Why you should be very careful with alts

[bettercrypto]

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

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

[Nuraiuii]

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

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

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

They deliver small updates only to push the price higher.

They spent hours live streaming almost everyday.

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

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

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

[Rodriguezan]

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

[abralzain17]

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

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

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

They deliver small updates only to push the price higher.

They spent hours live streaming almost everyday.

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

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

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

[TheUltraElite]

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

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

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

[Wiwo]

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

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

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