I like to think cryptocurrency exists because there is no one to tell us to stop, or what we can do with our money, or how we transact our financial affairs, Like it or not, this is what unbridled freedom is: beautiful anarchy. If anyone has the means, they can create a new coin of their liking, without limits, rules, and the permission of an unelected authority. And it is solely up to you, the investor, to protect yourself from losses. I wouldn't want it any other way. Like every thing else in the world, the good far outweighs the bad, especially when you consider benefits of the open-source software.

Like a true free market, cryptocoins with integrity, innovation, usefulness, and loyal communities are thriving. They are not hurt by the proliferation of alts, nor would they be helped by limiting them. It is not particularly difficult to identify good coins, especially with the resources of the internet. I have the notion that greed plays a large role in people chasing these new alts and getting burned. For that, they are rightfully punished. For those who naively stumble into the trap, well, eduction ain't free.

What the community members can and should do is police itself, rout out the serial scammers and endorse good coins based on the criteria above. Everyone will benefit here.

Long live cryptocurrencies and open-source software!