[Good Question-Good Answers] Question: Based on the history of crypto, Some investors consider altcoins as knockoffs, created to duplicate Satoshi's success.How true is this?

Guest

This may be true. There are many reasons why altcoins exist and the main reason is that anyone can create one in a permissionless fashion. Other people have created altcoins to compete with bitcoin and the projects claim to offer better privacy, more decentralization, or they focus on something that bitcoin cannot do.

i don't think its true, altcoins is alternatives bitcoin (mother of crypto) i think isn't not a bad idea, altcoin can improve on Bitcoin's flaws, because Altcoins are generally designed to address a perceived shortcoming with the Bitcoin framework, whether it's speed, mining cost, or some other factor. and provide competition, by tweaking the rules under which Bitcoin operates, altcoin creators make space for new competitors to the Bitcoin system.

Serious investors with good understanding of cryptocurrency history get skittish when you mention or advertise altcoins to them due to the news making rounds all over the internet, thousands and thousands of people have been scammed in their quest of investing in cryptocurrency, even with my own understanding of cryptocurrency i too have been a victim of scam, twice, one was a bug that changes your wallet address when you copy it and paste it to receive or send crypto, my own ordeal was when i copied my remitano wallet to send to a friend of mine that sent bitcoin to me, not knowing a malware was running in my system, so the address was changed and the bitcoin got transferred to the malware wallet that got changed, the second one was when i tried investing with someone on Facebook that claimed to be a bitcoin miner, that if i invest $300 to receive $1500, on the day i was to receive my profit he requested i pay $200 for mining fee, that is when i realized i have lost my hard earned money,i told him i do not have the $200 he told me i cant receive my profit if i do not transfer the mining fee to them, he blocked me the next day after i threatened to report his account on Facebook, you can imagine me, with the extensive knowledge i have on crypto currency got scammed twice, even me per say feel skittish in investing in some altcoins because any one with advanced programming skills can easily create an altcoin, write up a white paper to get people to invest in it and run away with our funds. so you can see ugospecial, this is very true. and this is just from my end. you can imagine others that has lost thousands what their point of view would be.

isn't true, Altcoin can do what Bitcoin can't do, ex: invest with low cost and also Altcoin will be competitors for bitcoin

I don't think it's true. With the creation of altcoins investment becomes more interesting as investors would have choices of investment to make. With the creation of altcoins competition arises in the market. Investors making more profit

I don't think that it's true, though generally altcoins sees/sell themselves as better alternatives to Bitcoin thus trying to target the perceived limitations of Bitcoin and must have a competitive advantage to succeed against Bitcoin thereby establishing superiority over Bitcoin wich is normal for growth to be attained in any organization.