Topic: Failed crypto project will promote bitcoin more (Read 548 times)

Just as scammers has come to have cryptocurrencies as a pond of fishing from vulnerable less knowledgeable Crypto holders with their sorts of attractive fake projects and their series of tricks used to convince their victims, so also newbies are vulnerable to easily befall on investing in their intended crypto Coins.

As newbies and unknowledged about cryptocurrencies, all they knows is that their vision is to invest on crypto with all hope that they would enjoy the attractive potentials of the coin they are investing on but unfortunately for them that due to lack of guidance, they are victimized by the so scamming crypto projects.

Most definitely if such keep to exceed it is variably affecting the utility of the reputable crypto currencies and in both adoptions on how many others would be interested to adopt the use of the crypto currencies.
It would definitely serve negative impressions within the people ought to be interested and desires to invest in the crypto market.

To an extend, I figured newbies are more quick to bring in more crypto adoptors to the crypto industry than those who had been in there because the people in the environment are likely to be convinced by the testimonies of their relative who is making it profitably in such an industry which they all had doubted about. So they would always want to catch up to the crypto industry before they are left far behind.

The failure of altcoins only strengthens the trust in Bitcoin, highlighting it as the cryptocurrency with the lowest risk. It's important to remember that even during bear markets, Bitcoin often performs better despite price dips. We should be clear about our reasons for investing in altcoins but never neglect Bitcoin and other top-tier coins.

I remember that during 2018, there were a lot of scams that came out of ICO project campaigns that were just hyped to the communities that believed in their projects, and in the end, their plans would not happen according to the roadmap mentioned.

and because of the failed projects that came out of ICO, Bitcoin became popular because most people know that Bitcoin is the one that scammed them, but they don't know that there are cryptocurrencies that just copy Bitcoin's concept, and investors who believe in them can be fooled, so be careful because even now there are still such ICO projects.

We have seen a lot of alts which did come and go. But in the early days of these alts, I believe a lot of us have gained from them. Remember etherdelta? For those who used this trading platform, at some point, you earned something from those alts. And yes, after such period, most of them were abandoned or just disappeared in the trading platform. And yet, btc remained. Hence, these traders understood the position of btc in the market. No matter what, btc holds its top position and won't disappear without a trace just like those thousands of alts.

And from those regular holders, once they got burned from those failed projects, they will swear not to be tempted again with the promise of these alts. However, we know they will try again but a lot of them will convert themselves to being a bitcoin fanatic and would just check the alts from time to time, but they already learned their lessons not to trust these alts for long. If they can sell it right away, they will do so. But holding long term is not on their cards anymore.

Everyone can relate to this especially those who have been here for quite a long time. Yes, altcoins were highly profitable way back then but with the emergence of unreliable and scam projects, people slowly turn their backs and leave altcoins. That’s when they realized that bitcoin is the real gem in the market. That’s why it’s not surprising why a lot have been investing into bitcoin right now, because they have found in bitcoin what altcoins do not have, that made them stick to it.

Indeed, someone bitten by a snake will be afraid of a rope as they say. When traders who are new to the market, face losses from meme coins and alternative coins, they get disheartened by the bad market. They will not understand this, but they will say that one person is worthless to the whole market. There are very few people who reflect on their mistakes, find the reasons for them, and admit that they have suffered losses due to their own inferiority complex. Such people recover quickly because then they find out what is the best place for us to cover our losses.

Memecoins and shitcoins are also major reasons for the popularity of bitcoin and a few alternative coins. Since so many people have been scammed by memecoins so far, now most people turn to Bitcoin, and few people turn to some alternative coin.

There is also another possible scenario: after they lost a lot of money investing in altcoin, shitcoin, meme projects... they realized that only bitcoin is a reliable currency Best and worth the investment. Bitcoin is the only investment that can help them regain what they lost from Altcoins.

Overall, the failure of altcoin projects will have a negative and positive impact on bitcoin and it all depends on our perspective. What is more important is that no matter how the existence and failure of altcoins affects bitcoin, we will have no way to stop them. So we just need to focus on our own choices without caring about others because it is their choice.

I can testify to this because in my community here, I have seen and still observing how the least people to engage with crypto are now talking about it on a daily basis simply because of airdrop and some few pump and dump altcoins. These events are creating more awareness about cryptocurrency and Bitcoin indirectly, they have earned some reasonable cents from airdrops and some of them are now ready to participate fully in cryptocurrency. I know definitely that these pump projects or airdrop may stop some days or even fail them. Bitcoin will now be the only option left for them to turn into and begin to make investment. It's a matter of time and we are gradually getting there because if anyone can spend some few months engaging in cryptocurrency, they will certainly realize the potential of Bitcoin seeing how the whole thing is unfolding in the industry.

I do not really think this is how things actually happen, in my opinion it is way more likely that once a person has been burned by investing in a bunch of shitcoins, that they will simply think about the whole market as a scam and leave this market forever.

The other option is that since those people would have lost a lot of money with those coins, that they fail to consider bitcoin as an option at all, as it will take them a long time to recover their losses, so they will keep investing in shitcoins hoping for a miracle that will never come.

All those altcoin/token/NFT projects are mostly being marketed to the crypto community. I highly doubt that someone outside the crypto community would be interested in such projects. It's usually the other way around. The people, who got interested in crypto buy BTC first, and then, some of them start buying altcoins/tokens/NFTs. Maybe your statement is partially true, but it's hard to gather enough evidence and data to prove such claim.
I have the feeling that most people, who lost money on crypto scams never touch crypto again(even Bitcoin) because of the frustration and the lack of trust towards anyone in the crypto industry.

The thing is that whether a project fail or not Bitcoin surpass other cryptocurrency, no matter how a project is, there is always a limitations to ith existence which is the price limit, since Bitcoin was developed, no cryptocurrency has ever surpass it in price, is not as if investors do not understand that other project mat face dump along the line but is just as aa new project with high speculation, some investors be it new or old will like to buy to see if they can make profit but once it fail, bitcoin bevomes the next move, old investeors understand that any other project apart from bitcoin can fail anytime because the price of Bitcoin controls other crypto price thats why many altcoin hodlers always pray for Bitcoin price surge so that altcoin can gain relevance in the market, Bitcoin is growing more in publicity and I think most newbies in the business understand the worth and the authenticity of this digital asset.

No, I think most of people who are into altcoins often ends up converting their token to fiat currency.  For these people it is a sure profit so why should they convert their profit to Bitcoin?  After all those who are into altcoins mostly focus on profit by converting their tokens to fiat currency.  Only a few of them will think of converting their altcoins to Bitcoin.


I highly agree that most of these scam altcoins give a bad taste to cryptocurrency specifically Bitcoin.  So I do not think that failed cryptocurrency project will promote Bitcoin since most people especially newbies hardly find the differences between cryptocurrencies.  Worst, they will find fault on Bitcoin and retain their negative impression.

This is indeed a fact that must have been experienced by many early adopters at first. Because many of us first learned about crypto from altcoin projects and didn't start from knowing about bitcoin. but in the end everything will be answered and you will slowly realize that investing in Bitcoin is still much more profitable and safer. Or you could say it's not as big as the risk in Altcoins. But I'm still interested in both. Bitcoin for the future. And Altcoins to make quick profits in the medium or short term. It's just that if we don't have time to make a long analysis regarding an altcoin project then it's better to avoid the altcoin itself. And just focus on bitcoin.

ID you're are familiar with CZ Binance ex CEO speech about crypto, he always give reference to Bitcoin most of the time before he would mention BNB and that's because he understands the power of Bitcoin and how much power it carries when you say it before altcoins. He might love his bnb coins more in the backstage but always call Bitcoin before any other coins. This is the logic most altcoins are using, they know that they can't penetrate the market deeply without the mention of Bitcoin.

Personally, I don't see a problem with Bitcoin they are using to make promises. It's a good PR for Bitcoin and I believe Bitcoiners understand differences between Bitcoin and all this altcoins. Some people wouldn't still buy an altcoins if Satoshi was to be the founder of that altcoin, they prefer to have Bitcoin forever thing than associated their investment into any altcoins.

So many of these scam projects have already given a bad name to Bitcoin. It has done more harm than good to some people because there were people who already had a big interest in investing in Bitcoin, but because of the bad experience they had with failed altcoin projects, they decided not to invest in any crypto at all. Some people have misconceptions about Bitcoin because altcoins have caused them problems. It takes someone who is very determined to continue seeking the best option after they have been scammed by several projects. Anyone who loses interest in crypto after being scammed by several projects may not get to invest in Bitcoin again. 

Failed crypto projects may promote Bitcoin ore but they will also cause FUD in the crypto market. Because people will be scared of further investing after their loss. For most people, that’s it for them. They’ll grow phobia for all form of cryptocurrencies investment. Bitcoin is already famous. And if it must, it should rather grow at a slower pace than grow through the failure of fellow cryptocurrency project.

That's why I always tell to invest in Bitcoin first. There's no problem if they're using airdrops and tokens to earn but if they want to stay on this market, Bitcoin will prolong their money.

Unlike with such random projects out there, many aren't telling their losses because it's shameful on how they fell for these failed ones.

But if you're into Bitcoin, compared to them it will no longer 100x-1000x as what they're expecting but the grow it has is stable, slowly but surely.

Altcoins are pumping but they also do dump. Failed crypto projects do actually have positive influence on the rise of bitcoin in the market. This is no new thing because it's always been in existence since day one and we've all come to realized our energy towards these projects. Bitcoin is entirely different from the rest and I've watch closely how promising these projects have expand in the market. We should always stick to the promising ends of these project without actual focusing on them.

There are some things that can be done to stop newbies from making wrong investments mistake, we shouldn't ignored newbies going the wrong way by asking them to learn from their experiences. We are here before them so we can help to guide them to avoid making mistakes. Investing in over hyped cryptocurrency is not good investment but many newbies are investing in over hyped cryptocurrency as they don't know but think that they're doing the right thing.

We aren't financial guide to newbies but we can give them some helps that will prevent them from getting scammed. The less individuals that are getting scammed will make more individual to trust cryptocurrency but if the scams keep rising we mightn't have any individual left that'll be interesting in investing by buying some cryptocurrency for holding as the media will keep saying the cryptocurrency market is a scam one that will only make you a loser.

A lot of people have to learn by experience before they’ll know that they’re not trailing on the right path. Most times, they can’t be blamed because they are part of the process, they are either going in to be used as a tool to  those that invent the project or their own way of naturally understanding that bitcoin is the best way and they should stick to it if they’d knew about it. Bitcoin continues to show huge sign that it is the best to invest in, but investors looking to increase their income have now diversified more to get profits from all side which to some extent can be justifiable. Just know what you trade with in order not to get too disappointed in the end of the experience.