Bitcoin Forum

The main issue with altcoins and cryptocurrencies in general is TRUST, so how to make sense of all these altcoins popping of every day? The fact that anyone can create a new currency? Isn't this the whole problem? Thank you for your expert advice

I don't see any wrong in trusting any altcoins as long as the project is attainable and achievable also realistic to be happen. Though we knew that most of the scammer they used altcoin to seek for a victim here. But still there is a legit altcoin/cryptocurrencies that we can entrust for.

Anyone can make altcoin but only few ICO project is unique.You should avoid these kind of ico where the following things you will see..

1.Stay out when you see a newbie open ico thread without personal details.(Sometimes the personal details totally fake you should investigate)

2.ICO Without escrow, Don't join.

3.Read the whitepaper.

Etc you should follow.better buy some coins from phoenix exchange.

See my SIG link and then read the PDF.. and UNDERSTAND what it says.

There is not a big issue with trust as long as you understand the technology you invest in and developers of the coin have proven themselves through hard work and dedication. It usually means the coin needs to stick around for a year or two before it can be put into the pipeline to be considered for investing. Both of these points mean that you don't look below Top 50 of www.coinmarketcap.com. Top 50 is all you need to wrap your head around, and I don't mean all of them, I mean these are the ones that have proven themselves, more or less, and you got to pick gems from them that shine for you.

Your advice was totally cleared as water actually, I know your statement are truly tested  and it is true that if the coins are listed in the top coinmarketcap, common sense is the way and simple things to understand of what are we going to invest in.

first define trust?
what are you looking for? do you mean as an investment or as a currency to use?
it is usually an investment so is it ICO or just a simple trading?
and remember that you are not trusting with your life it is just an investment that you make temporarily and pull out as soon as you can.


this is both the problem and a good feature.
because anybody can pick up what others have left off and improve on the already created code because of it being open source. but it is bad since they have been thinking about money only.

What phoniex exchange? You mean poloniex? Anyway, most ICOs are scams, and don't get fooled with a coin's "uniqueness", sometimes that uniqueness is just a simple gimmick that offers nothing of actual value. Very easy to trick people into thinking it's the next big thing. Remember: everyone wants your BTC.

I'd not follow that advise. Stellar or Ripple are for exemple not to be trusted for exemple. They're not even real crypto-currencies.

I specifically said I don't mean all of them and you must understand the technology to pick the good ones from Top 50.

Some indicators speak for trust, in case of Ethereum there are companies like Santander Bank or MS who are supporting the project. In case of XMR there are peer reviewed cryptographic papers, bigger investors like Ver and a healthy community.
On the other side there are fast ICOs by Mr. UknownX which try to profit from the current trends. Be careful.

Yeah i agree to you and i think its more good to choose to invest are most well know or old altcoin like monero doge coin and altcoin.. since they are living for a long time ago.. the other in top 20 altcoin those are safe to invest and can live for a long time.. like other new and ICOs.

this is why bitcoin will remain on top and stay there. all the tech, pr, spin and lies in the world can't buy trust. it has to be earned.

sure, bitcoin has massive hoarders, but it was also the only coin that started from literally nothing and stayed worthless for quite some time. there was no incentive hide premines, rig markets or con investors. it was open to anyone anywhere to download and start mining on any hardware.

are there better coins technically? i'm sure there are. but nothing can capture the same amount of trust. it came from nothing and it's been beaten to hell every day ever since and is still growing. that can never, ever be replicated. it was a total one off that can never happen again.

as for alts, it depends on what you're looking for. I wouldn't really care how dishonest a coin was as long as you could turn it around and make money on it. that's all that most of them are for.

stuff like litecoin, doge and friends are well established and there's nothing underhand about them. they also have very little price action. that should tell you plenty.

Many altcoin are just toys of speculators, or better pumpters and dumpters. All those have no real future when speculators lose interest. There are approximately 20 coins and projects which really have something valuable for which the price is fair.

People like alts for the same reason they like penny stocks. They know most are rubbish, but there is the chance to make a killing if you get in at the right time.

Some of them are just hyip you must be an early bird to make a profit,once the dev sees that no more funds in coming,he'll just leave it to create another coin,coming from the profit from the earlier coins that he created and just clone it,the only difference is the roadmap and the graphics.

The main issue is not the ICO developers but the investors, the herd mentality is killing the market, can you imagine someone investing in a project without even understand what the project is about or are trying to do, A typical herd mentality is the Waves ICO off course I invested into the project but i did early, how on earth can a project like waves raise 30000+BTC, I decided not to mention DAO because of the fiasco. I believe sanity will come into the system with time, all this is bound to happen in a new territory.

I don't see why users can't trust to a platform/network proven to efficient such as Bitcoin or ETH.
If we can see the platform to be working i guess its enough for someone to use it and can move assets, fiat to crypto.  Sooner we won't be using mode of payment such as paypal and payoneer because of crypto.

the issue is not trust, the issue is your inability to evaluate open source code and do basic maths.
Bitcoin is trustless and so are many altcoins - but there are many alts that aren't trustless aswell. Now see where the problem lies? The problem is your inability to determine which is which.

I think you mean to say ,
If you can trust the Chinese Mining Pools that control over 70% of BTC mining.
Then you can Trust Bitcoin.  ;)

Funny how no one in BTC propaganda mentions the 51% attack issue , anymore.  :D
Bitantic Unsinkable  ???    :D :D :D

 8)

Trust what that it will function as promised or your profitz ?

Altcoins have no value and neither does Bitcoin to most.
The only reason they appear to is because of the direct link to FIAT.
Take away the link and no one wants them.

Case in point.. ANY coin delisted or never added to an exchange.
They are all worthless.. why ?
Because they can not be linked to BTC which is directly linked to cashing out to FIAT.

The illusion your shitcoins have value is a facade.
Your "Security" is the risk you take trading scam coin for profit.
The only thing you are all worried about is your profits.. not that your currency transfer won't go through etc.

The Altcoin Charade.

Git Yur ROI ON !!!!!1111

Actually no item has any worth except what the receiver of said item deems it, including fiat.

Example.
In the US the following bill is worthless to me , and I would prefer an altcoin on an exchange to it, because for me the altcoin would be easier to exchange.
http://us-cash.info/canada%20dollar%20100%20obverse.jpg

However a Canadian would feel differently.  :)


But in some places the Fiat is not worth the paper it is printed on.
http://www.afrique7.com/wp-content/uploads/2016/05/zimbabwe-billet.jpg

Every form of money always will be Perceived Value.  ;)

 8)

Yes, too many the big project are get a lot of funds caused by making coin and more people are interested in creating a new one. that's like a disease for the crypto world in this time, and we don't know what the purpose for creating such coin today, believe me but a lot of the writer will coming for writing his scenario.

Oh my dude, you are sooo gonna get burned if you're truly asking this question.  Every new altcoin out there is a scam, bar none.  I would advise just sticking your fiat in bitcoin and bitcoin ONLY.  Stay far away from shitcoins unless you want to lose your money.  There is absolutely no use for them.  No one uses them as a currency and very few people hold them as a store of value.  They are pump and dump schemes, and that's all.

Good Point

Well that very clearly.

To be smart Choose which you follow the ICOs

Very true.  Every monetary asset (that is, a collectible that has no other function than to be acquired against value, to be left later against value) is an infinitely recursive belief system: you accept it (against value you hand over) because you believe that Joe will accept it from you (you obtaining value from Joe) ; and you believe that, because you believe that Joe will believe that Jack will accept it, who believes it because Mary will accept it etc...

So all value a monetary asset has, is pure belief, because by definition, the monetary asset itself has no or almost no intrinsic value (that is, without it being able to be exchanged against something else, you cannot obtain much satisfaction from it: you cannot eat it, you cannot fuck it, you cannot enjoy it, you cannot use it to produce goods or services: you can ONLY trade it for something else).  Not all collectibles are totally devoid of intrinsic value: gold is shiny and you can make jewels of it, and it has some technological use ; paintings can be nice to decorate your house with, ...

But fiat (apart from burning in the stove as a fuel) is almost intrinsically worthless, and crypto (apart from serving as an immutable ledger) is also almost intrinsically worthless.   Which doesn't mean that it cannot have high monetary (belief) value.

The monetary belief value exists, because the function of *store of value* (in the short term: currency, in the long term: savings) is economically very useful.  There is globally (and locally) a certain demand for store of value, which can be variable according to circumstances.  People want to store a certain amount of value for a certain period at a given time and location. The actual market value a monetary asset will obtain, will be given by how much will be its market share in this market of demand for store of value.  If you want to store the value of a car for say, 6 months, you have several options to do so: you can use fiat, stock, paintings, bitcoin, altcoins, gold, ....
The different monetary assets will have market prices according to how much value is to be stored, and what share of that stored value has been elected to be in said monetary asset.

Unfortunately, monetary assets also attract another kind of value, which is what I call 'greater fool theory'.  The idea there is not to "put aside value for later" (the economic demand for store of value between two trading acts), but rather to hope for the increase in market value of a given store of value.  That's speculation.  Speculation becomes problematic if it becomes the main demand for a monetary asset, and hence if it determines the price of that asset, instead of "surfing on the legit demand for it economically wise".  If the price of a monetary asset is principally determined by expectations of higher price, then we are in the typical black tulip style of speculative bubble.  My idea is that bitcoin and most altcoins are mainly suffering from that.   
 

this new altcoin, very dicult can choose is trusted altcoin and trusted dev
in investment altcoin still speculation, can get good coin and good dev , so can get much profit and return
but several time is selling ico can ge scamer, example decloud

New coin and alt coin really hard to get trust and i kind of confused with so many alt coin being created, i dont know which one should i used and which one i should invest and alt coin reputation become worse when a lot of coin developer try to scam, so it need more time for alt coin to be trusted

yeah , about 10 new altcoin comes in the bitcoin world per year .
but abou 4-5 altcoin's admin ran away and the price reach to about 0 satoshi ( which was shocking for me when see ) .
but some of altcoins are most impactful and useful for profit .
like blry , dash , ether ,edr etc are best and trusted and also safe to use .