Are All Altcoins Bad?
The question is why do some people generalize all Altcoins as bad? considering there are over 3000 of them out there. One would not have the time to go through each project one by one. to analyze the project. team etc everything behind each crypto project.
There has to be some project out there under good intentions. Not all projects could be a scam. I admit I only have a top 4 i consider when it comes to best coins. But yet many should be decent at least honest projects out there. Afterall we do need more projects. more quality projects out there in order for crypto to succeed.
Nobody is saying "all altcoins are bad" but majority of altcoin projects are pointless to begin with. Imagine projects sprouting with the same aim, and the previous existing projects sometimes have better vision than new ones. If we are to follow an ideal altcoin system, newer projects ought to be revamped comparatively but that's mostly not the case. I think there are too many projects sprouting, and most of them are mainly to make the team members rich and nothing more. The few projects with genuine interest get affected since investors are now very skeptical to invest in any altcoin, especially new altcoins. Not all altcoin projects are scam I admit, but to limit risk taking, atlesst 70% of my long term holding is in BTC.
We've now got more than 3500+ altcoins. Everyday this number keep on increasing. If you go through every new altcoins listed there'll be features and promotions that state it to be better than bitcoin and other top altcoins. Here we can't say only 20 has got potential, more altcoins are good but it is hard to find. Maybe the luck gets us to find it, and everything getting tokenized is the reason for for the existence of such a large number of altcoins.
If you pick a random coin out of the coin population and compare it to another random coin and then ask yourself how the two are different, you'll probably be unable to answer the question. That's because so many of them are just clones of something else, slapped with a new brand name and marketed to people who don't know any better. It's sad that some people buy into that hype and become bagholders while the coin devs are laughing all the way to the bank.
But they simply not see that there are more use cases for block chain. Right now we have a lot transparent ledger payment coins. That will not last. I mean they will exist but will have 0.00001% of Bitcoins marketcap. Same as wil happen with normal cryptocurrencies. There will be some, but will have 0.0000001% marketcap of Monero.
not all altcoins are bad, there are many out there which are worth it. The issue is, most or rather a majority of them are worthless so giving people the mindset that all altcoins are bad. Also, this idea comes most of the times from those who aren't well granted in the crypto space or those investing based on hype. A coin like Eth is an altcoin but one can't say it is a bad coin, others are XLM, ADA and so on are also worth it. So in all ramifications, majority are bad while a few are good. it caused some people were getting a bad experience with icos and that happened so many times. That's why some people may call all of the altcoins are bad coins.
But this is for a coin that created through use ico as a way to raise the funds but if that has already created through use the normal development progress without done an ico and they will call that's a normal thing when happened with a coin that the creation without using the funds.
Indeed, if more projects can make crypto a success. But now it's very hard to judge a good crypto project, this is all a lot of projects that are scam so that investors have been cautious about investing in new projects. There are even some very good new projects but not reaching targets in the IEO or ICO.
But i just take this as their opinions. now, they are blaming or generalize the bad altcoins based on the reputation of the altcoin itself. Maybe, there are some still saying all altcoins are bad but that's not a problem as long as we cna still do our judgment based on the fact.
I don't think anyone will say all altcoins are bad but considering the number of total altcoins which is about 3000 then the worth of altcoins to be invested is about 20 or something then its not a wonder that people generalize altcoins as bad.
We no need more projects in the cryptos, we have enough all we need is adoption not the new crypto projects. make you own research and decide your own opinion.
its your money dont let others people opinion to affect your decisions before you think about it from every angle.
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