Bitcoin caused the mass production of altcoins and air coins

[KevinRosa]

As Bitcoin is gradually becoming known to the public, this financial and economic feast brought by technology geeks.
Bitcoin is like honey, attracting countless butterflies (altcoins, air coins), countless new projects appearing, ICO.IDO.
It feels more like a comet hitting the earth, leaving big pits. It seems that there are countless treasures waiting to be mined.
The greed of human nature, the inducement of big brothers, the participation of whales, all kinds of good news are flying all over the sky, but the result is just a place of chicken feathers.
Perhaps the sharp drop of Bitcoin and endless washings can calm more people down.
How do you think about this issue?

[Lee_Mire]

As Bitcoin is gradually becoming known to the public, this financial and economic feast brought by technology geeks.
Bitcoin is like honey, attracting countless butterflies (altcoins, air coins), countless new projects appearing, ICO.IDO.
It feels more like a comet hitting the earth, leaving big pits. It seems that there are countless treasures waiting to be mined.
The greed of human nature, the inducement of big brothers, the participation of whales, all kinds of good news are flying all over the sky, but the result is just a place of chicken feathers.
Perhaps the sharp drop of Bitcoin and endless washings can calm more people down.
How do you think about this issue?

I have never heard altcoins be called air coins. That's a good one. But to the point, price crashes or a prolonged sideway price movement usually makes it unattractive for scammers to operate because there simply aren't enough participants in the market to victimize with "air coins". So in a way flat markets are good for the reason of washing out scammers.

[bittraffic]

As Bitcoin is gradually becoming known to the public, this financial and economic feast brought by technology geeks.
Bitcoin is like honey, attracting countless butterflies (altcoins, air coins), countless new projects appearing, ICO.IDO.
It feels more like a comet hitting the earth, leaving big pits. It seems that there are countless treasures waiting to be mined.
The greed of human nature, the inducement of big brothers, the participation of whales, all kinds of good news are flying all over the sky, but the result is just a place of chicken feathers.
Perhaps the sharp drop of Bitcoin and endless washings can calm more people down.
How do you think about this issue?

I have never heard altcoins be called air coins. That's a good one. But to the point, price crashes or a prolonged sideway price movement usually makes it unattractive for scammers to operate because there simply aren't enough participants in the market to victimize with "air coins". So in a way flat markets are good for the reason of washing out scammers.

Probably because the altcoins are made out of thin air.

The sharp drop of BTC is inevitable though, the price just peaks and because of that, they take profit. It's still going to attract wealthy investors when they see the price dip. You can see Saylor still buying up more BTC. For now, the scammers are calming down but once the price is up again, they'd be back.

[elda34b]

It's inevitable. Not Bitcoin or any pioneer of technology fault. People (business) will do this kind of thing since they smell the opportunity to make money. As long as we continue to educate new users, problems such as scams can go away, albeit slowly.

[NeuroticFish]

air coins

You means shitcoins, right?

Perhaps the sharp drop of Bitcoin and endless washings can calm more people down.

Not at all. We had ICO craze, we had a huge drop in Bitcoin price (2018), crypto winter (2019) and then we got back where we started from, with Bitcoin hugely rising again and with NFT craze.
So it looks like a sharp drop calms people down only for a rather short period of time and they find another approach for worthless projects to lure people into.


I guess that people just don't want to learn from others' mistakes and they're keen to make their own. So it'll take a while... and Bitcoin sharp falls just make it take longer.

[noorman0]

As long as there are no regulations limiting who is allowed to create their own crypto, we will continue to see thousands of new altcoins every day. Supposedly, the creation of altcoins is backed by established entities or companies that meet legal standards. In fact, nowadays altcoins can be created by amateurs with no skill base who just had an idea from their dream last night and then invite other random people on the internet to develop it.

[Wexnident]

Nothing new tbh. Bitcoin brought innovation, but it doesn't mean that people would accept it as the only one, hence they make more, most of them being suitable for their own purpose, some of them just riding the hype, while some of them taking advantage of the hype to scam others. And hey who knows, there may actually be a better product in the near future, no one can really tell. It's not like every pioneer was the best when they came out, some were easily overpassed by better developers. The start matters, yes, but the one to last till the end is still the winner, whether they start early or late.

[HaleyOccam]

Nothing new tbh. Bitcoin brought innovation, but it doesn't mean that people would accept it as the only one, hence they make more, most of them being suitable for their own purpose, some of them just riding the hype, while some of them taking advantage of the hype to scam others. And hey who knows, there may actually be a better product in the near future, no one can really tell. It's not like every pioneer was the best when they came out, some were easily overpassed by better developers. The start matters, yes, but the one to last till the end is still the winner, whether they start early or late.

No one can predict the future, let the future people think about what the future will look like. Altcoin is a virtual currency similar to Bitcoin, which is generated by referring to the ideas, principles, and source code of Bitcoin.
Since Bitcoin itself does not have an authoritative issuance agency or state power to maintain its authority and uniqueness, Bitcoin and its imitators can only get along with each other on an equal footing, and does not have an exclusive status.
I may be a pragmatist, a person who lives in the present, and does not think about things far in the future. Of course, I don’t believe in pie falling from the sky, so as long as you are rational and don’t believe in scams, You will not pay attention to altcoins instead of blindly following them. One scam a day, each scam is different

[Max_Headroom]

I think somebody should start a joke shit coin called "shitcoin"

ticker 'shtc'.

The propose of that shitcoin is to finance a campaign to bring awareness to the issue started at the historic 2010 discussion on potential “shitcoins”, scams, ponzis and how people will lose lots of money buying into them.  

https://bitcointalk.org/index.php?topic=1647.msg20646#msg20646

ps-> if you guys announce it at "Announcements (Altcoins)" please let me know I will send a msg to the Bitcoin maximalist
Max Keiser  

[Lorence.xD]

It's inevitable. Not Bitcoin or any pioneer of technology fault. People (business) will do this kind of thing since they smell the opportunity to make money. As long as we continue to educate new users, problems such as scams can go away, albeit slowly.

I mean that's to be expected on almost anything, it's not like people are going to settle for only one product and if they were, then we won't be seeing any other model of cars besides Ford Motors. Also, it's a good thing that there are other cryptocurrencies out there besides bitcoin to make diversification in crypto bucket much easier.

[kaggie]

Imitation is the most sincere form of flattery.
Bitcoin will adopt the best of the finance tech.

Alt and air coins push technology and innovation further. There are many more problems to solve than finance. Satoshi once suggested miners have a DNS service, f.x.

It's fine, except for the scams by air conns.

[Max_Headroom]

Imitation is the most sincere form of flattery.
Bitcoin will adopt the best of the finance tech.

Alt and air coins push technology and innovation further. There are many more problems to solve than finance. Satoshi once suggested miners have a DNS service, f.x.

It's fine, except for the scams by air conns.

DNS is an important topic indeed .. to not mention namecoin and recently handshake

MIT Bitcoin Expo 2019 - Handshake: An Experimental, Peer-to-Peer Root DNS
https://youtu.be/h505L7A_Z8g

[dothebeats]

Bitcoin might be the inspiration but certainly not the reason why altcoins are appearing.

You already mentioned that humans are fueled by their greed to create money out of thin air, and they can do that by creating yet another cryptocurrency to get people buying. They just got the idea from bitcoin, but their reasons on creating that coin is not bitcoin per se so there's a difference in there.

No matter how many times people campaign against obvious scamcoins, if there would be enough gullible people around to buy the hype, nothing would change in the scene.

[KevinRosa]

Bitcoin might be the inspiration but certainly not the reason why altcoins are appearing.

You already mentioned that humans are fueled by their greed to create money out of thin air, and they can do that by creating yet another cryptocurrency to get people buying. They just got the idea from bitcoin, but their reasons on creating that coin is not bitcoin per se so there's a difference in there.

No matter how many times people campaign against obvious scamcoins, if there would be enough gullible people around to buy the hype, nothing would change in the scene.

It is exactly what you said, just like a boy fell in love with a girl at first sight. Just by looking at his expression, he already knows where he will be buried in the future.
Many people go crazy speculating on coins, but they are annoyed by a fatal mistake, which is human nature. When a person thinks that he is already strong, it is often the most dangerous time.
This is like playing music. Every performer already has a different personality and personality background. Some people want to how to play in heart, but the actual control on hand is inconsistent.

[DapanasFruit]

Perhaps the sharp drop of Bitcoin and endless washings can calm more people down.

Unfortunately, it has not and in fact I have seen so many new shitcoins and meme coins during the dip of Bitcoin. It happened before maybe around late 2017 when ICOs became so popular and most of them were then using the Ethereum network...right now we are witnessing the mushrooming of new projects under the BSC ecosystem induced mostly by its low and acceptable fees plus other features. Maybe the only way these new projects to stop sprouting if there will be the same cryptocurrency ban that is implemented in China to be done globally...but of course that is not what we really want. The thing is we can not stop these projects but we can choose either not to support them or be selective.

[Obito]

That's natural, people wants to imitate or take inspiration from the original because they know that there's money or somehing beneficial to it when they create their own coins. It's not a problem because as an investor, you just have to stick to the original and do your research on the other coins that imitated or was created after the original to see it's potential.

[The Sceptical Chymist]

Probably because the altcoins are made out of thin air.

So was bitcoin, and it would be hard to argue otherwise (though all of the initial thought and innovation went into bitcoin's creation, whereas altcoins are mostly clones).  Satoshi basically just made it, and initially a relatively small group of people liked it and used it. 

I've never heard the term "aircoin" either, and I'm assuming OP just made that up or there's a bit of a language issue at play here.  Some shitcoins might as well be air, but not all of them are crap.  Whether you want to admit it or not, some coins have improved on bitcoin--whether it's faster confirmation times, lower fees, or the ability to create smart contracts.  Bitcoin most likely will remain the king of cryto, but there are never any guarantees of that.

Bitcoin might be the inspiration but certainly not the reason why altcoins are appearing.

No, it's not--at least not for all of them.  I'd say bitcoin fork coins are definitely due to the existence of bitcoin, but there are others (like ETH and some of the newer ones) that are different enough from bitcoin that they shouldn't be considered bitcoin ripoffs.

[leea-1334]

It feels more like a comet hitting the earth, leaving big pits. It seems that there are countless treasures waiting to be mined.
The greed of human nature, the inducement of big brothers, the participation of whales, all kinds of good news are flying all over the sky, but the result is just a place of chicken feathers.
Perhaps the sharp drop of Bitcoin and endless washings can calm more people down.
How do you think about this issue?

There will not be endless washings,,, one day the shitcoin market will not be able to grow and only Bitcoin and a few strong alts will be where people really use. Shitcoins will always be there along with whatever nonsense ICO stage but they will be like HYIP markets now. Ponzis that people stay away from and can only dupe people who deserve it.

[Smartvirus]

Of course, bitcoin is the main driving force for the evolution of most altcoins but, it ain't the reason for its continuity and success. Many projects have tapped into the ideas and concepts surrounding it but then, not so many has been successful and so many still would always continue to fail out becuase, they don't solve any real problem. For a coin to be successful or a project, its got to solve a problem in the market and have some uniqueness about its futures. These are the things investors look out for to determine if a project is going to be successful or not. Most of what we have now are just baseless pump and dump coins.

[Hamphser]

Of course, bitcoin is the main driving force for the evolution of most altcoins but, it ain't the reason for its continuity and success. Many projects have tapped into the ideas and concepts surrounding it but then, not so many has been successful and so many still would always continue to fail out becuase, they don't solve any real problem. For a coin to be successful or a project, its got to solve a problem in the market and have some uniqueness about its futures. These are the things investors look out for to determine if a project is going to be successful or not. Most of what we have now are just baseless pump and dump coins.

This is what should be expected because anything on this world become a trend then expect that there would be something new that would be created correlated to it because they do know that it can possibly give them profits when they do get some market share.

We have seen on how the market is been flooded with lots of projects and it turns out that majority of it is just pure garbage or shit tokens in short.

Thing here is that you do know on how to to deal with your investment despite of the lots of coins in the market.When trend is hot then for sure there would be lots will be following.