Topic: My thoughts about "allegedly" scam coins/ICO (Read 248 times)

You hit the nail on the head as far as how most people think in this community. If they make a profit, then it's all good. However, if you are truly interested in furthering the technology, then you need to think about the impact of these types of zero sum activities such as pumping and dumping shit coins.

There are economic losses suffered in every pump and dump. For you to gain value, someone has to lose value. This lost money could've been invested in cryptocurrencies that actually have a legit project and good potential, which in turn further supports the development of the technology behind the legit project. The tokens of the legit project would be worth more. As a result, donations for its development are worth more, and its network effect is larger.

Furthermore, many deception tactics are used to raise the token's value in pump and dumps, and this along with losing big in a pump and dump can really turn people off of crypto in general. So much so that it can cause them to never re-enter the ecosystem. Cryptocurrencies as a whole are still early in their lifespans, and they can use all of the allies they can garner.

Be a part of the solution, not part of the problem. Those that say they care about the technology and knowingly participate in pump and dumps do not truly care about the technology. They are effectively scammers because they knowingly support and participate in pump and dumps where greater fools are fleeced of their money.

Hello guys,

There is something that I see a lot in the mind of crypto guys, and I really disagree.
Everybody is talking about scam ICO, scam coins, shitcoins, and useless project where you should not invest.

But in my mind you don't have to care about the project, because, as 99% of people here, you don't really care about the project, you care about the money that the projects can give you. And even if you are like me, really interested in the projects and the technology behind, you are more likely to be because there is potential money behind. Let's be honest, almost nobody would be here if there wouldn't be money to make...

The thing is, there are so many people (and I have been part of them) that avoid coins because the project seems shity or so called "scam", but it doesn't really matter actually. It's just speculation and you can earn a lot of money on a useless coin, and loose everything on a marvelous project, because you entered too early.

Take the example of Moncao coin (MCO). It's pumping hard recently, but when I bought them at the ICO, I thought I did a big mistake, because everybody was saying it is a scam project (and it is probably), but I earn a lot on the speculation of this coin.
On the contrary, take awesome projects, like QRL (working on the quantum security that coins will have to face), or EOS (amazing platform for future blockchain applications). I did not earn anything from them (yet), because it's solid project that need time, or where people don't see the potential yet... etc

The thing in cryptoworld that is difficult to understand, but is the real truth in my opinion.
Except if you want to buy some awesome coins and hold 5 years, there is no need to look for the best project possible, or fear the shity project. You just need to focus on the cryptomarket speculation and earn where you can, surfing on the crypto waves.
I know that some of you will say that they only care about the projects and the technology, but I doubt that. Yes some projects are beautiful and the technology behind is really interesting, but if there would be no money to make, there would be nobody here to look at those projects.

What are your thoughts about it ?