why are there so many coins and the reason why some developers failed

[Luqman]

The reason why there are so many projects that appeared in the last few weeks and months and still keep appearing is quite simple, 95% of them are all sh*it-coin or meme-coins if you want to call them that way.

I do agree that most meme coins are shit coins. They only utilize the common condition, its hype, pump, and then the price will go dumped to the bottom.
And this condition is utilized by many people who have been usual with the concept of meme coins. Thye can multiply their money from meme coins. But other people who are new and the victims of the coins, will lose their money, lose their hopes to take profits.
Only very few meme coins can survive in long term. It can be counted with our finger only.

[el kaka22]

Because, it is easy. The codes are out there, the open-source codes of pancakeswap is a great example to defi world for example, or any other simple token is literally just out there. Check one of the audited places from Certik and you will see plenty of codes from legit places. Just take their code, change it to whatever you want, and publish it, if you want you could get it audited and any mistakes will be found and you could change it and do it again, so that you would have perfect code. Design of a website is as simple as it gets, web developers are dime a dozen.

So, if you spend like 10k, you could create a project, put some marketing on top of that and you got yourself a new project. It is really THAT simple and people wonder why there are 17k+ in CMC alone, and there are tens of thousands not even listed there.

[TheGreatPython]

I believe developers saw the the vision of Bitcoin and try to explore from the vision  by introducing and making their own coin but they lost focus because they only have one goal in mind which is making money, forgetting the most vital ingredients in developing an asset. They forget that they are certain steps and strategies to undergo before accomplishing a good assets or goal.

Some of the reasons why I think some developers fail is because:

1. Lack of funding both the starting aspect and the launching aspect (lack of money to continue)
2. Failure in out righting frauds
3. Failure to evolve especially when the coin initially start bomming

Most developers have only one vision which is making money that is why many coins doesn't grow and they failed because they didn't see the vision ahead.

Of course they can see it because bitcoin is already there and the documents of it are already laid out, they can just read it to know if what is bitcoin for and why it is built. The vision of btc is for the people to have a currency that is free from banks and government regulations.

If there are things that btc is not good at, that is the speed and the fee. They can create a coin that solves this issue but the problem is someone already built a coin like this so what are the other coin developers after at? it can be clear that they only want is to profit. Greedy coin devs didn't fail just because their coin died but they are successful because they already earn during the pre sale of their coin.

[X-ray]

For example, everybody wants to be a developer and own a coin but did not do proper research before diving into it or has a proper backup plan if it doesn't work out the way they plan.

The problem is not everybody has enough skill to do that. Crypto relatively new in the technology and development. They have been creating good idea but again it's not only about idea and people who wanna be crypto developers must have good skill. In this case if the skill will be playing the more important role in the cryptocurrency. This caused by when someone created a project without any skill and im sure that if that will be failed project or the creator will leave it as it has become useless project with no future.
There are also so many cases about this. So many scammers have been trying various idea to steal money from others.

[aprilnot]

1. Lack of funding both the starting aspect and the launching aspect (lack of money to continue)
2. Failure in out righting frauds
3. Failure to evolve especially when the coin initially start bomming

less precise, because it is impossible that they do not have a development plan. when a new project is first launched, I'm sure they have thought of everything from funding and so on. the biggest reason why they fail is because from the start they only think about money.

[MadeMen]

There is no doubt that it takes a whole lot of effort to develop a successful business or project, but what we see most often in the industry are projects developers without direction and looking at some projects from a distance it would be clear that the project is on a course towards failure.

[Gayong88]

I try to take the first point from the statement above, namely the lack of funding both in the initial and other aspects by the developer even though the product already exists. It is acknowledged that the funding readiness factor is the main one. In my opinion, the presence of investors is needed in this case and what investors want most is to focus on projects that are fundamental and long term. well, this is actually homework for the developer to make it interesting, so they stay calm and focus on what is invested in addition to other supporting factors.

[EmmaGod]

One of the reasons why we have so many coins is because the industry is decentralized which gives everyone the same privilege or opportunity to set up a project and launch a token. The market is liberal and everyone is allowed to deal directly or indirectly with one another.

[Abiky]

Because, it is easy. The codes are out there, the open-source codes of pancakeswap is a great example to defi world for example, or any other simple token is literally just out there. Check one of the audited places from Certik and you will see plenty of codes from legit places. Just take their code, change it to whatever you want, and publish it, if you want you could get it audited and any mistakes will be found and you could change it and do it again, so that you would have perfect code. Design of a website is as simple as it gets, web developers are dime a dozen.

So, if you spend like 10k, you could create a project, put some marketing on top of that and you got yourself a new project. It is really THAT simple and people wonder why there are 17k+ in CMC alone, and there are tens of thousands not even listed there.

You got that right. It's so easy to copy Bitcoin's source code and launch a new coin with the hopes of making a quick buck in return. Some developers managed to make large amounts of money with their persuasive tactics. But others haven't been so lucky due to bad planning. While it's easy to launch a cryptocurrency of your own, it's not easy to maintain it. Crypto projects that stood the test of time had to deliver innovation and use cases to the real world in order to be in the place they are right now.

Ultimately, a community is what makes a coin stronger. If your project has a decent community backing it, you can rest assured it'll last for quite some time. I wouldn't worry about having millions of different cryptocurrencies in market cap, since this is normal of the open-source nature of Blockchain tech. As long as crypto/Blockchain tech fulfills its purpose, nothing else matters. Just my opinion

[7deadlyBTCIN]

I believe developers saw the the vision of Bitcoin and try to explore from the vision  by introducing and making their own coin but they lost focus because they only have one goal in mind which is making money, forgetting the most vital ingredients in developing an asset. They forget that they are certain steps and strategies to undergo before accomplishing a good assets or goal.

Some of the reasons why I think some developers fail is because:

1. Lack of funding both the starting aspect and the launching aspect (lack of money to continue)
2. Failure in out righting frauds
3. Failure to evolve especially when the coin initially start bomming

Most developers have only one vision which is making money that is why many coins doesn't grow and they failed because they didn't see the vision ahead.

Excuse me, funds isn't everything and if all a developer can think of is fund they shouldn't release any crypto project because I'm come to understand that projects with zero funding are more serious than those that rely completely on funds.

[Kasabus]

I believe developers saw the the vision of Bitcoin and try to explore from the vision  by introducing and making their own coin but they lost focus because they only have one goal in mind which is making money, forgetting the most vital ingredients in developing an asset. They forget that they are certain steps and strategies to undergo before accomplishing a good assets or goal.

Some of the reasons why I think some developers fail is because:

1. Lack of funding both the starting aspect and the launching aspect (lack of money to continue)
2. Failure in out righting frauds
3. Failure to evolve especially when the coin initially start bomming

Most developers have only one vision which is making money that is why many coins doesn't grow and they failed because they didn't see the vision ahead.

Excuse me, funds isn't everything and if all a developer can think of is fund they shouldn't release any crypto project because I'm come to understand that projects with zero funding are more serious than those that rely completely on funds.

Well, having an insufficient funds is also one of the reasons why most of the projects fail because this will lead to hire less experienced developers because they are only asking lower rate. And in most cases, having lesser funds is always doom for the failure of the projects or the developers themselves. However, i have provided the most common reasons why projects or its developers fail. Read here: https://thecodest.co/blog/why-do-software-projects-fail-most-common-reasons/

[Silberman]

Most developers have only one vision which is making money that is why many coins doesn't grow and they failed because they didn't see the vision ahead.

As an investor, we should always check the motivation of the developers and we can see that if they are not dedicated to the fulfillment of their roadmap and stop communicating with the community, in the first place investors invest because of what they've seen on the roadmap and whitepaper, this is where the potential starts but if the developers are not motivated investors will dump the coin and the project becomes a failure.

The commitment of the developers is key, after all not everyone can be like satoshi and develop a completely original idea from zero, even if the project in which a set of developers is working is derivative as long as they are willing to work hard then their project can succeed, the issue is that many developers do not really have that drive and instead they just want to get money out of the community and as soon as they do they lose interest in actually trying to make their project work.

[trendcoin]

...
Most developers have only one vision which is making money that is why many coins doesn't grow and they failed because they didn't see the vision ahead.

I generally agree with your views. Most cryptocurrencies do not have a sustainable economic model. A good project should be financially self-sufficient (It should create its own ecosystem). However, as we have seen, most cryptocurrencies try to enter the market by selling dreams. In this case, disappointment for investors is inevitable. We are experiencing very natural things. Getting a rabbit out of a hat is the magician's job. Such things do not happen in real life. :)

[smyslov]

The reason why there are so many projects that appeared in the last few weeks and months and still keep appearing is quite simple, 95% of them are all sh*it-coin or meme-coins if you want to call them that way.

I do agree that most meme coins are shit coins. They only utilize the common condition, its hype, pump, and then the price will go dumped to the bottom.
And this condition is utilized by many people who have been usual with the concept of meme coins. Thye can multiply their money from meme coins. But other people who are new and the victims of the coins, will lose their money, lose their hopes to take profits.
Only very few meme coins can survive in long term. It can be counted with our finger only.

It's time for investors old and new to rethink what they what to achieve in investing in Cryptocurrency they cannot go on like this investing in pump and dumps coins that will incur losses, they should set their eyes and funds to worthwhile projects with long term stability, pump and dump projects are high-risk investment it's gambling and investors will end up losing their money.

[Silberman]

...
Most developers have only one vision which is making money that is why many coins doesn't grow and they failed because they didn't see the vision ahead.

I generally agree with your views. Most cryptocurrencies do not have a sustainable economic model. A good project should be financially self-sufficient (It should create its own ecosystem). However, as we have seen, most cryptocurrencies try to enter the market by selling dreams. In this case, disappointment for investors is inevitable. We are experiencing very natural things. Getting a rabbit out of a hat is the magician's job. Such things do not happen in real life.

It is because of this that buying coins that run above a blockchain of another project is a bad idea, after all they are not creating their own ecosystem and instead they are relying on the ecosystem of another coin, but why do developers do this? And this simple to know, developers do this because this is faster, and since they do not really care about the development of their project at all then they try to rush the project to the door, so they can get financial support from the community as fast as possible.

[shinratensei_]

Some may not even do it because of money but didn't plan well.

Caused by they were incompetent developers and they didn't know what they should do about that. They are wasting their money to buy lambo. Those greedy amateur developers only want money and no more. They didn't even care about the product or even investors who have been contributing for them all to develop the product based on what they have promised. I would like those as scammers.

For example, everybody wants to be a developer and own a coin but did not do proper research before diving into it or has a proper backup plan if it doesn't work out the way they plan.

Not everybody is able to become a developer especially to create a new product that is fully based on the various programming language and new tech like crypto. The programming language was not easy and i do know that so well about how difficult to create a new product. They called themselves as developers when they have no idea what they will be doing.

[zonefloor]

As you said, there are definitely many cryptocurrencies and dozens of them are joining it every day. Projects that continue by emerging for real operation and technology prove themselves in every period and continue on their way. But, as you said, many of them have to leave the project halfway because they do not have enough financial support or cannot find it. Most importantly, internet fraud, even normal fraudsters, is inexhaustible. That's why it's really a good fit for cryptocurrency scammers. As a result, the vast majority of projects and tokens are created purely for the purpose of defrauding people. Such projects are not interrupted anyway, their aim is to make a big money smash and run away.

[yazher]

Most developers have only one vision which is making money that is why many coins doesn't grow and they failed because they didn't see the vision ahead.

After they gather huge funds from their investors, they are more likely to conclude their project and stop developing or updating it. to keep their community alive, they will keep updating them with news and some false promises which they don't have any actions or plan to really do it in the first place. they also keep changing their road maps which doen't really make sense and finally they will dissapear with their investors money. Most of the time, this is how the pump and dump coin works, so you really need to be vigilant to avoid them.

[timerland]

I believe developers saw the the vision of Bitcoin and try to explore from the vision  by introducing and making their own coin but they lost focus because they only have one goal in mind which is making money, forgetting the most vital ingredients in developing an asset. They forget that they are certain steps and strategies to undergo before accomplishing a good assets or goal.

Some of the reasons why I think some developers fail is because:

1. Lack of funding both the starting aspect and the launching aspect (lack of money to continue)
2. Failure in out righting frauds
3. Failure to evolve especially when the coin initially start bomming

Most developers have only one vision which is making money that is why many coins doesn't grow and they failed because they didn't see the vision ahead.

I honestly think that the dimension that a lot of people neglect is marketability.

Sure, you can come up with the best solution, with the most amount of funding by institutional VCs, etc., but if you can't market your coin/ecosystem to the layman, then you're probably not going to attract a lot of long term users.

This is why DeFi protocols like $FTM and $SOL are so successful - they appeal to the retail with cheap fees and fast transactions.

[Silberman]

The number of new projects that have sprung up makes the competition between projects even tighter and the less competitive projects will fail. most developers only focus on certain goals without thinking about future plans and that is what keeps their projects from progressing. therefore it would be better if we choose a really good project with a good team too because a project depends on the team and also the future plans of the project itself. The better the team that handles it and also has a good plan for the future, the better the project will be.

I would probably say that the competition among the top coins is intense, however the number of good projects that appear each year is very limited, especially if we compare them to the number of projects that were created during the same time span, so as long as project has good developers which will not quit the project no matter what and they are honest then their coin could easily make it to the top 100 coins in the market, and only once they reach that point is when they will begin to face some real competition, and that is when we can see if they have what it takes to beat other similar projects and make it to the top of this market.