Why are people creating them and what is the ultimate value IN them? Unless people will trade real-world items for these multitudinous currencies with such diverse (and some crazy/silly/nonsensical) names, and the trade value is legitimate in the seller's/buyer's eyes, what is the point?
After watching catcoin being released, all of the value in new coins are now established in the first few hours of mining.
people are releasing coins and spamming hype everywhere to pump up the value of the coin they're heavily invested in from t=0. once they see a 10x, 100x etc. return purely from hype, they dump it , and buy yachts or bitcoin or something.
99% of these coins are doing nothing but making the first few people rich. everyone else is left holding the bag. 99% of these coins are not worth holding, and not worth the hash rate to mine them.
