Re: Important to know: Difference Coin / Token and shady marketing practices
Perhaps you forgot your own topic about altcoins which, in my opinion, is surely helpful if you add it as should-read documents.
It's helpful for sure but as a main purpose of my topic, I wanted to outline the technical differences of coins and tokens. Looks like my article got a bit too detailed, especially my parts "False marketing is deceiving buyers" and "ICO, ITO, Shitcoin and Shittoken". So main purpose of my topic was to outline the technical differences of coins and tokens.
Maybe we can create a list of topics about dangers / common mistakes in relation to Altcoins in a new topic.
I've created one more topic aboit Shitcoins:
Is diversification into different coins really a good advice for Newbies?
Bitcoin vs. Altcoins – projected Marketcap
So, for the sake of accuracy, these products are called "Alttokens" instead of "Altcoins" as long as they are still a token. The popular term for such products would then be "Shittoken" instead of "Shitcoin" accordingly.
Won't the term alttoken imply that there is an original token, much as Bitcoin, a legitimate first one that somehow is fundamentally different than the rest?
But since tokens (based and derived on an existing Blockchain platform) are never original, I'm not sure.
Maybe we should just call it "shittoken"?
It is important to note that being a coin and running on a blockchain does not give any extra legitimacy to the project. The developing team can put in a little effort to creating a crap blockchain and investing loads on marketing.
Same might happen to a token. But a coin has more potential if a team is honest and genuinely good in coding. That's why we need to do additional research on top of it. This is not false advertising cause it is actually a coin but a shitty one.
No, advertising a token as a coin is false advertising if it's technically a token. That's false marketing by definition. If you buy a pinapple but get an apple, that's not what was advertised...
So, for the sake of accuracy, these products are called "Alttokens" instead of "Altcoins" as long as they are still a token. The popular term for such products would then be "Shittoken" instead of "Shitcoin" accordingly.
In your example it will be tokens and not alttokens, cause there is no top token the way we have Bitcoin and it is not an alternate version.I am okay lumping them all as shitcoins or altcoins, cause making a distinction makes some look more valuable than the others.
- Jay -
Scammers find it easy to launch a campaign because its easy to create a token and the supply is already created and easily distributed on ICO, for a project being hosted in a chain to prove that they have a use case needs to have a solid roadmap and skilled developers to back up the project, to set them apart from a developer who just created a token to make money.
+1 