Why I think all crypto is scam - page 15.

whotheff

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Quote from: mu_enrico on November 19, 2019, 02:35:59 AM

I think cryptocurrency itself is an experiment, not a scam per se. The madness started when people try to assign real-world value to the research.
The developer centralization also one of the "variables" that we put into this experiment.

Hence if someone asks me about cryptocurrencies, I always answer it with the word "experiment."
Which one will be successful? We can only guesstimate.

I like the way you see crypto.

Quote from: Byakuga on November 19, 2019, 03:27:39 AM

Yea well the developers should start creating something that people will want to use, that is what matters now, its all about giving the public what they want, you are right and your point is the reason why i prefer projects with real life working products

Which projects offer something which cannot be bought using dollars?

Yes, Bitcoin can also be called a scam. It exists for 10 years now and it is still underdeveloped. No fast transactions, no real decentralization, total alienation from the masses (mining I mean). Bitcoin belongs to China now. China profits from Crypto by trading it, selling machines for mining it and mining it using their own machines, delivered at lowest price. It uses tons of electric power and the only thing it still does is piling up blocks on top of each-other for 10 years.

I'm in this forum, because I believe in decentralization and freedom of sending value over The Net. Because I remember the times when a bank wanted me to pay $80 so they can type a few numbers on a computer and send a few bytes to the other side of the world.

Yes, I'm mad at all scammers which are hanging like a huge parasite, sucking the flesh off the ripe fruit, called people's trust in crypto.

Firefoxx

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Activity: 280

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Crypto isn't a scam but our issue is lack of regulation, many platforms with scam intentions are on the space and exchanges keeps doing IEO for them, keep promoting and listing them so once listed many will dump on investors and exit scam next Exchange would do is to delist them which isn't helping out seriously, I would wish we monitor before we invest. Crypto isn't a scam but scammers in the building are making life difficult in crypto.

Byakuga

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Activity: 518

Merit: 28

Quote from: whotheff on November 18, 2019, 01:40:31 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.

BUT if all coins are scam as you stated what about those coins that have been around since 2010 and they have increased in value so much compare to when they are launched? for example litecoin, every early adopters are now millionaires

Byakuga

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Activity: 518

Merit: 28

Quote from: whotheff on November 18, 2019, 01:40:31 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.

Yea well the developers should start creating something that people will want to use, that is what matters now, its all about giving the public what they want, you are right and your point is the reason why i prefer projects with real life working products

Pecunia non olet

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Activity: 882

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PayAccept - Worldwide payments accepted in seconds

The problem is that all cryptocurrencies are same and offer same features: wallet, mobile app and thats all. Who would invest into these 2 features, when we have thousands of same cryptocurrencies? Do you see the problem? How these cryptocurrencies can even exist?

Free1bitco.in

hero member

Activity: 1624

Merit: 500

Well, I think that most of them only use the ideas they have just to raise money. even the extended roadmap is no longer a problem because it has been done too often.
I also sometimes think, what exactly is the roadmap function if they only use it as a complement to their whitepaper. however I quite hope with some projects about it, but they sometimes provide invalid explanations, or even extend it for no reason. some projects even follow the roadmap, and even other project concepts. however, I am still waiting for a project that really uses it well.

Strongkored

legendary

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Leading Crypto Sports Betting & Casino Platform

Investing in crypto is considered a way to get fast money ( a lot of people thinking this)
The product offer whether it will realy be launched, the people behind the project is a trusted person or an expert in its field so that it can release the product, it is no longer something that investor care about.
Therefore many scam projects that have sprung up, are all about making quick money not for something that is sustainable and useful for community.
most scam cryptos appear in 2017 until now.

OptimusPrime_3

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You can't say all cryptocurrency are scam, there are some or most of them which are scam and involved in what you have just stated. They only do this to buy themselves time with their bad agenda trying to make people believe its real, they make everything look difficult while it is not the way they made it look

arimamib

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Leading Crypto Sports Betting & Casino Platform

Quote from: Wintersoldier on November 19, 2019, 02:50:08 AM

It's quite not appealing to hear that you holistically state that all crypto is a scam but in my perception, you are just pertaining to ICO's and IEO's basically investment platforms that uses crowdfunding. Actually you have a point, we can't classify bounties and projects to be legit if they pay their hunters, they have numerous plans but the assurance of getting an ROI if you are an investor isn't clear. But if you really want to believe that holistically, cryptos are scams, how can you justify when Bitcoin is the case?

true, he actually focuses on new projects and contains only assumptions. if there are scam projects there will be projects that grow but with a small percentage. Don't drop coins with this kind of perception, and I'm not sure that he has researched all the projects and talked scam on all coins

Pamadar

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Quote from: hirngespenst on November 19, 2019, 01:48:25 AM

Though you are right, but some projects really trying hard to make a big step in the crypto world. I have seen some projects who keep updated their community with all the latest updates about their products and use case! Though most of the projects failed later, but we can't ignore their hard work. Many good projects already achieved what they deserved! Like ONE, MATIC, TOKO are new projects but if you follow their update channel then you know they are trying to make the vision possible!

Most of those coins are in the surviving state and we can't discredit their efforts to keep trying to work with their projects, but with OP's statement there's really too many projects that turned to scam and unable to provide their promises, it' hard to those real investors to see how the situations turned against their invested money but its part of realities inside this market you need to be very careful.

Wintersoldier

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It's quite not appealing to hear that you holistically state that all crypto is a scam but in my perception, you are just pertaining to ICO's and IEO's basically investment platforms that uses crowdfunding. Actually you have a point, we can't classify bounties and projects to be legit if they pay their hunters, they have numerous plans but the assurance of getting an ROI if you are an investor isn't clear. But if you really want to believe that holistically, cryptos are scams, how can you justify when Bitcoin is the case?

mu_enrico

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Activity: 2324

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Slots Enthusiast & Expert

I think cryptocurrency itself is an experiment, not a scam per se. The madness started when people try to assign real-world value to the research.
The developer centralization also one of the "variables" that we put into this experiment.

Hence if someone asks me about cryptocurrencies, I always answer it with the word "experiment."
Which one will be successful? We can only guesstimate.

EdvinZ

sr. member

Activity: 994

Merit: 260

You are right, all this is meaningless in terms of the implementation of these ideas, if they are not actually used. Mainly, various announcements to improve the project lead only to fluctuations in the value of its coins, and the introduction into the infrastructure of cities and countries does not occur.

tinyteapot

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Quote

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

This is a fact and it happens mainly because great project developers does not have enough capital to push their project up to the public acceptance level but bad project often have more than enough capital to do anything ranging from advertising to users embracement.

Roadmap is necessary for all project either great or small, you need to tell your audience where you are taking your project to at a specified time frame, your faithful commitment to the road map is a different thing entirely.

Finestream

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Quote from: samcrypto on November 18, 2019, 06:59:10 PM

Quote from: Finestream on November 18, 2019, 06:46:25 PM

Those are the strategy that they are making, they want to look it legit when their purpose is just to scam.

however, I won't agree with you that all crypto are scam because there are still few that survives until now which they get the people's trust and support.
Take it for example, Binance coin, IIRC, they also had an ICO following the same scenario you've mentioned, but where they are now, they have a real used case of their project, their exchange is very popular and we using it now and benefiting from it.

Yes not all crypto are scam, new projects are most likely to become a scam. Saying a good project on day 1 is too risky, you must test the water first for you not to lose big. If the project extended so many times and keep on promising, then its a scam. There’s a lot of established crypto already and to make money with them is very easy so its not a scam not unless you are fooled and be a victim of scammers.

New or old projects could be scam as well, there are projects that looks legit in the beginning but actually they don't have a good future plan and they just stop and leave the market, there is no assurance, even if we think that a certain coin we are holding are legit and has a potential in the future, we can never ensure that by holding it longer, it will guarantee to make us profitable.

There's still a big risk in investing here, but at least we should know when to get in and get out, that's how the best strategy to apply.

hirngespenst

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Though you are right, but some projects really trying hard to make a big step in the crypto world. I have seen some projects who keep updated their community with all the latest updates about their products and use case! Though most of the projects failed later, but we can't ignore their hard work. Many good projects already achieved what they deserved! Like ONE, MATIC, TOKO are new projects but if you follow their update channel then you know they are trying to make the vision possible!

Drai

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Merit: 270

There are some pretty genuine projects out there that aim to just develop blockchain and not have their eyes entirely on money and what they could gain from it, these are the die hard fans of blockchain technology, but I am realistic enough to know that this is just a very little percentage of the whole pool, less than 2% of the whole pool... And the search for this 2% always tends t make people fall for the wrong projects over and over again. But it's nice to see that investors are finally waking up to the reality as this is why the ICO market is dying.

adjed

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I get your point but I think you should change your wording from "All Crypto" to "All ICOs".. If you mention Cryptocurrencies in general, then you are referring to both Bitcoin and Ethereum as well and even though this pains me to say... "EOS".

There are good coins out there and they shouldn't have to suffer for the sins of the shitcoins which we chose to invest in hoping that it would turn out to be the next Ethereum and make us rich beyond our imaginations.

But I couldn't agree more with your views, many projects has their eyes on one thing and one thing only... Money. And some would even develop their products, build whole Blockchain and go to the extra length just to look genuine and gain trust and they dump their tokens on investors.

ajiz138

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The one controlling the programmer is money. They only work as instructed by their superiors. Regardless of the scam or original project. many cryptos are talking empty with the inappropriate Roadmap announcements, even the Roadmap is only halfway.

All depends on the interests of investors and the capital owned by the project. Even though the project is original and has good innovation, but it does not guarantee success and get the attention of investors because there are currently many scam projects.

crwth

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Try Gunbot for a month go to -> https://gunbot.ph

I will list the possible reactions of newbies compared to the veterans with regards to these types of announcement.

Quote from: whotheff on November 18, 2019, 01:40:31 PM

First there is an announcement, then there is 3 year Roadmap,

Newbie:Hmm. Another ANN, is there a bounty?
Veteran: Another shitcoin

Quote from: whotheff on November 18, 2019, 01:40:31 PM

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.

Newbie: They wouldn't scam bounty hunters, they are just doing re-management.
Veteran: Excuses

Quote from: whotheff on November 18, 2019, 01:40:31 PM

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.

Newbie: Wow, new technology! Let me invest my savings
Veteran: Another copy cat coin, SKAM

Quote from: whotheff on November 18, 2019, 01:40:31 PM

The main point behind all this is: who controlls these programmers?

You know that there are a lot of people who are getting fooled by these said scammers with their projects. Only a few remaining left and it would be hard to trust anymore. I think these kinds of projects, which are a scam, are the reason why they think Cryptocurrencies are SCAM in general, which is not. I know someone who lost 20K USD with that, it's sad to see that because I saw the look in her eyes and full of regret.

Topic: Why I think all crypto is scam - page 15. (Read 2214 times)