Why you should be very careful with alts

Wiwo

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Quote from: bettercrypto on January 17, 2023, 02:03:20 AM

Because most scammers use alts to prey on the crypto community. But, I'll just clarify that not all altcoins are bad investments, that's not what it means.

You can't just stop others and yourself from investing in alts, you or we must also know that there is a high risk involved in putting our money into it, so that even if something bad happens, you know and you are ready for the consequences too.

One of the major set back of layer 2 network is that, it allow smart contract duplication and multiple chain development and their success was then aided with the ethereum blockchain which allow the external collaboration from various chains.
- This chain has created room for several project development and various types in the market, the majority of them are now scams, dead projects and what have you.
- we have seen so much hype that rides the cryptocurrency market at various times since after the 2017 altcoin boom that opens up the altcoin market to the rest of the world, the development has led to various hype such as ICO IEO Difi NFTs and the rest.
-some times I stop to think of it that the altcoin markethasdonee more harm than good to the young growing cryptocurrency industry.

TheUltraElite

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Quote from: Rodriguezan on January 19, 2023, 03:12:28 AM

Why one shouldn't trust all altcoins is that most of these altcoins are being fronted by scammers. They float these projects, lure investors and they pack up afterwards. One just has to be very careful.

One can just avoid dabbing in altcoins completely. That way one can avoid getting scammed by these methods. Or they could learn properly how these scams operate and then use that knowledge to inform others.

Generally speaking they take advantage of the anonymous nature of crypto and they don't have the morals that legitimate humans have. So do your research but you can assume that the project will fail and you will lose your money. I still consider a loss to be a loss and not that it was money I could spare - Nope, money is never spared. I would rather invest in other asset classes.

abralzain17

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Quote from: Crypt0Gore on December 20, 2022, 01:40:19 AM

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts. .

Apart from rugpulls and influencers scam that are very famous with altcoin investment there is one particular side I want you to be much aware of.

Many altcoins you are seeing right now are build on "Make the project, promise the entire world rare utilities and never really deliver anything, they will keep using words and investors will keep hoping.

They deliver small updates only to push the price higher.

They spent hours live streaming almost everyday.

They trust hype more than anything and a finished product will ruin it.

Keep a track of your altcoins regularly and once you see the slackness in the team it's safer to switch.

Of course what you mentioned about Alts is true, but not all altcoins are built that way, there are also altcoins that are built and grow with many use cases so that they become altcoins that can dominate the market. Some projects are developed only for the purpose of deceiving investors so I don't think they will last long. but if the project is developed for the advancement of Blockchain technology then I think that is the project that needs to be fully supported

Rodriguezan

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Why one shouldn't trust all altcoins is that most of these altcoins are being fronted by scammers. They float these projects, lure investors and they pack up afterwards. One just has to be very careful.

Nuraiuii

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Quote from: Crypt0Gore on December 20, 2022, 01:40:19 AM

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts. .

Apart from rugpulls and influencers scam that are very famous with altcoin investment there is one particular side I want you to be much aware of.

Many altcoins you are seeing right now are build on "Make the project, promise the entire world rare utilities and never really deliver anything, they will keep using words and investors will keep hoping.

They deliver small updates only to push the price higher.

They spent hours live streaming almost everyday.

They trust hype more than anything and a finished product will ruin it.

Keep a track of your altcoins regularly and once you see the slackness in the team it's safer to switch.

Altcoins can bring huge profits in the short term. But now that there are more and more new altcoins in the crypto market, it is difficult to find trustworthy altcoins. Many projects are for their own interests. When investors are too greedy, the project may slowly disappear, and investors will lose a lot of money from it.

bettercrypto

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Because most scammers use alts to prey on the crypto community. But, I'll just clarify that not all altcoins are bad investments, that's not what it means.

You can't just stop others and yourself from investing in alts, you or we must also know that there is a high risk involved in putting our money into it, so that even if something bad happens, you know and you are ready for the consequences too.

RAppleby

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Whether it is the encryption industry or other investment markets, there will be scams. People always pay the price for their greed. A lot of scam projects in altcoins don't survive more than three months because they scam you out of your money early on. You may make a profit in the early stage, but when you start to be greedy, that is the beginning of their deception. Therefore, the investment project "time" can be used as a criterion for judging.

darewaller

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Quote from: TheUltraElite on January 14, 2023, 05:12:30 AM

Quote from: Riodarvg on January 11, 2023, 01:20:52 AM

Many altcoins are based on scams, they appear only to make money for themselves. Many projects have seized on investors' greed for profit and raised funds for their own interests, rather than for the development of the project and the interests of investors.

That is what the scheme is and the old users like me know how such scams run under the convenient cover of anonymity that bitcoin and the internet has to provide them with. The ones who fall for these scams are mostly the newbies who seeing the price of bitcoin cannot afford to buy whole number of bitcoins and end up buying thousands of shitcoins that are worth the same but will surely drop to zero in a few months.

Point is that there will be successful altcoins that reach near to what bitcoin has been but these are rare and they will rarely be picked up unless you are getting lucky. Every team seems to be working hard but below the table you never can be sure. Hence keeping bitcoin as the max investment yields the safer portfolio.

Scams are getting a lot more sophisticated as well, there is a chance that we could end up with something that is a lot worse in the size of it but a lot better in the quality and still scam people. I have to say it's not an easy thing to handle and it would be a tough sell.

I just need to make sure that I get my hands away from those good looking new stuff because they are just a facade and nothing more. If you want to make money, stay clear out of them and focus on the old ones that has a future and could go up a lot with the bull run, that's how I make my money so far. I know it's going to take a while but it is a good way of making money for sure.

len01

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Quote from: TheUltraElite on January 14, 2023, 05:12:30 AM

Quote from: Riodarvg on January 11, 2023, 01:20:52 AM

Many altcoins are based on scams, they appear only to make money for themselves. Many projects have seized on investors' greed for profit and raised funds for their own interests, rather than for the development of the project and the interests of investors.

That is what the scheme is and the old users like me know how such scams run under the convenient cover of anonymity that bitcoin and the internet has to provide them with. The ones who fall for these scams are mostly the newbies who seeing the price of bitcoin cannot afford to buy whole number of bitcoins and end up buying thousands of shitcoins that are worth the same but will surely drop to zero in a few months.

Point is that there will be successful altcoins that reach near to what bitcoin has been but these are rare and they will rarely be picked up unless you are getting lucky. Every team seems to be working hard but below the table you never can be sure. Hence keeping bitcoin as the max investment yields the safer portfolio.

no doubt people who have been in crypto for a long time or have been here a long time are aware of such scams and they would just prefer to keep safer bitcoins and a few altcoins that have been around for a long time and have a good reputation.

for cases of beginners, they are often deceived because they are inspired by several altcoins that have soared like shitcoins, memecoins like Shiba Inu and Dogecoin. so they only see if all crypto will go up high later but without seeing how big the risk is. indeed choosing for the long term is good but a little bad if holding altcoins, especially if new altcoins.
so all the old folks who have been in crypto always recommend holding bitcoins. Even though the price is high, that's not an excuse, but we can buy it using the DCA method of collecting it until it becomes a lot.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Riodarvg on January 11, 2023, 01:20:52 AM

Many altcoins are based on scams, they appear only to make money for themselves. Many projects have seized on investors' greed for profit and raised funds for their own interests, rather than for the development of the project and the interests of investors.

That is what the scheme is and the old users like me know how such scams run under the convenient cover of anonymity that bitcoin and the internet has to provide them with. The ones who fall for these scams are mostly the newbies who seeing the price of bitcoin cannot afford to buy whole number of bitcoins and end up buying thousands of shitcoins that are worth the same but will surely drop to zero in a few months.

Point is that there will be successful altcoins that reach near to what bitcoin has been but these are rare and they will rarely be picked up unless you are getting lucky. Every team seems to be working hard but below the table you never can be sure. Hence keeping bitcoin as the max investment yields the safer portfolio.

kzkazu

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With more and more new projects appearing in the crypto market, it is difficult to find altcoins that are trustworthy and have valuable potential. Most altcoins in existence are scam projects, and there are many reasons to be wary of altcoins. Invest in Bitcoin where possible to protect funds and reduce losses from altcoins.

uneng

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Quote from: oaz7t on January 09, 2023, 03:58:28 AM

I will add another reason to stay away from (most of) the altcoins and thats they are ponzi based
and they are here just to make money for themselves and nothing else. The only alts that have
been worth it are still alive since many years, getting increased volume everyday and thus
having more stake based economy as well. They are some real deals. However, by now
everyone should know the difference between which one is scam and which one is legit. Crypto
has already taught us so many lessons and shown so many types of scams that its far more
easier to know whose the scammer and whose gonna stand out of the crowd after release. In
the initial days, everything was fresh and the market was underestimated. Everyone used to
think that this alt is the next bitcoin so they used to jump into every alt thats coming out. I think
we learnt the lesson now and its time we do not go and buy every alt that is on the market.

The pump and dump scheme most altcoins are based on, is a kind of ponzi scheme which rewards the first buyers and gets the money from the late ones. Every new hype in crypto world has this as consequence: ICOs, NFTs, memecoins... And unfortunatelly I think people didn't learn the lesson, because they are still looking for the next bitcoin, instead of investing in bitcoin, because they aren't satisfied with the potential profit btc can generate. Investors are blind by their own greed, aiming unrealistic goals to grow few pennies into thousands or few thousands into millions overnight. It still seems it's going to take a long time until crypto enthusiasts get aware of the risks surrounding them.

Riodarvg

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Quote from: Crypt0Gore on December 20, 2022, 01:40:19 AM

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts. .

Apart from rugpulls and influencers scam that are very famous with altcoin investment there is one particular side I want you to be much aware of.

Many altcoins you are seeing right now are build on "Make the project, promise the entire world rare utilities and never really deliver anything, they will keep using words and investors will keep hoping.

They deliver small updates only to push the price higher.

They spent hours live streaming almost everyday.

They trust hype more than anything and a finished product will ruin it.

Keep a track of your altcoins regularly and once you see the slackness in the team it's safer to switch.

Many altcoins are based on scams, they appear only to make money for themselves. Many projects have seized on investors' greed for profit and raised funds for their own interests, rather than for the development of the project and the interests of investors.

Schneidera

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Quote from: Crypt0Gore on December 20, 2022, 01:40:19 AM

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts. .

Apart from rugpulls and influencers scam that are very famous with altcoin investment there is one particular side I want you to be much aware of.

Many altcoins you are seeing right now are build on "Make the project, promise the entire world rare utilities and never really deliver anything, they will keep using words and investors will keep hoping.

They deliver small updates only to push the price higher.

They spent hours live streaming almost everyday.

They trust hype more than anything and a finished product will ruin it.

Keep a track of your altcoins regularly and once you see the slackness in the team it's safer to switch.

Many altcoins take advantage of people's greed, and the high-return returns make people chase wildly. The result is being lied to. What is even more sad is that many altcoin projects do not survive for more than 24 hours, which causes many users to have no time to think and track, and the project party disappears, and many of them are anonymous projects. This requires everyone to put away your greed, improve your cognition, and don't follow blindly.

Xal0lex

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Quote from: Pierre 2 on December 28, 2022, 01:31:41 PM

This topic makes me remember my experience with a project from ICO era. I joined their signature campaign and promoted their product. And even bought some. They promised to deliver mobile application to sell goods. It sounded like good idea to me but I realized there were no devs, there was no app, there was only telegram group a random guy keeps telling "I joined this" and "I joined that". After all coin lost all its transaction, and I realized I wasted my investment. So you should study altcoin projects before investing.

It was a very wild altcoin market, which never existed before. People invested in everything, not really knowing what the project was about, its tokenomics, or the white paper. There was a fantastic amount of scam. I am sure that many people still have mountains of garbage in their wallets in the form of ICO tokens from 2017-2018, which they spent their time to get, but in the end these tokens never launched anywhere and their value has remained zero.

monineklutak

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Quote from: Strongkored on January 10, 2023, 01:56:51 AM

Quote from: Crypt0Gore on December 20, 2022, 01:40:19 AM

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts. ..

My opinion is not because the crypto world is unregulated but because most of those who enter the crypto world only focus on profits rather than gaining knowledge to be able to ignore projects that are completely useless and also projects that are only created to deceive investors from the start but sometimes clear signs do not provide awareness to investors because of the large profits that will be achieved.
Indeed, it is impossible to be in the crypto world to invest in it without targeting profit, but increasingly aware of the form of fraud and also the importance of the idea of a new project appearing it should also be a warning for us to invest or not in it.

That's true and basically we can get profit from working whatever it is so what makes it different is our effort and knowledge,
in crypto, whether it's investing or trading, you definitely need to have knowledge and skills, so that's what determines whether we get big or small profits.

Strongkored

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Quote from: Crypt0Gore on December 20, 2022, 01:40:19 AM

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts. ..

My opinion is not because the crypto world is unregulated but because most of those who enter the crypto world only focus on profits rather than gaining knowledge to be able to ignore projects that are completely useless and also projects that are only created to deceive investors from the start but sometimes clear signs do not provide awareness to investors because of the large profits that will be achieved.
Indeed, it is impossible to be in the crypto world to invest in it without targeting profit, but increasingly aware of the form of fraud and also the importance of the idea of a new project appearing it should also be a warning for us to invest or not in it.

cloirecrom

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Most alt coin is just pump and dump scam
find one with real utility that give solution to a problem. with real demand and market

wastagnn

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Quote from: Crypt0Gore on December 20, 2022, 01:40:19 AM

Crypto is a perfect engine for scammers because it's still unregulated and it's also the wild west when it comes to making money quick with less efforts. .

Apart from rugpulls and influencers scam that are very famous with altcoin investment there is one particular side I want you to be much aware of.

Many altcoins you are seeing right now are build on "Make the project, promise the entire world rare utilities and never really deliver anything, they will keep using words and investors will keep hoping.

They deliver small updates only to push the price higher.

They spent hours live streaming almost everyday.

They trust hype more than anything and a finished product will ruin it.

Keep a track of your altcoins regularly and once you see the slackness in the team it's safer to switch.

There are indeed altcoins that have real value and are profitable, but most altcoins are scams. The project party will always exaggerate and give false hopes to investors to attract and gain their trust. Entering the altcoin market is best to pick projects with a lot of experience and careful research.

FanEagle

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Quote from: stadus on January 09, 2023, 05:11:10 AM

There is one thing we have to do upon investing altcoins and that is to put money in a trusted coin, not a new project or it has no working platform.
If we carry this kind of mindset, I think everyone is safe from getting scammed. But unfortunately, it never works like that as greedy people easily got tempted by new projects who promise big rewards. If could manage to control this thing (greed) I could really imagine that these worthless projects will die and nothing will come anymore.

That is 100% something I can get behind. I could even see people investing into shitcoin that has been around for a long time compared to something that promises the worlds but have nothing right now. Look at doge, it is a shitcoin in its nature and has always been like that, but it has been around for 10 years and people loved it and it grew eventually.

I would never invest into doge ever, but if I was forced to, I would pick doge over a new coin that promises everything, because I know promising is free, doing it is the hard part and how would I know they would actually do it. It's smart to invest into trusted big marketcap coins with many years behind it.

Topic: Why you should be very careful with alts (Read 951 times)