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Author Topic: Is cryptocurrency a ponzi?  (Read 1981 times)
olumyd (OP)
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August 03, 2018, 06:00:08 AM
 #1

Still, what I don't get is why we have too many digital assets trying to solve the same problems. Yeah, I get it blockchain is immutable, but most of these projects make crypto look bad.

IMO, it simply looks like the attempt of some whales to scale up their portfolio in BTC and possibly ETH or other more credible platforms.

We see new projects almost every day; and across their community groups (especially telegram) the most audible comments are 'when exchange...', 'when Binance...' As if that's all that really matters.

I may not have the facts, but my gut says well over 50% of these assets aren't faring well. And these are people's investments.

Is there something that could be done about upcoming ICOs with nothing to show (no MVP), to reduce the risks of investing in projects that will just flop?

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August 03, 2018, 06:25:30 AM
 #2

I may not have the facts, but my gut says well over 50% of these assets aren't faring well. And these are people's investments.

Is there something that could be done about upcoming ICOs with nothing to show (no MVP), to reduce the risks of investing in projects that will just flop?
With the big hype last year many people are seeking to make profit by creating their own project. Regarding coins (BTC, LTC, Dash & co.): With a bit of knowledge (programming skills), time and dedication everybody can create his own cryptocurrency. Add a bit of marketing and an exchange listing (which also can be bough) and you got yourself a coin and as a founder/developer you will be a whale as you can control the early supply.
As it is so easy to make a coin, tons of new ones popped up but 99% might be of no relevance in the future. However, it is possible that we will big decentralized exchanges and connected widespread payment processors which can convert all currencies cheap and effortless so that all coins will be useful to some extend in the future.

Regarding ICOs: Same as for the coins, lots and lots of new projects. The difference here is: the initiators often want "real" money and "hard" $ instead of crypto. Watch out as for many projects, especially the non-blockchain ones, often it is not clear what function their tokens has, nor would the business as a whole require a token or blockchain solution anyway. So you might end up giving them money, buy lots of their tokens, but the tokens might remain worthless forever, even if their project is taking off...
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August 03, 2018, 06:50:48 AM
 #3

Still, what I don't get is why we have too many digital assets trying to solve the same problems. Yeah, I get it blockchain is immutable, but most of these projects make crypto look bad.

IMO, it simply looks like the attempt of some whales to scale up their portfolio in BTC and possibly ETH or other more credible platforms.

We see new projects almost every day; and across their community groups (especially telegram) the most audible comments are 'when exchange...', 'when Binance...' As if that's all that really matters.

I may not have the facts, but my gut says well over 50% of these assets aren't faring well. And these are people's investments.

Is there something that could be done about upcoming ICOs with nothing to show (no MVP), to reduce the risks of investing in projects that will just flop?



Comments like "when exchange...", "when Binance...", "when lambo..." etc are mostly from airdrop recipients who got something for free and don't really take the time to research the project

But you're right a lot of the projects are just different versions of the same concepts

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August 03, 2018, 06:58:57 AM
 #4

Lol how can you generalise the entire crypto currency segment as a scam? Yes there are scam ico which loot ico of their money but it also exists in every field.

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August 03, 2018, 06:59:05 AM
 #5

ICO model is essentially a new approach to venture capital. Yes, most will fail, but that's nothing new in world of startup investments. You invest for the hidden gems that will net 100x or 1000x returns. Most will fail but those investing have sn obligation to do their research and understand how the market operates at a basic level.
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August 03, 2018, 07:02:00 AM
 #6

That's how the ICO became hype due to the reason that they can solve problems that are existing in the industry. But reality speaking, all of them have the same purpose of gathering funds and to make their coin tradable to almost everywhere. Are you also sick of these ICO's that are becoming too obvious that they are only doing it for money making purposes?

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olumyd (OP)
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August 03, 2018, 03:53:36 PM
 #7

Lol how can you generalise the entire crypto currency segment as a scam? Yes there are scam ico which loot ico of their money but it also exists in every field.


This is why it's very bad for cryptocurrency -

a mentality like this:
Quote
...but it also exists in every field.
- so should we continue to accept that and ignore the reality that many good and prospective projects suffer a terrible fate because of the mistakes of faulty projects.

&

Quote
...Yes there are scam ico which loot ico of their money...
, in a system that is yet to be regulated and is in constant view of critics; should that be condoned?

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August 03, 2018, 05:04:54 PM
 #8

all the goals of ico are to penetrate the famous market as the future development of their coins / tokens, the main support is investors as a ladder leading to a high price peak


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August 03, 2018, 05:25:52 PM
 #9

Crypto currency now are seeking to be the next bitcoin with its decentralization scheme that is why many are trying their luck to get a community based with enough hypes to support its blockchain technology. But at the end of day investor are only seeking profits and sometimes not really supporting the goal and purpose of its project.
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August 03, 2018, 05:56:24 PM
 #10

As I noticed, even a small problem, they try to incorporate it with blockchain and conduct an ICO. They took crypto as opportunity to create profits eventhough their project is so common. Doing referal airdrops to get big community and be hype. It is difficult to find nowadays a real ICO who is serious on the real essence of using crypto.
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August 03, 2018, 05:57:19 PM
 #11

Crytpocurrency are not ponzi and i don't think its not even near to ponzi and i personally take the cryptocurrencies purely a trading business just like stocks, forex and commidities. I think that people are calling cryptocurrency a scams just because they have been scammed or praticpated or invested in scam and shit projects which has no value and no demand in the market.

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August 03, 2018, 06:33:39 PM
 #12

Anything and everything is a Ponzi...

What matters is, till when can it sustain...

Life itself is a Ponzi...

But yeah the Blockchain tech is revolutionizing the tech industry and is here to stay...
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August 03, 2018, 07:00:52 PM
 #13

Most tokens are not ponzi but totally a scam or investors are mistaken when investing in them seeing them as security. But there are ponzi coins as well.

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August 03, 2018, 07:02:49 PM
 #14

some of them rely on ponzi but most of them are not . Some of them are scam etc. It goes like that. I can't say whole cryptocurrencies are ponzi.
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August 03, 2018, 07:06:19 PM
 #15

I mean, I guess in a way that getting more people in on the crypto world would increase the price since there's more demand, then that way is a ponzi. Other than that, I don't see how you could consider it a ponzi. Is fiat money a ponzi? It's basically the same thing except crypto is digital.
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August 03, 2018, 07:11:44 PM
 #16

Is there something that could be done about upcoming ICOs with nothing to show (no MVP), to reduce the risks of investing in projects that will just flop?

Theres nothing we can do on how to stop those useless projects would flood out the entire market as long there are greedy people do tend to make a scam project just to make a good quick bucks from investors.
I do agree on some of your points that crypto is somehow a Ponzi but not generally yet we do know that there is really a real innovation on here but the system on how to cash or funds circulates on the entire market we can really make these presumptions.

R


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August 03, 2018, 07:55:49 PM
 #17

Is there something that could be done about upcoming ICOs with nothing to show (no MVP), to reduce the risks of investing in projects that will just flop?

Theres nothing we can do on how to stop those useless projects would flood out the entire market as long there are greedy people do tend to make a scam project just to make a good quick bucks from investors.
I do agree on some of your points that crypto is somehow a Ponzi but not generally yet we do know that there is really a real innovation on here but the system on how to cash or funds circulates on the entire market we can really make these presumptions.

Exactly we can not do something about this because they can really do what they want if they have the resources and capabilities to do an ICO then let them and some on the telegram that had joined the ICO was always asking for an exchange on certain token because they really want to sell that Token from hard earn money instead of staying as a token forever, Who else doesn't want that? Or they can simply sell that token and buy for some leading Cryptocurrency especially bitcoin, And In my opinion if there are ponzi cryptocurrency out there, There are still legit and we can say a trustworthy Coin that we can choose.
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August 03, 2018, 07:56:50 PM
 #18

Yes, most of developers nowadays are using the same methods thinking that it will bring up the people to start investing. Most of them are scams. Focus should be put on projects that have their own idea to create their own platform in the future. That is where the profits are quaranteed.
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August 03, 2018, 08:06:19 PM
 #19

It's not a ponzi, Crypto is real. They have use cases and growing slowly. There are few scam ICO's as well, one must be careful while investing on any asset. Do you research before investing.
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August 03, 2018, 08:25:31 PM
 #20

Cryptocurrency is definetely not a ponzi. It is so sad many people still see it this way... This digital currency, the wolrd is not reamining thesame and everything is moving forward. The earlier those who thinks it's ponzi realize it's not and invest in it the better because they will be left behind.
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