Ninety nine percent of new projects are money grabbers

[masterrex]

I think you have a point there buddy! things have changed so much in the crypto industry today. because it was easy for those scammers to build a so-called crypto project without giving much time and resources needed. because there are plenty of crypto-related businesses that offering those kinds of services today unlike before it was only a few platforms and services offered those services thats why those fraudsters are in a hard time setting up those faked projects. thats why I think your 99% estimate is true that Ninety-nine percent of new projects are money grabbers. thats why always observe vigilance.

[pilosopotasyo]

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

The technology is open-sourced and there are application like Ethereum, Minerium, and Waves that makes it easy to create your own token, this is why we should be properly educated on what to look and how to look on every project that are coming our way, not easy but it's a must.

[Dollar_Hunter]

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

in my opinion there is only one solution, namely the legality of a project must exist, and be registered in the government, then investor funds will be safe, I hope before the ICO project starts registering it in government, then that will make ICO more popular again

[voteformeg]

it is alway's the same , where easy money is being made there always come other people for who normal chances are not enough and are trying to scam people by making fakeproject's, so you are right , we have to be carefull , but that was alway's the same , think what you are doing

[FanEagle]

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

It is not too late to realize about the fact about most of altcoins. This community has been trying to emphasis about the possible scam attempts in the name of altcoins/ICOs. But unfortunately it seemed no one was ready to listen to them. I just wonder why we need more number of altcoins when most people are still sticking only with bitcoin investment and simply ignoring any other altcoins.

We may need altcoins but definitely not a coin with the repeated concept/just with altered economy rules. Only because of we are all supporting them, new coins keep coming up.

In my opinion, etehreum and its dapps concept has already ruined lots of investors' life in the name of ICOs. Those investors should have actually invested into only bitcoins if there was no other options were available in front of them. We have supported the scammers because we were greedy to make more money by contributing into their crowdfunding. But the time proved how wrong with our expectation and due diligence capabilities.

[serjent05]

You're a bit pessimistic. Of course, you can't talk big about making a change and innovation in cryptocurrency without money and funding so no shy for new project talking about money. Sure it's very easy to chunk out ERC20 tokens but everyone already knows that and it will be met with low expectation as well so nothing to worry about.

How can you say nothing to worry about projects that are created to grab money from the unsuspecting investors?  These kinds of projects must be purge out of the cryptocurrency industry.  This kind of project brings a bad image to cryptocurrency taking away the trust of supposed to be investors in the future.  

I agree with OP, distributing token, and showing some well-planned road map does not mean that they are not money-grabber projects.  They will and will always be as long as they do not deliver the promised products.

[istiak2277]

Then how people will make money? what you are saying is that most of the altcoin project is shit. I do not think it's true. There are many altcoins that are still popular and still have value in the market. People should remember that a project with running development has value in the market even if its a token. Many good project failed because of the lack of support from the community.

[MCobian]

I do not agree that 99% of new project scams, because there are still some new projects that are real and profitable. Especially IEO projects
which are listed on popular exchanges, and therefore at least there are still around 20% of good new projects. In order to avoid project scams,
we are obliged to carry out investigations and research regarding the projects we will choose for investment.

[bits4books]

Yes, the vast majority of projects are just money burners, financial pyramids and other scams that are only here to become richer at your expense. But remember - the fewer diamonds there are, the more expensive they are.

[xZork]

I think the 99% ratio is incorrect, perhaps 90% of altcoin projects on the market are fraudulent projects whose developers only want investors' money. The cryptocurrency market is becoming increasingly difficult to control because new projects are appearing too much, in the current situation we should invest in the projects listed on the transaction.

[aioc]

To me many new projects are here today just for your money, you invest in them and you make them rich, that's why we keep seeing unqualified people becoming developers, it's always about the money, I wish crypto projects are much harder to built, maybe only few scam projects will exists...... I know how easy it is to built erc20 token and website too, God have mercy on investors, I hope solution comes soon

The solution is not investing in unknown projects managed by unknown developers, save your money and only invest in coins that have proven their worth in the market, the market is not new coin friendly anymore we are moving in a new direction where developers cannot scam people easily, by just creating a new coin.

[Skinny48]

How about you just stay away from new projects until they prove there is more to their project? I do this most times, I don't buy new coins when the get launched, it's only a matter of two years or three the maximum, you will see the true color of the projects

[Mulann2]

How about ninety nine point nine new projects are a huge gigantic scam, empty promises without nothing to give except disappointment, the good thing is the previous scam project already block that chance so even the new scam project of recent times are not finding it funny, things are extremely hard for them as a result of lack of interest from investors.

[coinfinger]

The solution is not investing in unknown projects managed by unknown developers, save your money and only invest in coins that have proven their worth in the market, the market is not new coin friendly anymore we are moving in a new direction where developers cannot scam people easily, by just creating a new coin.

I understand that you have added a "not" by mistake. When we ignore weak projects by set of pre-determined rules then I guess scam devs will not find room to enjoy their stay into this markets. Once we start ignoring, we must focus on only bitcoins or along with bitcoins as a primary investment opportunity, we may also invest with few other highly reputed altcoins. This will definitely lead to scammers get suffered.

Probably it is too late to spread awareness on how to ignore unknown projects. Because, this crypto space is not getting regular investors like how it was doing some 2 years back. ICO scams made lots of investors to look for some other opportunities. But, when we start having a clean environment here then we can be sure about more investors to arrive here to get reputed coins to moon.

[Anish02]

Nowadays many projects are scam and the ratio of scam projects has been increasing as per the time passes. As we can see many projects are useless as well as they haven't had the potential to reach their goals. Because of all these things we have to keep ourselves away from projects like this and have to invest in projects which are based on great ideas.

[Vishnu.Reang]

This is the tragedy with the new projects. The promoters are not being held accountable, and it is very easy for them to vanish with all the money. As a result of this, even good projects are not getting funding nowadays. Investors are scared and the promoters are not doing anything to allay this fear. Simple steps, such as putting the funds in an escrow may do the trick. But we can only give advise at this point, and very few of the promoters are willing to listen.

[beerlover]

Well, what were you expecting? If you spend a million dollars on a project, you will get 10 millions back easily, probably more, wouldn't you do it as well? These people know that if they can hire a good coder, not the greatest just a good one, they could get a project made, hire some marketing and some designers and so forth and you got yourself a good looking coin and website and all other stuff, it doesn't have to actually be good, it just has to look good.

You promote it by giving out some money and tokens for bounty hunters, funny thing is, you do not even have to spend real money, just give out the made up money you just printed hundreds of millions of it for yourself, and in return there will be thousands of people paying you for funding and also buying from exchanges.

[HunterUnchained]

Absolutely true... Unfortunately, the industry is washed up with several projects offering completely nothing or built on recycled ideas of those that have come before and their sole purpose is to grab as much money as possible from unsuspecting investors with the promises contained in a hollow Whitepaper and misleading publicity. This is further made possible by the fact that there is no body saddled with the responsibility of regulating the crypto industry. They continually thrive knowing that there are people who will invest in their shabby ideas.

[iTradeChips]

Well this my two cents worth of opinion on this. Ninety-nine percent is such a huge number that you are postulating to the forum as a fact. The burden of proof is not with us but with you the poster. I definitely believe that a big portion of the projects out there are outright not good or scammy in nature but saying 99% is literally saying ALL alt projects are scammy in nature. We can try to at least give some citations or maybe quote other people who believe in the same thing but expressed that first before you, so at least we know where the assumptions came from.

[andulolika]

I would dare to say 99.9% of projects are scam.