Why I think all crypto is scam - page 10.

Metall303

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Quote from: irixo10 on November 21, 2019, 03:57:45 AM

You just said it all, first they will present an attractive features which will draw people and then the game starts, one postponement after the other followers by unnecessary extension which is certainly of no use; this will continue until the investor and community members lose interest and ends up losing as well.
Nevertheless, I won't say all though, there are few which are genuine at least BTC and ETH are proof of that, the main case is that the number of fake projects keeps growing thereby making it look like this space isn't worth it.

Now the number of fake projects does not continue to grow. statistics just remains the same as it is. 90 percent of new projects are a scam and the remaining 10 have a chance to survive

irixo10

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You just said it all, first they will present an attractive features which will draw people and then the game starts, one postponement after the other followers by unnecessary extension which is certainly of no use; this will continue until the investor and community members lose interest and ends up losing as well.
Nevertheless, I won't say all though, there are few which are genuine at least BTC and ETH are proof of that, the main case is that the number of fake projects keeps growing thereby making it look like this space isn't worth it.

jcarlo

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Quote from: el kaka22 on November 21, 2019, 03:14:15 AM

It doesn't make sense to call it "all" tho, some of them are not scam and could totally be used and have utility. I mean simplest answer would be BNB where it is used for trading even if you think bitcoin has no utility (which it does these days but thats fine) so long story short I agree that there are 2000+ coins that makes no sense at all and they just have "you can use this for x purposes" but you also don't have to use it so it becomes futile and useless all of a sudden but in the end there is absolutely no reason to keep blaming the top ones for the failures of the bottom ones.

I have used ethereum for so many stuff in the past 3 years that I forgot it was actually an investment option for a while, I have bunch of memories and fun that I can recall that was all thanks to ethereum.

Agree, it's too much to say that all crypto is a scam because the proof is that there are many coins that are actively traded. The indication of a scam project does not mean that all crypto scams are because in the crypto market there are more than 4000 types of coins and not all coins have transaction volumes.

andriarto

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Quote from: n0ne on November 20, 2019, 08:10:50 PM

I too had the same thinking as Op. It isn't wrong when we look from the outside it looks to be very simple to develop a project. I don't deny there isn't any scam projects, and I understood the difficulty of being a programmer through my friend. It isn't that easy to make things within a month. Based on the necessity regular updation is done. Just because it gets delayed we can't conclude those were scams. I've experienced projects turning to be successful after months of inactivity.

I've also met a project that has been dormant for months. I thought this was a fraudulent project, and I had to move on, but it turned out to be a satisfactory return. and if it's like that then people worship the project. I think the team is focused on project development, and needs time for that. they prove by action, and during the vacuum we denounce it

el kaka22

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It doesn't make sense to call it "all" tho, some of them are not scam and could totally be used and have utility. I mean simplest answer would be BNB where it is used for trading even if you think bitcoin has no utility (which it does these days but thats fine) so long story short I agree that there are 2000+ coins that makes no sense at all and they just have "you can use this for x purposes" but you also don't have to use it so it becomes futile and useless all of a sudden but in the end there is absolutely no reason to keep blaming the top ones for the failures of the bottom ones.

I have used ethereum for so many stuff in the past 3 years that I forgot it was actually an investment option for a while, I have bunch of memories and fun that I can recall that was all thanks to ethereum.

llecrf

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New projects have almost the same technology and similar ideas, the project developers are good at making ways that their products can be used by everyone, but several reasons will often arise after the developers get the hardcap they have achieved, this is very confusing when the altcoin they sell will have high prices in the future.

boltz

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Most of the project do that , yes. They start something , then they extend the roadmap period , they add fake members , do fake volume on exchanges , promising this and that and in the end you wake up that you lost 90% of your first investment and they announce they can't sustain they project any longer as they ran out of funds so they make a swap of token and ask again for another round of money.

What you said there is nothing new for most of us that is why you should not invest in projects that are promising a tech that cannot be achieved in any ways...like 95% of the total project on the markets right now.

n0ne

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I too had the same thinking as Op. It isn't wrong when we look from the outside it looks to be very simple to develop a project. I don't deny there isn't any scam projects, and I understood the difficulty of being a programmer through my friend. It isn't that easy to make things within a month. Based on the necessity regular updation is done. Just because it gets delayed we can't conclude those were scams. I've experienced projects turning to be successful after months of inactivity.

sazonk

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Changing the game

Your thoughts are cool, if it is felt that all scams are, but what I feel is that not all of them end in scams, there are some long term projects which at the end of the project are responsible for all programs and payments to all participants related to the project. And there are also projects with the latest technology, vision and mission, facilities and human resources that are sophisticated but lead to scams. In my opinion Crypto is like we buy a cat in a sack on the curb. Where we don't know which one is a good cat or a diseased cat. And basically and we know that investing, playing in crypto, we have to be prepared with all the possibilities that will happen.

Shepard777

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My dear friend, I also really believed in all these projects, but due to the fact that many of the creators are scammers and the projects that they create turn out to be SCAM, all opinions about this industry just got spoiled, all because of such ghouls like them, let's be a little more patient and I think that over time after the regulators enter the market, all these scammers will disappear as they begin to fear a prison term and we will enjoy cryptocurrency as an industry.

ganeshramk

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Its really good information for all the people. Especially for Newbies. Some crazy people even think about leaving thier regular job to get into crypto thinking they can become millionaire overnight.

mobilestrike

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Quote from: biddicoin on November 20, 2019, 12:02:03 PM

Quote from: Serco on November 20, 2019, 10:25:29 AM

Quote from: wajik-tempe on November 20, 2019, 09:55:28 AM

I think it's also because of the side of the investors because most of crypto investors are just want a quick profits so they will move into many several projects in a short time, that's what make the previous projects are stop developing because they left by the investors because the investors are moving to new project that can produce quick profits.

there is no correlation between investors and projects stop.

Investors leave project => the project lost money => devs cant develop without money

The investors are willing to invest in a project if the projects show that they are high potential projects, like they have to do high marketing and have to do seminars and have to remain in contact with investors.
My second point is that the investors do not leave a project after the end of ICO and any time after that if the project continue to develop more and show their obvious growth. The investors will leave the project only if after the end of the sale the developers becomes slow and leave their promises.

Quote from: biddicoin on November 20, 2019, 12:02:03 PM

Quote

we could look at their token sale , they collect much money from this. so if investors left their projects and start selling token, developers team still have many fund in their wallet. it depend on their will , if they give up although still have reserve fund ofcourse they stop it . and ended with exit scam strategy .true developers team will continue although they have limited fund.

Devs have tokens, investors have money. investors buy the tokens, then if investors sell all tokens, investors will get back their money
if that happens, devs have nothing. So devs cant develop without money

The Devs sell the tokens in the crowdsale and get money. The investors after the end of ICO when find it beneficial start selling their tokens but it does not mean that the developers buy back the coins and the investors also do not impose them to buy back the tokens from them. The developers have to continue to work on the project and the investors also want that the developers spend that earned money on the development of the project.

Greatchu

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Your point is talking about altcoins am i right? well most altcoins are shit and bitcoin have higher chances of becoming mainstream in the future but still i never stopped even after few altcoins blow up my hopes in them, i keep grabbing while i can and i am certain that i will be a owner of good useful altcoin someday

biddicoin

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Quote from: Serco on November 20, 2019, 10:25:29 AM

Quote from: wajik-tempe on November 20, 2019, 09:55:28 AM

I think it's also because of the side of the investors because most of crypto investors are just want a quick profits so they will move into many several projects in a short time, that's what make the previous projects are stop developing because they left by the investors because the investors are moving to new project that can produce quick profits.

there is no correlation between investors and projects stop.

Investors leave project => the project lost money => devs cant develop without money

Quote

we could look at their token sale , they collect much money from this. so if investors left their projects and start selling token, developers team still have many fund in their wallet. it depend on their will , if they give up although still have reserve fund ofcourse they stop it . and ended with exit scam strategy .true developers team will continue although they have limited fund.

Devs have tokens, investors have money. investors buy the tokens, then if investors sell all tokens, investors will get back their money
if that happens, devs have nothing. So devs cant develop without money

spadormie

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Quote from: posi on November 20, 2019, 03:57:56 AM

Quote from: spadormie on November 19, 2019, 10:41:32 PM

Quote from: whotheff on November 18, 2019, 12:40:31 PM

A team of good programmers could develop a blockchain which can replace banks and paper money

I agree on your statement above but except for this. Why ICO projects are in need of marketing people? They need them because they need marketing for the business, they need them because ICO project should have a real project or a physical project. It's not all about programming. If it's a group of programmers then I can consider it as a scam since I'll immediately consider that as a ICO that does not have a physical project.

You definitely misunderstood what the OP was referring to because he talking about the crypto community not needing most of the ICOs, IEOs and STOs project because some of them are just imitating previous concept launched by a project long ago all for the purpose of enriching their pocket.

Oh so that's what this is all about. Thanks for reminding me that, that's how it is. It's true that many projects are getting concepts of a launched project. They even managed to copy some excerpt of their whitepaper or sometimes, they are also copying the sites. What's even brutal to investors is they even copied concepts of a fraudulent ICO. So that's twice the sin of the first lol.

Kevondo

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Quote from: duuuuude on November 19, 2019, 10:45:10 AM

I agree that fraud in cryptocurrency takes up a lot of space but on the other hand, many of them are not scammers at all, they are rather incompetent and inexperienced crypto enthusiasts who thought that they would succeed but in practice it turned out differently.

Being fair, just because most of the projects come out to be scams does not mean we should ignore the efforts of real projects that have been with us for years. I have same perspective in this matter. We cannot deny how bitcoin produced millionaires at young age. We cannot deny the fact that crypto currency is new face of money. Moreover, this scam issue has recently become a nuisance and people are becoming aware of them.

alt-fire

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Quote from: whotheff on November 18, 2019, 12:40:31 PM

First there is an announcement, then there is 3 year Roadmap,
extended each year with meaningless additions, fake recruiting of
employees, trade interrupts, software announcements, wallet updates, changes
quizes, games, givaways, airdrops, forks, ICOs etc, etc, etc.

I've seen several coins with great tech which is perfectly quick and secure, anonymous (or not) and safe.
They all have mobile wallets and wallets for every OS.
Despite this fact they cannot be adopted. Nobody wants to use them, there is no real need for them.
A team of good programmers could develop a blockchain which can replace banks and paper money
in a month. Another month for testing and another month for setting up nodes across the globe.
The main point behind all this is: who controlls these programmers?

Voilla. it is that easy.That is why I think all these announcements and Roadmaps are bullshit.

Sure, a lot of project just spend money for own needs. But if you talk that all crypto is scam, it means that Bitcoin is scam and Ethereum is scam. I am not believe that it is true. A lot of poor in past peoples get a huge profit thanks this "Scam".

Mulann2

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People seem to understand the way this project owners are manipulating investors more better now, someone will wake up one morning and create a coin, wp, roadmap and then expect people to invest in this dream that could never turn reality,
now, i can only support a project with campaigns but never again with money, at least not this period when the market is filled with empty promise project,
my only invest now will be on btc, case close.

Oyimeelijah

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Quote from: whotheff on November 18, 2019, 12:40:31 PM

First there is an announcement, then there is 3 year Roadmap,
extended each year with meaningless additions, fake recruiting of
employees, trade interrupts, software announcements, wallet updates, changes
quizes, games, givaways, airdrops, forks, ICOs etc, etc, etc.

I've seen several coins with great tech which is perfectly quick and secure, anonymous (or not) and safe.
They all have mobile wallets and wallets for every OS.
Despite this fact they cannot be adopted. Nobody wants to use them, there is no real need for them.
A team of good programmers could develop a blockchain which can replace banks and paper money
in a month. Another month for testing and another month for setting up nodes across the globe.
The main point behind all this is: who controlls these programmers?

Voilla. it is that easy.That is why I think all these announcements and Roadmaps are bullshit.

To have actually hit the nail on the head of crypti is actually commendable and very impressive. I have been accuse of teaching my students of the nagative aspects the new projects are bringing into crypto. They are twisting the ideas of existing projects, rewriting whitepapers and they even go as far as employ same private developers just so we can invest and they can keep extending their roadmaps.

agentx44

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Quote from: whotheff on November 18, 2019, 12:40:31 PM

First there is an announcement, then there is 3 year Roadmap,
extended each year with meaningless additions, fake recruiting of
employees, trade interrupts, software announcements, wallet updates, changes
quizes, games, givaways, airdrops, forks, ICOs etc, etc, etc.

I've seen several coins with great tech which is perfectly quick and secure, anonymous (or not) and safe.
They all have mobile wallets and wallets for every OS.
Despite this fact they cannot be adopted. Nobody wants to use them, there is no real need for them.
A team of good programmers could develop a blockchain which can replace banks and paper money
in a month. Another month for testing and another month for setting up nodes across the globe.
The main point behind all this is: who controlls these programmers?

Voilla. it is that easy.That is why I think all these announcements and Roadmaps are bullshit.

We all experienced regrets for believing on a certain project when we started believing on the roadmap and announcements that was posted in there. We can consider those things as a bait for investors wherein the more believable your roadmap is, the better the profit coming from money thirsty investors. We all want to be involved on a successful project but most of us just plainly want profit, we cannot blame them, money is very essential nowadays. It's hard to trust these days but crypto is all about risks so we have no choice but to gamble.

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