- Altcoins or Shitcoins and their problems
As we start 2018 the alt-coin market is booming. The bitcoin market share is record low, and new alt-coin projects are coming out literally every day.
Let me start of with an analogy. It all reminds me of when the kickstarter page came out. Remember when there were only few new ideas on there? All fresh, all very groundbreaking, useful, or innovative. Little time has passed, people started realising that the page can bring them money so they started posting almost every idea for a product they got on it, little more time passed and people realised that they can even copy someone else's idea and post it as their own.
I see a lot of similarities with alt-coins. People rushing to promote an idea that is either copied, isn't contributing to anything or its just lies and fake promotion. And while kickstarter is a platform that is run by someone, and therefore the content is checked to at least some degree, alt-coins aren't. And this is an area that we need to work on.
We need an organisation or community which would check the white papers, backgrounds and employees of these alt-coin projects. I am talking about just facts. No suggestions, no investment tips, but pure facts.
Its easy to make money of the hype from some of these projects because they have such small market cap. But what it means if the team behind it isn't even committed to deliver what they promised? And if they make enough money from pump, there really isn't any initiative for them to continue with the project. We will see the fall of some of these coins in 2018. I don’t want to be a pessimist but I just can’t see it otherwise. And when that happens it can either impact very small group of people or millions of dollars can be lost, in which case the media is going to pick it up and if it’s one of the big alt-coin projects it can shake the whole cryptocurrency market...
Ok I got carried away but you get the picture.
- Communities vs organisation
Like I already mentioned we desperately need a valid source of information on alt-coin projects, but where?
Now a problem with communities like this one or reddit and some others is that many people are investing with hearth instead of their brain. They believe so much in one project that they are literally blind to the facts and are defending their ideas too much. The other problem are the people who bought high and are now only trying to get other investors to buy so they could raise the price.
The problems with organisation, blogs, youtubers, or news-sites on the other hand is that you really never know when they are promoted to say something...
Which gets me to the start: we need a place where there are nothing but facts about these projects!
- Own research?
Well yes! Always do your own research! And double check the facts. But there are so many different alt-coin projects out there that it can't be handled by one person, and keep in mind these project are just the start, many more are on the way. We are still in the beginnings of it all.
*please keep in mind I am not a native english speaker so there might be mistakes
*i am sorry for the kickstarter analogy, it is still a great site, I am just saying a lot has changed since its beginnings
*please write comments where are some of the places you get your info from?
*keep in mind this is only my view, keep comments civilised and do contribute your take on this problems
*invest smart people and don't let the greed get you