When I first got involved with Cryptocurrency, there were two coins : Bitcoin and Litecoin. Things were easy to understand and there was no doubt that a lot of hard work was put into these coins by the developers.
Over the years, a few more coins were released based on Bitcoin or Litecoin, with some minor tweaks and improvements. Still with hard working developers who had an entire future planned for their coins. The future looked great and it was anybody’s ballgame.
Fast forward to today, and you can pay 0.05 Bitcoin to have a coin generated for you through the CoinGen website. No knowledge about coding required , just a few clicks and all you have to do is pay for the service. Once done, just release your coin , hope an exchange picks it up , and dump all you have.
Future planning isn’t required either anymore, because when all your stock of one coin is dumped, you can just get a new one created the same day , rinse and repeat without consequences. All because of CoinGen. A service that should have never seen the light of day in my opinion.
Now I know you can debate any altcoin is a Litecoin clone anyway. You pull the sourcecode from GitHub, change a few lines , et voila, your coin is ready. But at least those clones required SOME effort , and no one offered that kind of “pay us, we will do everything for you” – service to every unexperienced coder out there.