Trust in altcoin and cryptocurrencies - page 2.

tunctioncloud

sr. member

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Quote from: freshman777 on October 28, 2016, 11:18:29 AM

Quote from: Bushuqa on October 28, 2016, 06:38:32 AM

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.

pereira4

legendary

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Quote from: sabbirshm on October 28, 2016, 10:26:01 AM

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.

BitcoinHodler

hero member

Activity: 1456

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HODLing is an art, not just a word...

Quote from: Bushuqa on October 28, 2016, 06:38:32 AM

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.

dearbesz1219

hero member

Activity: 924

Merit: 500

Quote from: freshman777 on October 28, 2016, 11:18:29 AM

Quote from: Bushuqa on October 28, 2016, 06:38:32 AM

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.

freshman777

sr. member

Activity: 406

Merit: 250

Quote from: Bushuqa on October 28, 2016, 06:38:32 AM

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.

Spoetnik

legendary

Activity: 1540

Merit: 1011

FUD Philanthropist™

See my SIG link and then read the PDF.. and UNDERSTAND what it says.

sabbirshm

sr. member

Activity: 294

Merit: 250

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.

dearbesz1219

hero member

Activity: 924

Merit: 500

Quote from: Bushuqa on October 28, 2016, 06:38:32 AM

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.

Bushuqa

newbie

Activity: 58

Merit: 0

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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