Let them be thousands shitty Alts, let the newbies and losers mine this SHIT, therefore less hash rate and low difficulty for REAL coins.
Just my 0,02$
this is true
It dilutes (or redirects into the pockets of coin devs and speculators) the fiat flowing into "real" coins, thus making them less profitable to mine as well. This is a tragedy of the commons situation as others have noted.