Why are investors so sceptical about Altcoins? - page 7.

Dickiy

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Quote from: Ojima-ojo on February 25, 2023, 09:15:38 AM

I am not an altcoin fan but lately, I have spent some time on the alternative cryptocurrency board and I have seen a lot of topics bordering around whether or not to buy some coins and this makes me wonder why altcoins investors are full of uncertainty and always wanting to know the opinion of others before they invest.

Is there any other reason for this other that the high risk and high volatility of altcoins compared to bitcoin?

Are they asking because they know there are special skills in altcoin analyses or some people are good at picking g g the right coin to invest in?

I think it's normal for people to be skeptical about alt coins especially after the many incidents that have put investors out of business due to fraud, hacking and failure of projects carried out by altcoin developers. The visible risk of losing money in a matter of minutes is what investors are most afraid of, so they should see some feedback regarding what projects have potential and things to consider from the results of other people's analysis or not just personal analysis. I am also quite skeptical of any altcoin project for fear of missing out on what I expected.

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Quote from: Ojima-ojo on February 25, 2023, 09:15:38 AM

I am not an altcoin fan but lately, I have spent some time on the alternative cryptocurrency board and I have seen a lot of topics bordering around whether or not to buy some coins and this makes me wonder why altcoins investors are full of uncertainty and always wanting to know the opinion of others before they invest.

Is there any other reason for this other that the high risk and high volatility of altcoins compared to bitcoin?

Are they asking because they know there are special skills in altcoin analyses or some people are good at picking g g the right coin to invest in?

Because there are too many altcoins out there and they keep popping up all the time so many feel the need to ask questions before making a decision although I think all final decisions should be made after self-study and any advice is just an additional reference only, and that's probably why he asked because he/she still newbie while this forum is older than altcoins so many veteran members have the knowledge to be able to listen to their suggestions.

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Quote from: Pierre 2 on February 28, 2023, 04:29:53 AM

Its because most of altcoins (hundreds of them) are really exactly filled with uncertainties. Whenever I look through websites of new altcoins I can find dozens of red flags. Coin distribution maths are generally very bad and sometimes look intentional so developers can get rich over investors. Sometimes whitepaper are very messy and amateurish. Only top 10-20 maybe 30 altcoins feel safe to invest.

It more like every altcoin out there is a scam or a rugpull or a shitcoin that has been abandoned, making it equivalent to a scam.

Whitepapers copied from another project, advisors being fake/stock images, non existant products and vaporware - this is a day in the office for altcoins that have been recently launched. You dont want to be a part of this shitshow unless you are not having anything else to do.

If you ask me, I would feel safe max with bitcoin but to stretch it, I can accept the top five altcoins. They have been performing well to stay in those positions for years which is why I suggest users to give a notice period of at least two years if not more to a newly launched project before investing.

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Quote from: Ojima-ojo on February 25, 2023, 09:15:38 AM

Are they asking because they know there are special skills in altcoin analyses or some people are good at picking g g the right coin to invest in?

Many altcoins are existing without real use case and if you're not familiar with these coins you might really end up investing in shitcoin. That's why many investors are asking for opinions/suggestions because they want to be certain on the coins that they will going to invest in.

Moreover alts are more risky than Bitcoin since the latter is established already. However the possibility to gain huge in alts are high if you spot a hidden gem, the reason why many of us are diversifying our portfolio. Thus it is necessary that you dig deeper in order to invest in alts that are worthy to hold.

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Quote from: Ojima-ojo on February 25, 2023, 09:15:38 AM

I am not an altcoin fan but lately, I have spent some time on the alternative cryptocurrency board and I have seen a lot of topics bordering around whether or not to buy some coins and this makes me wonder why altcoins investors are full of uncertainty and always wanting to know the opinion of others before they invest.

Perhaps I did sometimes and there is only one reason I see why we are asking others' opinions on a particular project and that is to get an idea of the project whether it was profitable or a scam. Uncertainties had always been in our minds especially if we are new in crypto and of course, it was also because of many scam projects that are already in the market. It was best to gather information/opinion rather than relying on what you have read online and feedbacks as it can be faked just to gain interest from the investors.

Pierre 2

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Its because most of altcoins (hundreds of them) are really exactly filled with uncertainties. Whenever I look through websites of new altcoins I can find dozens of red flags. Coin distribution maths are generally very bad and sometimes look intentional so developers can get rich over investors. Sometimes whitepaper are very messy and amateurish. Only top 10-20 maybe 30 altcoins feel safe to invest.

Apocollapse

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Because altcoins are mostly centralized and there's no use case except to make the developer rich, we have seen many successful projects that have bounty program in this forum, but after the distribution begin, the token price slowly decrease and now it's already become dead coin.

So many investors are sceptical about altcoins since most of altcoins when they've create ATH, they will become dead and can't beat the previous ATH unlike Bitcoin.

mdzahed134

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As far as Coinmarketcap data, right now 22k+ altcoins listed on the market but without listing thousands of altcoins exist but most of the coins aren’t reliable to invest or high risky. So, mostly investors (especially newbies) asking here before investment because here a lot of experienced users, those will drop suggestions about good or bad altcoins. I think just only a few coins (as like BTC,ETH & BNB) you can invest undoubtedly.

isaac_clarke22

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Not sure why is this a question, OP. Are you always certain that altcoins are going to deliver in the future?

Knowing that there are many projects out there are just going to end up in Scam Accusation board should already be an indicator for you on why many, not just altcoin investors, are skeptical about everything. It's not just the volatility actually since there are people that are even skeptical in stablecoins. It's not about picking the right coins or even having that "special skill" you mentioned. It is just the basic of using your instincts to make sure that your money is going somewhere that is hella worth.

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Quote from: Ojima-ojo on February 25, 2023, 09:15:38 AM

...
Are they asking because they know there are special skills in altcoin analyses or some people are good at picking g g the right coin to invest in?

Some are just making their assumptions, some are done with the market analysis, and some are basing their experience.
However, whatever they say we also need to do our own research just to verify the recommendations/suggestion. Because we can't just invest blindly, in fact, we do the final decision not them.

I do agree that there are a lot of potential altcoins exists in the market but can't also deny that many or the majority of altcoins are scams. That is why people are asking "if that particular coin is a good investment or not" so investors have also an idea if that is profitable or not in order to avoid losses.

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For me, investing in altcoins is like gambling and already gambling, we are always afraid and skeptical. So if anyone is not ready to take risks, they should not invest in altcoins, if they want high profits, they must accept high risks, that is the rule. Altcoins market is a pump and dump market, it is a money game, don't be too delusional or put all your faith in any altcoins. The altcoin market is just a place for sharks to take advantage of investors' greed to make money, especially those who have no knowledge but like to get rich quick.

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They ask because they are hesitant to buy the coins they want. Some people want to invest in altcoins, but ask for opinions and advice, and that's perfectly normal. Sometimes, they get some tips from group members, especially those who have enough experience. some people even ask for potential scam new altcoins, and many members give warnings about it.

However, there are many reasons why they ask before investing, but I think it's for the sake of making the right decision before investing, such as avoiding scams or choosing the right altcoin, as well as getting some tips and analysis results that may be quite accurate from some people who are quite skilled in the field. Analyze rising and falling prices.

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Quote from: Ojima-ojo on February 25, 2023, 09:15:38 AM

I am not an altcoin fan but lately, I have spent some time on the alternative cryptocurrency board and I have seen a lot of topics bordering around whether or not to buy some coins and this makes me wonder why altcoins investors are full of uncertainty and always wanting to know the opinion of others before they invest.

Is there any other reason for this other that the high risk and high volatility of altcoins compared to bitcoin?

Are they asking because they know there are special skills in altcoin analyses or some people are good at picking g g the right coin to invest in?

There are a few reasons that come to my mind about it, I have noticed the same and most of those asking for guidance are users which are new to the forum, and I assume they are new when it comes to this market as well, so they want to buy altcoins due to their potential but they are nervous about it and they want to be sure they are doing the right thing.

Another factor is that the number of scams is simply too high, so even if they have made their due diligence they ask for a second opinion in the case they missed something and they are about to make a mistake by investing in a particular altcoin.

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Quote from: trendcoin on February 25, 2023, 05:17:25 PM

Quote from: Minecache on February 25, 2023, 09:39:49 AM

Quote from: Beparanf on February 25, 2023, 09:22:13 AM

... I believe the reason behind why most people suggest to invest only on Bitcoin here is because this is Bitcointalk and people preferred Bitcoin due to its feature.

Maybe this is the reason, since we are in bitcointalk and most people here just like bitcoin, they are bitcoinists, so we won't see too much altcoins advice here. Honestly, I've joined a few local investment groups on social media, and I've found that most of the people invest mainly in altcoins. Very few people invest in bitcoin because they think altcoins will make them rich faster than bitcoin. And they are all willing to take the risk to invest in altcoins, and during the bull season of 2021, many people got rich quickly by investing in memes, altcoins.

Yes, there are a lot of Bitcoin maximalists here, and that's why there are so many people who have negative views about altcoins. However, Bitcoin maximalists have rational reasons to become Bitcoin maximalists. One of them can easily be seen by looking at the historical page of Coinmarketcap (https://coinmarketcap.com/historical/). In my opinion, people who do not have enough experience should definitely stay away from altcoins.

I agree with you that altcoins are not for newbies because of the risks they bring, but it should not be denied that altcoins are also a very good way to make profits if we know how. We should give helpful advice to newbies about altcoins rather than making false claims about altcoins to newbies. We enter the cryptocurrency market looking for profit as long as it can be profitable for us, we should not pass up the opportunity. As long as we know what we're doing with our money and are willing to take the risk if we make the wrong decision, we can invest anywhere.

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There are lucky users who have managed to make good profit from altcoins investment. Everyone won't be lucky enough to experience such profits, because it is really hard to pick the right altcoin and profit. There are incidents in which the altcoins that gave good return in the short term have delisted from the exchanges within an year. The risk is high, and to know the right choice of investment users keep on raising their concern whether it is good to invest into altcoins.

JeffBrad12

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it's like uncertainty is the nature of altcoins in general you just hardly know which coin could lead to great fortune and which one gonna scams you.
in general people are skeptical because of reasons and avoiding scams certainly one of them. there has been many histories of scams in altcoins that i'd think enough to make you skeptical and pessimistic if you care enough to know.
just to mention one of many, it's luna crash that caused massive lose in trust against altcoins in general even in the exchanges, who would've thought a coin with such massive market capitalization could vanish within one night that's just simply ridiculous and that could means that even with massive market capitalization doesn't necesssarily guarantee that your investments in these altcoins will be safe, even after that there is series of bankruptcy in the many altcoins that have relation with luna. if you're skeptical enough not to put all your investments in luna, i'm sure you would only incur small losses but many are too trusting in their investments in luna.

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Altcoins have limited utilities unlike with the top coins of this industry such as Bitcoin and Ethereum which has a large chain and are being used with many projects and transactions making the market value sustainable through ups and downs in this industry. My idea is that; since the usage of altcoins are often limited to their sole project, the demand won't be sustainable for a continuous growth not unless it has a potential and bullish run occur. But through the usual growth of token's price, aktcoins tend to decline once the project is released because it is only hype which creates a demand and not the utility, in most instances. Making these tokens profitable to invest and hold for short terrm periods.

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Quote from: Ojima-ojo on February 25, 2023, 09:15:38 AM

I am not an altcoin fan but lately, I have spent some time on the alternative cryptocurrency board and I have seen a lot of topics bordering around whether or not to buy some coins and this makes me wonder why altcoins investors are full of uncertainty and always wanting to know the opinion of others before they invest.

Is there any other reason for this other that the high risk and high volatility of altcoins compared to bitcoin?

Many investors are skeptical about altcoins because there are lots of scams and fraud lurking around the altcoin area of cryptocurrency. If you are new in the industry, you can find news about scams and rugpulls of fraud project everywhere. Many altcoin developers are just in to milk money from unsuspecting investors. So investors tend to ask the opinion of other people to make sure that he is no investing in a fraud or scam project.

Quote from: Ojima-ojo on February 25, 2023, 09:15:38 AM

Are they asking because they know there are special skills in altcoin analyses or some people are good at picking g g the right coin to invest in?

They are asking to confirm their suspicion or at least have some thought on the altcoin venture the investor is going to take. Besides, if the investor is new in the industry, it is always wise to ask people who are around the industry for so long.

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it's just because it have more risk of losing your money, I think skeptical is necessity in investing in altcoins after all there are quite literally thousands of altcoins being created and many of them just either outright failure or scams.
that's why being skeptical could save you from losing your money, even it's always recommended to make proper research in regard of the altcoin before you even investing a dime, just because you don't want to lose your money.

Oceat

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I don't know if you familiar with the common pump and dump characteristics of these most altcoins since this is the very reason why many investors always have a doubt. Even if a person did some research they would still want to hear others opinion on altcoins through their experience before they have to fully commit on investing.

I, myself, will do the same if I'm not sure if whether I should invest in altcoins or not because they are too risky than investing on the one that you already know. And not to mention the history of these altcoins although some of them are dead or isn't worthy anymore from going to thousands to cent in price. No wonder investors will be skeptical about it.

Topic: Why are investors so sceptical about Altcoins? - page 7. (Read 927 times)