lessons from your previous mistakes or bad experiences.
yeah, experiences always become a good teacher and partner.


And about disappointment because of the shit projects, never take it too deeply, because shitcoins will also exist.

With cryptocurrencies it is so extremely easy because everything is open source and they can just fork the code, maybe make some tweaks, write a white paper (or copy that as well) and launch an ICO anonymously. For scammers this is a paradise. If they are careful they can never get caught. That is a side effect we all have to live with. If we want the things to be open source, we must know that someone else will take the code, start his own project and it could be a scam.