What makes a crypto project reliable and trustworthy ? - page 9.

KingsDen

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Quote from: Marcellin9 on January 30, 2023, 02:15:08 AM

Bitcoin is the King of cryptocurrency and most altcoins are way less qualified in terms of credibility, fanbase, high returns with minimal risks etc. I am trying my best to analyze altcoin projects but the results are not pleasant. What makes an altcoin really trustworthy ? And why ? Please let me know your opinions.

Alcoins are not trustworthy and infact nothing is trustworthy. But if you are asking how to know a project that is worthy to be invested in. Try to read their whitepaper or road map and if it interests you, try to know if they are following what is in the road map and then if yes, you may join the team.
Don't forget to know the group of developers behind the project, if they are sincere and ready to work. Not involving in pumping and dumping of the project

Natalim

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BTC to the MOON in 2019

Quote from: Marcellin9 on January 30, 2023, 02:15:08 AM

Bitcoin is the King of cryptocurrency and most altcoins are way less qualified in terms of credibility, fanbase, high returns with minimal risks etc. I am trying my best to analyze altcoin projects but the results are not pleasant. What makes an altcoin really trustworthy ? And why ? Please let me know your opinions.

If we ask how? We have to put those things to the project developers. Maybe having strict crypto regulations could somewhat help to improve the credibility of the incoming projects but this won't give us assurance to have a safe investment. That is why I don't encourage people to invest in new projects for they have been known as scams and worthless projects. In fact, we already have Bitcoin and ETH, and we know their profitability, so I think we don't need to look for another project if we know that we can't find legit and trusted coins.

Jackl87

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Quote from: Marcellin9 on January 30, 2023, 02:15:08 AM

Bitcoin is the King of cryptocurrency and most altcoins are way less qualified in terms of credibility, fanbase, high returns with minimal risks etc. I am trying my best to analyze altcoin projects but the results are not pleasant. What makes an altcoin really trustworthy ? And why ? Please let me know your opinions.

First of all i don't think that Bitcoin is really the king in all of those parameters that you have listed. I mean in terms of the fanbase size and the lowest risk that is probably true but i am not so sure about credibility and high returns. First of all the founder of Bitcoin is still not known to this day, so that there are more credible altcoins out there with big and public teams behind them.
In terms of possible high returns i would also say that most of the big altcoins have a higher potential to grow than Bitcoin itself. The reason for that is quite simple. Bitcoin already has made x20000 or even more for very early investors. So to do another x10 or even a x100 from here on would be a huge increase in marketcap.

GreatArkansas

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Quote from: Marcellin9 on January 30, 2023, 02:15:08 AM

What makes an altcoin really trustworthy ? And why ? Please let me know your opinions.
(.....)

It's already difficult now because even if you say "Market cap is the basis" there are still lot of altcoins that even how their market cap is high, at the end of the day there are still issues from them or some of them turned into scams.
For altcoin, I really don't trust altcoins these days besides Ethereum, Ethereum is still here since day 1 and Ethereum maintained it's top 2 as the highest market cap.
For me, what altcoins make really trustworthy is market cap + total value locked, especially on Ethereum's Defi platforms, there is a lot of money running on Ethereum, and most are on DeFi platforms and NFTs.

Silberman

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Quote from: Pierre 2 on February 01, 2023, 03:49:12 AM

When I try to pick reliable and trustworthy altcoin I first check official website to read Whitepaper. Whitepaper can give fruitful information and also whitepaper shows if project is serious or not in my opinion. After that I check allocation of altcoin. I mean how its gonna be mined or how many altcoins are reserved/secured for developers. In short I look for legitimacy. If its legit altcoin I may invest in good exchanges.

Back in the day when I took the time to look for altcoins with good potential, instead of going straight to reading their white paper or anything like that I first looked for signs the coin was a scam, things like their website or white paper being copy and pasted, fake profiles, no profiles for the developers, impossible road map, impossible promises or a centralized coin was more than enough for me to discard the altcoin, and unfortunately this eliminated the majority of the coins on the market as many presented several of those warning signs.

Pierre 2

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When I try to pick reliable and trustworthy altcoin I first check official website to read Whitepaper. Whitepaper can give fruitful information and also whitepaper shows if project is serious or not in my opinion. After that I check allocation of altcoin. I mean how its gonna be mined or how many altcoins are reserved/secured for developers. In short I look for legitimacy. If its legit altcoin I may invest in good exchanges.

Maximo Spohn

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Strong technical support, professional team. Pay more attention to details, I am a very detail-oriented person. I will look at their transactions, as well as various enthusiasm. I think a good project popularity is very important. And you must have a sufficient fan base before your project can be maintained normally. Any investment is risky. Most people will not be "first person". So fan base is very important.

Apocollapse

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Quote from: SquallLeonhart on January 30, 2023, 10:46:50 AM

But, I have seen many project with zero pre-mine and following all other decentralized rules got failed as well. In my understanding, being decentralized got nothing to do with your investment.

There are a lot fake decentralized and less decentralized project, that's make the coin is useless and not successful, also they're not open source and not giving a way to verify their protocol. Monero is the best altcoin until now, it's another project which is has a purpose for privacy and decentralized. As you can see there are a lot privacy coins comes up, but they're offer less privacy unlike Monero.

Quote from: Thomas Kralow on January 30, 2023, 10:46:05 PM

A project with a decentralized protocol is truly not controlled by others. You have complete autonomy, but the project party does not know where to go, and the tokens of this agreement are meaningless. There is no value left. It is the most reliable if you want Satoshi Nakamoto to create Bitcoin. There is only one reason, everyone's consensus is indestructible.

It means, there's no need to create new coins if Bitcoin is still become the best crypto in terms of decentralization. I don't see any reason why people keep creating new coins except the sole purpose is to make money.

Thuy Anh

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Let's see what this project can bring us besides making money. Sometimes I invest by looking at time and price trends. I think the most important thing for everyone in the encryption market is to make money. It is really important to choose a good project. Don't just look at what the MLM says is so good. Be sure to do detailed research before investing.

Thomas Kralow

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Quote from: Apocollapse on January 30, 2023, 04:26:13 AM

The most simple thing to know if the project are reliable and trustworthy is depends on the protocol, it must be decentralized and able to trade without centralized exchange.

Decentralized make your coin can't get frozen, controlled and manipulated since you don't have to trust anyone including the CEO. It will be different if the coin is centralized, you must trust the CEO and hope he wouldn't rug pull his own project.

Government always tightening their rules and it's need KYC to trade in centralized exchange, the worst thing is the exchange can freeze your account and confiscate your funds. If you trade on decentralized exchange or non custodial P2P platform, your coin will be 100% safe.

But you need to know 99% coins are centralized, only 1% or less are 100% decentralized.

A project with a decentralized protocol is truly not controlled by others. You have complete autonomy, but the project party does not know where to go, and the tokens of this agreement are meaningless. There is no value left. It is the most reliable if you want Satoshi Nakamoto to create Bitcoin. There is only one reason, everyone's consensus is indestructible.

Marcellin9

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Quote from: Johnyz on January 30, 2023, 03:20:56 PM

Quote from: Marcellin9 on January 30, 2023, 02:15:08 AM

Bitcoin is the King of cryptocurrency and most altcoins are way less qualified in terms of credibility, fanbase, high returns with minimal risks etc. I am trying my best to analyze altcoin projects but the results are not pleasant. What makes an altcoin really trustworthy ? And why ? Please let me know your opinions.

Trustworthy to deal with? Well it should be depend on the team, their product or services and their market exposure.
I guess, in dealing with crypto you should not get too attached to it especially if you are a trader because you are too focus with the price trend and not with the fundamentals. You can just see this at the top coins but of course there is always risk and you cannot avoid this even if you trusted that project so always look at the reality and see its current trend to know if you are going to buy or not.

Appreciate your point of view as more of a trader. A great dev team, a solid product, readily available services and market exposure are the essentials to make an altcoin trustworthy and successful but they are not enough if we act as a trader. I like your attitude that we should not get too attached to altcoin or anything in general because this helps with our own benefits and life in general. Always knowing when to get in and out is crucially important to everyone.

Xal0lex

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Quote from: Marcellin9 on January 30, 2023, 02:15:08 AM

Bitcoin is the King of cryptocurrency and most altcoins are way less qualified in terms of credibility, fanbase, high returns with minimal risks etc. I am trying my best to analyze altcoin projects but the results are not pleasant. What makes an altcoin really trustworthy ? And why ? Please let me know your opinions.

Trustworthy altcoins have their own blockchain and constant demand for the blockchain space, and mainnet constantly uses that altcoin. These are the kinds of altcoins that are most trustworthy. They have a product, they have utility and they have tremendous support among users, developers and miners. The other altcoins are not trustworthy, at least not enough to keep such coins in your wallet for several years.

RealMalatesta

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Quote from: tsaroz on January 30, 2023, 09:52:52 AM

Quote from: Marcellin9 on January 30, 2023, 02:15:08 AM

Bitcoin is the King of cryptocurrency and most altcoins are way less qualified in terms of credibility, fanbase, high returns with minimal risks etc. I am trying my best to analyze altcoin projects but the results are not pleasant. What makes an altcoin really trustworthy ? And why ? Please let me know your opinions.

Altcoins and their future are still a wild guess. STOs or regulated and audited projects were thought to be less risky but these low risk low profit projects too failed miserably. Something as stupid as Shiba Inu that airdropped more than 50% of it's the than supply to vitalik buterin (single person unrelated to the project) got unprecedented success, survived through multiple pumps and dumps and still going strong as a popular altcoin makes me believe there are almost zero logic on altcoins future prediction. The only thing that depends on the long run is how active the project manager or volunteers are on the development and progress.

I think the reason why they are "wild" guess is that we do not have enough data about them most of the time. Usually it is from people we don't know (even if they are not anonymous, we don't know them) and we don't know if they are capable of doing it, or will they scam, even if not scam maybe just fail etc etc.

There are too many things that are unknown about most projects and that is why we do not have any clue what is going to happen. This is even worse for new ones, because older ones at least showed something, new ones didn't had time for that neither. So all in all, this is definitely something that I can't agree with and that is why it is a lot more important.

Johnyz

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Quote from: Marcellin9 on January 30, 2023, 02:15:08 AM

Bitcoin is the King of cryptocurrency and most altcoins are way less qualified in terms of credibility, fanbase, high returns with minimal risks etc. I am trying my best to analyze altcoin projects but the results are not pleasant. What makes an altcoin really trustworthy ? And why ? Please let me know your opinions.

Trustworthy to deal with? Well it should be depend on the team, their product or services and their market exposure.
I guess, in dealing with crypto you should not get too attached to it especially if you are a trader because you are too focus with the price trend and not with the fundamentals. You can just see this at the top coins but of course there is always risk and you cannot avoid this even if you trusted that project so always look at the reality and see its current trend to know if you are going to buy or not.

Silberman

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Quote from: Marcellin9 on January 30, 2023, 02:15:08 AM

Bitcoin is the King of cryptocurrency and most altcoins are way less qualified in terms of credibility, fanbase, high returns with minimal risks etc. I am trying my best to analyze altcoin projects but the results are not pleasant. What makes an altcoin really trustworthy ? And why ? Please let me know your opinions.

You are thinking this on the wrong way, trustworthiness has a range, which can go from not trust at all to be given to being trustworthy and anything in between, and as you may guess most altcoins do not pass even the slightly scrutiny as they copy and pasted some part of their website or whitepaper, the developers lie about their identities, their token economics are wrong, they censor any kind of criticism to their project or they do many other things that are a red flags when you think about it, so it is not surprising you are getting such dismal results.

o48o

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If dev team follows regulations and is active, committed, transparent and smart and does answer hard questions. That's a good starting point.

However even if you can trust the team you can't always trust the project. It could fail for several reasons. One of many is that superior tech comes and makes the project completely irrelevant, yet the team keeps on building it even if they know it's doomed because they have money left to spend.

But i would start from fundamentals, find if there is a realistic use case, check competition if any and if they have a better solution, and finally go and deep dive the team and check that there are coders in charge and no pointless advisors or business CEOs or advertising team what have no idea what crypto even is.

BobK71

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There are numerous altcoins in the crypto market, among them all are not legit and very few projects are well established. However, there is no guarantee in Crypto, a good project can be broken within only 1 day as it happened in the case of FTX or Luna. There are usually some coins or projects that attract investors whether the project is good or bad will depend on their experience,skill and by making their products . If the team possesses honesty and devoted characters, then any project can do well. However, some things must be taken care. For developing a project financial transparency and skill and experience must be compulsory for the success of the project.

Blitzboy

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It's fantastic that you want to learn more about crypto currencies in order to determine which ones can be trusted. When trying to determine whether or not an alternative cryptocurrency can be trusted, there are a few things to keep in mind. One important factor in an altcoin's success is the expertise and dedication of the people behind the project. As a corollary, the altcoin's use case and practical relevance are also critical considerations. Success is more likely for an alternative cryptocurrency if it offers a practical solution to an existing issue or fills a need in the current market.

One must also consider the altcoin's underlying technology and evaluate it against similar currencies. Are there substantial network effects or collaborations that will assist propel the altcoin's adoption and value? Is the group of people working on and using it robust? When deciding whether or not to invest in an alternative cryptocurrency, these are all crucial questions to ask. In the end, it is crucial to do your homework on the cryptocurrency and fully comprehend it before putting your money into it, and to always diversify your investments to lessen the blow of any potential losses.

dimonstration

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Dimon6969

We should learn now that not all projects are legit, some projects maybe relible at first but later on became greedy and tends to be a scam project. I learn not to hold on too much into my altcoins as some of them losses already their value and some projects seems to have no update after their successful funding. What is best in crypto is that we can trade them as long we’re getting profit on it, but holding on into it might not be a good decision. It can be fine in bitcoin to hold and wait but in altcoins it takes more risk and lose not trading it for long.

Coyster

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'Life's but a walking shadow'!

Mind you that if you are actually doing your research into which altcoins are very good, you're prolly doing what's synonymous to looking for a needle in a haystack, altcoins are short term projects, and you definitely cannot classify most of them as being reliable or trustworthy.

Having said that, a project should have an actual utility, like Bitcoin, that is what makes it stand out amongst all other cryptocurrencies, make sure it doesn't have a fake utility or hyped up promises like most altcoins. You wouldn't also want to buy a coin that is centrally controlled by some individuals/whales who can manipulate the price of the coin in any direction they so choose, that's another reason why a decentralized coin like Bitcoin is a no-brainer for most crypto enthusiast. Well DYOR is the only way to be sure of what you're doing and to be confident in your decision.

Topic: What makes a crypto project reliable and trustworthy ? - page 9. (Read 1292 times)