Is the entire Crypto Market ever likely to be Scammed?

Viscore

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Quote from: KingsDen on January 05, 2023, 04:29:31 PM

Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

Can I confidently choose Crypto World to safely store all my hard earned wealth?
Like the bank?

Your money in the bank, are you confidently sure that it is safe?
I mean money that you don't see;
Money you don't hold;
Money you need to sign your signature before you withdraw;
Money that bank can freeze and tell you some regulatory stories;
If you can trust bank to be 100% safe, something you don't control, it then means that bitcoin is a heaven because you will be your own bank.
How do you see that?
Or do you trust the bank more than yourself?

Probably, people are more blinded by banks and they think it’s way safer than any other, including cryptocurrency. But if they will look at it deeply, with bitcoin which is giving us freedom to manage our own funds, that is way more safe and secured than entrusting banks our hard earned money and let them take advantage on it. But I guess, only bitcoin enthusiasts would only know that, and the rest are still bank fanatics.

KingsDen

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Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

Can I confidently choose Crypto World to safely store all my hard earned wealth?
Like the bank?

Your money in the bank, are you confidently sure that it is safe?
I mean money that you don't see;
Money you don't hold;
Money you need to sign your signature before you withdraw;
Money that bank can freeze and tell you some regulatory stories;
If you can trust bank to be 100% safe, something you don't control, it then means that bitcoin is a heaven because you will be your own bank.
How do you see that?
Or do you trust the bank more than yourself?

Distinctin

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Quote from: Getmon on December 24, 2022, 02:11:52 AM

I am certain that the cryptocurrency market is genuine. However, this does not mean that there are no dubious projects or coins, as there are in conventional fiat investments and projects. To begin, you should stick to bitcoin and research the top 100 coins.

I would say that I currently have 80% invested in cryptocurrency. Centralized wallets and exchanges, like banks, are susceptible to closure and bankruptcy. Always keep in mind that it is not your coin unless you hold the keys.

Cryptocurrency market is legit and genuine of course, but there is no guarantee that all coins in the market are promising and will end up highly profitable. Even those who are considered top altcoins in the market, there are still probability that they will be gone suddenly in the market and lost their value just like a thin air. That’s the reason why we should trust more bitcoin and prioritize it over altcoins. Bitcoin will never be a scam, even if a lot of failed accusations that bitcoin is indirectly involved in a scam.

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Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

Can I confidently choose Crypto World to safely store all my hard earned wealth?
Like the bank?

Only bitcoin is the only cryptocurrency that we can fully trust because so far bitcoin has proven to be able to survive in any situation, but even though we trust bitcoin it does not mean that investing in bitcoin has no risk because basically bitcoin price movements are very volatile so there is a possibility that we will experience a loss if You are not investing properly my advice you should reconsider your plan carefully to put all the funds you have into bitcoins and understand about the risks.

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Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

Can I confidently choose Crypto World to safely store all my hard earned wealth?
Like the bank?

If someone is just telling that crypto currency is a scam, because of the up and down price, then they are missing something they are just not coin in the blockchain they have usage in the crypto environment, each of them has functions , you really need to dig dipper into blockchains, if you really want to understand them.

sunsilk

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1. How can be the entire crypto market be a scam if there's a use case mostly now for bitcoin and other considered altcoins. Huge institutions have invested coming from millions to billions of dollars and yet, you're thinking that it might be a scam.

Well, there goes the projects that really are scams but not the entirety of the crypto market.

2. I have 100% faith on this market and mainly for bitcoin.

3. Choose a crypto first where you're going to store your hard earned money but the best option is, bitcoin.

libert19

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Quote from: tokyohd on December 22, 2022, 12:50:14 PM

How much faith do you have about the crypto world?

A lot and I feel crypto is here to stay but then again there is nothing surefire in the world. What then? I'd just tell myself we had a good ride.

Quote

Can I confidently choose Crypto World to safely store all my hard earned wealth
Like the bank?

No. Your funds security depends upon you unlike traditional finance where bank holds money for you.

Sheaila

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Yah. Everything could be a scam, even long lasting businesses could regardless of how legit they were at the start. It's just more prevalent in crypto since a lot of people are new to it, or are beginners in terms of understanding what and what is not a scam, so it's much more obvious. I don't have any faith in the crypto world, I have faith in the fact that my Bitcoin are safe in my hardware wallet instead.

I'd honestly avoid crypto to put your wealth in, it's volatile, risky, it's an investment that you go to when you're ready to lose whatever you put in. There's probably a lot more other investments out there that are relatively safer. Ofc profits drop off but that's the payment for being safer compared to crypto.

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Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

There is no guarantee that they are not a scam. but I still believe that the entire crypto market is a scam. There are several trusted platforms that already have a sustainable reputation. However, because there are no guarantees, we must always be vigilant with the worst possibilities one day. In this case, we must have several strategies that can at least be used in normal times, worsening conditions, and worst situations. Because this is indeed our choice to be in the crypto business, so we must be prepared for all the risks. However, if we are able to take a loyal chance at the right time, this crypto business is really tempting and worth fighting for.

Finestream

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Quote from: bitbollo on January 04, 2023, 04:47:36 PM

Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

Can I confidently choose Crypto World to safely store all my hard earned wealth?
Like the bank?

personally,q I have something near the 0 as trust in crypto world. I don't trust other crypto project... in the long term these will run to have a meaningless value, and only few projects (maybe) could survive.
Its completely different if we are talking about bitcoin because I have trust in bitcoin and in the blockchain related to bitcoin.

I think people can store their wealth in bitcoin but only at condition they understand what is it this technology, how it works and what is the advantage/disadvantage of a solution like this.

Bitcoin is a good investment but knowing how risky it is, it would be wiser to just invest on the amount you can afford to lose. No matter how profitable it is, I don’t still see any guarantee that bitcoin is a secure investment, more especially for altcoins as most of them particularly those newly built projects are only good for short term duration, and after that most of them end up as scams.

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Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

Can I confidently choose Crypto World to safely store all my hard earned wealth?
Like the bank?

personally,q I have something near the 0 as trust in crypto world. I don't trust other crypto project... in the long term these will run to have a meaningless value, and only few projects (maybe) could survive.
Its completely different if we are talking about bitcoin because I have trust in bitcoin and in the blockchain related to bitcoin.

I think people can store their wealth in bitcoin but only at condition they understand what is it this technology, how it works and what is the advantage/disadvantage of a solution like this.

Asiska02

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Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

I have a lot of faith in bitcoin as the creator of the entire cryptocurrency world. If he believed in it and it has thrived up to this point, I have no objection to it surpassing its current state in the future.

Quote

Can I confidently choose Crypto World to safely store all my hard earned wealth?
Like the bank?

Cryptocurrency is just an alternative to store money just like your local fiat bank. Because of its nature of volatility, it’s advisable not to keep all your wealth there. You could store or invest some in it in order to gain the benefit in the long run. Only invest what you’re willing to lose or rather you leave the investment aspect of it.

isaac_clarke22

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Quote from: Distinctin on December 22, 2022, 04:59:21 PM

~

Yeah, just invest into Bitcoin and forget about that you invested to it and surely you'll be surprised that one day, you could just cash it out for millions in USD depending on where you live. Researching for coins out there is already a pain in the ass and a true headache. It is like another full-time job that you need to do even if you're intended to do it just a part investment and end up being disappointed because you were deceived by paid reviews/shills.

This was at least my learnings back in 2018.

royalfestus

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I like the idea of the OP not mentioning bitcoin but cryptocurrency. It gave a wider range of discussion and understanding. I find the growth of stable coin a massive backup for the space. The stable coin by BUSD and USDT is back up by fiat in dollar by American bank and treasury bill.

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Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

Can I confidently choose Crypto World to safely store all my hard earned wealth?
Like the bank?

Your questions sound somehow new to me and I know this is the kind of questions most people used to ask me when they hear about cryptocurrency for the first time. Most persons can be skeptical on how the market moves and sometimes they tend to ask questions about whether the cryptocurrency market can be hacked or not. I think op need to read some books and PDF about the crypto market and Bitcoin entirely so that he can have some ideas on how the market do works and operate.

There are some newbies too who had been pondering on this kimd of questions on how the crypto market works but they can get accurate explanation if they can read some posts here about Bitcoin and cryptocurrency market.

JoyMarsha

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Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

The entire crypto industry cannot be a scam. We have bitcoin and other well-known cryptocurrencies that have established themselves as legitimate investments. I do not fully trust the crypto industry.

Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Can I confidently choose Crypto World to safely store all my hard earned wealth?
Like the bank?

Don't try that, to avoid stories that touch the heart. It is not wise to invest your hard-earned money in the risky realm of crypto. Invest only the amount in cryptocurrency that you can afford to lose gladly without breaking down in tears.

zaki12

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Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

If a scam for all Altcoins is impossible. But there are unscrupulous coins who are scams, it really depends on the developer. But like bitcoin, etherium and bnb I don't think so.
we can see Why altcoins go with Bitcoin in price. Even though each altcoin has its own fundamentals.

Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Can I confidently choose Crypto World to safely store all my hard earned wealth?
Like the bank?

I can feel how you feel, crypto is a risky asset. So the point is if crypto really gets big profits why should we be greedy. you can buy some of the money you have in crypto for an amount ready in case it is lost.

Getmon

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I am certain that the cryptocurrency market is genuine. However, this does not mean that there are no dubious projects or coins, as there are in conventional fiat investments and projects. To begin, you should stick to bitcoin and research the top 100 coins.

I would say that I currently have 80% invested in cryptocurrency. Centralized wallets and exchanges, like banks, are susceptible to closure and bankruptcy. Always keep in mind that it is not your coin unless you hold the keys.

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Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

It would be too ironic if I will say that all altcoins are a scam because I'm holding some altcoins too. I will just say that altcoins are more likely to be a scam than Bitcoin is.
Faith? I don't have at all.

Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Can I confidently choose Crypto World to safely store all my hard earned wealth?
Like the bank?

Crypto world? Safely Store? Hard-earned Wealth?
You know that crypto is more volatile right than other assets, right?

Crypto world isn't bank and don't consider crypto as an alternative. If you are a conservative investor, just put your money into bonds or just put it into bank if you want your money to devalue because of inflation. You also said, "hard-earned wealth". Are you ready if the worst thing happens to your hard-earned wealth? If it goes down 60-70% or even more, are you ready for it? Will you not panic? If yes, then put it, but it isn't recommended. I don't want to put all of my wealth into crypto.

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Quote from: tokyohd on December 22, 2022, 12:50:14 PM

Could the entire crypto market ever be a scam?
How much faith do you have about the crypto world?

Can I confidently choose Crypto World to safely store all my hard earned wealth?
Like the bank?

At least we have Bitcoin, if all other crypto projects turned scam one day Bitcoin will probably be the only one standing still, but right now crypto projects are gearing up with ISO***** which will easily open a pass way for massive payment option in future.

My advice for you is to always treat crypto investment as a risk one, do not put all your eggs in one basket and also make sure that BTC is one of the coins you have in your holdings.

Topic: Is the entire Crypto Market ever likely to be Scammed? (Read 325 times)