Many altcoins set out with legitimate uses, strong communities and active development teams. Some have descended into parody, with collapsed values and eerily quiet forum pages. Yet others were heavily pre-mined scams, or joke coins that never seriously aimed to have a real future as a digital currency.
One could argue which altcoin is the most innovative, the most noteworthy or the most notorious of 2014 until you were blue in the face. And many altcoin fans love to do just that. It's perhaps more fun, though, to take a look at some of the more unusual coins we encountered in the past 12 months.
Cantor lost to a more conservative opponent during the election, and stepped down from his leadership post shortly after the loss. Long considered the Republican Party’s strongest link to the Wall Street giants that finance the party, Cantor resigned from his seat in August and has since taken a position at a New York investment bank.
Indications on Bitcoin Talk suggest that watcoin was the subject of a community takeover over the summer, which resulted in a brief rebranding effort that saw the coin dubbed "Wanted Attainable Traded", or WATcoin. However, the thread seems to have gone silent in August.
The fundamental reason for a cryptocurrency such as Bitcoin or an Altcoin to exist is to serve its users, the only reason why users will engage with an altcoin is, if it is solving a problem they have. Some Altcoins promise to solve problems we did not know we had, for example, LBRY is creating a pay-to-view content system, while others such as Crown Coin, Dash and deCRED are variants of Bitcoin. They are solving the same key problem in different ways. An investor needs to predict who will be the best at it.
Others like EDC and iEx.ec are bringing blockchain or decentralisation to problems which have been addressed by centralised solutions. For an Altcoin to have the wind blowing in its sails, it needs to get the very basic core mission both right the functionally, the context and the timing right.
Cryptocurrency developers and spoke persons, give a face to the project, they consolidate information and can be the champions and evangelists. Spreading the idea and solution to the masses. Any U-turn by these coin champions can have serious adverse effects on the coin’s value. These spokespeople become keyinfluencers because naive investors delegate their thinking to them.
Altcoins usually have a core following which are true believers in the project. These believers are a mix of the founders, developers and those with a vested interested in seeing this coin flourish either ideologically, or for monetary reasons. These groups will promote the pros and try to find solutions to the cons.
Malicious market makers, pump and dump coins while they skim money from both the greedy investor and the fearful investor. The pumps take place through a hype, promises and fear of losing out.
Can the price of a crypto-currencybe manipulated easily by externalagents intent on causing harm? This question is more important in the future than today, when investors will be able to invest in cryptocurrency ETFs. When these are approved by the SEC, these ETFs can be used to do naked short selling. This system allows speculators to bet on the downside of a coin, this is done without owning any of the actual coins hence the term “naked”.
Regulators have the power to destroy the viability of a cryptocurrency overnight, at least within their own borders. Indeed cryptocurrencies are somewhat resilient to such an attack because of their decentralised design. However, the owners of such cryptocurrencies are not. Probably 99% of cryptocurrency holders are good, law abiding citizens.
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