The point of cryptos is sadly being destroyed

[lynn_402]

The crypto market wasn't started with motivations of selfishness or greed!

If it was it wouldn't be open source and wouldn't have been able to grow as it has!

Lets keep the conversation on point, what can be done to improve the crypto market and limit shitcoin scams?

Open-source does not mean devoid of greed, it means that everybody has an equal chance at being greedy, and that's wonderful.
What can be done to improve the crypto market and limit shitcoin scams? That will happen on its own quite soon, when the noobs will have been burned enough times that they'll decide they don't want to be scammed anymore Really, free market will take care of this.

[jayman]

the good ones will stay. the bad ones will be gone soon.

+1

[kelsey]

the good ones will stay. the bad ones will be gone soon.

sadly too be replaced by 10x more bad ones 

[lynn_402]

the good ones will stay. the bad ones will be gone soon.

sadly too be replaced by 10x more bad ones  

Cryptos are still young, they have to pass through their phase of messy childishness!
They'll mature one day, if we keep putting our trust in them they will grow.

[ebliever]

The free market will sort things out. It was naive to imagine that the good would come without the sin the humans bring wherever they go. But Adam Smith's invisible hand will save the day. That is, if self-appointed fascists don't wreck things first in their efforts to impose their will on others who are interested in altcoins they disapprove of.

Educate, but don't coerce. Let people think for themselves. That's all I ask.

[kelsey]

The free market will sort things out.

yes always the default answer to those who are apathetic.

[lynn_402]

The free market will sort things out.

yes always the default answer to those who are apathetic.

That's not apathetic. That means thinking that we, who are the free market, have enough rationality to steer the cryptos in a profitable way in the long term.

[kelsey]

The free market will sort things out.

yes always the default answer to those who are apathetic.

That's not apathetic. That means thinking that we, who are the free market, have enough rationality to steer the cryptos in a profitable way in the long term.

profitable?

[wakasaki808]

The way I see it, even though there are many copy-coins in the market that bring nothing new other than a name. The market will cater towards the cryptos that have the most development and growth potential.

Isn't this what happened during the tech boom in the stock market which resulted in a tech stock crash(at least in the US)? If I remember correctly all these new cryptos all started after DOGE right when it exploded in popularity? Hence we got the Catcoin, Moon, Flappy, Corgi, etc, etc.

Every new market has a period where everyone tries to copy one another as they see potential money. When no new money is coming in and miners can't sell there mined coins. It all evens out with "natural selection" where the strongest survive.

[Bit_Happy]

Open-source does not mean devoid of greed, it means that everybody has an equal chance at being greedy, and that's wonderful.
What can be done to improve the crypto market and limit shitcoin scams? That will happen on its own quite soon, when the noobs will have been burned enough times that they'll decide they don't want to be scammed anymore Really, free market will take care of this.

...everybody has an equal chance at being greedy, and that's wonderful.
You are wise, and able to explain your ideas well.

[markm]

That would be due to bitcoin prices then

Quite likely it is the other way around, scammers raking in huge fortunes on insane scams and using bitcoin to cash out to fiat since their scamcoins usually do not trade directly with fiat. So whatever coin (probably bitcoin and/or litecoin) they use to cash out their ill-gotten gains to fiat gets its prices suppressed as they don't much care about getting a good price, its faster to clone more scams than it is to wait to get a "good price" for whatever you use to do your cashing-out through...

-MarkM-

[poornamelessme]

How to fix this before a potentially great thing gets killed off?

Unless exchanges become more reliable, cryptos simply won't get greater public acceptance. People like to say crypto problems/falling prices are due to scams... and yes, if you mean exchanges 'losing' money ... but as far as coin devs scamming people, I really doubt there is any correlation to falling prices or 'killing off' cryptos. Let the market decide which coins live, and which fade away.

Solid12345 made a great post in that shitcoin killing thread, probably the only one even worth reading ... will repeat it here --

Quote from: solid12345 on March 26, 2014, 03:27:53 AM
This is what I find hilarious about this whole drama. All the naive Aspies who spew venom at Altcoins are in the same exact boat, a shadowy mysterious developer who won't reveal himself, distrust by the general public that what they are running is a pyramid scheme, attacking alts for "having no infrastructure" or "wide merchant acceptance" when neither does Bitcoin really (sorry but a shitty little wordpress storefront selling giftcards and GPUs doesn't count as "wide" merchant acceptance in my book), and a majority of the coin wealth owned by an elite few (the top 1% of bitcoin holders hold 80% of them, and here we think a 1% premine for a developer is greed).

Mark Karpeles and Charlie Schrem did more to betray the trust of crypto in the eyes of the general public then anyone and they were "one of the boys" around here and put on a pedestal. Most people who even have the vaguest idea of what Bitcoin is have no idea what Litecoin is and certainly have no clue about alt coins, so to blame alts for the state of crypto is disingenuous.

I think what really upsets some of the "old guard" but that they won't admit to, is they are upset that many noobies are not wanting to pay the $500-$1000 "tax" to buy a bitcoin and join their elite club and instead are gambling on these penny stock coins hoping to get rich. Well guess what fellas, you created this madness when you yourselves speculated Bitcoin from dollars and cents to $1000 a coin almost overnight (Litecoins rise was even more meteoric and questionably boosted in only days) What did you think would happen but attract a new breed of investors looking to get rich quick like you did?

[markm]

Seems an abuse of the term developer. Usually they are far far from being developers. If they were developers they could develop something actually useful, probably useful to a lot of currencies/coins, way more useful than yet antoher garbage crapcoin they do not have enough hardware to secure nor, usually, any actual intent or even desire to secure it.

If you are a developer pick a secure coin and develop stuff for it. All the secure coins can also make use of it. There is no need for more coin types just for more actual things developed which actually make coins useful.

For example you could develop a secure exchange system, in which no-one's balance can be changed without their own private keys on their own machine signing off agreement with the change of their balance, like Open Transactions does.

-MarkM-

[poornamelessme]

Seems an abuse of the term developer. Usually they are far far from being developers. If they were developers they could develop something actually useful, probably useful to a lot of currencies/coins, way more useful than yet antoher garbage crapcoin they do not have enough hardware to secure nor, usually, any actual intent or even desire to secure it.

If you are a developer pick a secure coin and develop stuff for it. All the secure coins can also make use of it. There is no need for more coin types just for more actual things developed which actually make coins useful.

For example you could develop a secure exchange system, in which no-one's balance can be changed without their own private keys on their own machine signining off agreement with the change of their balance, like Open Transactions does.

-MarkM-

If you ask me if there are way too many useless coins coming out... yep, of course. As for saying there is no need for any more coins at all, I don't agree, as I believe it's usually easier to make a new coin if it has a lot of new features, than fork older ones (will vary of course depending on what is added). And it's human nature to prefer to put one's hard work on their own project, rather than someone else's coin.

Junk coins will fade away on their own. Ideally big exchanges wouldn't even list junk coins, but we have no control over that. As to what is a junk coin... what is a scam... what is a good coin... again, let the market decide.

[stokecrypto]

scrypt asic will kill all the shitcoins, well it already is

[iopq]

It does not usually seem to take long for a shit coin to die. I doubt many of the worst coins will be here in a months time, so the good ones should be OK.

People are still posting in the ixcoin
each ixcoin is still worth money!

[BitOnyx]

IMO The point of cryptos:

A new kind of easy to use and access digital cash.

A new kind of freedom where you can use your money without having to pay big brother a cut.

A chance to revolutionize currency.

A chance to have a say in how the money system works and be part of the system.

A chance to make the world a better place by lowering the costs of goods and services, re-invigorating global manufacturing and more evenly distributing wealth.

I think only one of those were the real point why we are getting into altcoins.

Thefts and greed were long before altcoins, it is nothing new. We have same problems everywhere else. We can't believe in utopia and run away crying when not everything is perfect.

[felment]

I agree, no system is perfect. We can make it better by learning from mistakes.

[lynn_402]

The free market has the choice to select the good from the bad.
The ones who get burnt will be be the newbies, which is bad for the crypto community.

We need someway to protect the newbies from these scam coins, if we want the community and adoption to grow.

Assuming people can't protect themselves and by some ways doing it for them seems quite fascist to me.
I say let them learn from their mistakes, that's the only way we can build a free and prosperous economy.

[markm]

It does not usually seem to take long for a shit coin to die. I doubt many of the worst coins will be here in a months time, so the good ones should be OK.

People are still posting in the ixcoin
each ixcoin is still worth money!

Check its hash power. Way more than Aurora's I expect.

Insecure blockchains are stupid, its like a bank without a vault, planning to keep people's money in a wet paper bag labelled "free money".

-MarkM-