95% of cryptocurrencies are fraudulent - page 2.

kanayaTabitha

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Quote from: Alikhaki123 on August 19, 2021, 10:21:43 AM

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

Bank's people always find the weakness of cryptocurrency to make the public not using it and still using conventional banks in the future.
Yes there are a lot of garbage coins out there because the easiness of crypto token creations, but there are maybe a hundred thousands crypto currency out there which mean the 5% rest is not few numbers.
There are a lot of good cryptocurrencies coin that really give the owner a good service and promising future plan. As an investors we have to be smart about choosing which coin that we want to buy

midaslordes

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I disagree with you maybe you just experience investing to plenty of cryptos that turns to be scam/fraud. I think that you should you much more researching first before engaging and entering yourself to crypto investment to about those circumstances.

herizal85

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Most of what he said is true, when we get tokens and the price is zero, along with the run away of coin developers who don't care about the coins they want to promote it will make some cryptos not trusted anymore. It's really sad if this will always happens and happens to us as bounty hunters.

blockman

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Quote from: Jaered on September 17, 2021, 06:27:31 PM

I think he's right to an extent. Most alts are just plain garbage, in fact the DeFi space and NFTs made a surge in the churning out of these shitcoins. I envisage in the near future, a purge would happen

Yeah, for each of the space, not all of the projects that are existing are good to invest. We can ignore a lot of it and love a very few of it. Just like with those spaces that you've mentioned. I'm into an NFT but that's not just all about arts but it's also a game that is very popular. But that doesn't mean that I'm very optimistic with the other NFTs. What I'm liking on it is that I understand the risk and how it will be beneficial for me to stay on this NFT and aside from that, there really were a lot of involvement from scammers and that's why someone who invests on these should take care and be wary.

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Quote from: Maestro75 on September 17, 2021, 03:14:16 PM

Quote from: Alikhaki123 on August 19, 2021, 10:21:43 AM

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

What Neil Kashkari said is common knowledge but how did he get the percentage that it is 95% of today's cryptocurrencies that are garbage or it is just his imagination with the data? Newcomers into cryptocurrency should be very careful with the tokens they buy. Do not choose a token because it has a cheap price because that may also be buying a scam token or abandoned one. Be careful and do your research before anything else.

We can make our own percentage on our minds and its totally a personal kind own of view since no one could really say on how much percentage of trash tokens or shitcoins in the market.
Fraudulent? Its not surprising because there would be lots of scammer devs which would really take advantage into those newbie investors thats why its really important that you
should really be keen or careful on choosing which project you would tend to invest on.Stick with the top ones and you would be saving up your ass
on this kind of problem and avoid with the risk.

Jaered

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I think he's right to an extent. Most alts are just plain garbage, in fact the DeFi space and NFTs made a surge in the churning out of these shitcoins. I envisage in the near future, a purge would happen

matchi2011

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Quote from: Mr.Noda on September 17, 2021, 08:02:04 AM

Personally, I have chosen 10 cryptocurrencies for long-term investment that fall into the top 50 of the coinmarket. Everything else I consider to be digital junk.

point is there as the chance of those asset outside top 50 depends with how the community will support them, unlike assets who already gained enough support from both traders and all those investors, with continuous developing and with adoptions that will take place the chance is high to provide decent profits.

Quote from: Wong Gendheng on September 17, 2021, 11:29:55 AM

The latest data from coinmarketcap is that there are 11,950 registered coins available on the market, the number of coins and tokens will make the competition very tight so that many coins only last a month in the market, this is the importance of the community immediately making regulations that regulate the creation of new projects so that they are not used as scams.

Whatever you do, scammers will find ways. Remember that they are also moving inside. They understand and they know when and how to. Adjust, the best thing is always to put your guard high and not to allow those scammers to beef with your money.

Make it a habit to start with good research before jumping to anything. Crypto projects offer a lot of sweet promises you need to sort what's real and what are those for alluring investors.

Maestro75

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Quote from: Alikhaki123 on August 19, 2021, 10:21:43 AM

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

What Neil Kashkari said is common knowledge but how did he get the percentage that it is 95% of today's cryptocurrencies that are garbage or it is just his imagination with the data? Newcomers into cryptocurrency should be very careful with the tokens they buy. Do not choose a token because it has a cheap price because that may also be buying a scam token or abandoned one. Be careful and do your research before anything else.

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Quote from: SirLancelot on September 13, 2021, 02:11:32 PM

Now, it is up to us to be able to figure out the fake projects when we are looking for what to invest in. When you are investing your money in a project, if you are not sure of what you’re investing in, then it’s best that you leave it, and look for other projects, because there are many of them.

Doing your own research is best, however you need to know how to do your research, if someone new does it without knowing proper data to check then they may end up losing a lot of money. So best case is learn how to do research properly, and meanwhile check the famous people and what they back and why, after a while you will be able to do it on your own without the need of any other famous influencer or anyone else and find things yourself.

If you follow a very known person and they promote something, that usually means the project may go up because of how many followers they have. However when they publish a video, or tweet something about it, then it means it is way too late for putting money in, you gotta do it beforehand but how could you know?

Galley

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Quote from: gamer4156 on September 17, 2021, 01:09:29 PM

There is a lot of cash to be made in the biological system, yet it is additionally exceptionally simple to lose cash here. I couldn't say whether this situation is familiar with your nation yet in mine yes. You will see certain individuals disclosing to you they are calling from your banks and gather some specific data and hoodwink you of your hard bring in cash. Most altcoin projects don't have a genuine idea. You can't discover them once they raised assets.

Such projects do not have a real idea, they have nothing of their own. Their White Paper and Roadmap replicate each other through one project. It often happens to see projects that are completely unrealizable, designed for someone who is not clear. How can this even be done? But, of course, there are projects made with very high quality and believable, and until the very last minute, it is impossible not to believe them. As a result, these very professional scammers earn millions of dollars, while leaving thousands of gullible investors with nothing.

gamer4156

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There is a lot of cash to be made in the biological system, yet it is additionally exceptionally simple to lose cash here. I couldn't say whether this situation is familiar with your nation yet in mine yes. You will see certain individuals disclosing to you they are calling from your banks and gather some specific data and hoodwink you of your hard bring in cash. Most altcoin projects don't have a genuine idea. You can't discover them once they raised assets.

Wong Gendheng

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The latest data from coinmarketcap is that there are 11,950 registered coins available on the market, the number of coins and tokens will make the competition very tight so that many coins only last a month in the market, this is the importance of the community immediately making regulations that regulate the creation of new projects so that they are not used as scams.

RokokGudangGaram

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Quote from: stadus on September 17, 2021, 09:44:49 AM

Quote from: Dr.Osh on September 17, 2021, 08:11:10 AM

Quote from: gabbie2010 on September 13, 2021, 04:16:07 PM

Most of those new projects capitalized on the fact that cryptocurrencies market is not regulated, thus any Tom, Dick and Harry can just create a shit coin and launch it into market, after collecting investors hard earn funds they abandoned the project and disappeared into thin air consequently the project will hence become a scam, I really agreed with OP that 95% are scams, thus any potential investor has to be extra careful to avoid falling onto a wrong hand that is why it is advisable to DYOR,

in fact, years ago, many team developed projects whose purpose was to raise funds, and looking at the results today, almost all of these coins have disappeared, or become trash coins today. however, only bitcoin really survives, even thrives to this day. I also quite agree with the statement that people need to include bitcoin in their portfolio more than altcoins.

I will never forget the coins I bought in the past that are already worthless now, though I lose a lot of money I already accepted my losses and just learn from it. Per my experience and based on what I read, it's really recommended to ensure that bitcoin owns the biggest percentage of your portfolio.

Indeed, many projects have been continuously rising only to disappear after some time. And this really impact what people think of cryptocurrencies and the impression that it leaves on them. I also have my fair share of having coins which are now dead and worthless. It is a hard learned lesson for me because I loss a lot, but at least I gain diligence in choosing what coin to pursue.

stadus

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Quote from: Dr.Osh on September 17, 2021, 08:11:10 AM

Quote from: gabbie2010 on September 13, 2021, 04:16:07 PM

Quote from: kokrokok on September 12, 2021, 05:10:00 PM

almost average new projects have the same concept so they can't compete in the market and many of them end up being scams, maybe that's what makes some people say if crypto is 95% scam, actually if they want to do more research they will avoid it. scammers

Most of those new projects capitalized on the fact that cryptocurrencies market is not regulated, thus any Tom, Dick and Harry can just create a shit coin and launch it into market, after collecting investors hard earn funds they abandoned the project and disappeared into thin air consequently the project will hence become a scam, I really agreed with OP that 95% are scams, thus any potential investor has to be extra careful to avoid falling onto a wrong hand that is why it is advisable to DYOR,

in fact, years ago, many team developed projects whose purpose was to raise funds, and looking at the results today, almost all of these coins have disappeared, or become trash coins today. however, only bitcoin really survives, even thrives to this day. I also quite agree with the statement that people need to include bitcoin in their portfolio more than altcoins.

I will never forget the coins I bought in the past that are already worthless now, though I lose a lot of money I already accepted my losses and just learn from it. Per my experience and based on what I read, it's really recommended to ensure that bitcoin owns the biggest percentage of your portfolio.

Masyudhi

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Quote from: Al Qiyamah on September 17, 2021, 09:14:50 AM

Maybe what was meant by fraud and deceptive advertising at that time (above 2015) was that many scam projects and tokens became trash tokens in wallets or in markets that had no price, except Bitcoin. what's even more unlucky is when there are developers who run away from project funds that have held a token sale.

I'm sure it's not just that. It also relates to a newcomer to the crypto market who feels cheated by the volatile movements of crypto assets and markets.
Most come to buy when the pump goes on the market. and then suffer a deep correction. and finally, they feel cheated by crypto.
or they come for a new project that is ready to be abandoned by the developer. it can all happen because of the lack of us seeking information before investing.

Al Qiyamah

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Maybe what was meant by fraud and deceptive advertising at that time (above 2015) was that many scam projects and tokens became trash tokens in wallets or in markets that had no price, except Bitcoin. what's even more unlucky is when there are developers who run away from project funds that have held a token sale.

Dr.Osh

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Quote from: gabbie2010 on September 13, 2021, 04:16:07 PM

Quote from: kokrokok on September 12, 2021, 05:10:00 PM

almost average new projects have the same concept so they can't compete in the market and many of them end up being scams, maybe that's what makes some people say if crypto is 95% scam, actually if they want to do more research they will avoid it. scammers

Most of those new projects capitalized on the fact that cryptocurrencies market is not regulated, thus any Tom, Dick and Harry can just create a shit coin and launch it into market, after collecting investors hard earn funds they abandoned the project and disappeared into thin air consequently the project will hence become a scam, I really agreed with OP that 95% are scams, thus any potential investor has to be extra careful to avoid falling onto a wrong hand that is why it is advisable to DYOR,

in fact, years ago, many team developed projects whose purpose was to raise funds, and looking at the results today, almost all of these coins have disappeared, or become trash coins today. however, only bitcoin really survives, even thrives to this day. I also quite agree with the statement that people need to include bitcoin in their portfolio more than altcoins.

Mr.Noda

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Personally, I have chosen 10 cryptocurrencies for long-term investment that fall into the top 50 of the coinmarket. Everything else I consider to be digital junk.

gabbie2010

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Quote from: kokrokok on September 12, 2021, 05:10:00 PM

almost average new projects have the same concept so they can't compete in the market and many of them end up being scams, maybe that's what makes some people say if crypto is 95% scam, actually if they want to do more research they will avoid it. scammers

Most of those new projects capitalized on the fact that cryptocurrencies market is not regulated, thus any Tom, Dick and Harry can just create a shit coin and launch it into market, after collecting investors hard earn funds they abandoned the project and disappeared into thin air consequently the project will hence become a scam, I really agreed with OP that 95% are scams, thus any potential investor has to be extra careful to avoid falling onto a wrong hand that is why it is advisable to DYOR,

Hamphser

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Quote from: abralzain17 on September 13, 2021, 05:37:43 AM

Quote from: Alikhaki123 on August 19, 2021, 10:21:43 AM

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

what was discussed in the meeting was very true in my opinion. There are a lot of junk coins on the market today whose purpose is to deceive others. even now there are a lot of trash tokens that go into the bsc wallet.

Yeah there are lots but not really much an issue if you do make yourself aware and doesnt really care about those coins that do go inside your wallet randomly and as a newbie then you should do make out lots of

research or on at least be aware on what are the things that are happening into this market before you do step your foot in rather than on considering most coins which are relevant.

Its true that 95% of them or more are really just garbage and doesnt really have actual use case but surprisingly there are people who do still engage with these things.

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