It is not necessary but that is just the way many newbies think, they see the profits bitcoin gave at the beginning and the profits it can give now and they think they are receiving the short end of the stick, with this in mind they prefer to look for other new projects to try to replicate the success that the early adopters got, we know the chances they will do so are almost zero but newbies only see the potential profits and nothing more, and then once they lose their money they claim they were deceived by scammers when in fact they deceived themselves.
I agree this is a continuous cycle that newbies go through and the only profit maker is the ones running these shitcoins over and over again without revealing who they are are evading legal problems.
I see this trend more in the crypto sector, while in fiat sector, people prefer to buy stocks of those companies which are well established at low price and hold it for the dividends and selling profit. I can see that same effect in bitcoin, and considering the low risk in long term holding, I dont get why newbies want to enter into newly launched coins. Are they so much of Angel investors that they want every project to profit? Then they are being a fool because this sector is full of scammers.
No need for the shitcoin maker to reveal who they are because what they are doing is not right anyway but those coin creators that believe that they are offering legit projects should not be afraid to expose their identity because that gives confidence to the investors. We think this only happens with crypto because we mostly hang out here and the numbers of cryptos are now huge but this also happens outside cryptos.
Till now, I can see news reports about people crying and wanting their money back because they got scammed by some shady company. Newbies love new coins because it's still new and they think the potential to earn is bigger than older coins.