95% of cryptocurrencies are fraudulent - page 6.

justdimin

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www.Crypto.Games: Multiple coins, multiple games

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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."

yes, this is a known fact. but as long as people are greedy there will always be scammers in the market. Because they promise big profits and there is demand for it.

Many projects also fail because they are unable to gain the fame required for them to succeed. It is actually hard to gain any kind of fame within the market without a known personality vouching or working with the project itself. I mean if Vitalik says he likes a project everyone will get behind it but if the project cannot get someone to vouch for them, it's hard to get going.

Guys like McAfee took advantage of this and even made a lot of money. Now others are doing it too and with so much crowd among tokens in the market, it is literally impossible to verify which one is good. I have stopped investing in new projects, not until they have a decent market cap at least.

doomloop

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Quote from: kensaii on August 21, 2021, 10:37:40 AM

I wouldn't call it "fraudulent", failure/shitcoin yes but say "95% of cryptocurrencies are fraudulent" is a bit too much. Many cryptocurrencies are failing to meet expectations, dev abandoned projects, the community lost interest in it,... and so those cryptocurrencies fade to the background. It's much different than cryptocurrencies that actively try to scam people and even I agree it was many, 95% isn't a realistic number.

On the contrary, I think fraudulent is the correct word because a lot of tokens just want to raise money and disappear. I know being a part of the community, it hurts to accept it but that's the reality, as harsh as it might sound. There are some tokens that actually fail to meet the expectations despite genuinely working towards it.

Maybe I would say 50% of the projects that fail are outright scams while 50% of the remaining who fail actually despite working hard are just unfortunate. The real problem is that, it's hard to separate the two categories because you don't know which ones worked hard and which never had the intention to work.

trauchot

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I think its true, since I also have been participating in bounty companies and in cryptocurrency investments already very long time and I constantly see that almost all cryptocurrency projects that appears are scams which just want to steal money from cryptocurrency investors and unfortunately every year more and more scammers appears which create cryptocurrency projects only in order to steal money from investors and we cant do nothing about it at the moment, so we always must study each cryptocurrency project in which we want to invest very carefully.

gurunanakji777

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SOL.BIOKRIPT.COM

I would not say fraudulent I would say crap or failed projects. We all know many devs make coins with the intention to loot the money from the investors by enticing huge profits. Even most of the projects failed in 2-3 months after the launch. Recently I noticed a trend many investors are trying their luck by buying meme coins and the majority of the buyers lose money in meme coins so we should be focused only on trusted and tested coins. I don't say new projects are not good but we have to be very selective when plan to buy.

stadus

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Quote from: Beparanf on August 22, 2021, 06:39:47 AM

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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."

yes, this is a known fact. but as long as people are greedy there will always be scammers in the market. Because they promise big profits and there is demand for it.

Most of the garbage coin won't promise about big profit but a too good to be true goal for the project. The holder is the one who vision and speculate about huge profit buy using that fake goal of some project. Cardano is one of them, An old blockchain project with an over value coin while they have zero product until now. They are just good on marketing that's why a simple contract contract which many blockchain already has pump there multi billion coin to 2.5$ each and more.

Investors is the one who speculate about the huge price they can gain. Cardano is the best exame for this one.

As long as we carefully follow the project, we will know its development and understand if it has potential in the future. Some coins rise to the occasion, when the market is bullish, they rise but actually, they don't have a good future, they are just influenced by the hype during the bull run.

Be always careful when investing, having the knowledge about the coin you are holding is very important as you are risking your money on its future.

Chuky92

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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."

There is no need to argue this because he is right although the percentage might not be true. The truth is that, most of these altcoins are just here for the money, that is, their team have nothing to offer other than to create a platform, launch a coin, get it listed and if possible pump the price and gradually let it go. With the inception of DEX, nowadays it is very easy for any project to launch, and most of them goes directly for marketing or promotions without having anything to show for, and just like that gradually they list and a lot of them exit scam within hours of listing.
That's for new projects, what about old projects? How of these projects that raised a lot of money in public fundraising event are still around, and what even happened to the money?
Therefore in essence, he is right and that is also the reason why we need to go for projects which will make impact, that is projects whose use case is applicable and the team already working towards it.

Beparanf

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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."

yes, this is a known fact. but as long as people are greedy there will always be scammers in the market. Because they promise big profits and there is demand for it.

Most of the garbage coin won't promise about big profit but a too good to be true goal for the project. The holder is the one who vision and speculate about huge profit buy using that fake goal of some project. Cardano is one of them, An old blockchain project with an over value coin while they have zero product until now. They are just good on marketing that's why a simple contract contract which many blockchain already has pump there multi billion coin to 2.5$ each and more.

Investors is the one who speculate about the huge price they can gain. Cardano is the best exame for this one.

lizarder

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Quote from: Rakeshten on August 21, 2021, 02:42:01 PM

Yes, now there are a lot of useless coins which are being created daily. But there is one advantage of these coins, we can get a good profit if we take entry on right time. And we can also get high losses if we take entry at the wrong time(on-peak).
There is also a good number of useful projects and coins.

Generally all coins have their own advantages, although many people say they are useless, let's look back at when bitcoin was launched, whether it was the same as people think today, this is why it takes time for altcoins to perfect the process.

I am not so pessimistic about any coin, we just need to wait for the right time to take advantage of these coins, when it comes to time, then all things must wait for the right time to process.

Rakeshten

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Yes, now there are a lot of useless coins which are being created daily. But there is one advantage of these coins, we can get a good profit if we take entry on right time. And we can also get high losses if we take entry at the wrong time(on-peak).
There is also a good number of useful projects and coins.

lizarder

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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."

Neil Kashkari as president of the Federal Reserve Bank of Minneapolis is very precise in his words regarding this, but it cannot be said/accused as a whole against cryptocurrencies, this is very baseless and tends to be provocative.

Actually that should be said, only to a few coins or direct mention to coins that he thinks are trash, although ethically this is more hurtful and offensive to coin creators, but this does not involve cryptocurrencies specifically.

Because we know that scams, deceptive ads, and noise are caused by coins that don't have good value in cryptocurrencies, so there is a scam or fraud, so it can't be said/accused as a whole against cryptocurrencies.

geegaw

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Quote from: dark1234 on August 21, 2021, 08:37:24 AM

we actually already know... the more people are interested in something; then more and more scams are riding on it and it's happening in crypto right now it can even be said 99% of projects are deceiving lots of people with promises that never come true but even so as a bounty hunter I still try to select projects that I believe are real even though I often feel disappointed

Crypto will not have a sincere promise and the fraud of projects can start early and late but the general note is still to close your eyes as if nothing happened and ignore the facts that are so hard to accept, harvesting the fruits of a project will be the perspective we need to consider. Cheating is good and not cheating is also good, as long as they give me a sweet fruit, I'll extend my arm and give them some fertilizer, more projects just open up more fruit seasons, just choose where to harvest and what fruit to eat

kensaii

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I wouldn't call it "fraudulent", failure/shitcoin yes but say "95% of cryptocurrencies are fraudulent" is a bit too much. Many cryptocurrencies are failing to meet expectations, dev abandoned projects, the community lost interest in it,... and so those cryptocurrencies fade to the background. It's much different than cryptocurrencies that actively try to scam people and even I agree it was many, 95% isn't a realistic number.

masterrex

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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 believe it is true and that was a sad truth, But we should also consider that many of those so-called garbage coins were still thriving till now? and maybe we are asking what was the reason why they still thriving? Thats because many people are still patronized it and willing to gamble and speculate even it has no real use case and utilization, even it was only a meme coin shill by popular people, thats how the crypto industry works full of red flags and we should accept it as a part of this industry.

On the other hand, Neil Kashkari was a president of a Centralized Bank (Federal Reserve Bank) that's why I'm doubting her opinion in terms of fairness because Centralized and Decentralized is always the opposite direction that's why I believe her opinion was questionable and obviously one sided.

john_nautica

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Quote from: dark1234 on August 21, 2021, 08:37:24 AM

we actually already know... the more people are interested in something; then more and more scams are riding on it and it's happening in crypto right now it can even be said 99% of projects are deceiving lots of people with promises that never come true but even so as a bounty hunter I still try to select projects that I believe are real even though I often feel disappointed

Unfortunately, the features of cryptocurrency are being used to take advantage of others through illicit intentions of starting projects. The fact that this take place in online world, it is really not surprising that it has become to be this way. Now, what we could just do is to be diligent and do thorough research every time we want to be associated to projects that we encounter, especially those that are new ones.

dark1234

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we actually already know... the more people are interested in something; then more and more scams are riding on it and it's happening in crypto right now it can even be said 99% of projects are deceiving lots of people with promises that never come true but even so as a bounty hunter I still try to select projects that I believe are real even though I often feel disappointed

Cling18

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We can't deny the fact that only a few percentages of cryptocurrencies in the market are profitable and active. Most of them are scams and fraud. The good thing is most investors and traders are now aware of it. That's also the reason why we're always advised to be wise and skeptical when it comes to choosing a coin.

labenea

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Quote from: mckinleeanael07 on August 21, 2021, 08:20:15 AM

well, this is so true I agree with your point of view, most cryptocurrencies these days are projects to trick and lure investors with huge profits but then Liquidity is exchanged between investors, these are the basic characteristics of all new projects today, and as I have been involved in this market for a long time, I feel that 100 projects are out of 99 scam projects and then disappear.

Yes, currently the developers of new coin projects are using the method of locking the liquidity of coins on the exchange and ostensibly maintaining the selling value of the coins for their investors. but it turns out that once the liquidity is opened, they themselves sell everything and make the coin value worthless.

mckinleeanael07

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TheStandard.io

well, this is so true I agree with your point of view, most cryptocurrencies these days are projects to trick and lure investors with huge profits but then Liquidity is exchanged between investors, these are the basic characteristics of all new projects today, and as I have been involved in this market for a long time, I feel that 100 projects are out of 99 scam projects and then disappear.

DOH!

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Quote from: NotFuzzyWarm on August 19, 2021, 09:26:37 AM

Duh.
Well he's right - more than 95% of them are worthless or near worthless crap coins that were created solely to line the pockets of their creators. And yes back in 2015 he would be more positive about it because there was only Bitcoin and a couple other strong coins. Not the ~~over 100~~ nearly 9,000 mostly useless ones there are today.

edit: corrected my massive underestimation in the number of coins out there.

Well, think objectively. We live in the most advanced blockchain industry, if it simply stopped at 100 - 1000 coins out there, would we have the popularity we have today? It's not just about the value of coins there will be higher prices or historical MC but the perception and what competition is created. I agree with the multitude of coins out there that are pointless, but some are pushing the path of bitcoin and crypto to the bright side. So some NFT it should be well received for the sake of it still solving a multitude of tight corner situations. If it is too conservative, it will kill the market opportunity.

Rikotin

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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,

it's true, i see the fact that newcomers or newbies only think about short time profit and they think that crypto can get rich overnight. and what need to be aware of is that if a beginner trades new coins on the BSC network, it is very risky because 98% coins meme is scams.

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