Post
Topic
Board Altcoin Discussion
Re: How we crypto-geeks get it wrong & the reality of altcoin success.
by
oldmarsh
on 25/07/2014, 12:18:41 UTC
I think you are looking at this the wrong way because most altcoins aren't actually striving for mass user adoption and to build a lasting currency, they are largely just created as pump-and-dump schemes to make people money (either the devs or some traders). And the large majority of people who trade altcoins do it for profit and don't ever actually use the coin (not that you could if you wanted to for many coins anyway). I know when I was trading/mining alts I probably had over 20 different wallets over that period of time and never made any transactions other than sending coins to and from exchanges or mining pools. So alt traders make their money from people who get tricked into believing a certain altcoin was made for any other reason than to make these people money.

I've seen the altcoin scene quickly devolve since the release of Dogecoin at the end of 2013. The release of new gimmicky coins started to really pick up around that point and then went into full force in early 2014. And it is almost now 100% about creating the next pump-and-dump that will make you a profit. Kind of sad really as people trying to launch a legitimate coin, like it seems you might be trying to do, just get drowned out by all the scamcoins.