Dissapointments of the creation of the thousands of failed altcoins.

[Cherylstar86]

The decentralized feature of cryptocurrencies market is responsible for creation of tons of shit altcoins of course most of their developers abandon those project mid way to their roadmap thus rendering those altcoins worthless in fact Binance recently delisted some shit altcoins recently, I believe those  developers created those shit coins in a bid to make money and later abandon it afterall there is no regulations in cryptocurrencies market thus any Tom, Dick and Harry can clone any of the existing coins in the market and launch an ICO to generate funds. Investment-wise it better to invest on already established altcoins majorly picking from the top 100 in coinmarketcap.

I am not sure if the majority of tokens and coins is listed on coinmarketcap, but for now there are close to 6,000 listed. I think it's a no brainer to conclude that 95% are really just scams and money grabs. The sad part isn't the number of coins though, but rather how often these scams worked out for them.

As I've checked on coinmarketcap listed tokens, there's a lot of project has be untracked and most of them was those soaring high during 2017-2018. Ico project tokens has no definite community support, though there's some random selected asset was gaining success but let's be wise on selecting which would be the best picks. To overcome disappointments, just choose the list from top 10 coins to satisfy your desires

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[RussianEnglishTranslation]

It's you're money and you need to be smart about how you invest it so you don't get scammed or rugged. I got rugged several times so now I only invest in mineable tokens with no dev wallet like BTC, RVN, and 0xMR. That way nobody can exit scam or dump on me. So far my investments using that strategy have done extremely well.

[lienfaye]

Third, Altcoins were becoming a tool for the scammers to attract investors to invest promise good but then end up scammers.

This is true, most altcoins were created by their dev to scam people. Unfortunately many investors are greedy and still buying this kind of coins because of their hope to gain huge from it and also because of the promises of the dev. If only investors are careful and taking time to research about alts that has potential and unlikely to become scam then being a victim can be prevented.

There might be plenty of altcoins existing in the market but only few of them has worth. Its our responsibility as an investor to dig deeper before investing to not ending up on shitcoins.

[imstillthebest]

other altcoins were becoming shitcoins and many investors got scam or being promised good but ended not having a good return .
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

altcoin cant become a shitcoin if it wasnt made for this purpose but a shitcoin can be born right from the start and them as a investor cant see it because they only foccus on whats being promised to them.  this is the biggest mistake investor can make . i wont invest on a new project that came out of nowhere .
more if the project offers almost the same as what im currently investing but promise more returns because thats clearly an attempt to attract previous investors to transfer to them and scam them.

[TastyChillySauce00]

Its just the same as creating company, making altcoin is also essentially making company and not all of them gonna succeed make them millionaire very fast. Theres tears and blood in every success of a project so if you are an investor expect the project to run not as smooth as you imagined as there is always something need to be tackled. And to be honest its like common sense in investment, i think why people gets disappointed because many of them putting too much expectation after seeing the crazy bull run that has happened and turns out its not as what they have imagined

[slaman29]

You will be surprised that some alts are not yet listed in cmc or coingecko, and yet they are in the trading market. Sadly, only few percent of these alts have actual use case in the market. Most of them are just redundancies and repetitions. So it is your prerogative how you will choose a project that you can  really invest your resources. And it is your responsibility to keep up with their developments.

A few percent? I would be very surprised if even 1% do. We're talking about 70k or 80k coins in total now remember. Listed and unlisted, on ETH and on WAVES and NEO and TRON.

1% is 700 or 800 coins that have a real use case. So that is for sure not true (having a use case but nobody is using it makes it NOT a use case by the way).

[Jackl87]

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.

Any opinion to that matter?

I agree with you on that point that there are a lot of altcoins out there and i would even say that a huge share of them are completely unnecessary and it would be better if they would not exist like for example all those meme-coins that came up within the last months and completely took away volume and market cap from other new coins that have a purpose.
I don't really agree though that it is a bad thing if a new altcoin tries to do something that another altcoin is already doing. I mean that is normal competition like it should be in a free economy, maybe it is annoying if you were a hodler of that coin that existed before and now drops in price because some new coin makes the same thing better, but if both projects are legit they should both be able to survive. I mean just look at car companies, there are like 50 of them in the world and most of them  still manage to make a profit.

[vv181]

You will be surprised that some alts are not yet listed in cmc or coingecko, and yet they are in the trading market. Sadly, only few percent of these alts have actual use case in the market. Most of them are just redundancies and repetitions. So it is your prerogative how you will choose a project that you can  really invest your resources. And it is your responsibility to keep up with their developments.

A few percent? I would be very surprised if even 1% do. We're talking about 70k or 80k coins in total now remember. Listed and unlisted, on ETH and on WAVES and NEO and TRON.

1% is 700 or 800 coins that have a real use case. So that is for sure not true (having a use case but nobody is using it makes it NOT a use case by the way).

Actually, it depends on how the term of use case is used or referred to. Each of cryptocurrency is definitely has a use case, they might claim to be a decentralized currency, has a fast transaction, etc. The thing is about the implementation of those use cases does it really true? any use cases would be useless if there are no verifiable implementations. Then we can come to the last point, the usability, whatever the dev/community claims about any cryptocurrency that has a use case but none of the usability, then it becomes as of those unknown cryptocurrencies that exist in the market.

I honestly think that the usability problem is still our major obstacle in the whole cryptocurrencies space in general. People need to widely utilize cryptocurrency in order to massively scale the adoption.

[john1010]

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.

We all have wants in life, if we see our neighbor bought a new car, appliances and other material things, we're tell to ourself that someday I will acquire this things, in crypto world not only this successful developer has a dream, even you, you could create your own innovation if you have, lucky to this people who are achieved their goals and their project is now popular and feel sorry to many who've tried their best but there is no luck for them. Cryptocurrency is a open world every people may develop their own currency but the problem is if their currency is acceptable to the people.

[RbiggerG]

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.

We all have wants in life, if we see our neighbor bought a new car, appliances and other material things, we're tell to ourself that someday I will acquire this things, in crypto world not only this successful developer has a dream, even you, you could create your own innovation if you have, lucky to this people who are achieved their goals and their project is now popular and feel sorry to many who've tried their best but there is no luck for them. Cryptocurrency is a open world every people may develop their own currency but the problem is if their currency is acceptable to the people.

But greed based on what your neighbor is doing is bad. That is why the ICO craze was so insane in 2017. It was all over the news, many of the tokens went to the moon and everybody though they are going to be rich now! Then came the crash... And that one hit hard! Now we have a huge graveyard for thousands of tokens.

[slaman29]

1% is 700 or 800 coins that have a real use case. So that is for sure not true (having a use case but nobody is using it makes it NOT a use case by the way).

Actually, it depends on how the term of use case is used or referred to. Each of cryptocurrency is definitely has a use case, they might claim to be a decentralized currency, has a fast transaction, etc. The thing is about the implementation of those use cases does it really true? any use cases would be useless if there are no verifiable implementations. Then we can come to the last point, the usability, whatever the dev/community claims about any cryptocurrency that has a use case but none of the usability, then it becomes as of those unknown cryptocurrencies that exist in the market.

I honestly think that the usability problem is still our major obstacle in the whole cryptocurrencies space in general. People need to widely utilize cryptocurrency in order to massively scale the adoption.

For me use case isn't just about "creating a possible use for a coin". Use case is about providing a solution people WANT and people NEED because of a real problem they have. And this means, if a coin really has a use case, people will USE it.

The fact that all shitcoins with supposed use case are only being used to speculate and be sold, dumped, and pumped, proves they don't actually have a use case. "Decentralized currency" is not a use case:) Fast tx is not a use case. These are features:)

[vv181]

For me use case isn't just about "creating a possible use for a coin". Use case is about providing a solution people WANT and people NEED because of a real problem they have. And this means, if a coin really has a use case, people will USE it.

The fact that all shitcoins with supposed use case are only being used to speculate and be sold, dumped, and pumped, proves they don't actually have a use case. "Decentralized currency" is not a use case:) Fast tx is not a use case. These are features:)

We won't have a point if we have a different definition of the term. Let's just agree to disagree.

I just want to emphasize. that all project could give their own promises to their community or everyone. In the end, it depends on how the usability and the adoption which the majority of people that will they use.

[slaman29]

For me use case isn't just about "creating a possible use for a coin". Use case is about providing a solution people WANT and people NEED because of a real problem they have. And this means, if a coin really has a use case, people will USE it.

The fact that all shitcoins with supposed use case are only being used to speculate and be sold, dumped, and pumped, proves they don't actually have a use case. "Decentralized currency" is not a use case:) Fast tx is not a use case. These are features:)

We won't have a point if we have a different definition of the term. Let's just agree to disagree.

I just want to emphasize. that all project could give their own promises to their community or everyone. In the end, it depends on how the usability and the adoption which the majority of people that will they use.

Fair enough, I guess. But I do think we have to stop feeding newbies and newcomers false promises and false marketing (saying use case when there isn't any, saying decentralized when it's clearly not, for example).

Broken "communities" full of wen moon lambo people and scammers is not a healthy community. Communities that don't even last a year when tokens dump, isn't going to help mass adoption.

[carlisle1]

Fair enough, I guess. But I do think we have to stop feeding newbies and newcomers false promises and false marketing (saying use case when there isn't any, saying decentralized when it's clearly not, for example).

Broken "communities" full of wen moon lambo people and scammers is not a healthy community. Communities that don't even last a year when tokens dump, isn't going to help mass adoption.

Very good point, as long it is possible feeding those newcomers to avoid projects that only exist to allure investors.

Projects that don't have real case usages and just full of sweet promises, we are in this wild market where lazy newbies are always aiming for quick profits.

Though, it isn't our business but helping by sharing your knowledge about it is not bad right? it depends how will those newbies will take things in their hands.

[slaman29]

Broken "communities" full of wen moon lambo people and scammers is not a healthy community. Communities that don't even last a year when tokens dump, isn't going to help mass adoption.

Very good point, as long it is possible feeding those newcomers to avoid projects that only exist to allure investors.

Projects that don't have real case usages and just full of sweet promises, we are in this wild market where lazy newbies are always aiming for quick profits.

Though, it isn't our business but helping by sharing your knowledge about it is not bad right? it depends how will those newbies will take things in their hands.
[/quote]

I mean, I don't blame projects entirely. The fact is, the market is full of speculators who WANT only short-term gains and don't want to be crypto users and adopters, just crypto speculators.

But it's a circle jerk, and if you starve the supply, you'll also kill the demand.

Or, just stop wearing the mask and just go outright and say we're a ponzi or pyramid scheme;)

[guydin]

Actually, you are mistaken about staking. In adequate and working projects you can always withdraw your assets whenever you want. (It doesn’t concern Ethereum 2.0.) To understand if this project is a scam that will not allow you to get your money back you should always read docs and investigate social media of a project. One more useful thing is to look through the smart-contract.

[Bitcoin Seller]

Personally I can’t agree with you. Some altcoins carry real value, so I  stick to the strategy of choosing some altcoins in the top-100 list on coinmarketcap, and then to hodl, and buy more on a regular basis. Of course, there are some coins that exist only for speculation but definitely not for holding (meme coins). To decide whether I am interested in this altcoin I investigate and understand the idea, read documents, find out about development team and marketing campaign.

[Robinson66]

Failed altcoins are generally scammers, but it seems difficult for everyone to analyze which project is a scam. Many people invest with everyone without thinking about themselves, and there are also many scammers who will find people with fans to make hype and publicity, so that everyone will usually be deceived. There are still many copycats that are issued normally, but no one pays attention or purchases them, so they will slowly die.

[vv181]

Fair enough, I guess. But I do think we have to stop feeding newbies and newcomers false promises and false marketing (saying use case when there isn't any, saying decentralized when it's clearly not, for example).

Broken "communities" full of wen moon lambo people and scammers is not a healthy community. Communities that don't even last a year when tokens dump, isn't going to help mass adoption.

Of course, I do agree, we should guide the newcomers to the right path. Nevertheless, we can't help them all the time, noting there is a lot of thoughtful learning material available. Meanwhile, yet people still get scammed because of a lack of critical thinking.

Also, I'm not implying to let all the shitcoins creator giving all the promises they want, but basic foundational thinking and as the old saying goes about DYOR and DWYOR should be a basic thing that newcomers have.

I personally think we can't stop the shitcoins from popping everywhere and giving false promises nor marketing. There will be always someone that gets lured. I do actually think it might be because people that come to this space have a mindset to get rich quickly.

[Vishnu.Reang]

Failed altcoins are generally scammers, but it seems difficult for everyone to analyze which project is a scam. Many people invest with everyone without thinking about themselves, and there are also many scammers who will find people with fans to make hype and publicity, so that everyone will usually be deceived. There are still many copycats that are issued normally, but no one pays attention or purchases them, so they will slowly die.

Being around here for almost 5 years now, it is very difficult for me to agree with you. Not all the failed projects are scams. Sometimes really good projects fail to attract interest from the investors, due to a variety of reasons. It can be due to general downtrend in the market, or due to issues in marketing of the project. And also, not all of the scam projects fail at the market. We already have two such shitcoins in the top-10 list, with a market cap of more than $25 billion. So you need to be more careful while generalizing projects based on their success in the market.