Bitcoin caused the mass production of altcoins and air coins

[tippytoes]

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.

People have seen the impact of btc in the market throughout these years and how they can get money out of it. So they start copying and imitating projects. The reason why there are a lot of fork of forks and copycats. Also, a lot found out that they can deceive investors without disclosing their identities. Which is actually one of the negative outcome of being anonymous. With the proliferation of these alts, the user should know how to differentiate a legit over fake/crap/scam project. Because no one can help you when you want to recover your funds from a failed investment.

[NotFuzzyWarm]

The proliferation of countless altcoins which are mostly worthless and often outright scams was foreseen from the very beginning. I refer you to a very early thread about this very thing from 2010. That link puts you at a very salient point but I suggest you go back to the opening posts that set the stage for the discussions back then.

[caryoscar]

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.

In fact, I am not completely rejecting altcoins and the air coins that the author said.
What is disgusting is the coins used to create scams. Many altcoins are completely plagiarized, without any value system, no sustainability, and no correspondence.
Application scenarios. Many of the altcoins I have encountered are all based on huge temptation to promote. The project propaganda method is simple and violent.
Sadly, many people participate. This is something I don’t want to see, because too many people are involved. Without cognition, what I want to say is that a person’s wealth comes from his cognition, rather than relying on fluke and speculation to obtain wealth.
Liars are hateful, but those who speculate and lose all their principal are not pitiful.

[GreatArkansas]

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.

This case has become normal for every bull run we encountered.
Just like what happened last 2017 - 2018 bull run, a lot of money poured in shitcoins, ICO fever with Ethereum before started, most of ICOs before already lost above 80-90% after few months when we experienced huge dump from all-time-high $19,000+ and below $10,000 to $5,000.
It was an awful experience especially for those new people who just started cryptocurrency and lost very huge.

[lixer]

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?

For sure a lot of people are going to calm down at this time that the market is down, they will take a break. When the market was rushing up a lot of people were rushing into it and the greed was too much.

A lot of them were not even taking calculated moves, they just had their mind on how they will make once they invest, there was a heavy FOMO. Well the market is in a bearish mode right now, so they are all going to calm down and will stop the rush. And as for the altcoins, well… there are some of them that are good, but as usual, in a space like this there is always going to be the bad eggs. It’s up to you to avoid them.

[dota2bestplayer]

The outbreak of Bitcoin triggered the issuance of many air coins and altcoins, and also affected everyone's clarity and thinking ability. It seems that everyone feels that no matter how much money you buy, you can bring huge benefits. It is this influx of brainless fresh blood that has caused the recent turmoil in the currency circle. Countless air coins began to wield their sickles, harvesting the wealth of all users. This is accidental and inevitable. If there is no shock to clean up speculators, it will be detrimental to future development. It is precisely because of the shock that those who really persist can be screened out.

[leea-1334]

This case has become normal for every bull run we encountered.
Just like what happened last 2017 - 2018 bull run, a lot of money poured in shitcoins, ICO fever with Ethereum before started, most of ICOs before already lost above 80-90% after few months when we experienced huge dump from all-time-high $19,000+ and below $10,000 to $5,000.
It was an awful experience especially for those new people who just started cryptocurrency and lost very huge.

Worse than that I believe is that now people are making you think you are no longer pouring Bitcoin and ETH into these stupid IDOs,,, because of the wrapping and all those "layer 2 tokens". I bet you one of the big Layer 2s will fail and lose a lot of people's BTC and ETH especially, and then the domino effect will be unstoppable.

[aysg76]

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?

They try to follow the bitcoin but could never match it's technology and that's why people invest in it and countries and companies are accepting this.Most of the altcoins are shitcoins in the crypto market that have no future ahead,no advance technology and centralised which makes them completely out of the track when compared to bitcoin.They claim they can overtake bitcoin with pos or any other algorithm which makes system more centralised and you can't provide the same security btc is providing to you.Thats why when bitcoin crash it boost with high surge as it has been declared dead for hundred time but still rise but on the other side shitcoins who try to compete with it once crashed can never regain their position in market which happened in 2017 crash situation.

[RokokGudangGaram]

For sure a lot of people are going to calm down at this time that the market is down, they will take a break. When the market was rushing up a lot of people were rushing into it and the greed was too much.

A lot of them were not even taking calculated moves, they just had their mind on how they will make once they invest, there was a heavy FOMO. Well the market is in a bearish mode right now, so they are all going to calm down and will stop the rush. And as for the altcoins, well… there are some of them that are good, but as usual, in a space like this there is always going to be the bad eggs. It’s up to you to avoid them.

Indeed. I think there are far many people who are doing this, jumping into the waves once they see the market is rushing. And it can be deemed that people are calmer now, with the drop happening to the market. Whereas it is also sure that many are also attracted right now to invest with the price dip, with the opportunity in mind that profits will be gained in time. And maybe this practice is just what people will let to linger on for years. Although there are many good coins, shit coins also exist, nonetheless being wise is crucial here.

[maxreish]

Its just because Bitcoin has some lacking characteristics that saw producers to create another coin probably new altcoin that can alter or can be chosen alternative to bitcoin. What problem I can see is that they make so much altcoins that are being left behind and doesnt even bought by investors because they have similar used of previous existing coins.

And thats the disadvantage of having mass production of altcoins, their value isnt worth enough and the competitions between those altcoins were tight.

[Ararbermas]

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.

that's how new project works nowadays and its called a technique just to get the attention of some investors. Wherein they copied what's the trend such features of the coin that can really convince buyer and etc. Its common now actually since those trusted crypto currency in the market keeps upgrading as well such bitcoin, ethereum and all top crypto,  even scam is too hard to determine because of that reason. So much better to focus in original to avoid it.

[dificanovi]

The bad effect if there are too many altcoins, namely the price can go down and investors must be very careful in investing in altcoins because at this time there are many scams.
on the other hand there are also advantages of altcoins because there will definitely be one of the many altcoins that has a good future so that the price continues to rise from year to year.

[pooya87]

It wasn't always like this. The "Alternative Cryptocurrencies" were worthy of the name. They were projects that were exploring other possibilities and technologies that bitcoin couldn't or wouldn't try. This was 2011.
Then the developers slowly forgot what altcoins were for and started creating money grab projects where they could make a LOT of money in a short term for doing very little. Then they slowly decreased the amount of work they had to do by copying other projects, and finally by inventing the ICO scam where they don't have to do anything since there is no blockchain anymore and the tokens rely on the existing blockchain of a project made for scamming people!
This won't change as long as the devs and the investors care about making most amount of money in shortest amount of time.

[CryptopreneurBrainboss]

Bitcoin is like honey, attracting countless butterflies (altcoins, air coins), countless new projects appearing, ICO.IDO.

If scammers aren't attracted to it then it's not actually worth what's been priced at, scammers only go for what they believe have potential and the cryptocurency industry is full of that potential. Bitcoin shouldn't be blame for all that's happening, I'm pretty sure it never intend for it to turn out this way like there's even more coins than investors.

Bitcoin was only interested in making us financially free, been able to spend your money without the interference of a third party like the banks, Satoshi knew the fiat system was failing and been corrupt so he introduced a much better way to carryout our finances but as usual humans, we always became greedy.

Th alternative industry has done some good as well bad to the community, assuming the industry wasn't exiting then we won't have had some of the amazing projects that are currently exiting and potentially been in developed to be released in future.

[ethereumhunter]

That is the fact that happen in cryptocurrency. When bitcoin began popular in 2013-2017, people who have knowledge about blockchain technology start to create many projects and invite the investor to join with them. We can see that those projects grew without stop and many more launch the other project from that year.

It attracts attention from people who see the opportunity to make money from crypto to join and make money. This opportunity sees by the scammer and follows their step by creating a new project.

It will happen like that and will still happen in the future so it needs more awareness from people to research deeper to find the right project if they want to join in the crypto world. But if they only have bitcoin, that will be okay for them since research for the other project will not be easy.

[Kong Hey Pakboy]

That's to be expected, I mean we won't have many brands of cars out there if only Ford was the one that made it right? That's the same for cryptocurrency, bitcoin won't be enough for a lot of people because some of them wants to put their own twist in something that's already existing, it's not something that we should be scared, it's just means that the popularity of cryptocurrency is still going rampant because new coins are being created although you have to do your own research first before anything else because not all these coins are profitable.

[verita1]

Bitcoin is the principle of money disruption, it has a purpose to demonstrate that we need decentralization especially in those nations that are oppressed by inequality and lack of opportunities.

Although we are still in the initial phase, the journey continues. The growth of other coins has been possible thanks to the invention of bitcoin which makes it possible to see that its mission has been maximized.

[Mistafreeze]

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?

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?

Bitcoin was meant to be productive with numerous offsprings just like a tree producing fruits that attract large consumption of traders and consumers. This is just the beginning of the mass adoption of Bitcoin and it's offsprings which are altcoins whether stable or meme coins of different varieties.

The acceptance of Bitcoin in the society as method of payment system and transactions had really increased the numbers of new coins in the market. In less than no time, by the time the price of Bitcoin skyrocket to like $100k per each, to there would have been millions of coins in the market, expanding the worth and participants of the entire cryptocurrency market.

More countries are still yet to officially adopt Bitcoin and it's activities which is going to expand and emanate more coins.

[Anonylz]

Bitcoin is the principle of money disruption, it has a purpose to demonstrate that we need decentralization especially in those nations that are oppressed by inequality and lack of opportunities......

And am wondering how this decentralization can bridge the gap of inequality experience in small nations as you put it! To me it will all come back to  be the same old story, as it is, having btc or being part of the crypto space does not exactly change anything other than having control of whatever you own, it does not mean that money will be evenly distributed among the poor and the rich, right now in crypto,  we have fewer group in control of the market and have the power to pump or dump it at their own convenient, and what role has decentralization play in this aspect? Has it stop few whales to own a larger percentage of btc supply? Or have the whole space wrapped around their fingers! No right, at the end of the day, it is like a vicious circle, it will bring us back to same spot.

[Taskford]

That's to be expected, I mean we won't have many brands of cars out there if only Ford was the one that made it right? That's the same for cryptocurrency, bitcoin won't be enough for a lot of people because some of them wants to put their own twist in something that's already existing, it's not something that we should be scared, it's just means that the popularity of cryptocurrency is still going rampant because new coins are being created although you have to do your own research first before anything else because not all these coins are profitable.

Many people see the potential of bitcoin way back before and even by now that's why many decide to create their own company and imitate how bitcoin circulate in  the ecosystem and we should glad that this one happen because the existence of  bitcoin creates opportunity to  us traders and business owner to gain profits from this technology. Also we need to be careful since the crypto ecosystem is full of scam that's why we need to be choosy on what coin we want to invest our money, many said that they are profitable but some of them create for illegal stuffs so we also need to  be careful from that.