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Topic: Trust in altcoin and cryptocurrencies - page 2. (Read 1208 times)

sr. member
Activity: 440
Merit: 250
October 30, 2016, 12:47:36 PM
#9
The main issue with altcoins and cryptocurrencies in general is TRUST, so how to make sense of all these altcoins popping of every day? The fact that anyone can create a new currency? Isn't this the whole problem? Thank you for your expert advice

There is not a big issue with trust as long as you understand the technology you invest in and developers of the coin have proven themselves through hard work and dedication. It usually means the coin needs to stick around for a year or two before it can be put into the pipeline to be considered for investing. Both of these points mean that you don't look below Top 50 of www.coinmarketcap.com. Top 50 is all you need to wrap your head around, and I don't mean all of them, I mean these are the ones that have proven themselves, more or less, and you got to pick gems from them that shine for you.

I'd not follow that advise. Stellar or Ripple are for exemple not to be trusted for exemple. They're not even real crypto-currencies.
legendary
Activity: 1610
Merit: 1183
October 30, 2016, 11:44:07 AM
#8
Anyone can make altcoin but only few ICO project is unique.You should avoid these kind of ico where the following things you will see..

1.Stay out when you see a newbie open ico thread without personal details.(Sometimes the personal details totally fake you should investigate)

2.ICO Without escrow, Don't join.

3.Read the whitepaper.

Etc you should follow.better buy some coins from phoenix exchange.


What phoniex exchange? You mean poloniex? Anyway, most ICOs are scams, and don't get fooled with a coin's "uniqueness", sometimes that uniqueness is just a simple gimmick that offers nothing of actual value. Very easy to trick people into thinking it's the next big thing. Remember: everyone wants your BTC.
hero member
Activity: 1456
Merit: 579
HODLing is an art, not just a word...
October 30, 2016, 10:06:43 AM
#7
The main issue with altcoins and cryptocurrencies in general is TRUST, so how to make sense of all these altcoins popping of every day?

first define trust?
what are you looking for? do you mean as an investment or as a currency to use?
it is usually an investment so is it ICO or just a simple trading?
and remember that you are not trusting with your life it is just an investment that you make temporarily and pull out as soon as you can.

Quote
The fact that anyone can create a new currency? Isn't this the whole problem? Thank you for your expert advice

this is both the problem and a good feature.
because anybody can pick up what others have left off and improve on the already created code because of it being open source. but it is bad since they have been thinking about money only.
hero member
Activity: 924
Merit: 500
October 30, 2016, 08:29:03 AM
#6
The main issue with altcoins and cryptocurrencies in general is TRUST, so how to make sense of all these altcoins popping of every day? The fact that anyone can create a new currency? Isn't this the whole problem? Thank you for your expert advice

There is not a big issue with trust as long as you understand the technology you invest in and developers of the coin have proven themselves through hard work and dedication. It usually means the coin needs to stick around for a year or two before it can be put into the pipeline to be considered for investing. Both of these points mean that you don't look below Top 50 of www.coinmarketcap.com. Top 50 is all you need to wrap your head around, and I don't mean all of them, I mean these are the ones that have proven themselves, more or less, and you got to pick gems from them that shine for you.

Your advice was totally cleared as water actually, I know your statement are truly tested  and it is true that if the coins are listed in the top coinmarketcap, common sense is the way and simple things to understand of what are we going to invest in.
sr. member
Activity: 406
Merit: 250
October 28, 2016, 11:18:29 AM
#5
The main issue with altcoins and cryptocurrencies in general is TRUST, so how to make sense of all these altcoins popping of every day? The fact that anyone can create a new currency? Isn't this the whole problem? Thank you for your expert advice

There is not a big issue with trust as long as you understand the technology you invest in and developers of the coin have proven themselves through hard work and dedication. It usually means the coin needs to stick around for a year or two before it can be put into the pipeline to be considered for investing. Both of these points mean that you don't look below Top 50 of www.coinmarketcap.com. Top 50 is all you need to wrap your head around, and I don't mean all of them, I mean these are the ones that have proven themselves, more or less, and you got to pick gems from them that shine for you.
legendary
Activity: 1540
Merit: 1011
FUD Philanthropist™
October 28, 2016, 11:03:38 AM
#4
See my SIG link and then read the PDF.. and UNDERSTAND what it says.
sr. member
Activity: 294
Merit: 250
October 28, 2016, 10:26:01 AM
#3
Anyone can make altcoin but only few ICO project is unique.You should avoid these kind of ico where the following things you will see..

1.Stay out when you see a newbie open ico thread without personal details.(Sometimes the personal details totally fake you should investigate)

2.ICO Without escrow, Don't join.

3.Read the whitepaper.

Etc you should follow.better buy some coins from phoenix exchange.
hero member
Activity: 924
Merit: 500
October 28, 2016, 07:13:47 AM
#2
The main issue with altcoins and cryptocurrencies in general is TRUST, so how to make sense of all these altcoins popping of every day? The fact that anyone can create a new currency? Isn't this the whole problem? Thank you for your expert advice

I don't see any wrong in trusting any altcoins as long as the project is attainable and achievable also realistic to be happen. Though we knew that most of the scammer they used altcoin to seek for a victim here. But still there is a legit altcoin/cryptocurrencies that we can entrust for.
newbie
Activity: 58
Merit: 0
October 28, 2016, 06:38:32 AM
#1
The main issue with altcoins and cryptocurrencies in general is TRUST, so how to make sense of all these altcoins popping of every day? The fact that anyone can create a new currency? Isn't this the whole problem? Thank you for your expert advice
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