Quote from: mosley on February 17, 2014, 04:07:11 PM

Agree with this completely.

http://www.bitcoinsachs.us/editorials/we-need-to-talk/

This is indeed an interesting read thanks for posting this.

It is an evolutionary phase we are going through with all the altcoins.
In the dotcom boom there was a time when websites like pets.com were valued in the millions.
A catchy site name a good team to put all the right things together, VCs, IPO, everything was running like a clockwork and made a lot of money. The focus of all these sites was more and more only to make money and not about the purpose of the site.

This is very similar to what we see today in the altcoin space. A coin launched well with a catchy name and all the usual ingredients that worked well for others in the past plus some additional refinement of the mix and with a little luck it will launch into the stratosphere. A lot of energy is spent to get all the usual websites up and running and the coin explorers, the pools, and get the coin listed on the exchanges. The whole purpose of the thing is to get the money printing machine running, nothing else.

One can do now an interesting thought experiment. The question is: Would anyone in the community spend that kind of energy to get a coin going if there would be no money be made from the whole process? Likely this whole forum would not even exist.

If a lot of money is to be made it always changes the behavior of the people. All the thoughts are controlled by greed, all moral is left behind.

I think it was one of the old members of the Bitcoin community who created the first coin creator site, fully automating the process of coin creation. Why? Just to catalyze the inevitable outcome of the whole process the altcoin space is currently going through, a complete collapse. Maybe it will still take some more time to get there, but things are getting old quickly.

In the end progress can only be achieved by hard work, as the author of the article said, this hard work is not sexy and doesn't make a lot of money. Often the true visionaries are not rewarded at all.

Titan