Topic: 95% of cryptocurrencies are fraudulent (Read 1349 times)

This is an additional warning of how easy it is to captivate masses of gullible investors with an unsecured, playful financial asset. Any novice investor should think three times over whose fantasies he is giving away his real, hard-earned money.

Most of the banks also said the same thing. I think they are worried about the existence of crypto at the moment so that it makes bank transactions not run normally. And the profits they get from money transactions in the bank will decrease. But in the end they also returned to crypto by making digital money. They are just ashamed to admit the greatness of blockchain technology. If banks currently utilize blockchain technology, then they will be more profitable than fiat currency transactions.

Was supposedly to be a meme coin but it did turns out to be a good one after all the years and its been existing almost the same on when Bitcoin had existed or simply means it is here for a while now.

People had recognized its usage specially its cheap and almost instant when it comes to transaction confirmation.We could really say that most of coins existing on the market but there are things

which are really having that potential and its up to you on which one you would really choose up so its someone to take up risk.

The person the created dogecoin did it in a few hours without really considering anything really technical about the blockchain, it was created initially as a joke and it has now grown to become one of the top coins in the market based on pure speculation and no fundamental characteristics.
 This is how easy it is to create cryptocurrencies and scammers have recognized this and are utilizing this to the fullest. This is why the blockchain market is flooded with cryptocurrencies that have little to no value, while other cryptos are just pure scam

invisible hand will help to purge the crypto market. users and investors will choose reliable projects and fraudulent digital assets disappear in evolutionary way.

It has become very easy and simple to create your own token. And if, at the same time, the cryptocurrency sphere attracts increased attention of inexperienced investors, then why not scammers take advantage of this by creating fake crypto projects. Moreover, some famous personalities with their tweets can easily push the price of any, even the most mediocre token.

In general, it is, but such is the nature of the crypto market. Almost all assets are speculative, except for those that relate directly to blockchains.
In the future, I suppose, the entire top of the coin will consist of coins of this type, and the rest of the rubbish will disappear.

In general, yes. But we are now living in a time when the cryptocurrency market is highly speculative. Within technology, most coins are really useless and will likely disappear in the future.
But for now, this is finance, this is cash injections, this is money, they will live while people trade them on stock exchanges.

Dude.. I was there in 2015 as well. There was no shortage of shitcoins back then. The only difference is that back then we had only 5-10 new projects every month, unlike the hundreds we have nowadays. But even then, a majority of them were shitcoins. And I have lost money with shitcoins ever since 2013. After 2017/18, I became more cautious and stopped investing in shady projects. But I can see a lot of people (mostly noobs) still investing in such projects, and losing up to 99% of their capital.

I think he is right. Because there are more garbage coins in the market than good coins. Many more new coins have been created during this bull run. If you look at the list of CMC, you will understand that there are thousands of coins in the market but we may not know the names other than the first 50-100.

Yes, the development of crypto is extraordinary. many new crypto assets are alternatives for investment. this makes the crypto market with many adoptions from large platforms entering the crypto market even more crowded. and the downside there will be more and more scammers present in the crypto market to cheat.
where there is profit then there are scammers who will take a loophole for them to commit fraud.

From how things showing up, it's more on the part that most so called developers are just here to create scam projects,
with those thousands of coins and a lot of newly created project it's really hard to sort which is which that really offer long term
development, project that have real usages.

As investors/traders, there's  a need to make sure that we really go deeper, it's a good way to understand the true intention
and what are the potentials of the project that we are willing to invest with.

I think almost every new crypto investor is aware of scam projects or should be made aware of it… if the comments were based on 2015 when only bitcoin and ethereum were the two leading crypto options but right now in 2021 there are very good projects with good product to invest in

The first place these kind of technology is out of control reason anyone can make projects immediately without any authorization even some of them are not professional and sometimes the intention is to scam other people, that's why as well a lot of people saying investing is very risky aside of being so volatile of it.

That tells that only a few of the investors are really successful in investing, well, I'm hoping that they will eventually think, change their mindset, don't view crypto as a Ponzi scheme because it never is, only an investor that is lack knowledge would think of that. The more crypto gets popular, the more scams are happening, it's simply because of the lack of regulation, hence some coins are highly manipulated.

Yes because so many newbies don't do recerch and put there hard money on some shit coin which they think they will become millionaire in one day that's why they say that.

There are more and more altcoins appearing in the market, but only a few currencies in the crypto market are profitable and worth investing in.
Most altcoin project parties do it for themselves to profit from it. Many currencies will make a lot of profit at the beginning, but over time, the project will manipulate them for profit, and eventually the currency will become worthless.

Cant agree more. In 2015, percentage of worthless coin is 95% and this percentage may have gone up to 99% in 2021. Since there is so much crypto getting launched everyday (as of today there are 11952 cryptos on CMC). Censorshipfree nature of blockchain allows everyone to launch his own coin, that's why there is no way we can stop shit coins and scam based coins.

That's right!. Compared to 2015, in 2021, the development of cryptocurrencies is staggering. unknowingly creating space for projects created solely for the purpose of fraudulent. Shitcoins are everywhere, which is really dangerous for newbies. Everyday there are hundreds Shitcoins created and it is difficult to distinguish. The best thing is to always be vigilant and do your own research before investing in a project.

The content of Neel Kashkari speech is very true, because he criticizes cryptocurrencies and dares to say “95 percent of cryptocurrencies are scam”. Cryptocurrency will always be the right medium for fraudsters to get money in a fraudulent way, and until now there is no formula to stem their actions which are very troubling to crypto user.

On the other hand, Neil Kashkari statement gives a bit of a negative issue for the development of cryptocurrency, given that he served as president of the Federal Reserve Bank of Minneapolis. As we already know, the trend of investing in cryptocurrencies is increasing even though crypto movements have high volatility, but many speculate that cryptocurrencies will become future investment instrument. This makes the monetary authorities, namely, the central bank in several countries is increasingly threatened by its role due to the exploding prestige of cryptocurrency, so inevitably the central bank must be active and follow the flow of the cryptocurrency trend.

One example of a bank that follows the flow of cryptocurrency movements is BAHAMA, The central bank of the Bahamas is starting to catch up with China and Cambodia which have launched digital currencies. Now Bahamian dollar can be loaded into digital wallet and smartphone. Of course, digital wallets are more practical than credit cards. To date more than 85% of the world central bank such as the European Central Bank (ECB), the Bank of Japan (BoJ), and the Federal Reserve (The Fed) have started investigating their version of digital currency, This experiment was carried out to follow the flow of cryptocurrencies that began to threaten their existence.