Bitcoin Forum

In a recent speech at the annual PNWER meeting held in Montana, Neil Kashkari, president of the Federal Reserve Bank of Minneapolis, sharply criticized cryptocurrencies, stating that "95 percent of cryptocurrencies are fraud, deceptive advertising and noise," and he also said he had a more positive view of cryptocurrencies in 2015. Kashkari also referred to the large number of altcoins and called them "garbage coins."

Duh.
Well he's right - more than 95% of them are worthless or near worthless crap coins that were created solely to line the pockets of their creators. And yes back in 2015 he would be more positive about it because there was only Bitcoin and a couple other strong coins. Not the over 100 nearly 9,000 mostly useless ones there are today.

edit: corrected my massive underestimation in the number of coins out there.

I agree, and I think it is always good to emphasize this for new comers.

When we see shitcoins going from 0,13 to 30 usd we all think about how much money we could be making.

But that is not that easy to find, and most of the projects  lose that value over the years... There is plenty of money to be made in the ecosystem, but it is also very easy to lose money here.

Personally, I think the majority of every cryptocurrency portfolio should be bitcoin, at least 50%. In the long run bitcoin is the safer bet here.

Almost every crypto investor is aware of this already to be honest. Regular crypto pumps and dumps over time made it pretty clear how majority of the cryptocurrencies are mostly worthless, but they have one selling point.

You could get rich overnight through these coins with a low capital if luck sides with you which is difficult to achieve through popular cryptocurrencies like BTC, ETH etc which require high capital in comparison.

This particular strategy is way more riskier when compared to investing in popular cryptocurrencies though which is why you must invest only what you are willing to lose.

Although a bit harsh, he did not understate the situation. From 8989 coins as of now (listed on Coingecko) 95% of them are only hype coins without utility backing them up.

Memecoins are a perfect example of this, and this is why they share a large proportion with the 'useless' coins. It is interesting how the focus was on just one side of the story... Not all coins are useless!

I'm not gonna argue that there is a large number of deliberate scam projects and coins, however, there is a fair of coins that are legit projects that just don't make it. Now, he is specifically mentioning 'fraud, deceptive advertising, and noise', and I completely agree with fraud, however, regarding 'deceptive advertising', does this man live in the real world, because deceptive advertising is a large amount of everything in the real-life (even on some level we ourselves). Regarding 'noise', that could be those projects that never make it, so it might be a bit deceptive of him to specifically say it like that and mention an exact percentage without mentioning any studies that would conduct such a survey. So yeah...

Maybe he is right but there is no problem if we can invest in few of those coins and get out at the right time making 10-100x profit. Trading is still profitable with these shit coins provided you know when to enter and exit.

Mein Gott in himmel! 8,989 coins  :o I knew there were a crapton of shit coins but nearly 9k of them is insane...

2015 made us feel more comfortable seeing all cryptocurrencies guaranteed on top of any profit, at that time we never thought that the coins in 2015 were not meant to double the pockets of their creators, but they have the desire to grow and it has been proven that the old coins are still around . and have a good image. See this time? how many piles of garbage should we choose to invest. Currently the priority is the image, while the quality is very poor. We know the coin that used to accompany Bitcoin is still the best.

its not surprising that there's a lot of garbage coin in the market nowadays to be honest. And its because in the first place these kind of technology is out of control reason anyone can make projects immediately without any authorization even some of them are not professional and sometimes the intention is to scam other people, that's why as well a lot of people saying investing is very risky aside of being so volatile of it .. So expect more in the future mate, because copy pasting is the common way where some frauds can earn money such copying the idea and features of good project just to get attention,. And  best example for that are those meme coins. Lol

Well, i could really agree into those words on talking about shitcoins that been flooding out into the market.I could even say that 99% of them are trash and 1% is only having their actual utility or relevance into their existence and this is why as an investor then you should really be wise on selecting which one you would really be investing or putting your money on. You couldnt really expect more with these banksters to have these
common views towards in crypto market and its just good that he had at least have some supportive mind wayback in 2015 but well everything do really changed up.

So, you're saying that 450 coins listed there have actually some utility and are used for anything other than trading?
I would easily cut that number to 50-60 at most, including some that only promised new stuff that for sure they will never be able to deliver.
And those are only the coins that got listed, how many ICOs did we have that just grabbed the money and never did anything else, how many with just dumping some useless token on buyers and disappear?


Why so surprised?
We have 39k topics in altcoins announcements and about 9500 in tokens announcements.
If we count every project that has ever been published I'm willing to bet on at least 70k-80k coins.

There is nothing you see in this world that some set of people cannot do fake or do fraudulent acts for, I don't know if this scenario is conversant in your country but in mine yes. You will see some people telling you they are calling from your banks and collect some certain information and dupe you of your hard earn money.

It's Right, there are lot of new Altcoin projects coming on daily basis in market and selling coins and close project and start new project of new names, but still we have so many interested investors and most of newbies they are not fully learned and victim in scammed, In my opinion if you invest in bitcoin, Eth, Bnb, etc you are safe, investment in other shit coins is risky.

It’s probably not far wrong. So many new tokens & coins are centralized bull shit, total scams. You might get lucky & invest in something that does a 100,000% price increase but it’s more likely you’ll get scammed or it turns out to be total junk. Just play it safe & buy bitcoin, leave it for 10 years & you are guaranteed big profits.

it's a shame but the reality is sometimes like that even though it looks very rude but indeed if we look at some cases where there are coins and tokens on several sites are the average leftover from hype fomo coins and then the pump and dump results.
but this can't be prevented because everyone is free to do anything here including those who make the coins for their own benefit.
but on the other hand we have our own research and observations on some coins that are indeed good coins and this must be used, not just looking at the coin from the side that displays the fomo hype and pump and dump side.

Yeah sir i also agree with you. And one thing not only 30 usd it reach even more by creating fake volume.

There has some mistake what we have done that when we seen a project price increased a huge percent and it has volume (we don't research is this could be fake volume) we take entry without any second thought. Not only that in my research i have seen some major link what this type of coin done to attract people.

1: Hiring some influencers by paying or running giveaway through twitter, instagram, telegram channel/groups, and youtube too. And introduced them as a marketer of their project.

2: Listing their project some knowing exchange by paying there fees. And generate fake volume though team.

3: Then shows those volume to list it on Coingecko or Coinmarketcap. (Because according to coingecko and coinmarketcap need volume what already team generated)

In this type of work they might spend maybe upto $50k to $100k+ but not maybe more than $1M-$2M. But then they loot millions of dollar from users. Then they gone with multimillion dollar then after some days they comes with others project, others name and repeat same strategy.

Whoever said it, that's the truth. There are a few major cryptocurrencies that have real uses or are accepted by merchants. But others have no uses except trading on the exchange. Actually, trading wouldn't consider as the use of cryptocurrency. It's just a money-making/losing game. Someone losing and someone making money. Most altcoin projects do not have a real concept. You can't find them once they raised funds. They will just list on few exchanges and hide.

If a person cannot be convinced of what Bitcoin can offer despite all the technical developments and the possibility of its global acceptance, it is natural for him to see that the huge number of altcoins is considered garbage and does not deserve a quarter of the current market capacity.
Frankly, everyone who invests in altcoins is trying to buy an illusion that may not come true one day.

Many of those fraudulent altcoins started popping up on 2018 as it is the year of the garbage coins if you called it like that. There may be legit ones but only limited like 1 out of 10 altcoins. That is why I agree with op. Some altcoins created after fundraising and successfully made it but didn't survived in the long term so yeah 95% are scams. 1/10 is not even the same as 95% out of 100%, more like 0.5 out of 10.

Only 95%? Very weird that he didn't say 100%. The FED sounds like a bitcoin fan to me. So he clearly thinks some of those crypto are legit which is very interesting because that is coming from a guy that works for a bank which prints the USD, the main enemy of Bitcoin.

I don't know if I should be happy for what he said.

To some extent, I would agree with him, most of the altcoins in the market are truly worthless and are total garbage, but not to the ton of 95 percent.
One thing I've learnt in life is that every good or profitable business must have a competitor, and this competitions are what pushes business owners to do whatever it takes to be at the top.
There are several altcoin cryptos today trying to solve or are already solving one problem or the other, and this problems can't be solved with bitcoin alone, so there have to be other alternatives.. Taking Ethereum as an example, we all witnessed how high transaction fees on Ethereum blockchain went when everyone depended on Ethereum for anything patterning to smart contracts, and if not for binance smart chain and other blockchains coming to our rescue, fees on Ethereum blockchain by now would even be way more higher than it was in the worst days.

So what am saying is that no matter how bad alot of crypto altcoins are, there are still some very good ones that the technology they are bringing will contribute immensely in the shaping and growth of crypto currencies now and in the future.

even just aiming to make an instant profit, so take advantage of the hype to make a profit and then throw it away. Of the many projects that I participated in, only a few projects continued to survive and develop their projects according to the roadmap, most of them did not even last for a year. after the sale period is over, listings, high price struggles, then gone.

but not crypto if not filled with surprises. Projects that we initially take for granted don't even have any real functionality that can last and get even more attention. For example, Doge, who would have thought it would go crazy some time ago after being tweeted by someone you know for sure who. moreover there is a project upgrade, where Vitalik butterin will be the new advisor in the team, woww... https://news.bitcoin.com/dogecoin-foundation-elon-musks-adviser-ethereums-vitalik-buterin/

Well that is true and he was right, --95% is fraudulent while the rest is a true cryptocurrency and it seems that is the top 5 high volume rank in the CMC in including the first number bitcoin. Way back in 2017 since all projects are profitable even in which project you will invest, even airdrop before in most projects are profitable enough, I remember when I was joining project airdrop I receive too much reward that I never thought there is no one will give free money online. But know if you can see, a good project plan and roadmap, but it will always end up a scam.

That's truth being told.

Many of the cryptos in the altcoins kingdom are fraudulent and you can determine the very few that are doing good and legitimate with their projects.

From 11,331 so basically that 5% of legitimate projects are about 566.

Well he isn't too far off.  He wanted to call them shitcoins but he just couldn't.  Yeah most of is trash.  Copy paste coins that offer nothing that coins in existence already provide.  Take dogecoin, it offers nothing new and is pretty much just a copy paste scrypt clone.  And that's a large cap coin.  Go down the list and most are in existence to get the devs more bitcoin that's it.

Truth be told, he's actually right, the amount of worthless tokens that have been created since the invention of smart contract is way more than the amount of tokens that actually have values, those valueless tokens were all created by scammers anyway, but that shouldn't stop them from adopting cryptocurrencies, but I'm not surprised he's more bothered about shitcoins and forgot to look at the top 100 cryptocurrencies,they always find the bad side of everything and close their eyes to anything positive.

each person thinks in a different way and I think that as strange and annoying as it is that many altcoins have acceptance from people, we have to respect that... let's look at an example of dogecoin and altcoin that faketoshi and a group of malcontents support, I say from BCH, as strange as it seems these two altcoins have a community and there are places that are accepted, so I may not like them, but there are people who like them so it would not be fair to call these altcoins and so many other altcoins rubbish, because they like and uses are relative things.... for someone who wants something fast and cheap will get annoyed with bitcoin and will use faster and cheaper altcoin, but that doesn't mean bitcoin is useless or useless or garbage, anyway Which is not to say that fast and cheap altcoins are better than bitcoin. I think there is space for each person to use the cryptocurrency they like

Well, in our local crypto group when we discuss about other cryptos, most of them just became uninterested with the discussion. I think most of the people in that group only roots for bitcoin. They don't care about the other alts that are in the top twenty. But when I heard a story of some dude who got lucky when his 2500 investment became a million, I always think that there must be that golden egg of the crypto that you can start very early and then when you are in the millions you can sell it and get your jackpot.

It's partially right and wrong. Because the traders will inverse and hold two years blindly, the coin will ended on listing and supply. Then it became a garbage coin. Only huge potential coin will long lasting and get bulk profit for the initial investors. Doge coin is good example for that, huge people earned bulk in short period.

I have to agree with him. Not actually 95% but most can be considered as lacking good initiative, progress, and development.

Lots of altcoins today, or even before, that can just be driven by the hype even without a good use-case. The ICO hype in the year 2017 is a good example of those altcoins that just suddenly popped out, just a small hype, then it will gain instant popularity. There are also ICOs before that just need a little boost from social media or hiring a good influencer then it will reach their target token sales making it called a success by their investors.

Looking today, can't see much of those 2017 projects that were able to reach their hard cap. Some of them are nowhere to be found now or can be considered as dead project.

I can remember it very well, 2017 is the year of the ICO's and all those crazy bounty campaigns I had participated. Many good companies then also many good bounty managers. And you are right when you try to look for them now, they are either gone or at the very least, less known and no development going on their end. I remember one before that has something to do with real estate or office space paid in crypto, the price was actually higher than one bitcoin at that time but the company flopped. I wonder what their investors had gone through those times.

his opinion was not totally wrong at all. The problem is the token issuance was so easy to be used by the scammers and spammers of the network. So many scammers were creating more and more nonsense coins every day. that were flooding the crypto market. that's why some people have been calling only a few percent of crypto were totally legit and it can be used for anyone.

A few years ago crypto was not so popular like this time even the game called axie has a few users in 2018. That being said that if crypto totally decentralized ecosystem and what we can do to be careful with any garbage tokens released in the market.

Although his opinion is right but only shows the bad side of crypto in public, he forgot Bitcoin and other top coins were not mentioned in his speech and maybe he just gave a speech with the topic title "shit coins", I believe this effort will not succeed in bringing down the crypto market, the market crypto will continue to be solid and unaffected for such news.

The number of tokens listed on coinmarketcap reaches 8000 types and I think the statement that 95% is a scam could be true. Coins that actually have projects that produce only a few products and this can be seen from the daily transaction value and also the marketcap value. The most important thing for investors is to always do research before investing to avoid pump and dump projects

I am sure that you mean by this in this media link:
https://www.barrons.com/articles/feds-neel-kashkari-says-crypto-is-95-fraud-hype-noise-and-confusion-51629286755?refsec=cryptocurrencies
Well, maybe he is right because almost every day there will be always creating the new token. And every year or moment there will be new hype and Ponzi scheme again.
Many people are trapped in the cycle of new hype coins that are leading to be shitcoins.
Well, actually, they may be garbage coins.
However, actually, we can utilize them to take profits, but not for a long-term investment. Because that kind of coin will not work for long-term investment. This is likely an instant way to take profits if we know the gap or the ways with the right strategy to buy and sell at the right time so that we can earn profit. big profit.s
But unfortunately, not all people are in this step. Many are only following that hype and then belong to shitcoins only.

He is right though his statement is not backed with factual statistics. At least the good news is that some coins make sense and actually solve problems/useful. The statement is especially important for newbies in the crypto world to take caution when investing in any choice of coin/token. Being aware that your funds are at risk is important. Ensuring that you only invest what you are prepared to lose - don't put all your eggs in one basket: a common but very important investment strategy that should be applied at all times especially in crypto currency investment.

He was saying the truth. I mean more than 95% of the coins in the market are just useless coins that are made for pumping and dumping or scamming people. Good thing he is making people aware of those shitcoins that is circulating the market. Now people will do proper analysis of the coins before investing in anything. Just because he was speaking against those scam coin doesn't make him a bad person. But yeah, some people might think all coins are same.

Yes, most coins don't have a high selling price at all, sometimes even a low price. And this is what makes us even more lazy to monitor altcoin price charts. And so many coins that I have now in fact there is no price at all in the market. Really frustrating.
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If you are talking about copycats and shitcoins, then I would say that more 99% of the cryptocurrencies fall to this category. Out of the 10,000 to 15,000 cryptocurrencies ever created, only around 100-150 can be considered as genuine. Even some of the top-50 cryptos, such as TRX have been accused of plagiarism from the existing projects. And look at the recent projects (2020/21). The vast majority of them are just copycats. In many cases the developers don't even try to hide the plagiarism.

95 percent can not be even near to exact and it depends on what exactly do you mean by fraudulent. So many cryptocurrencies are made by people who are controlling the price and by doing some price manipulations they can scam people indirectly. However, that's not happening for any project. For example, there are many cryptocurrency projects on the internet promising users stable coins while they will not even reach the real price and they are not even backed by anything, so after just a few months, the price will collapse and the coin/token will be delisted from exchanges while people are losing their hard-handed money they investing on it.

not all cryptocurrency is a scam, many still have a selling value altcoin is very appropriate for the investment you may lose a lot of money so don't trust it too much so that it makes you suffer a lot of big losses cryptocurrency has many benefits the most interesting cryptocurrency is where many people invest cryptocurrency It's something interesting that a lot of people have already stepped in and invested in.

Why does this happen? Of course this is our question in crypto now. I think all this is due to the ease of creating new crypto, especially crypto based on smart contracts. Everyone can make it, and it doesn't take much capital to promote it. Those who create this kind of crypto are only looking for profit rather than investors. Most of them leave while the project is being worked on. There are probably a lot of new examples today that I can't possibly mention about them.

not all, but most :D
it depends from which point of view we see it. there are projects that are actually created to address real-life problems, some are created just for the sake of making a quick profit, then development stalls and disappears, and some are created to deceive investors with falsehoods.
we must know the risks, do not fomo, do not be greedy. get involved if you really believe the project has strong support. but this is very difficult, because there are many fake projects popping up every day. the key is to use free funds that if it is lost you can still prosper.

Well your right it's obvious to know which of them are totally fraudulent but don't think about allmost all of them since there good ones running maybe at this current era maybe I can say 20% are now good coins to choose with just don't choose a coin or token which is rank below 200 at the market rank since most of them are risky ones and I mostly choose those top coins so that I can assure that I'm safe from rug pull schemes tokens created by scam Devs.

it's true what you say that the Coins currently listed on Marketcap 9001 clearly proves that there are 95% of them are useless coins and don't gain volume in trading so they can't do more and there are many other tokens on some other platforms that are not listed and this will continue to grow.

This isn't far from the truth. The cryptocurrency market is filled with a lot of altcoins that are shitcoins by every sense of it, they do not offer any real value and are created by teams of people who are mainly just looking to take advantage of less informed investors to make money.
I believe some sort of public opensource trustless vetting process should be created for screening cryptocurrency projects for vulnerability and each project should be rated on their value to the decentralized market

I quite agree that there are a lot of scam coins today, but I don’t think that 95% of crypto is fraud. There are projects and coins that really offer innovative solutions. Some can offer entertainment (NFT-gaming) , some can replace banks (DEXes).
On the other hand, it doesn’t matter if it is a scam or not. Crypto market gives me money, so even if it is fraud, I can make money on it now.

He has a basis for saying that, we have a history of coins getting launch and going nowhere and developers running away with investor's money, we have so many coins in our forum's announcement section and scam section, so many investors lose money not in hundreds of thousands of dollars but in millions because scammers from other industries have migrated here and brought their talent and expertise to scam people.

You have to be knowledgeable and good at scrutinizing every project that you are interested in investing in if you want to make a profit.

99% of penny stocks are garbage too and most start up businesses fail. Do your research and find the gems like $MAGIC on Fantom and $NEAR.

but not if you invest your money in the top altcoins in the crypto market. especially if you buy it in 2020, I mean before the beginning of January 2021, then today you can get good profits. I have also pocketed several altcoins at low prices, especially ETH, BNB, SOLANA, MATIC, AXS and now enjoying the results.

You are saying right brother. Now a days their are thousand of coins that are in the crypto market. And most of them are garbage coins. And it is very difficult to decide which coin is a good coin for holding or not. It is very confusing for the newbies. New projects are coming day by day. But new projects coins are not good for big investment. Just invest small amount on these project. Invest big amount in the top coins of crypto market.

it's true, i see the fact that newcomers or newbies only think about short time profit and they think that crypto can get rich overnight. and what need to be aware of is that if a beginner trades new coins on the BSC network, it is very risky because 98% coins meme is scams.

Well, think objectively. We live in the most advanced blockchain industry, if it simply stopped at 100 - 1000 coins out there, would we have the popularity we have today? It's not just about the value of coins there will be higher prices or historical MC but the perception and what competition is created. I agree with the multitude of coins out there that are pointless, but some are pushing the path of bitcoin and crypto to the bright side. So some NFT it should be well received for the sake of it still solving a multitude of tight corner situations. If it is too conservative, it will kill the market opportunity.

well, this is so true I agree with your point of view, most cryptocurrencies these days are projects to trick and lure investors with huge profits but then Liquidity is exchanged between investors, these are the basic characteristics of all new projects today, and as I have been involved in this market for a long time, I feel that 100 projects are out of 99 scam projects and then disappear.

Yes, currently the developers of new coin projects are using the method of locking the liquidity of coins on the exchange and ostensibly maintaining the selling value of the coins for their investors. but it turns out that once the liquidity is opened, they themselves sell everything and make the coin value worthless.

We can't deny the fact that only a few percentages of cryptocurrencies in the market are profitable and active. Most of them are scams and fraud. The good thing is most investors and traders are now aware of it. That's also the reason why we're always advised to be wise and skeptical when it comes to choosing a coin.

we actually already know... the more people are interested in something; then more and more scams are riding on it and it's happening in crypto right now it can even be said 99% of projects are deceiving lots of people with promises that never come true but even so as a bounty hunter I still try to select projects that I believe are real even though I often feel disappointed

Unfortunately, the features of cryptocurrency are being used to take advantage of others through illicit intentions of starting projects. The fact that this take place in online world, it is really not surprising that it has become to be this way. Now, what we could just do is to be diligent and do thorough research every time we want to be associated to projects that we encounter, especially those that are new ones.

I believe it is true and that was a sad truth, But we should also consider that many of those so-called garbage coins were still thriving till now? and maybe we are asking what was the reason why they still thriving? Thats because many people are still patronized it and willing to gamble and speculate even it has no real use case and utilization, even it was only a meme coin shill by popular people, thats how the crypto industry works full of red flags and we should accept it as a part of this industry.  

On the other hand, Neil Kashkari was a president of a Centralized Bank (Federal Reserve Bank) that's why I'm doubting her opinion in terms of fairness because Centralized and Decentralized is always the opposite direction that's why I believe her opinion was questionable and obviously one sided.  

I wouldn't call it "fraudulent", failure/shitcoin yes but say "95% of cryptocurrencies are fraudulent" is a bit too much. Many cryptocurrencies are failing to meet expectations, dev abandoned projects, the community lost interest in it,... and so those cryptocurrencies fade to the background. It's much different than cryptocurrencies that actively try to scam people and even I agree it was many, 95% isn't a realistic number.

Crypto will not have a sincere promise and the fraud of projects can start early and late but the general note is still to close your eyes as if nothing happened and ignore the facts that are so hard to accept, harvesting the fruits of a project will be the perspective we need to consider. Cheating is good and not cheating is also good, as long as they give me a sweet fruit, I'll extend my arm and give them some fertilizer, more projects just open up more fruit seasons, just choose where to harvest and what fruit to eat

Neil Kashkari as president of the Federal Reserve Bank of Minneapolis is very precise in his words regarding this, but it cannot be said/accused as a whole against cryptocurrencies, this is very baseless and tends to be provocative.

Actually that should be said, only to a few coins or direct mention to coins that he thinks are trash, although ethically this is more hurtful and offensive to coin creators, but this does not involve cryptocurrencies specifically.

Because we know that scams, deceptive ads, and noise are caused by coins that don't have good value in cryptocurrencies, so there is a scam or fraud, so it can't be said/accused as a whole against cryptocurrencies.

Yes, now there are a lot of useless coins which are being created daily. But there is one advantage of these coins, we can get a good profit if we take entry on right time. And we can also get high losses if we take entry at the wrong time(on-peak).
There is also a good number of useful projects and coins.

Generally all coins have their own advantages, although many people say they are useless, let's look back at when bitcoin was launched, whether it was the same as people think today, this is why it takes time for altcoins to perfect the process.

I am not so pessimistic about any coin, we just need to wait for the right time to take advantage of these coins, when it comes to time, then all things must wait for the right time to process.

Most of the garbage coin won't promise about big profit but a too good to be true goal for the project. The holder is the one who vision and speculate about huge profit buy using that fake goal of some project. Cardano is one of them, An old blockchain project with an over value coin while they have zero product until now. They are just good on marketing that's why a simple contract contract which many blockchain already has pump there multi billion coin to 2.5$ each and more.

Investors is the one who speculate about the huge price they can gain. Cardano is the best exame for this one.

There is no need to argue this because he is right although the percentage might not be true. The truth is that, most of these altcoins are just here for the money, that is, their team have nothing to offer other than to create a platform, launch a coin, get it listed and if possible pump the price and gradually let it go. With the inception of DEX, nowadays it is very easy for any project to launch, and most of them goes directly for marketing or promotions without having anything to show for, and just like that gradually they list and a lot of them exit scam within hours of listing.
That's for new projects, what about old projects? How of these projects that raised a lot of money in public fundraising event are still around, and what even happened to the money?
Therefore in essence, he is right and that is also the reason why we need to go for projects which will make impact, that is projects whose use case is applicable and the team already working towards it.

As long as we carefully follow the project, we will know its development and understand if it has potential in the future. Some coins rise to the occasion, when the market is bullish, they rise but actually, they don't have a good future, they are just influenced by the hype during the bull run.

Be always careful when investing, having the knowledge about the coin you are holding is very important as you are risking your money on its future.

I would not say fraudulent I would say crap or failed projects. We all know many devs make coins with the intention to loot the money from the investors by enticing huge profits. Even most of the projects failed in 2-3 months after the launch. Recently I noticed a trend many investors are trying their luck by buying meme coins and the majority of the buyers lose money in meme coins so we should be focused only on trusted and tested coins. I don't say new projects are not good but we have to be very selective when plan to buy.

I think its true, since I also have been participating in bounty companies and in cryptocurrency investments already very long time and I constantly see that almost all cryptocurrency projects that appears are scams which just want to steal money from cryptocurrency investors and unfortunately every year more and more scammers appears which create cryptocurrency projects only in order to steal money from investors and we cant do nothing about it at the moment, so we always must study each cryptocurrency project in which we want to invest very carefully.

On the contrary, I think fraudulent is the correct word because a lot of tokens just want to raise money and disappear. I know being a part of the community, it hurts to accept it but that's the reality, as harsh as it might sound. There are some tokens that actually fail to meet the expectations despite genuinely working towards it.

Maybe I would say 50% of the projects that fail are outright scams while 50% of the remaining who fail actually despite working hard are just unfortunate. The real problem is that, it's hard to separate the two categories because you don't know which ones worked hard and which never had the intention to work.

Many projects also fail because they are unable to gain the fame required for them to succeed. It is actually hard to gain any kind of fame within the market without a known personality vouching or working with the project itself. I mean if Vitalik says he likes a project everyone will get behind it but if the project cannot get someone to vouch for them, it's hard to get going.

Guys like McAfee took advantage of this and even made a lot of money. Now others are doing it too and with so much crowd among tokens in the market, it is literally impossible to verify which one is good. I have stopped investing in new projects, not until they have a decent market cap at least.

Coins with nothing to offer but be speculative, I guess fraudulent fits in well :P because most of the coins on the market the main beneficiaries are the developers themselves with the premined coins they secure for themselves, which is why dishonest devs pump and dump ad the coins are not really valid and genuine collateral.

95% I thought that's too high of a number as not all a speculative as indicated number might be in the eighty percents or so as I know quite a few good coins out there which aren't just growing based on speculation.

He's actually right cuz the rate at which shitcoins are coming out this days is alarming, coins that are created to enrich the creators only, I'm starting to feel like this smart contract released by Ethereum was bad idea, cuz before it was created they were only a few coins in the market and they all had their own blockchain running, but after ethereum smart contract release thousands of shitcoins have been rained on the market.

Maybe there is a bit of confusion between fraudulence and just bad quality. I guess that there are many people who start a coin or small teams but the coins are just shitty. In total though I agree with you guys that certainly 95% are bad or fraudulent. It is very rare and very seldom that you find a raw diamond which is worth investing but still doesn't look like it. That is when there is the biggest opportunities these days. That doesn't however mean that I recommend focussing on these unknown coins. I recommend to focus on the strong coins where we already know what they have to offer.

That's because the industry has no regulation and it's decentralized, when it comes to investing in Cryptocurrency we are left to decide to do our own research if the project that we are going to invest is worth it, you must educate yourself first so you will not get deceive by shills, false information and deceits that still exist, not all that glitters here are gold.

I think that the information about 95 percent of useless cryptocurrencies is too high. The percentage of useless and fraudulent coins in cryptocurrency is, of course, high, and this is quite natural given the fact that thanks to the open source code, everyone can create their own cryptocurrency. However, it is thanks to this that cryptocurrency can develop rapidly. Therefore, I consider the current process of its development to be quite normal. All the same, only useful species will remain on the market, all garbage will disappear over time.
Participants in this market must themselves determine which types of cryptocurrencies are worth investing in and assess their risks.

He is right that most cryptocurrencies are fraudulent.

Many altcoin makers are mostly for their own interests, and they are projects that deceive and lure investors with huge profits.

Investing in these altcoins when they first appear may bring high profits to investors, but this is only to attract more investors. Over time, most cryptocurrencies will become worthless.

It's seems to be right, because what I have understand about altcoin ever since have started participated in cryptocurrency, is that altcoin reign for sometime after their value come down and they are now worthless, which is not so from the beginning after a lot have invest in it, to the extent that I don't feel comfortable to keep fund in some altcoin, though some are still thriving till now.

Only 95%? The percentage is probably higher than that, I know that people do not want to hear this as they expect their favorite altcoin to skyrocket and make them rich but he is right, and if anything as I said he is being generous with that kind of percentage.

After all how many good projects do you think we have in the market, 50? 100? And taking into account the thousands of coins we have then the percentage of scams and garbage projects is higher than that.

looks like he should read more and seek more information about cryptocurrencies. because there's no way 95% of cryptocurrencies are scams. indeed there is a lot of fraud going on in cryptocurrencies but it is impossible to reach 95%. because if that happens then there are currently no cryptocurency users because crypto is considered a fraud area.

Fraud exists in all areas of investment, not only in cryptocurrencies, but the cryptocurency environment is a suitable environment for them because it is decentralized and they can not reveal their identity, but I agree with you that 95% is unfair percentage because there are many honest projects and there are many investors in the Cryptocurrency field.

It is relatable to the ICO days.

Most of the projects were like that, profitable at the time of its launching until a few days to weeks of its stay in the market. But as time goes, they're mostly being dumped by everyone.

Until years, their existence is no longer a thing.

When it comes to being fraudulent, I'm not sure whether the percentage is that high. But I can say that at least 90% of the cryptocurrencies in the market are just garbage coins. They won't be able to maintain themselves for a very long time. Some day, they will disappear suddenly and the investors of those coins will be really sad about it. So, I don't trust majority of the market to be honest. I choose to invest into only the coins which are credible like Bitcoin, Ethereum etc..

Better be safe than sorry, invest in the major coins as they have a better success rate in the future.
New coins that have a small marketcap is a high-risk investment, there's a chance that you'll be scammed, but if you will be able to find the gem, it could probably change your life in the future.

That's why for me I also allocate a certain percent of my investment on new coins and I even created a thread about that, so I could get some suggestions to diversify my investment.

my thread https://bitcointalk.org/index.php?topic=5355961.msg57758637#msg57758637

Earlier someone stated cryptocurrency as a way to fill the pockets with the money generated out of the air. This is true, because majority of the altcoins weren't backed by any real-time usage. Most of them are getting traded and out of the circulation volume the value fluctuation is experienced. More the coins more needs to be the usage, but here the top order is getting used in practical terms whereas the rest are only into trading and in recent days through staking more cryptocurrencies are made to be kept hold to avoid getting dumped.

If I may suggest, please avoid at all cost those alts that have no actual usage as their lifespan is not certain. Once traders got what they want, they can easily move from one alt to another especially if they are not seeing any progress on the coin. This is why actual application is essential in the growth of the coin. Without active use case, the coin can easily be abandoned and forgotten. And we all know, very few has actual use case in the market.

How could I say you are wrong? You are of course right, but the problem is that you just don't always know for sure whether it is a good one or a bad one. Let's be honest though, that is the same in the stock market. Only a few got rich with Amazon, most of us didn't because we simply couldn't believe the book seller Bezos had in mind. So you either have some trouble with the team sometimes, or with the concept. If it's both I would skip immediately, if it is only one there is doubt coming up inside me but I still tend to give a project a chance from time to time.

I see more and more new coins popping up here and the job of an investor is to choose good coins to get big returns. if we look back when there are not many new coins then it will be more promising and the prospects for the coins are also better. but that can't discourage us to invest in crypto. we know that there are still many cryptos that have good prospects to invest. so at this time we must be more careful in investing coins let alone invest in new coins. besides that we also have to start learning to understand and analyze the crypto market well so that we can choose the right coin and the right time are also to sell or buy coins.

The truth there is, there's fraud in almost all places we found our selves. The government which accuses bitcoin as being fraudulent are the biggest fraudsters, there promise so much in their campaign of wining elections to gain power and when they finally get in power they misuse it and embezzled a lot of funds which is supposed to be used for the welfare of the people, well the cryptocurrency could be fraudulent but it's rate of advantages it gives to the people is far better off so we appreciate it that way.

Recently most of the animals coins specially meme coins becoming scams. A few months ago I invested dogecoin coin and safemooncash both are scams projects. But some nft project also scams and given me a lots of losses.

I think very true what Neil Kashkari president of the Federal Reserve Bank of Minneapolis said. I agree with what he said that nowadays there are so many junk tokens being launched that many investors are experiencing losses. With the increasing price of bitcoin and other digital currencies, many parties are taking advantage by creating their coins and selling them on the market with the aim of deceiving many investors. be careful and stay alert with newly released altcoins

LOL.. I would agree. I was in my early teens when Amazon went ahead with the IPO (1997). There were dozens of similar IPOs happening every month with NASDAQ, and no one paid any special attention to Amazon. And it should also be remembered that the vast majority of the IPOs returned a loss to the investor in the long term (i.e after the dot com bubble burst). So it was like a lottery. Similar to users investing in new cryptocurrency projects now. If you invest in 20-25 different project, one of them may provide you with 100x returns.

what He said is very true even though his statement does not support much, neither statistically factual nor those who are trying to make some token scam. This statement as expressed by Neil Kashkari, president of the Federal Reserve Bank of Minneapolis is very important for new traders in the crypto world to be careful when investing in choosing any coin. at least with the statement from Neil Kashkari, we are already a little wary of making investments

It doesn't matter because he will still be a bitcoin user in the future, statements like these I have some doubts about its purpose. Actually, the barrier between crypto/blockchain and users is still something quite hazy.

Most projects in the crypto market go through the same process. When project tokens first appear, investors will make a lot of profits, which will attract more new users. But over time, most cryptocurrencies will become worthless and many investors will lose profits by selling the currency.
There are great risks in the crypto market. If you want to profit by investing in confidential currencies, you must have sufficient knowledge of them and analyze the project before investing, and invest in cryptocurrencies with complete technical support and safer.

actually it's okay if you are ready to take risks because coins like this will be very useful for you in generating finances instantly because these coins still prioritize fomo hype and pump and dump and when you are really ready to face such risks then this can be done. It's just done with a note that you have to be good at taking advantage of the momentum and be ready to lose your money because that is a risk that must be taken when you are on a coin/token line like this.
and if you want to play it safe by not taking too much risk you can use the same thing as people in crypto in general, namely by investing in the right way and not getting too carried away with the fomo and pump and dump effects.
Just being a normal person in the crypto world doesn't mean you can't get rich.
just be sure that the coins you adopt in the future will be beautiful.

Who cares, those coins are still making lot of money for themselves and for the users too. In crypto one thing must be learnt exclusively: Proper exit strategy. The whole point here is, if we have the coins, advertisements, popularity taking heads up and what not, then people gonna come here, invest their hard earn money and market is going to move up and down accordingly.

Are they fraud? Oh yes, definitely. But they are moving anyways and peeps are getting high returns out of it. So this market will keep running whether you don't believe in it or not.

More or less, the same 95% market constitute at least 20-30% market cap of total crypto currencies. The project might be fake one, but the money real one.

Well I'm not surprised that the cryptocurrencies are mostly scams, he is right that 95% of them are fraudulent. Nowadays scammers can easily make a coin just to scam people, we should be careful what we invest. In coinmarketcap, the last that I saw listed coins there was around 8k and now it increased 11k so this means more and more scam coins listing in the market so be careful guys do your own research.

didn't he tell the truth? In fact, everything is correct. Only projects with a powerful technological cushion survive, a year ago many made fortunes on shit-coins and you all know about it, of course it hit cryptocurrency hard in the face and now many people think so, but there is definitely still a large part of the truth in this. Take any project that has technology behind it, can they be called fraudulent or junk? NO! This is because they solve many problems in the cryptosphere or in everyday life, have their own blockchain, great offers for users or investors. In order not to be unfounded, let's take 2 projects as an example. Near Protocol: huge transaction speed, $ 0.01 transaction value, cross-chain between Eth-Near, huge ecosystem with a low entry threshold for developers and users, Rainbow Bridge erc20-near.
Solana: Has almost the same features and performance of the blockchain, is it really junk? NO! Therefore, people should choose the right directions for their investments and not pop on all social networks that they made huge money on shit-coin

So my best guess is that there are 8,989 computer geeks and programmers who tried to cash in in the crypto craze. 8,989 computer geniuses who should have put their collective effort in putting more technology to the people. Well, let's be honest, not all of the scam coins are really scams. Some started legit and then got scammy when the bosses started to taste the flavor of mucho dinero. Some are also legit and then failed to deliver and got bankrupt. I mean 9 thousand computer geniuses we are talking about here. If the all bonded together they might have made something more interesting in the world of computing.

So is the problem with new investors or from such news?
I see a vicious cycle of those in control, and newbies will stay new if they can't overcome these barriers.
But anyway, sensational news like this brings excitement to us.

You might be right but the case here is making money out of them even if their long term plan is to be fraud, I wouldn't bother myself much in this area since all developers are also humans like myself, they are here to make money too, this is why taking profits from new Altcoins and investing them in BTC is my best strategy

What do you mean dude ? dogecoin is not a scam coin. Indeed most of meme coins are not good to invest, but doge is not scam.
OP said that 95% crypto are fraudulent, but i think it should be less than 95% because there are many good legit projects in crypto as well.
Maybe OP mean 95% of meme coins.

Dogecoin might not be a scam coin but many others are riding to the hype of the Dogecoin and its symbol the Shiba Inu. There must have been many many more meme coins that were released throughout the years but most of them failed after the hype or because of an ever increasing number of crypto players becoming more aware of scams and fake projects. You just got to rely your information mostly from reliable sources so you can invest on a legit coin that has a good future.

It is true, most of the projects if not a scam, made while there's a hype for that certain category. Like in ICOs, there were a lot of projects that have been made. In IEOs, there were those that have been made during hype and now that there's the NFTs, there's also hype on it.
And that's why those not successful projects that were made during those periods, despite being launched and now in the market, they don't have that much volume and they stay in the market and counted.

For those people who had been on this market for a while is already aware on how this market works or behaves in terms of those projects which are totally shit and just driven off with the hype.

If you are just new then you should really be careful on dealing with things because it might be looking to be interesting but in behind it is just really trying to lure in peoples money.

Always make up some research before diving into anything because if you are just too careless and investing into something which is unsure then most likely losing money
is really always next in line.

More and more altcoins will be fraudulent/scam.
Now anyone who gets an idea of how to cheat people can easily make an ICO.
A little technical knowledge and here is your website and whitepaper.And the project is alive.
Before the sale, private sale and sale are in progress.And just when they need to pay a bounty and put it in an exchange office to get it back to investors Team disappears.This is more than 95% of cases.

That's why it is important to not just look at the idea behind the project but also the team working on it. If there are known faces, they will not make an exit scam after the ICO or IPO.

That holds true for meme-coins but no way a good and solid project would follow the same route. Like I have been a supporter for ICP even when the price dropped and everyone was talking shit about them because they have a solid team and a very decent vision.

Most of these scam projects are also built by the same scammers under different names and profiles. It's important that you can recognize some faces in the team before putting money into the project unless of course, they have a big market cap already.

Sometimes they don't put the same face, they just steal a different identity just to scam people. We should be aware that, if we are educated with these scams, we will likely succeed in investing as there's a lot of great projects that could potentially give our investors a good return.

New projects are risky, but if they succeed, you will enjoy a big profit, but it's still up to you if you are willing to gamble and how big the risk you are willing to take.

The newer ones have to make their research very well because they're the ones that's very prone to losses if they don't do research.
It is all about how they're going to make themselves better as with researching what are the valuable cryptos that they can, they're also helping themselves to improve and to avoid coins that they shouldn't invest.

When a new hype is created in the market, some people try to use it to take advantage of the market. Then they launch projects in the market under different names, and investors lose their money by investing in those projects. You're right, there's a lot of hype in the market right now about NFT. As a result, investors are rushing to invest in nft projects, and it is in this interest that scammers try to launch a project in the market and run away with investors' money.So we will see in the coming days that a lot of investors have lost their money by investing in nft projects.

I don't agree that 95% is a scam because there are so many altcoins that are capable of growing in every crypto market. maybe in my opinion, they only know 100 altcoins so they dare to claim that 95% are scams. but if they know more than 10,000 altcoins then the percentage that is able to grow is more than less than mentioned above.

It started with the ETH tokens, that explodes in 2017 to early 2018 bull run, however, we can't blame that on ETH, but it should be the people who should be more educated to choose the legit among the scams in the space. People at that time think that whatever they buy will give them long-term profit, and though it happened to some coins like BNB which is an ETH token at that time, for most ETH tokens, that dream is not achievable anymore now.

As for those coins that have been reputable in the market for such a long time, there will be a lot of years for them to survive and they're hard to be seen dropping down until they go zero volume.
But not all of them will have their survival moments as many of those reputable projects years ago that are no longer a thing today. That's why research is a must not only for newbies but for everyone.

Things has to be done about this cause it very obvious that majority of developers are developing altcoins just for there own selfish interest. Many promising projects that are in the own internet now are scam and there is need for the government to step in and regulate this garbage coins that are intended to scam investors of the their the money. If this garbage coins continue to full the full the cryptocurrency market, it will get to a point that the crypto market might lost value due to bad eggs that dominate the market.

The sad truth we all should actualise is that there is scam everywhere even in our real world, most people are just too lazy to make money legitimately there prefer fraud, well even in my country scammers does same thing, there call you claiming to be a bank worker and seeking for your credentials to be able to extort money from people. Well this shows that scam doesn't exits in crypto alone it's a thing which revolve round the world, but no matter the rate of scam coins the good and beneficial ones are still up and doing.

I emphatically say it's their right to say that 95% of cryptocurrencies are fraud. If it is true that 95% of cryptocurrencies are fraud, why is cryptocurrency the latest trend in many developing countries even though it is not legalized. This means that 95% of the people in the world are involved in cryptocurrency activities.

This thinking is actually not wrong. more and more junk altcoins are indeed being created. You can also see that in every BSC transaction there will be a trash token that goes to your address.
but as you said, adoption is getting bigger, and trust is growing. although there is no legalization yet many people continue to be involved in crypto transactions around the world.
to be honest, I have to say crypto has a better-looking future.

Maybe he has a point too. Now that so many coins have sprung up that I might say it's not clear in what direction. That's why investing in popular coins is much better than investing in new coins that we ourselves don't know will be like. I can say that this coin will make you rich overnight but it is very possible that this coin will cost you.

it identifies the problem in a risk. many new coins that only collect investor funds and on the way it is not clear the direction of the coin. but indeed not all new projects are bad. we can analyze it with an approach to find projects that can really be invested. but indeed my advice is not to use most of your capital, because there is a high risk of fraud

High risk, high reward. Even if we consider the statement 95% of cryptocurrencies are fraudulent is true then that left 5% of cryptocurrencies are legit or will become a big thing. 5% is good enough if you understand how investment work as there is nothing guaranteed to become successful.

Maybe I will agree with what he said because right now the crypto space is only filled with projects that have bullsh*t/only take personal advantage, only a few projects that think about the future

The fact that many projects are like that, it contains the market with a lot of those types of projects.

It is true that very few projects are thinking about the future of what they're building. They may take some profit as they've developed it but they never put at stake the future of the project and they're continuously developing it. Especially, if they've already built a large community and the project seems to take a lot of attention from many investors around the world that sees the future with it.

We are also not noble people and think about the benefits of the future, we also only think about personal benefits from projects and when the project exists a similar mindset, it's not something we can criticize, we're not too much better than them, they cheat a lot of people's money, we also make money from such scams. You should agree with me on this point as we many times make money from projects whose future is extremely bad, but more fraud from crypto, we just need to keep a certain boundary with fraud still avoid the fate of a victim and safe

That will never come back anymore, that time, the market is not yet popular, and there are only few projects you can find, now, it's full of coins and tokens and the number of scams has increased as well, yo know, whenever there's an opportunity, scammers will come to play, so our only weapon to fight is knowledge, without that, we will fail with our journey here.

almost average new projects have the same concept so they can't compete in the market and many of them end up being scams, maybe that's what makes some people say if crypto is 95% scam, actually if they want to do more research they will avoid it. scammers

Its because in the first place these kind of technology is out of control reason anyone can make projects immediately without any authorization even some of them are not professional and sometimes the intention is to scam other people, that's why as well a lot of people saying investing is very risky aside of being so volatile of it.

At least a part of the blame should be on retarded people who pour their money in to such projects. Back in 2016/17, a number of ICO projects returned 100x or even 1000x returns for those who invested in them. And as a result, there was a lot of hype related to the ICOs. A lot of users were rushing to invest in ICOs, despite the shady credentials. They were hoping that at least 2-3 out of 10 projects would return good profits. That didn't happened and most of those who made their investments lost the capital amount.

That was part of the process, you can't blame them for investing money because they saw the potential and they believe that they could make money. They lose, that's okay because there's a lot of opportunity in crypto, and if they learn from their mistakes, then probably they are already in profit now.

As the market is not yet fully regulated, you can see more scams as it's easy for scammers to play here, but as their style was exposed, I'm sure that will give awareness to investors on what to look for when investing.

what was discussed in the meeting was very true in my opinion. There are a lot of junk coins on the market today whose purpose is to deceive others. even now there are a lot of trash tokens that go into the bsc wallet.

Well, that’s why you have to be really carefully these days, because there’s always going to be lots of fake projects that are owned by scammers. What they mostly do is to copy and paste from the original and that’s it. Once they are caught they will move on to create another one that they are going to use to be scamming people.
That’s how it is everywhere, and since these scammers can easily copy whatever they want and just paste it, They tend to keep creating lots and lots of fake projects on the net.

Now, it is up to us to be able to figure out the fake projects when we are looking for what to invest in. When you are investing your money in a project, if you are not sure of what you’re investing in, then it’s best that you leave it, and look for other projects, because there are many of them.

Yeah there are lots but not really much an issue if you do make yourself aware and doesnt really care about those coins that do go inside your wallet randomly and as a newbie then you should do make out lots of

research or on at least be aware on what are the things that are happening into this market before you do step your foot in rather than on considering most coins which are relevant.

Its true that 95% of them or more are really just garbage and doesnt really have actual use case but surprisingly there are people who do still engage with these things.

Most of those new projects capitalized on the fact that cryptocurrencies market is not regulated, thus any Tom, Dick and Harry can just create a shit coin and launch it into market, after collecting investors hard earn funds they abandoned the project and disappeared into thin air consequently the project will hence become a scam, I really agreed with OP that 95% are scams, thus any potential investor has to be extra careful to avoid falling onto a wrong hand that is why it is advisable to DYOR,

Personally, I have chosen 10 cryptocurrencies for long-term investment that fall into the top 50 of the coinmarket. Everything else I consider to be digital junk.

in fact, years ago, many team developed projects whose purpose was to raise funds, and looking at the results today, almost all of these coins have disappeared, or become trash coins today. however, only bitcoin really survives, even thrives to this day. I also quite agree with the statement that people need to include bitcoin in their portfolio more than altcoins.

Maybe what was meant by fraud and deceptive advertising at that time (above 2015) was that many scam projects and tokens became trash tokens in wallets or in markets that had no price, except Bitcoin. what's even more unlucky is when there are developers who run away from project funds that have held a token sale.

I'm sure it's not just that. It also relates to a newcomer to the crypto market who feels cheated by the volatile movements of crypto assets and markets.
Most come to buy when the pump goes on the market. and then suffer a deep correction. and finally, they feel cheated by crypto.
or they come for a new project that is ready to be abandoned by the developer. it can all happen because of the lack of us seeking information before investing.

I will never forget the coins I bought in the past that are already worthless now, though I lose a lot of money I already accepted my losses and just learn from it. Per my experience and based on what I read, it's really recommended to ensure that bitcoin owns the biggest percentage of your portfolio.

Indeed, many projects have been continuously rising only to disappear after some time. And this really impact what people think of cryptocurrencies and the impression that it leaves on them. I also have my fair share of having coins which are now dead and worthless. It is a hard learned lesson for me because I loss a lot, but at least I gain diligence in choosing what coin to pursue.

The latest data from coinmarketcap is that there are 11,950 registered coins available on the market, the number of coins and tokens will make the competition very tight so that many coins only last a month in the market, this is the importance of the community immediately making regulations that regulate the creation of new projects so that they are not used as scams.

There is a lot of cash to be made in the biological system, yet it is additionally exceptionally simple to lose cash here. I couldn't say whether this situation is familiar with your nation yet in mine yes. You will see certain individuals disclosing to you they are calling from your banks and gather some specific data and hoodwink you of your hard bring in cash. Most altcoin projects don't have a genuine idea. You can't discover them once they raised assets.

Such projects do not have a real idea, they have nothing of their own. Their White Paper and Roadmap replicate each other through one project. It often happens to see projects that are completely unrealizable, designed for someone who is not clear. How can this even be done? But, of course, there are projects made with very high quality and believable, and until the very last minute, it is impossible not to believe them. As a result, these very professional scammers earn millions of dollars, while leaving thousands of gullible investors with nothing.

Doing your own research is best, however you need to know how to do your research, if someone new does it without knowing proper data to check then they may end up losing a lot of money. So best case is learn how to do research properly, and meanwhile check the famous people and what they back and why, after a while you will be able to do it on your own without the need of any other famous influencer or anyone else and find things yourself.

If you follow a very known person and they promote something, that usually means the project may go up because of how many followers they have. However when they publish a video, or tweet something about it, then it means it is way too late for putting money in, you gotta do it beforehand but how could you know?

What Neil Kashkari said is common knowledge but how did he get the percentage that it is 95% of today's cryptocurrencies that are garbage or it is just his imagination with the data? Newcomers into cryptocurrency should be very careful with the tokens they buy. Do not choose a token because it has a cheap price because that may also be buying a scam token or abandoned one. Be careful  and do your research before anything else.

point is there as the chance of those asset outside top 50 depends with how the community will support them, unlike assets who already gained enough support from both traders and all those investors, with continuous developing and with adoptions that will take place the chance is high to provide decent profits.


Whatever you do, scammers will find ways. Remember that they are also moving inside. They understand and they know when and how to. Adjust, the best thing is always to put your guard high and not to allow those scammers to beef with your money.

Make it a habit to start with good research before jumping to anything. Crypto projects offer a lot of sweet promises you need to sort what's real and what are those for alluring investors.

I think he's right to an extent. Most alts are just plain garbage, in fact the DeFi space and NFTs made a surge in the churning out of these shitcoins. I envisage in the near future, a purge would happen

We can make our own percentage on our minds and its totally a personal kind own of view since no one could really say on how much percentage of trash tokens or shitcoins in the market.
Fraudulent? Its not surprising because there would be lots of scammer devs which would really take advantage into those newbie investors thats why its really important that you
should really be keen or careful on choosing which project you would tend to invest on.Stick with the top ones and you would be saving up your ass
on this kind of problem and avoid with the risk.

Yeah, for each of the space, not all of the projects that are existing are good to invest. We can ignore a lot of it and love a very few of it. Just like with those spaces that you've mentioned. I'm into an NFT but that's not just all about arts but it's also a game that is very popular. But that doesn't mean that I'm very optimistic with the other NFTs. What I'm liking on it is that I understand the risk and how it will be beneficial for me to stay on this NFT and aside from that, there really were a lot of involvement from scammers and that's why someone who invests on these should take care and be wary.

Most of what he said is true, when we get tokens and the price is zero, along with the run away of coin developers who don't care about the coins they want to promote it will make some cryptos not trusted anymore. It's really sad if this will always happens and happens to us as bounty hunters.

I disagree with you maybe you just experience investing to plenty of cryptos that turns to be scam/fraud. I think that you should you much more researching first before engaging and entering yourself to crypto investment to about those circumstances.

Bank's people always find the weakness of cryptocurrency to make the public not using it and still using conventional banks in the future.
Yes there are a lot of garbage coins out there because the easiness of crypto token creations, but there are maybe a hundred thousands crypto currency out there which mean the 5% rest is not few numbers.
There are a lot of good cryptocurrencies coin that really give the owner a good service and promising future plan. As an investors we have to be smart about choosing which coin that we want to buy

The content of Neel Kashkari speech is very true, because he criticizes cryptocurrencies and dares to say “95 percent of cryptocurrencies are scam”. Cryptocurrency will always be the right medium for fraudsters to get money in a fraudulent way, and until now there is no formula to stem their actions which are very troubling to crypto user.

On the other hand, Neil Kashkari statement gives a bit of a negative issue for the development of cryptocurrency, given that he served as president of the Federal Reserve Bank of Minneapolis. As we already know, the trend of investing in cryptocurrencies is increasing even though crypto movements have high volatility, but many speculate that cryptocurrencies will become future investment instrument. This makes the monetary authorities, namely, the central bank in several countries is increasingly threatened by its role due to the exploding prestige of cryptocurrency, so inevitably the central bank must be active and follow the flow of the cryptocurrency trend.

One example of a bank that follows the flow of cryptocurrency movements is BAHAMA, The central bank of the Bahamas is starting to catch up with China and Cambodia which have launched digital currencies. Now Bahamian dollar can be loaded into digital wallet and smartphone. Of course, digital wallets are more practical than credit cards. To date more than 85% of the world central bank such as the European Central Bank (ECB), the Bank of Japan (BoJ), and the Federal Reserve (The Fed) have started investigating their version of digital currency, This experiment was carried out to follow the flow of cryptocurrencies that began to threaten their existence.

That's right!. Compared to 2015, in 2021, the development of cryptocurrencies is staggering. unknowingly creating space for projects created solely for the purpose of fraudulent. Shitcoins are everywhere, which is really dangerous for newbies. Everyday there are hundreds Shitcoins created and it is difficult to distinguish. The best thing is to always be vigilant and do your own research before investing in a project.

Cant agree more. In 2015, percentage of worthless coin is 95% and this percentage may have gone up to 99% in 2021. Since there is so much crypto getting launched everyday (as of today there are 11952 cryptos on CMC). Censorshipfree nature of blockchain allows everyone to launch his own coin, that's why there is no way we can stop shit coins and scam based coins.

There are more and more altcoins appearing in the market, but only a few currencies in the crypto market are profitable and worth investing in.
Most altcoin project parties do it for themselves to profit from it. Many currencies will make a lot of profit at the beginning, but over time, the project will manipulate them for profit, and eventually the currency will become worthless.

Yes because so many newbies don't do recerch and put there hard money on some shit coin which they think they will become millionaire in one day that's why they say that.

That tells that only a few of the investors are really successful in investing, well, I'm hoping that they will eventually think, change their mindset, don't view crypto as a Ponzi scheme because it never is, only an investor that is lack knowledge would think of that. The more crypto gets popular, the more scams are happening, it's simply because of the lack of regulation, hence some coins are highly manipulated.

The first place these kind of technology is out of control reason anyone can make projects immediately without any authorization even some of them are not professional and sometimes the intention is to scam other people, that's why as well a lot of people saying investing is very risky aside of being so volatile of it.

I think almost every new crypto investor is aware of scam projects or should be made aware of it… if the comments were based on 2015 when only bitcoin and ethereum were the two leading crypto options but right now in 2021 there are very good projects with good product to invest in

From how things showing up, it's more on the part that most so called developers are just here to create scam projects,
with those thousands of coins and a lot of newly created project it's really hard to sort which is which that really offer long term
development, project that have real usages.

As investors/traders, there's  a need to make sure that we really go deeper, it's a good way to understand the true intention
and what are the potentials of the project that we are willing to invest with.

Yes, the development of crypto is extraordinary. many new crypto assets are alternatives for investment. this makes the crypto market with many adoptions from large platforms entering the crypto market even more crowded. and the downside there will be more and more scammers present in the crypto market to cheat.
where there is profit then there are scammers who will take a loophole for them to commit fraud.

I think he is right. Because there are more garbage coins in the market than good coins. Many more new coins have been created during this bull run. If you look at the list of CMC, you will understand that there are thousands of coins in the market but we may not know the names other than the first 50-100.

Dude.. I was there in 2015 as well. There was no shortage of shitcoins back then. The only difference is that back then we had only 5-10 new projects every month, unlike the hundreds we have nowadays. But even then, a majority of them were shitcoins. And I have lost money with shitcoins ever since 2013. After 2017/18, I became more cautious and stopped investing in shady projects. But I can see a lot of people (mostly noobs) still investing in such projects, and losing up to 99% of their capital.

In general, yes. But we are now living in a time when the cryptocurrency market is highly speculative. Within technology, most coins are really useless and will likely disappear in the future.
But for now, this is finance, this is cash injections, this is money, they will live while people trade them on stock exchanges.

In general, it is, but such is the nature of the crypto market. Almost all assets are speculative, except for those that relate directly to blockchains.
In the future, I suppose, the entire top of the coin will consist of coins of this type, and the rest of the rubbish will disappear.

It has become very easy and simple to create your own token. And if, at the same time, the cryptocurrency sphere attracts increased attention of inexperienced investors, then why not scammers take advantage of this by creating fake crypto projects. Moreover, some famous personalities with their tweets can easily push the price of any, even the most mediocre token.

invisible hand will help to purge the crypto market. users and investors will choose reliable projects and fraudulent digital assets disappear in evolutionary way.

The person the created dogecoin did it in a few hours without really considering anything really technical about the blockchain, it was created initially as a joke and it has now grown to become one of the top coins in the market based on pure speculation and no fundamental characteristics.
 This is how easy it is to create cryptocurrencies and scammers have recognized this and are utilizing this to the fullest. This is why the blockchain market is flooded with cryptocurrencies that have little to no value, while other cryptos are just pure scam

Was supposedly to be a meme coin but it did turns out to be a good one after all the years and its been existing almost the same on when Bitcoin had existed or simply means it is here for a while now.

People had recognized its usage specially its cheap and almost instant when it comes to transaction confirmation.We could really say that most of coins existing on the market but there are things

which are really having that potential and its up to you on which one you would really choose up so its someone to take up risk.

Most of the banks also said the same thing. I think they are worried about the existence of crypto at the moment so that it makes bank transactions not run normally. And the profits they get from money transactions in the bank will decrease. But in the end they also returned to crypto by making digital money. They are just ashamed to admit the greatness of blockchain technology. If banks currently utilize blockchain technology, then they will be more profitable than fiat currency transactions.

This is an additional warning of how easy it is to captivate masses of gullible investors with an unsecured, playful financial asset. Any novice investor should think three times over whose fantasies he is giving away his real, hard-earned money.