Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Techno Dude on December 25, 2021, 02:59:02 PM
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Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?
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Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?
First of all, I want to clarify that altcoins are all cryptocurrencies with the exception of bitcoin, that is, all tokens are also altcoins.
Due to the fact that thanks to decentralization in this market, the open source code of coins, the admission of anyone to the possibility of creating new tokens, no one can control the emergence of a new cryptocurrency. Therefore, their number is already reaching 16,000 and, for sure, their number will continue to grow. Everyone has their own motivation for creating cryptocurrencies. Of course, in many cases, the ability to collect a significant amount of money from investors in the future cryptocurrency plays a role in the creation of cryptocurrencies. Someone has an idea for a new and useful use of cryptocurrency, while others use this opportunity just to get rich. We cannot influence this process.
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I think it is, they founders of new Cryptocurrencies/new Altcoins see here there is great potential for profit. So they create Altcoins and market them, if their Altcoins sell in the market of course that person will become rich. Moreover, if the Altcoin that the person created can be popular, of course the creator or founder of the new Altcoin will become rich.
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Yes, of course everyone wants to make money, so everyone tries to come up with their own project. I think it's good that there is a lot of altcoin, a lot of competition will only benefit the cryptocurrency market.
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@Techno Dude there is already a thread in which this same topic (and with the same title) is discussed, it is not necessary to open different threads to talk about the same thing since it is better for the forum community to concentrate the posts on the same topic in a thread, that way we also keep the forum more organized.
If you want to continue talking about this topic you can do it here: https://www.altcoinstalks.com/index.php?topic=126280.165
Thanks for your understanding!
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Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?
Just maybe outside Bitcoin by Satoshi, every other Alt token/coin is basically for the Devs to make money and this is not to say that they might not have some value to the system but making money is the top priority. Plus it is all not bad too, once there is completion amongst the same projects, investors will also go for the alternative. Imagine if there was not alternative to the high Eth fees ;D ;D ;D
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Solana ,Matic DOT, ADA etc. many people are interested in it at this time and they do not see about the prohibition that has occurred in several countries against cryptocurrencies so that the popularity of Solana, ADA, Matic has increased sharply this year.
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Because now it is very easy to make tokens, so everyone is making his/her token and launching it. You must invest carefully. Now there is also website where you just have to pay some fee and the contract address and token will be ready. That's there are now many coins.
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Yes, all the many projects and platforms operating in the cryptocurrency market - which is expanding largely by the way - are all here to make some good money but a good project should do it by introducing innovations or improving what can already be found in the market. Now, if one is just copying things and even getting into low quality offers then eventually it will never last and will just be eaten alive by this getting to be very competitive industry.
While we can be dismayed with the mushrooming of so many projects in the market, we have to understand that there is actually no way of determining which will eventually survive and make it so we might as well allow all to compete and see what will be. I am sure that some will really end up as winners and leaders while majority will be on the trash can and be losers -- this is just a natural progression of things and can be true with any industry even including the religious ones.
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It is a decentralized market that is not regulated by anyone. Anyone can create their own cryptocurrency and no one can prohibit it. And it attracts people to create cryptocurrency both the opportunity to introduce new ideas and the opportunity to make money on the created cryptocurrency. Therefore, more than 16,000 cryptocurrencies have already appeared on the market, and we probably know no more than a hundred that are worthy of attention. Others will either prove themselves useful over time, or will be forced to leave the market. This is a normal, natural process.
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Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?
I think several of them are scammers. Becareful, too many altcouns and tokens.
We must do research before invest, because I see many projects are RUG.
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Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?
IMO, I believe that the main reason is they are doing some "fishing expedition" Let us say that the crypto market is like an open ocean that has been much fish to catch, It is comparable since most of the projects are selling tokens in order to raise some funds for the development of the project that's why many people are doing that in a couple of years now with or without knowledge.
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You can also create tokens or coins yourself. But you just made coins, but if you can't bring those coins to Coinmarketcap, then there will be no profit with that token. But those who have created and popularized coins or tokens are still making money. And they had to spend a lot of money first to make the coins popular.
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Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?
Make sense, if you talk the reason why too many altcoins.
Their funder just interested in making money, because I see several projects are not potential.
That's my opinion.
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makes sense because developers create average altcoins with the aim of making a profit. because the essence of investment is looking for profit.
That's why many altcoins after being listed on the trading exchange on average can only last a matter of months, so the price can't last and the price crashes.
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seen that there are so many choices of coins at this time of course if you want to invest, choose a good one in the top 10 coins to be the best choice, my friend
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Actually, new startup needs a lot of money so in real life new companies sell their stock to their investors so they can raise that money. But in crypto projects sell their token to raise that money. It's almost like IPO in the stock market. I think there is nothing bad about this because these token also create lot of utilities in its ecosystem.
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I believe most of them are just making money especially the creators of meme tokens. They just made it to become rich quickly.. Remember the squid game coin scam..in just a short time the creator became millionaire.
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There are many opportunities in this Cryptocurrency, so many new coins/tokens nowadays. With this high growth of Cryptocurrency, it shows that the development of Cryptocurrency has experienced a good increase.
There is one advantage to this large number of new Crypto coins/tokens. That is, we also have the opportunity to participate in profiting, both from trading these coins and from the investments we make.
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Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?
I think several of them are scammers. Becareful, too many altcouns and tokens.
We must do research before invest, because I see many projects are RUG.
You think? of cause several of them are scammers and investors need to be very careful about what projects they invest their money on. How many times have we heard of scam projects doing away with investors' funds? that is what is the problem now, too many tokens here and there without good objectives, and even the ones that look genuine still turn out to be scams.
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I think many altcoins are really created with only one purpose, to make money on it. They have no other purpose.
I say many, but certainly not all
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Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?
As you said, their founders interest in making money.
I agree with this.
But I think It's good if there are too many altcoins and tokens.
There are many choices to invest.
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In my opinion, too many altcoins and tokens are not really a very important problem because the existence of altcoins and tokens can provide a lot of profit because the price movements of tokens and altcoins are very fast.
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In my opinion, too many altcoins and tokens are not really a very important problem because the existence of altcoins and tokens can provide a lot of profit because the price movements of tokens and altcoins are very fast.
That's true, too many altcoins and tokens are not important problem.
We hope they are not scam projects.
There are many chance but we should have good choice.
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In my opinion, too many altcoins and tokens are not really a very important problem because the existence of altcoins and tokens can provide a lot of profit because the price movements of tokens and altcoins are very fast.
That's true, too many altcoins and tokens are not important problem.
We hope they are not scam projects.
There are many chance but we should have good choice.
Scam projects are always be there, So we should be careful to invest in the projects.
Learning white paper, roadmap, and know about man behind their projects.
But It's not easy how to detect scam project.
Yeah too many altcoins and tokens, It's good for us.
We have more chances to invest our money
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Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?
I think we should learn about their projects.
We can have assumption their founders just interested in making money and didn't improve their projects.
That's the fact, several of them are dead projects.
But If the founders always improve their projects, I think those are very potential projects. We can invest on those.
We always see too many altcoins and tokens, be careful to choose them.
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Why are there so many altcoins and tokens out there..
Are their founders just interested in making money and getting rich? Or is there something else behind this?
I think we should learn about their projects.
We can have assumption their founders just interested in making money and didn't improve their projects.
That's the fact, several of them are dead projects.
But If the founders always improve their projects, I think those are very potential projects. We can invest on those.
We always see too many altcoins and tokens, be careful to choose them.
Every people want to make money.
But it will continue or not.
I think we can see the continuities of their projects.
the founders just create project and gain money or want to improve their projects and has long goal. You can see their road map and improvement of their projects.
So we should learn white paper, road map and always follow their social media.
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The market today is diverse with different projects, from popular to catfish that are unnecessary to no one. But now the market has suspended the mass release of projects.
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Yes, of course everyone wants to make money, so everyone tries to come up with their own project. I think it's good that there are a lot of altcoins; a lot of competition will only benefit the cryptocurrency market.
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I think it's getting rich is true... on behalf of the altcoins and tokens
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I think it's getting rich is true... on behalf of the altcoins and tokens
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It is just Bitcoin and few other utility coins that will prevail in the end.
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Why did you decide that, now there are a lot of good projects that are selling well on the market, their growth is noticeable every day.