Topic: The way things are going with new crypto is worrisome - page 4. (Read 960 times)

I agree, everyday we see many projects about metaverse coming up but unfortunately, only a few of them really have an intention to develop for a long time and a lot of them just want free money from investors. Not only gaming industry is popular with metaverse but other industries are also trying to implement metaverse in their ecosystem. For now I'm just going to watch this metaverse and see how it is.

Exactly, the leader of a project should always be a person that is accomplished on the field in which they are working on, if that is not the case then they will not know at all what is happening with their project, as an example would you allow someone that is not a doctor to perform a surgery on you? Most likely the answer is no, and if that is the case then why people invest in projects that are not under the leadership of an expert on this industry?

The ability to earn money always attract many gamers. That is why poker and casino so popular.
The creation of Metaverse will give more opportunity to gambling and will attract more people to casino and poker.

That's right, I see there are many people who create new tokens and I don't understand the concept where many people are competing to create it. Incidents like that have been happening for a long time but for now I think it's even worse because the crypto world is becoming more and more popular, the more people are taking advantage of it. We know that some people don't even know crypto and they just follow the hype to invest in new tokens with attractive offers. but behind all that, you can get a big loss because you are not careful in investing in new coins.

The purpose of most of these is to create projects and quickly take money out of the market, and use market trends. When a new hype is created in the market, many developers try to use it to scam, and many of these projects succeed in achieving their goals. However, there are many developers who work hard to do something good that plays an important role in the crypto community. So developers who are working with good intentions must appreciate their work. This will allow you to get better work and better innovation.

The ease of access for token creation is definitely concerning.

People are now receiving more spam tokens than ever in their wallets and exposed to a myriad of worthless projects that are marketing themselves well but have no fundamental value beyond the hype.

I've also seen an increasing amount of DeFi hacks due to inexperience and unaudited development, but it seems like that during a bear market everyone just turns a blind eye to these common sense things.

Shitcoins in the market have been rampant already and i guess we can't do nothing about it but to think of preventive ways on how not to fall for them. And making a depth in research is one way on how we can avoid those projects that are only profit based and not on its real content that would leave impact to its users. This could give more risk actually particularly for newbies as they have less knowledge and experience on crypto so they tend to fall on these and create losses, while knowledgeable ones will always have an edge over them.

Gambling allows people to understand how they are lucky. That is why it is so popular.
Many people play gambling because they want to check their luck and success.
And sure people want to earn money

This is the reason why an extensive research is necessary before investing our hard-earned money.

Many projects are just trash created by people who are greedy to make money and riding the hype so they take advantage it. If you're a kind of investor who often follow the hype and not doing your own research, then its likely for you to fall in these scam projects who dont have real use case.

Currently, not only the professional developer teams that create new tokens or coins, in this case, not the people who are exactly professionals and have a good understanding, knowledge, and also experiences in the crypto indutsyr. BUt sadly, the artists, celebrities, and also other big influencers also crate the new tokens by using their popularity to attract the inevstros. This happens exactly in my country.
But once more, most of them are exactly shit coins because they are only increaisng because of the hype, because of the pump that is spreading by the team, moroever they have so amny followers.
This is sad because right now, crypto relaly becomes a business, mroever by peole who don't exactly know about crypto. Only money focus, not project focus

This will be more risky on part of newbies and even to those who have been here for quite long already but still are not capable to find reliable coins. The bigger the risk, the bigger funds they will bound to lose. But we can't do nothing about this because this is now the reality that market is filled with scam projects. We just need to be more vigilant and be wise in decision making so we will not fall as their victims.

The problem is if the hired coders have back up plans in case the project succeeded, getting ahead of their boss and hogging all the credits. The CEO should think be making rules if this happens, a contract that if the staffs do something unusual they would be sued. CEO should've been a coder or an engineer, for he will check most of the codes himself, this is the best way to avoid such things.

Unfortunately this has been the reality of this market for a very long time, creating a useless coin is incredibly easy and anyone with an access to a computer can do so, now a great deal of those coins never go anywhere, and if that was how all of those stories ended then that would be fine, however there is a small amount of those coins which eventually gain enough attention and eventually millions of dollars are invested in one of those projects, then the developers simply sell their coins for bitcoin, the price of the coin crashes, it never recovers and eventually the project disappears, leaving a few people with a lot of money and the vast majority which lost everything they invested in the project.

You can make a website without coding, though my concern for that is how would they learn blockchain programming without even learning the fundamentals of basic programming languages (data types, variables, operations, etc...). I wouldn't be surprised if these "everyone" you knew became a scammers after their first few projects.

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I wonder how are you reacting to their decisions, OP.

Gambling always was popular in all times and in all countries.
Thanks cryptocurrency and blockchain gambling will become more clear and transparent.
It will be more trust to gambling, poker and casino.

Such is the reality and we cannot stop the emergence of shitcoins where every day there will always be new shitcoins in crypto,
it's better to focus on coins that have potential and don't care too much about shitcoins,
obviously it all depends on each person's decision

These determinations are right until the end, but the task falls to us here. We should always be more conscious and support those around us in investments. Unfortunately, fraud exists in every organization in the world 

A lot of new projects apper everyday, but not all of them will be able to survive. A lot depends how usefull will be a project in future and how many people will use it.
Now appear whole game Metaverses like this https://twitter.com/PokerFacesNft/status/1501518730970513416
They offers their users a lot of new and useful opportunities.

The intention/purpose of developing the coin/token is very important. A good purpose backed by proper financing coupled with experienced personnel with expertise and hard work will see the project successful. Though the CEO may not be an expert but if he/she hires experts and with positive approach, the project will be successful. The problem is having negative intention to scam and defraud people from the onset. Most times such scam projects usually end up unsuccessful because in no distant time people will come to know that the project is a scam. The project will die naturally. A typical example of a scam project that I have experienced as at 2017 was the Swisscoin project. It ended up being a scam. I invested about $360 in that project and got nothing out of it. It was even listed in CMC then. IMO, the project owners already had the mindset to scam people and which they did. Please correct me if you were a participant in the Swisscoin project. The intention most times is what justifies the project, though finances can actually affect project as well. Though It is worrisome that there are many scam tokens flooding the crypto space, however, most times those scam tokens end up in the dust bin/die naturally. What is bad is that they may have scammed some people before the project dies off.

This kind of practice has been happening since 2018 and they are the reason why the other real project is hard to find because they mimicked the plan of the real one and they also give some false promises to their participants which make you think they are the legit project as well. Until now, whenever there's some project that will gonna pretend to be legit by creating the same popular coins or tokens. You need to be vigilant because most of them are pump and dump projects or they are nothing at all just created by a lazy guy trying to impress his friends.