The Launching Pad In Altcoin City has been red hot this week.
Yesterday alone saw over a dozen altcoins attempt to gain their share of this burgeoning market.
The quality was variable. Although there were a dozen ANN threads, several of the launches were dead on arrival. Other coins launched, each showing a varying degree of development. Here are a few that give an overall feel for the current climate.
Several Launches Hit The Wall Fast
AryaCoin was pre-announced in June and scheduled to launch yesterday, but the Dev cancelled the launch with this heartbreaking post. “LAUNCH WILL NOT TAKE PLACE IN JULY CAUSE LOW DEMAND AND INTEREST ABOUT THE COIN. NO INVESTOR FOR ARYA MEANS NO SUPPORT AND DEVELOPMENT FOR NOW.”
It seems AryaCoin has fallen to the challenge of the current crowded marketplace. Anyone watching launches closely must eventually wonder, “how many coins can be supported?” In some ways, it appears a practical limit is being hit. Other signs show no end is in sight!
The Tooth Fairy’s Plan To Put Coins Under Investor Pillows Has Stalled
ToothFairyCoin was ‘penciled‘ in for launch yesterday but there was no word from the Dev and the project did not launch. It’s a shame too, because this Dev team had a remarkable and unique Mission Statement: “Do you remember when you lost a tooth as a child? It was like christmas when you woke up and found money underneath the pillow. It is for this reason that we have decided to release Tooth Fairy Coin (TFC)“
With so many altcoins already in existence, can a whimsical, underdeveloped alt like TFC survive? It’s hard to say. With more choice investors and speculators are no longer forced to choose from altcoins that seemingly have no chance for survival. After months of watching coins come and go, and with hard drives littered with the wallets of DeadCoins, will people continue to support more that will likely end up in the Altcoin Boneyard? There are some signs indicating fatigue may be setting in.
FVZCoin Launches In July Using June’s Hot Coin Configuration
FVZCoin launched and was quickly added to Poloniex. The coin doesn’t appear to offer much in the way of innovation, but the Dev did manage to secure a Poloniex listing at launch. That was enough to ensure miners that they could get a return causing them to jump in.
FVZCoin is an ‘old school‘ coin compared to others launching in July. It uses the X11 algorithm for Proof of Work with no Proof of Stake. This configuration seemingly went out of style in June, but there are obviously some miners who prefer endless mining and X11.
Chances are they’ll get bored in short order and abandon the coin.
KeyCoin Defied All Odds To Grab 40 BTC Of Volume On Day One Of Its Existence
Looking at KeyCoin the average Altcoin fan would say the coin is a bit underdeveloped. The ANN thread contains almost no information and the coin appears to be a CopyClone in every sense of the word.
Despite the shortcomings, the ‘Dev‘ of KeyCoin managed to finagle a Bittrex listing and numerous traders started panic buying. KeyCoin has done over 54 BTC volume in its first 24 hours of existence while reaching a high of 99000 Satoshis.
KeyCoin proves that it doesn’t make much to make an impact in altcoins, especially during the initial launch phase. Assuming the coin had a 0% premine (which is seems to have according to the Block Explorer) the Dev and his Insiders instamined and then immediately places the coins for sale on Bittrex. Traders rushed in and panic bought the coin all the way to 99K. The Dev now has a choice of sticking around developing the coin or he can immediately launch a new one so he can ‘rinse and repeat‘ for quickest profit.
There were many other launches in the last few days but these coins provide an interesting overview of what’s happening right now.
Altcoin launches show no sign of slowing down and miners and investors show no sign of demanding quality. There seems to be some fatigue setting in about certain subjects, but overall it still seems that every coin that launches still has some chance of support.
Altcoins are still in a relatively unsophisticated stage where the main adopters of the coins are not demanding much in return for their electricity or Bitcoin.
We’ll be keeping an eye out for more. Thanks for stopping by and reading. If you have any comments, feel free to leave them below.