What a week it’s been. My head has been spinning at the sheer number of crapcoins being released. If you’re mining/invested in any of the coins I’m about to list off, it’s time for a reality check. The majority of them were released with bare minimum difficulty, so they were all instamined to death. All of these coins are either scams, or so poorly put together that they have no future. The fact that some of them have forum threads well over 30 pages is extremely embarrassing for all involved. Let’s begin.
CatCoin/KittehCoin
There’s been CatCoin, a wannabe dogecoin, shortly followed by KittehCoin, a wannabe of the wannabe. If DogeCoin is a horrible investment, how bad does that make these? Surprisingly, people are paying real money for this garbage over at CoinedUp. You never cease to disappoint me, altcoin section. Both of these coins have many technical issues wrong with them, but are so bad otherwise that there’s no point in such an analysis.
HamsterCoin
Again with the stupid animal themed coins. Of all the coins that have no future, this is probably the worst offender. I’d sooner invest in CatCoin than this garbage.
HotCoin
HotCoin is not so hot, having a 2 million premine (equal to 6.89% of total coins) and is released by a developer who shows extreme incompetence. He didn’t even put the source up on github.
XmasCoin
This list just gets more and more ridiculous. Just what we needed, a coin based on an Anglo-saxon holiday, 3 days after the fact. Absolutely brilliant.
BillionCoin
This coin’s killer feature is a chatroom in the client. Praytell, why the hell do I want an IRC client built into my wallet? Worst gimmick I’ve ever seen.
iCoin
5 million premined. Horrible name that Apple lawyers would have a blast with. Not even worth consideration.
Dimecoin
What is this supposed to be, a clone of pennies? This coin is awful at every level, and that’s not even taking into account the massive premine it had. Avoid.
SwagCoin
Made by the same guy who released snowcoin. Never hear of snowcoin? Exactly. If you have, you might remember him as the same guy who was too incompetent to compile a windows client. His latest attempt at a coin is just as pathetic as his first.
QuickQuickCoin
Despite having perhaps the worst name on this list, I take a bigger issue with this coin. It was released without the proper mining parameters disclosed to the public, so that the creators could effectively premine it until people figured out what was going on.
https://bitcointalk.org/index.php?topic=389593.0
You forgot dubstepcoin and it’s fake launch…
You forgot Dubstepcoin, total failed launch on Saturday, they hope to relaunch on Monday LOL too funny
CatCoin’s a crap. A wannabe DOGE and the release was delayed by 3 hours because the dev probably could not generate genesis block, the official pool was dead and most of other pools didn’t drop coins. I don’t know why it’s worth this much.
It doesn’t change the fact that some of these coins will inevitably be profitable both to mine and trade though, does it?
Hummm and there’s this Grain coin thing with its huge premine 1% of 50 billion coin, rofl, what a joke…
I’m a fan of altcoins (including some you label as Scams) but it’s only going to get worse from here on out. I saw at least 5 new coins launched today alone on Bitcointalk. For every decent coin that has a chance I’m guessing there will be 10+ scam pump and dumps. :/
All this new altcoins was my inpiration to make a parody about it.. for that I created Piggycoin (It doesnt really exists (yet haha))..
Piggycoin Trailer Video: http://youtu.be/mahlFYS69_U
Before the Proper Trailer I made this Video: http://youtu.be/z6HFZ7QJsKc
I think Hamster coin will be successful. This might be last coin with an animal name.
I take it we are all waiting for the long awaited launch of Coinye?
If many makes coin, there will be many god coin. Smile. Be happy.
I think the altcoin boom is over. If u didnt make money off the boom in the past 2 months its too late now. With services creating altcoins in minutes and some ppl offering free altcoin creation services it has become a joke. There are at least 15 coin launches per day everyone with a dream to make a lot of money. Even miners have become so greedy where multipools dump the moment a coin launches and they also complain of premine hypocrisy. Every coin released in the past week even with huge hype failed to gain huge returns like we used to see.
I think the next opportunity will be in next generation coins that have unique features, the sha256 and scrypt altcoin boom is dead as far as I know.
For daytrading there can be hundreds. For everyting else…!
Great insights and tips on your blog, thank you!
Would you please enlighten me: do you consider PhilosopherStones (PHS) and/or MemoryCoin (MMC) to be some sort of crapcoin?
Have you considered making a crapcoin chart and crossing it with CoinMarketCap? It would be awesome!
COME ON HAZARD!!
Wrong on Dogecoin
Right on Stablecoin
Wrong for being an ass all the time
Right on Quark
Wrong for NOT POSTING ENOUGH REPORTS. We need more reporting on this website Hazard.
Right on tho, pretty much RIGHT ON
Need more updates Hazard. Your posts are awesome a lot of great information. Lots of new coins launched what’s your insite
Please post a good report on good new coins. For instance due to the crappy giveaways from all the pre-mined coins. Coins like Nutcoin are falling through the cracks.. Great coins with massive potential dont get enough publicity due to this pre-mining crap.