95% of cryptocurrencies are fraudulent - page 5.

kak uli

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Quote from: Alikhaki123 on August 19, 2021, 09:21:43 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."

I think very true what Neil Kashkari president of the Federal Reserve Bank of Minneapolis said. I agree with what he said that nowadays there are so many junk tokens being launched that many investors are experiencing losses. With the increasing price of bitcoin and other digital currencies, many parties are taking advantage by creating their coins and selling them on the market with the aim of deceiving many investors. be careful and stay alert with newly released altcoins

nhaila

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Recently most of the animals coins specially meme coins becoming scams. A few months ago I invested dogecoin coin and safemooncash both are scams projects. But some nft project also scams and given me a lots of losses.

Emmychris

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Quote from: bosede1 on August 19, 2021, 11:40:31 AM

There is nothing you see in this world that some set of people cannot do fake or do fraudulent acts for, I don't know if this scenario is conversant in your country but in mine yes. You will see some people telling you they are calling from your banks and collect some certain information and dupe you of your hard earn money.

The truth there is, there's fraud in almost all places we found our selves. The government which accuses bitcoin as being fraudulent are the biggest fraudsters, there promise so much in their campaign of wining elections to gain power and when they finally get in power they misuse it and embezzled a lot of funds which is supposed to be used for the welfare of the people, well the cryptocurrency could be fraudulent but it's rate of advantages it gives to the people is far better off so we appreciate it that way.

sherenikaw

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I see more and more new coins popping up here and the job of an investor is to choose good coins to get big returns. if we look back when there are not many new coins then it will be more promising and the prospects for the coins are also better. but that can't discourage us to invest in crypto. we know that there are still many cryptos that have good prospects to invest. so at this time we must be more careful in investing coins let alone invest in new coins. besides that we also have to start learning to understand and analyze the crypto market well so that we can choose the right coin and the right time are also to sell or buy coins.

brooksby

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Quote from: ?? on ??

Quote from: brooksby on August 22, 2021, 04:19:20 PM

Quote from: ?? on ??

This is actually true, 95% of crypto coins are fraudulent. And the main reason for this is the lack of regulations in the crypto market. That is, anybody with good knowldege of blockchain and smart contract development could just code or develop any crypto coin with the aim of scamming people. Regulation is really needed in the crypto market.

Maybe there is a bit of confusion between fraudulence and just bad quality. I guess that there are many people who start a coin or small teams but the coins are just shitty. In total though I agree with you guys that certainly 95% are bad or fraudulent. It is very rare and very seldom that you find a raw diamond which is worth investing but still doesn't look like it. That is when there is the biggest opportunities these days. That doesn't however mean that I recommend focusing on these unknown coins. I recommend to focus on the strong coins where we already know what they have to offer.

If you value your time and your money, focusing with strong projects will allow you to lessen the chance

of wasting both your money and time, not as quick profits as many always dream to achieve but more safer

for your investment, small but continuously working in progress, it's good for long term investment and

it can generate decent passive income.

How could I say you are wrong? You are of course right, but the problem is that you just don't always know for sure whether it is a good one or a bad one. Let's be honest though, that is the same in the stock market. Only a few got rich with Amazon, most of us didn't because we simply couldn't believe the book seller Bezos had in mind. So you either have some trouble with the team sometimes, or with the concept. If it's both I would skip immediately, if it is only one there is doubt coming up inside me but I still tend to give a project a chance from time to time.

Twinkledoe

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Quote from: Vaskiy on August 23, 2021, 04:39:21 PM

Earlier someone stated cryptocurrency as a way to fill the pockets with the money generated out of the air. This is true, because majority of the altcoins weren't backed by any real-time usage. Most of them are getting traded and out of the circulation volume the value fluctuation is experienced. More the coins more needs to be the usage, but here the top order is getting used in practical terms whereas the rest are only into trading and in recent days through staking more cryptocurrencies are made to be kept hold to avoid getting dumped.

If I may suggest, please avoid at all cost those alts that have no actual usage as their lifespan is not certain. Once traders got what they want, they can easily move from one alt to another especially if they are not seeing any progress on the coin. This is why actual application is essential in the growth of the coin. Without active use case, the coin can easily be abandoned and forgotten. And we all know, very few has actual use case in the market.

Vaskiy

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Earlier someone stated cryptocurrency as a way to fill the pockets with the money generated out of the air. This is true, because majority of the altcoins weren't backed by any real-time usage. Most of them are getting traded and out of the circulation volume the value fluctuation is experienced. More the coins more needs to be the usage, but here the top order is getting used in practical terms whereas the rest are only into trading and in recent days through staking more cryptocurrencies are made to be kept hold to avoid getting dumped.

stadus

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Quote from: Turbolinea on August 23, 2021, 03:51:55 PM

When it comes to being fraudulent, I'm not sure whether the percentage is that high. But I can say that at least 90% of the cryptocurrencies in the market are just garbage coins. They won't be able to maintain themselves for a very long time. Some day, they will disappear suddenly and the investors of those coins will be really sad about it. So, I don't trust majority of the market to be honest. I choose to invest into only the coins which are credible like Bitcoin, Ethereum etc..

Better be safe than sorry, invest in the major coins as they have a better success rate in the future.
New coins that have a small marketcap is a high-risk investment, there's a chance that you'll be scammed, but if you will be able to find the gem, it could probably change your life in the future.

That's why for me I also allocate a certain percent of my investment on new coins and I even created a thread about that, so I could get some suggestions to diversify my investment.

my thread https://bitcointalksearch.org/topic/m.57758637

Turbolinea

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When it comes to being fraudulent, I'm not sure whether the percentage is that high. But I can say that at least 90% of the cryptocurrencies in the market are just garbage coins. They won't be able to maintain themselves for a very long time. Some day, they will disappear suddenly and the investors of those coins will be really sad about it. So, I don't trust majority of the market to be honest. I choose to invest into only the coins which are credible like Bitcoin, Ethereum etc..

livingfree

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Quote from: Irenerty on August 23, 2021, 03:38:50 AM

Investing in these altcoins when they first appear may bring high profits to investors, but this is only to attract more investors. Over time, most cryptocurrencies will become worthless.

It is relatable to the ICO days.

Most of the projects were like that, profitable at the time of its launching until a few days to weeks of its stay in the market. But as time goes, they're mostly being dumped by everyone.

Until years, their existence is no longer a thing.

albon

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Quote from: hamba laeh on August 23, 2021, 02:41:16 PM

looks like he should read more and seek more information about cryptocurrencies. because there's no way 95% of cryptocurrencies are scams. indeed there is a lot of fraud going on in cryptocurrencies but it is impossible to reach 95%. because if that happens then there are currently no cryptocurency users because crypto is considered a fraud area.

Fraud exists in all areas of investment, not only in cryptocurrencies, but the cryptocurency environment is a suitable environment for them because it is decentralized and they can not reveal their identity, but I agree with you that 95% is unfair percentage because there are many honest projects and there are many investors in the Cryptocurrency field.

hamba laeh

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Quote from: Alikhaki123 on August 19, 2021, 09:21:43 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."

looks like he should read more and seek more information about cryptocurrencies. because there's no way 95% of cryptocurrencies are scams. indeed there is a lot of fraud going on in cryptocurrencies but it is impossible to reach 95%. because if that happens then there are currently no cryptocurency users because crypto is considered a fraud area.

wxa7115

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Quote from: Alikhaki123 on August 19, 2021, 09:21:43 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."

Only 95%? The percentage is probably higher than that, I know that people do not want to hear this as they expect their favorite altcoin to skyrocket and make them rich but he is right, and if anything as I said he is being generous with that kind of percentage.

After all how many good projects do you think we have in the market, 50? 100? And taking into account the thousands of coins we have then the percentage of scams and garbage projects is higher than that.

GaxviiBuss

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It's seems to be right, because what I have understand about altcoin ever since have started participated in cryptocurrency, is that altcoin reign for sometime after their value come down and they are now worthless, which is not so from the beginning after a lot have invest in it, to the extent that I don't feel comfortable to keep fund in some altcoin, though some are still thriving till now.

Irenerty

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He is right that most cryptocurrencies are fraudulent.

Many altcoin makers are mostly for their own interests, and they are projects that deceive and lure investors with huge profits.

Investing in these altcoins when they first appear may bring high profits to investors, but this is only to attract more investors. Over time, most cryptocurrencies will become worthless.

Ozero

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Quote from: ?? on ??

95% of crypto is a scam, actually people will do anything to make money, whatever they will do, even they are able to deceive everyone, to be able to make a profit, when bitcoin is popular, they also start doing ways to make other coins, to tricking others, the habits of beginners who are their targets, to be made victims. We must be vigilant,

I think that the information about 95 percent of useless cryptocurrencies is too high. The percentage of useless and fraudulent coins in cryptocurrency is, of course, high, and this is quite natural given the fact that thanks to the open source code, everyone can create their own cryptocurrency. However, it is thanks to this that cryptocurrency can develop rapidly. Therefore, I consider the current process of its development to be quite normal. All the same, only useful species will remain on the market, all garbage will disappear over time.
Participants in this market must themselves determine which types of cryptocurrencies are worth investing in and assess their risks.

coin-investor

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Quote from: Alikhaki123 on August 19, 2021, 09:21:43 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."

That's because the industry has no regulation and it's decentralized, when it comes to investing in Cryptocurrency we are left to decide to do our own research if the project that we are going to invest is worth it, you must educate yourself first so you will not get deceive by shills, false information and deceits that still exist, not all that glitters here are gold.

brooksby

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Quote from: ?? on ??

This is actually true, 95% of crypto coins are fraudulent. And the main reason for this is the lack of regulations in the crypto market. That is, anybody with good knowldege of blockchain and smart contract development could just code or develop any crypto coin with the aim of scamming people. Regulation is really needed in the crypto market.

Maybe there is a bit of confusion between fraudulence and just bad quality. I guess that there are many people who start a coin or small teams but the coins are just shitty. In total though I agree with you guys that certainly 95% are bad or fraudulent. It is very rare and very seldom that you find a raw diamond which is worth investing but still doesn't look like it. That is when there is the biggest opportunities these days. That doesn't however mean that I recommend focussing on these unknown coins. I recommend to focus on the strong coins where we already know what they have to offer.

Rexler

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He's actually right cuz the rate at which shitcoins are coming out this days is alarming, coins that are created to enrich the creators only, I'm starting to feel like this smart contract released by Ethereum was bad idea, cuz before it was created they were only a few coins in the market and they all had their own blockchain running, but after ethereum smart contract release thousands of shitcoins have been rained on the market.

Woodie

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Coins with nothing to offer but be speculative, I guess fraudulent fits in well Tongue

because most of the coins on the market the main beneficiaries are the developers themselves with the premined coins they secure for themselves, which is why dishonest devs pump and dump ad the coins are not really valid and genuine collateral.

95% I thought that's too high of a number as not all a speculative as indicated number might be in the eighty percents or so as I know quite a few good coins out there which aren't just growing based on speculation.

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