Ninety nine percent of new projects are money grabbers

Byakuga

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Quote from: CaVO32 on June 10, 2020, 03:15:24 AM

Quote from: Jawhead999 on June 08, 2020, 05:13:11 AM

What about this, since you know 99% altcoin is only want to scam people and stole investors money... So you need to avoid all altcoin and invest on bitcoin only, right? It's pretty simple to answer your question.

If more and more crypto users will just invest only in btc and other long established alts with real usage, "developers" will think twice of creating money-grab projects. Because if no one will patronize their projects, I don't think they have the motivation to create new ones. Unless, they have their own funding to fully developed their platform and have the sincerity to explore the benefits of blockchain tech on their services.

Partially right but every new coins have a beginning, that's what many investors don't want to miss, all top altcoins and even Bitcoin had a beginning and many are regretting not buying very early when they are still cheaper, it's same thing for new coins now, that's why people won't take their eye off new projects to stay focused on Bitcoin and top altcoins only

Byakuga

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

Please for Christ sake let's for once stop thinking that developers aren't here to make money too, don't expect people to work for you guys so that you can make money, what about them? You think they don't have dreams like you do? Think again, it's always about the money

CaVO32

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Quote from: Jawhead999 on June 08, 2020, 05:13:11 AM

What about this, since you know 99% altcoin is only want to scam people and stole investors money... So you need to avoid all altcoin and invest on bitcoin only, right? It's pretty simple to answer your question.

If more and more crypto users will just invest only in btc and other long established alts with real usage, "developers" will think twice of creating money-grab projects. Because if no one will patronize their projects, I don't think they have the motivation to create new ones. Unless, they have their own funding to fully developed their platform and have the sincerity to explore the benefits of blockchain tech on their services.

VDraci

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If you aren't satisfied with the results you are getting from altcoins then you are lucky we have Bitcoin right? Then start selling your altcoins for Bitcoin, it's that simple, we are all here to make money and don't expect developers to think other way around, they are humans too

iv4n

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99.99% all projects are for making profit, nobody will create anything for others to enjoy and to not make profit on that. We can say that even bitcoin is in this group, as we all know satoshi kept his million bitcoins, locked in wallet. It would be crazy for anyone to create something good and to not have benefits from that.
It's a philosophical question, and we can talk about this entire day, bottom line is that we people like to make profit, and we need money. Just 0.01% will create something for free and give others to use it for free, and to not have anything from that, it's a world we're living in, capitalism.

Novatech8

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Not all tokens are scam, some failed not because they have scam enough money from investors but because of other reasons, we have good projects running on ERC20 smart contract like Makerdao, kleros, Cartesi and many others, as a bounty hunter always consider the risks, most bounty projects are scam but not all of them

ghost424

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

This might be actually true because we know that there are risks when joining new projects here in the forum. That is why you must always consider some of the risks and check carefully on whether you can gain profit from them. It is hard to avoid these kinds of projects because these projects are easy to promote. The new projects are new opportunities to make more Cryptocurrencies thus we can either support them or not, and that depends on us.

Akiko

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Quote from: shoreno on June 09, 2020, 08:43:16 AM

why would they sell when they already earn a profit ? what if the project was great and thier instincts were wrong ? .

their move looks like hit and run , and they treat ieo as a cloud mining , pump and dump , or other kinds of ponzis where you can only get profit at the start and you must leave asap in order to not get scammed but thats them . there are still people that believes on the potential of ieo's and they treat ieo as different compare to others .

It's a great method for those persons only looking for profit and small traders who just want to earn from the project,besides you will never know if the project you invested will continue giving you profit if you hold it for long. If you are following the ICO since the start of its era, You will have an idea why a project with only ask for funding is not good idea for long term investment .

Even they are working today doesn't mean they can continue working the project using only the collected money. What if they experience bankruptcy or not enough funding to continue the development of the project what will happen to your investment if this things happen?

Saisher

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

You cannot invest on every token or coins that comes along it was the tradition back then when we have great developers, but now we have scammers in our industry and they are imitating real developers, people should watch out on and educate themselves on every coin that comes along or being presented to me, scam projects outnumbered the real ones.

bitkanu

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Quote from: DoubleEdgeEX on June 09, 2020, 12:49:57 PM

That´s the reason why everybody needs to conduct his own due dilligence on a potential investment. Never trust an influencer and even less a self proclaimed expert. There are great projects out there, you just need to do some serious research.

DYOR is a must but it's not true to say that 99% crypto were scam. It looks like OP just think if the top coins were not coming from somewhere. He was creating a self-proclaimed without trying to do any research before. He needs to get the fact from the market.

kawetsriyanto

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Have you taken your own research about this?
Anyway, you just joined this year, how can you know more than others about new projects?
Moreover, you mention a specific number, 99%. I'm curious about it, please tell me!! Huh

Honestly, I'm not sure to say how many percent of new projects that really stole people's money. There are many of them, but surely not all of them. There are some new projects that are still growing until now (ex: Ferrum or Cartesi). It is enough proof that there are still some new projects aren't shit-projects which are intended to grab people's money.

dunfida

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

Build a token or coin wont really break an arm and leg thats why we do see lots of them flooding out the market.I highly agree on what you have said
ICO investment are only worth wayback in 2017 and earlier, after that in 2018 onwards most of them are just trash, until they do switch up to new
funding system which is IEO which is somewhat better in terms of security that it would be listed on exchange and can be trade but most of the time
these projects turns out to be shit and died/dumped to the floor.

LbtalkL

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Maybe 99 percent only a few were successful and really unique projects, most of them are fraud and scam. Those unqualified people becoming developers you are saying sometimes is just ordinary people and they don't have any ideas that their photo is being used for a scam. There is no solution they keep popping out, the only way is to be more educated about it, and don't be fool by them, never trust suspicious projects, always find facts.

TheClownSong

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

Agree, there are many projects that are made just to get investors' money and then not continue the project or do intend to deceive investors. Investing in coins or tokens that have been listed on the exchanger is safer, especially since the coins or tokens that are listed on the exchanger are reputable because it requires extra effort and clarity of the developer team to be able to register on the large exchanger

Kasabus

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Quote from: ?? on ??

So do you think 9 out of 10 new projects are scams and only 1 is feasible? That's too much mate, if you do more research then from 10 projects we can find at least 4 or 5 that are truly worth investing.

Yes. Scammers are very rampant nowadays and they are everywhere wherever there is money involved. But if we can be very careful when it comes to investing, we can avoid those scammers and fall into a legit one. So it's really a must to DYOR first before making such investments so that our own money will not be wasted.

adzino

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

Lol, you think those scammers actually build a project? And do you really think it is easy to develop such projects? Those scammers don't build anything. You won't even find a working demo platform from them. All they will provide you with is some bullshit ideas. They will use marketing strategies to make those bullshit ideas sound (and those tokens) really awesome to you!
Its a good thing that it is easy to set up those projects. Though it is your responsibility to check if the project is legit or fake.

Baimovic

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yes, this is all about money. someone who has expertise in this field can easily create fake projects in various ways to benefit from their investors. as an investor you must be wiser before investing in it and certainly don't forget to research more about the project you want to participate in.

bitgolden

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Well, 99% is still leaving that 1% that is not a scam, maybe the ones you faced are in that 1% who knows. Or maybe the odds are around 90% and not 99, but one thing is for sure which is there is a lot more scams than there are legit ones.

People who fail are in the scam category as well for me, you promised people something and failed, that is lying, if you couldn't do it why did you say you will when you couldn't. At the end of the day almost all projects are scams, only a very rare few of them become any good. Those good ones could make you 100x return so people forget about the 50 bad ones, but you did lost a ton of money on those, just because that good one recovered all of that and even profited you doesn't change the fact that the losses were there to begin with.

StephenJH

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There is nothing to worry about, there are still some altcoins, which are really good for investing in. Don't worry about scam projects, we can call them a bad part of this world, also disadvantages of the crypto-world. If you hesitate new projects, just focus on old projects, it is just simple. Or instead of all of them, you must prefer only BTC, maybe it can be more profitable for you.

mersal

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Solution to stop the scammers is just stop investing on the new projects, if we are not feeding them then they won't get evolve or survive here for too longer.We can't say every altcoin is scammy but its better to invest on the existing one and make some decent profits than waiting for huge profits by investing on shit projects.

Emilyearl

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Both old and new projects are mostly money grabbers. If this wasn't so, some projects were not meant to be tokenized, while others were not meant to have as high token supply as they do. These supplies are left in the hands of the project team coupled with funds raised from ICOs or IEOs. It's enrichment for the project owners.

lousie9

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There is no right way to eliminate project fraudsters in this forum, but you can still avoid it by not promoting shady projects. from time to time projects will pop up and maybe only a few are worth following. if you are a project investor, always reconsider and not invest your money in shady projects.

Mulann2

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You are not far from the truth bro, all we see in today's market is scam and scam and so more scam project, some of them are so obvious you can sense it, unfortunately there is very little anyone can do because the market is open to all.

DoubleEdgeEX

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That´s the reason why everybody needs to conduct his own due dilligence on a potential investment. Never trust an influencer and even less a self proclaimed expert. There are great projects out there, you just need to do some serious research.

hatshepsut93

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

In the early days people forked Bitcoin to experiment with different protocol rules or develop new features, but after a few years crypto trading became very lucrative and even the shittiest coins could enjoy some price growth while doing nothing. This was all long before ICOs and tokens became a thing. Nowadays shitcoins indeed represent the majority of coins, because even if you get a few hundred $$ from your ICO scam, it's still a win because it requires minimal investment to setup.

There won't be any "solution", maybe ICOs and shitcoins will become an established scamming method like MLM or Ponzi scheme, and will exist for as long as crypto exists.

Avirunes

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Quote from: Greatdev on June 09, 2020, 09:03:59 AM

Can't say no, erc20 smart contract has the highest scam projects in crypto space because tokens are lot easier to build on ethereum than anywhere else, but we still have some bad ass tokens that perform well than coins with separate blockchain in crypto space, this is where you are wrong.

That's because scammers have found a loophole where people trust in blindly and casually invest without even giving a second thought. ERC-20 is just a kinda platform for new projects to work out and raise money and is very popular. And, wherever there is interest there will always be scammers, you can't get away from them entirely but yeah if you check advices and warning carefully there is chance to escape from them or avoid falling into scam trap.

Convery

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They find out how easy it is to collect money from investors, but there is a rule when more people come with the same idea, this idea stops being interesting because people will learn from past mistakes and they will consider whether they will make the same mistake again. So, yes, for now, but I believe in the future the equilibrium occurs again and more interesting projects come.

Captain Corporate

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I know its all project to project and its not really that common for a project to succeed, of course there is a chance for a project to succeed but at the same time even if a project is not a scam, it gets to a point where its very hard to be a good project as well. Of course they all do it to make money, why would they do it if it wasn't for money, but at the same time they are not really against you making money neither, if they can profit while you profit thats even better, hence they will definitely work for that. If that fails they will move to second option which would be them making profit while you don't. Only if they can't make a profit and you can't make a profit is actually when they failed miserably which happens a lot as well.

Greatdev

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Can't say no, erc20 smart contract has the highest scam projects in crypto space because tokens are lot easier to build on ethereum than anywhere else, but we still have some bad ass tokens that perform well than coins with separate blockchain in crypto space, this is where you are wrong.

Zazzu

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Quote from: Rodeo02 on June 09, 2020, 08:30:27 AM

Quote from: ElmedoRator on June 09, 2020, 05:52:39 AM

Quote from: JahriMeayer on June 08, 2020, 10:04:08 PM

Quote from: restuibu on June 08, 2020, 07:07:47 AM

if you say 99% I don't agree because there are still a few projects that are still worth investing in maybe if you say 80% then I can agree and to avoid that it is better to invest in altcoins that are truly developed

I agree with you, not all projects are scam, and he says 99% is a scam, if he is more careful in choosing projects, then there will be a lot of projects worth investing in.

Only invest in projects that implement IEO in the leading exchanges in this market. If you choose to implement ICO or IEO projects in small exchanges, I believe you will lose money with them.

investing in IEO will not guarantee a good investment for long term they are only good for short term investment. Even investors on popular exchange know that , that's why many of the investors selling their coins if they see that the project they invested give already a profit from them ,and find another new project to be invested.

IEO is a way for you to make a profit in a short time, and if you want to invest in the long term, you should buy the top altcoins in this market. Long-term investment in IEO is stupid because its price will certainly fall several times after being listed

TopT3ns

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Quote from: Balladtony77 on June 09, 2020, 08:45:52 AM

Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

Can't say your claim is 100% wrong because there are many proves in crypto history already since 2017, till date many projects that raised hardcap successful are dead, not entirely all of them but many, in fact too many, it's like investors are making developers rich.

in fact you can see that in 2017 there are indeed coins that can be hardcap but the same in 2017 there are also projects that this year have become junk and cannot develop because usually if there are projects like that then from the beginning they had not really intended to build and continue this developed project.

Balladtony77

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

Can't say your claim is 100% wrong because there are many proves in crypto history already since 2017, till date many projects that raised hardcap successful are dead, not entirely all of them but many, in fact too many, it's like investors are making developers rich.

shoreno

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Quote from: Rodeo02 on June 09, 2020, 08:30:27 AM

Quote from: ElmedoRator on June 09, 2020, 05:52:39 AM

Quote from: JahriMeayer on June 08, 2020, 10:04:08 PM

Quote from: restuibu on June 08, 2020, 07:07:47 AM

if you say 99% I don't agree because there are still a few projects that are still worth investing in maybe if you say 80% then I can agree and to avoid that it is better to invest in altcoins that are truly developed

I agree with you, not all projects are scam, and he says 99% is a scam, if he is more careful in choosing projects, then there will be a lot of projects worth investing in.

Only invest in projects that implement IEO in the leading exchanges in this market. If you choose to implement ICO or IEO projects in small exchanges, I believe you will lose money with them.

investing in IEO will not guarantee a good investment for long term they are only good for short term investment. Even investors on popular exchange know that , that's why many of the investors selling their coins if they see that the project they invested give already a profit from them ,and find another new project to be invested.

why would they sell when they already earn a profit ? what if the project was great and thier instincts were wrong ? .

their move looks like hit and run , and they treat ieo as a cloud mining , pump and dump , or other kinds of ponzis where you can only get profit at the start and you must leave asap in order to not get scammed but thats them . there are still people that believes on the potential of ieo's and they treat ieo as different compare to others .

Rodeo02

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Quote from: ElmedoRator on June 09, 2020, 05:52:39 AM

Quote from: JahriMeayer on June 08, 2020, 10:04:08 PM

Quote from: restuibu on June 08, 2020, 07:07:47 AM

if you say 99% I don't agree because there are still a few projects that are still worth investing in maybe if you say 80% then I can agree and to avoid that it is better to invest in altcoins that are truly developed

I agree with you, not all projects are scam, and he says 99% is a scam, if he is more careful in choosing projects, then there will be a lot of projects worth investing in.

Only invest in projects that implement IEO in the leading exchanges in this market. If you choose to implement ICO or IEO projects in small exchanges, I believe you will lose money with them.

investing in IEO will not guarantee a good investment for long term they are only good for short term investment. Even investors on popular exchange know that , that's why many of the investors selling their coins if they see that the project they invested give already a profit from them ,and find another new project to be invested.

memed97

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Quote from: Stanlo on June 09, 2020, 01:36:20 AM

I don't agree on this, how can you say 99% of new projects are scam? I know many new projects are money grabbers like you said but not up to 99%, thats not different from 100% of all new projects out there, to this day some new projects still have good use case and they raise funds successful, I can never forget Gowithmi and few new projects

Yes, if we look at the percentage is indeed large and many are scam, but it does not reach 99% although it exceeds 90% if we summarize it in general, because until now there are still projects that are worthy of being followed by everyone.

davis196

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

I don't understand your whining.Is somebody forcing you to invest your money in those projects? Grin

Cryptocurrency transactions are irreversible and all those crypto startup projects are extremely risky(if they are not complete scams). By investing in them,you agree with their terms and you rely on their promises.There's no signing of contracts,there's no legal guarantee for your investment.
Do you really believe that you will get any return of investment out of a crypto project?

Ken_terrance

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Ninety nine percent ?? Shocked

that's a bit over exaggerating, I can mention many erc20 tokens that are doing very well since 2018 and even this year we have few ones that are working really well, maybe you've experienced bad results from the ones you choose, if that's the case the fault is yours, you don't do enough research

rodskee

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Quote from: irixo10 on June 09, 2020, 01:30:39 AM

It is an already known fact that many new projects nowadays are just here for the money and nothing more but however I think 99% is too much maybe within the range of 80-90% are scams. Nowadays we see projects copying others, some even go as far as copying their whitepaper, some are only but filled with hype which makes the project pump in the initial stage and after that, it comes crashing. With all these experiences with new projects it is better going for only those with working products backed by a strong team.

That percentage from OP is very exaggerated since there are still projects who also progressive and still trying to add value from this space
they are trying to improve and show investors the value of their money.
We can't deny the fact that majority of those developers are here to earn decent out from what they've created, though the main concern
is the intentions where most those developers falls in scamming investors fund.
There's always a higher chance of being victimized if you will not equipped yourself doing research and study those people behind each projects
and what value to the industry that they are adding with.

Quote from: Stanlo on June 09, 2020, 01:36:20 AM

I don't agree on this, how can you say 99% of new projects are scam? I know many new projects are money grabbers like you said but not up to 99%, thats not different from 100% of all new projects out there, to this day some new projects still have good use case and they raise funds successful, I can never forget Gowithmi and few new projects

Ok then Name us at least 5-10 Legit projects that can be a good to invest in the next months or years?

so aside from that Gowithmi what other projects?

ElmedoRator

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Quote from: JahriMeayer on June 08, 2020, 10:04:08 PM

Quote from: restuibu on June 08, 2020, 07:07:47 AM

if you say 99% I don't agree because there are still a few projects that are still worth investing in maybe if you say 80% then I can agree and to avoid that it is better to invest in altcoins that are truly developed

I agree with you, not all projects are scam, and he says 99% is a scam, if he is more careful in choosing projects, then there will be a lot of projects worth investing in.

Only invest in projects that implement IEO in the leading exchanges in this market. If you choose to implement ICO or IEO projects in small exchanges, I believe you will lose money with them.

Stanlo

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I don't agree on this, how can you say 99% of new projects are scam? I know many new projects are money grabbers like you said but not up to 99%, thats not different from 100% of all new projects out there, to this day some new projects still have good use case and they raise funds successful, I can never forget Gowithmi and few new projects

irixo10

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It is an already known fact that many new projects nowadays are just here for the money and nothing more but however I think 99% is too much maybe within the range of 80-90% are scams. Nowadays we see projects copying others, some even go as far as copying their whitepaper, some are only but filled with hype which makes the project pump in the initial stage and after that, it comes crashing. With all these experiences with new projects it is better going for only those with working products backed by a strong team.

WalkerIVIV

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Quote from: Aaroenz0r on June 08, 2020, 10:33:40 PM

Quote from: iTradeChips on June 08, 2020, 08:44:46 PM

Well this my two cents worth of opinion on this. Ninety-nine percent is such a huge number that you are postulating to the forum as a fact. The burden of proof is not with us but with you the poster. I definitely believe that a big portion of the projects out there are outright not good or scammy in nature but saying 99% is literally saying ALL alt projects are scammy in nature. We can try to at least give some citations or maybe quote other people who believe in the same thing but expressed that first before you, so at least we know where the assumptions came from.

True! The thread poster seemed pessimistic! Personally I think the reason why he said that because he involved in so many scam projects. However, blaming scammers is not a way to get out of it! Instead, you can invest your time to learn more and more about doing research before choosing any project to join. That'll help you a lot in avoiding scammers!

I think so, so many people who have been joining in the scam projects were saying like this while the fact if they lack of DYOR. That brings them into the complicated zone.

It looks like needs tried to put more effort into it. 99% of top 100 CMC were altcoins

Aaroenz0r

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Quote from: iTradeChips on June 08, 2020, 08:44:46 PM

Well this my two cents worth of opinion on this. Ninety-nine percent is such a huge number that you are postulating to the forum as a fact. The burden of proof is not with us but with you the poster. I definitely believe that a big portion of the projects out there are outright not good or scammy in nature but saying 99% is literally saying ALL alt projects are scammy in nature. We can try to at least give some citations or maybe quote other people who believe in the same thing but expressed that first before you, so at least we know where the assumptions came from.

True! The thread poster seemed pessimistic! Personally I think the reason why he said that because he involved in so many scam projects. However, blaming scammers is not a way to get out of it! Instead, you can invest your time to learn more and more about doing research before choosing any project to join. That'll help you a lot in avoiding scammers!

andulolika

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I would dare to say 99.9% of projects are scam.

JahriMeayer

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Quote from: restuibu on June 08, 2020, 07:07:47 AM

if you say 99% I don't agree because there are still a few projects that are still worth investing in maybe if you say 80% then I can agree and to avoid that it is better to invest in altcoins that are truly developed

I agree with you, not all projects are scam, and he says 99% is a scam, if he is more careful in choosing projects, then there will be a lot of projects worth investing in.

iTradeChips

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Well this my two cents worth of opinion on this. Ninety-nine percent is such a huge number that you are postulating to the forum as a fact. The burden of proof is not with us but with you the poster. I definitely believe that a big portion of the projects out there are outright not good or scammy in nature but saying 99% is literally saying ALL alt projects are scammy in nature. We can try to at least give some citations or maybe quote other people who believe in the same thing but expressed that first before you, so at least we know where the assumptions came from.

HunterUnchained

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Absolutely true... Unfortunately, the industry is washed up with several projects offering completely nothing or built on recycled ideas of those that have come before and their sole purpose is to grab as much money as possible from unsuspecting investors with the promises contained in a hollow Whitepaper and misleading publicity. This is further made possible by the fact that there is no body saddled with the responsibility of regulating the crypto industry. They continually thrive knowing that there are people who will invest in their shabby ideas.

beerlover

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Well, what were you expecting? If you spend a million dollars on a project, you will get 10 millions back easily, probably more, wouldn't you do it as well? These people know that if they can hire a good coder, not the greatest just a good one, they could get a project made, hire some marketing and some designers and so forth and you got yourself a good looking coin and website and all other stuff, it doesn't have to actually be good, it just has to look good.

You promote it by giving out some money and tokens for bounty hunters, funny thing is, you do not even have to spend real money, just give out the made up money you just printed hundreds of millions of it for yourself, and in return there will be thousands of people paying you for funding and also buying from exchanges.

Vishnu.Reang

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This is the tragedy with the new projects. The promoters are not being held accountable, and it is very easy for them to vanish with all the money. As a result of this, even good projects are not getting funding nowadays. Investors are scared and the promoters are not doing anything to allay this fear. Simple steps, such as putting the funds in an escrow may do the trick. But we can only give advise at this point, and very few of the promoters are willing to listen.

Anish02

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Nowadays many projects are scam and the ratio of scam projects has been increasing as per the time passes. As we can see many projects are useless as well as they haven't had the potential to reach their goals. Because of all these things we have to keep ourselves away from projects like this and have to invest in projects which are based on great ideas.

coinfinger

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Quote from: aioc on June 08, 2020, 11:32:44 AM

The solution is not investing in unknown projects managed by unknown developers, save your money and only invest in coins that have proven their worth in the market, the market is not new coin friendly anymore we are moving in a new direction where developers cannot scam people easily, by just creating a new coin.

I understand that you have added a "not" by mistake. When we ignore weak projects by set of pre-determined rules then I guess scam devs will not find room to enjoy their stay into this markets. Once we start ignoring, we must focus on only bitcoins or along with bitcoins as a primary investment opportunity, we may also invest with few other highly reputed altcoins. This will definitely lead to scammers get suffered.

Probably it is too late to spread awareness on how to ignore unknown projects. Because, this crypto space is not getting regular investors like how it was doing some 2 years back. ICO scams made lots of investors to look for some other opportunities. But, when we start having a clean environment here then we can be sure about more investors to arrive here to get reputed coins to moon.

Mulann2

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How about ninety nine point nine new projects are a huge gigantic scam, empty promises without nothing to give except disappointment, the good thing is the previous scam project already block that chance so even the new scam project of recent times are not finding it funny, things are extremely hard for them as a result of lack of interest from investors.

Skinny48

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How about you just stay away from new projects until they prove there is more to their project? I do this most times, I don't buy new coins when the get launched, it's only a matter of two years or three the maximum, you will see the true color of the projects

aioc

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

The solution is not investing in unknown projects managed by unknown developers, save your money and only invest in coins that have proven their worth in the market, the market is not new coin friendly anymore we are moving in a new direction where developers cannot scam people easily, by just creating a new coin.

xZork

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I think the 99% ratio is incorrect, perhaps 90% of altcoin projects on the market are fraudulent projects whose developers only want investors' money. The cryptocurrency market is becoming increasingly difficult to control because new projects are appearing too much, in the current situation we should invest in the projects listed on the transaction.

bits4books

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Crypto is not a religion but i like it

Yes, the vast majority of projects are just money burners, financial pyramids and other scams that are only here to become richer at your expense. But remember - the fewer diamonds there are, the more expensive they are.

MCobian

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I do not agree that 99% of new project scams, because there are still some new projects that are real and profitable. Especially IEO projects
which are listed on popular exchanges, and therefore at least there are still around 20% of good new projects. In order to avoid project scams,
we are obliged to carry out investigations and research regarding the projects we will choose for investment.

istiak2277

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Then how people will make money? what you are saying is that most of the altcoin project is shit. I do not think it's true. There are many altcoins that are still popular and still have value in the market. People should remember that a project with running development has value in the market even if its a token. Many good project failed because of the lack of support from the community.

serjent05

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Quote from: blue_hurricanger on June 08, 2020, 05:24:32 AM

You're a bit pessimistic. Of course, you can't talk big about making a change and innovation in cryptocurrency without money and funding so no shy for new project talking about money. Sure it's very easy to chunk out ERC20 tokens but everyone already knows that and it will be met with low expectation as well so nothing to worry about.

How can you say nothing to worry about projects that are created to grab money from the unsuspecting investors? These kinds of projects must be purge out of the cryptocurrency industry. This kind of project brings a bad image to cryptocurrency taking away the trust of supposed to be investors in the future.

I agree with OP, distributing token, and showing some well-planned road map does not mean that they are not money-grabber projects. They will and will always be as long as they do not deliver the promised products.

FanEagle

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

It is not too late to realize about the fact about most of altcoins. This community has been trying to emphasis about the possible scam attempts in the name of altcoins/ICOs. But unfortunately it seemed no one was ready to listen to them. I just wonder why we need more number of altcoins when most people are still sticking only with bitcoin investment and simply ignoring any other altcoins.

We may need altcoins but definitely not a coin with the repeated concept/just with altered economy rules. Only because of we are all supporting them, new coins keep coming up.

In my opinion, etehreum and its dapps concept has already ruined lots of investors' life in the name of ICOs. Those investors should have actually invested into only bitcoins if there was no other options were available in front of them. We have supported the scammers because we were greedy to make more money by contributing into their crowdfunding. But the time proved how wrong with our expectation and due diligence capabilities.

voteformeg

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it is alway's the same , where easy money is being made there always come other people for who normal chances are not enough and are trying to scam people by making fakeproject's, so you are right , we have to be carefull , but that was alway's the same , think what you are doing

Dollar_Hunter

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

in my opinion there is only one solution, namely the legality of a project must exist, and be registered in the government, then investor funds will be safe, I hope before the ICO project starts registering it in government, then that will make ICO more popular again

pilosopotasyo

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

The technology is open-sourced and there are application like Ethereum, Minerium, and Waves that makes it easy to create your own token, this is why we should be properly educated on what to look and how to look on every project that are coming our way, not easy but it's a must.

masterrex

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I think you have a point there buddy! things have changed so much in the crypto industry today. because it was easy for those scammers to build a so-called crypto project without giving much time and resources needed. because there are plenty of crypto-related businesses that offering those kinds of services today unlike before it was only a few platforms and services offered those services thats why those fraudsters are in a hard time setting up those faked projects. thats why I think your 99% estimate is true that Ninety-nine percent of new projects are money grabbers. thats why always observe vigilance.

sheenshane

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This might case to case basis, I think not all projects are going to scam nowadays!

I have doubt that the most common developer of scam projects are the same after they successfully scamming people, they will come back and build again a scam project and lured people or investors with their sweet promises.

We shouldn't immediately believe to them, the best thing is we should have DYOR in our self if how legit they are. Checking the team and the white paper is the first step of knowing your project that you are going to invest in if worth it.

minairia3

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

Then even its easy are you sure you can manage to make it big? Sounds like you are looking down on some projects that you are seeing. Yes there is no doubt that this business has a lot of scam projects but your attitude telling me that arrogant cant really suffice for success.

There are many solutions to these scams. One of it is very easy and its prevention. Only fool can invest on a new project without doing any kind of diligence on it. So far those who rekt does this mistakes.

tiang_tower

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

If you hope in God, then everyone must improve their intention to deceive, and if you hope for a solution for handling fraudulent projects, then pray that scammers can die quickly so as not to give birth to new scammers.

ife2020

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Are you kind to your neighbor? Think it through

Let us be honest with ourselves and speak truth to every situations, every crypto currency project in this space are money grabbers, nobody wants to invest without earning profits.

Any crypto currency project that is not profit oriented cannot succeed in the crypto currency space; you need to have passion and zeal to succeed always.
But greediness causes way more troubles though; and it is one reason why platforms do not succeed.

Pffrt

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You would rather say 99.99% of new projects are scam and they don't come with even a good idea. But a lot of poor investors rush to invest on such project although these days the investors are getting smart. It's always better to stay away from altcoin because there are many ways of scam too.

murat131

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Crypto industry in the nutshell. Thats why it better to invest in popular and reliable projects

desfira

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It is true that many ICOs are scams, but now many new projects have switched to IEO for token sales, because this will reduce the continuing fraud

yazher

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I think what the OP means here was his personal experience with the new emerging project that offers some bounty. The only problem here is you need to carefully check whether they really have what they offer or not. you need to research their road map and their team if they really exist because some of those new projects only stole their white paper from the old one and modified it a little and claimed it as if they're the ones who made it. Sometimes they offer some good to be true offers so that you will be attracted to invest in them but at the end of the day they will run with your money and disappear in a tin air.

meanwords

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That's why you only invest in coins/tokens that already have a working product or at least an alpha of what they are suppose to do. Most investors nowadays are just investing left and right, hoping that they will struck gold if they invest in a new project. Most just fail.

Quote from: New_order on June 08, 2020, 07:43:10 AM

Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

You are making it look like all erc20 tokens are scam projects because they are easier to build than other blockchain projects, the fact is you need to do research on some projects running on smart contract, not all of them are bad, most tokens have real use case and some are just scam like you said but not all of them.

That thing here is that, even research won't mean much if the project really have worked hard to disguise their scheme. He is not making it look like all of tokens are scam but he is saying that new coins tend to be a scam most of the time. It's true that because it's easier to build, scammers and fraudsters have easier time to make a project and scam some investors.

Nalbo

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

ICO has been a place for people with less experience and dedication to raise funds. The 99% money grabber are those who won't get a loan from banks and friends, one whose project gets no interest by any investors and those that can't even afford to get a business license or rent a room for office.

torrantz

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Quote from: New_order on June 08, 2020, 07:43:10 AM

Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

You are making it look like all erc20 tokens are scam projects because they are easier to build than other blockchain projects, the fact is you need to do research on some projects running on smart contract, not all of them are bad, most tokens have real use case and some are just scam like you said but not all of them.

Just let them think about that. The whale will not even hear them as the majority of major coins were coming from the altcoins. If that was above 90% of total coins in the market were scam was true but that should not be around 99%.

New_order

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

You are making it look like all erc20 tokens are scam projects because they are easier to build than other blockchain projects, the fact is you need to do research on some projects running on smart contract, not all of them are bad, most tokens have real use case and some are just scam like you said but not all of them.

Zazzu

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Quote from: Jawhead999 on June 08, 2020, 05:13:11 AM

What about this, since you know 99% altcoin is only want to scam people and stole investors money... So you need to avoid all altcoin and invest on bitcoin only, right? It's pretty simple to answer your question.

That's right, why do they still want to invest in a new project knowing that it's just a scam. Just stay away from new projects and invest in top altcoins in this market, I believe they will never be fooled.

Rodeo02

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Quote from: Refrumatrix on June 08, 2020, 05:05:03 AM

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

They see the crowd funding as an opportunity to earn money yes you right more of them just want investors money, no real plan for the project after they receive a lot of investment.

One thing is for sure if there is a money involve there is always a scammers finding ways to get that money from investors.

santiagomaicon

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Thats why we dont need new projects in crypto right now. All of them are shitty and they are not bringing something new

restuibu

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if you say 99% I don't agree because there are still a few projects that are still worth investing in maybe if you say 80% then I can agree and to avoid that it is better to invest in altcoins that are truly developed

joshua123

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If you are looking for solutions to the other problems then some might not be helped if they dont want to listen to advises. 99 percent is big to assume, so you are saying that most of these altcoins under erc20 are just made only for money investment? Maybe you are right but I disagree that some of them have no concept or use at all. You only saying what you see but how about those you dont see? There is no arguement that bitcoin is the most influential coin and have a good standard by many but altcoin struggle is not just simple investment where you can income. Take a look on brighter side of their concept too.

blue_hurricanger

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You're a bit pessimistic. Of course, you can't talk big about making a change and innovation in cryptocurrency without money and funding so no shy for new project talking about money. Sure it's very easy to chunk out ERC20 tokens but everyone already knows that and it will be met with low expectation as well so nothing to worry about.

Jawhead999

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What about this, since you know 99% altcoin is only want to scam people and stole investors money... So you need to avoid all altcoin and invest on bitcoin only, right? It's pretty simple to answer your question.

Refrumatrix

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To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

Topic: Ninety nine percent of new projects are money grabbers (Read 655 times)