How does Polkadot crypto come to 7th position? is a scam?

[darktor]

I would like to have your opinions

Coinmarketcap:
https://coinmarketcap.com/en/currencies/polkadot-new/
Website:
https://polkadot.network/

Polkadot How does this crypto coming out of nowhere appear in 7th position even though it was in 5th or 6th position when it is currently going down? it's a Pump and dump.

Or is it a crypto that will one day be reliable with a good future
is it a standalone crypto that has not been launched on ethereum?

[bitmover]

Or is it a crypto that will one day be reliable with a good future
is it a standalone crypto that has not been launched on ethereum?

Don't you remember EOS?
EOS was just a piece of paper, no mainnet, no nothing, just a token and a piece of paper.

It gathered 5 billion USD in the ICO and when to top 10 in day 1.

Is EOS a scam? Doesn't look like to be a scam. Is it a good project? Not in my opinion.

What about Polkdot?
There are a lot of eyes in it a now. Certainly it is not the best time to get in. Is it a scam? Unlikely. Is it a good project? Unlikely as well.

[shakesbear]

Well, unlike EOS, which showed little interesting from the start, DOT immediately showed itself to be an active blockchain. I'm not saying that you need to invest in DOT, but you need to monitor projects that are launched on their blockchain.

[kingzpro]

Bro not everything os scam. Polkadot is one of the few high quality project that has been developed by top quality developers, mostly who were working with or have worked with ethereum before and that is why it was a highly anticipated project even before its launch, if you are still skeptical about wait and watch for yourself if it is authentic or not.

[darktor]

Or is it a crypto that will one day be reliable with a good future
is it a standalone crypto that has not been launched on ethereum?

Don't you remember EOS?
EOS was just a piece of paper, no mainnet, no nothing, just a token and a piece of paper.

It gathered 5 billion USD in the ICO and when to top 10 in day 1.

Is EOS a scam? Doesn't look like to be a scam. Is it a good project? Not in my opinion.

What about Polkdot?
There are a lot of eyes in it a now. Certainly it is not the best time to get in. Is it a scam? Unlikely. Is it a good project? Unlikely as well.

Very interesting yes it's true that eos did the same thing at the time it's currently a project that looks a bit like tron but today it floats

So it is likely that Polkadot could stay in a top with a confluence of its volume as eos to attract people to bet on their crypto

[qwizzie]

I would like to have your opinions

Coinmarketcap:
https://coinmarketcap.com/en/currencies/polkadot-new/
Website:
https://polkadot.network/

Polkadot How does this crypto coming out of nowhere appear in 7th position even though it was in 5th or 6th position when it is currently going down? it's a Pump and dump.

Or is it a crypto that will one day be reliable with a good future
is it a standalone crypto that has not been launched on ethereum?

Polkadot did a redenomination, which is why they increased in marketcap so drastically (100x) over night.

https://decrypt.co/41072/how-polkadot-surged-from-nowhere-into-the-top-10-cryptocurrencies


Source : https://coinmarketcap.com/currencies/polkadot-new/

This page refers to New Dot which is 100x smaller than DOT (OLD) On 21 August 2020 at 16:40 UTC (block number 1,248,328), the DOT token underwent a redenomination
from its original sale. New Dot are 100x smaller than DOT (OLD). There is no difference between New Dot and DOT (OLD) except for their denomination.

Link to Polkadot before redenomination : https://coinmarketcap.com/currencies/polkadot-old/
I find redenominations very shady, specially when done only a year after launch. Means the devs are either incompetent to do a redenomination so soon after launch,
or they just wanted the marketcap and rank increase for free marketing. Either way it is bad practise.

Edit : Looks like coinmarketcap even removed their old Polkadot page. No way to compare anything now with prior denomination. Very shady indeed.

[darktor]

Well, unlike EOS, which showed little interesting from the start, DOT immediately showed itself to be an active blockchain. I'm not saying that you need to invest in DOT, but you need to monitor projects that are launched on their blockchain.

I will see if it is the correct crypto of the future that will develop correctly and not create pollution token

[darktor]

I would like to have your opinions

Coinmarketcap:
https://coinmarketcap.com/en/currencies/polkadot-new/
Website:
https://polkadot.network/

Polkadot How does this crypto coming out of nowhere appear in 7th position even though it was in 5th or 6th position when it is currently going down? it's a Pump and dump.

Or is it a crypto that will one day be reliable with a good future
is it a standalone crypto that has not been launched on ethereum?

Polkadot did a redenomination, which is why they increased in marketcap so drastically (100x) over night.

https://decrypt.co/41072/how-polkadot-surged-from-nowhere-into-the-top-10-cryptocurrencies


Source : https://coinmarketcap.com/currencies/polkadot-new/

This page refers to New Dot which is 100x smaller than DOT (OLD) On 21 August 2020 at 16:40 UTC (block number 1,248,328), the DOT token underwent a redenomination
from its original sale. New Dot are 100x smaller than DOT (OLD). There is no difference between New Dot and DOT (OLD) except for their denomination.

Link to Polkadot before redenomination : https://coinmarketcap.com/currencies/polkadot-old/
I find redenominations very shady, specially when done only a year after launch. Means the devs are either incompetent to do a redenomination so soon after launch,
or they just wanted the marketcap and rank increase for free marketing. Either way it is bad practise.

Edit : Looks like coinmarketcap even removed their old Polkadot page. No way to compare anything now with prior denomination. Very shady indeed.

Oh thank you very much for finding this with the details you deserve ;-). Yes it's a bit like the YAM crypto https://www.coingecko.com/en/coins/yam which then made a YAMV2 version https://www.coingecko.com/en/coins/yam-v2 car the blockchain had a problem the price was up and then down V1.

Even on coingecko Polkadot the original version cannot be found:
https://www.coingecko.com/en/coins/polkadot-old

Looking further with https://cmc.io/coins/polkadot-old we can see the old USD price: $ 290.1 or https://blockfolio.com/coin/DOT?timeFrame=3Y

[target]

Well the pink dot itself is very sexy and enough reason for me to invest in it. Its also funded by Web3 Foundation that upon thier IEO they collected $140M.  Its no wonder that in the very early stage of its market its been added to top exchanges so why bother even thinking if its a scam, just join the hype.  Before CMC added it on the top 7th, coingecko had already added it on the top 5.

They are not like papers though AFAIK they did released their mainnet already. And DOT offers solution to both interoperability and scalability though so thats one thign that investors might just be investing.

[int03h]

Nothing is impossible, Tezos and EOS used to be in the TOP 10 when the source code was still in development. There are no clear products yet and the value is temporary. At least Polkadot already has a few projects working on its platform.

[asriloni]

Nothing is impossible, Tezos and EOS used to be in the TOP 10 when the source code was still in development. There are no clear products yet and the value is temporary. At least Polkadot already has a few projects working on its platform.

Did you watch the development progress that have already made by EOS and TEZOS? I did but both were creating useful product (repetitive). The problem was the products that created by them are not 100% perfect. A new platform has used the new mechanism to make it looks different than other and that makes people will be quite difficult to follow that.

KUSAMA is also a part of the DOT ecosystem too. DOT is getting hyped and it can be the reason why DOT can enter top 10. If you are comparing the price before the redomination and it's only 6x

[FinneysTrueVision]

Polkadot was created by Ethereum co-founder Gavin Wood. This does not look like just another money grab to me. I think they are trying to build a better smart contract platform.

[AmoreJaz]

Polkadot was created by Ethereum co-founder Gavin Wood. This does not look like just another money grab to me. I think they are trying to build a better smart contract platform.

when you browse their website, seems that they are really working on this platform. not a scam in my opinion. they have real technology in the making here. also, you can check the teams building on polkadot and they have good list also including popular  projects oceanprotocol and chainlink.
 their position is justifiable from my end. but if you are a serious investor, you need to open your eyes for what this project is working on.

[darktor]

Well the pink dot itself is very sexy and enough reason for me to invest in it. Its also funded by Web3 Foundation that upon thier IEO they collected $140M.  Its no wonder that in the very early stage of its market its been added to top exchanges so why bother even thinking if its a scam, just join the hype.  Before CMC added it on the top 7th, coingecko had already added it on the top 5.

They are not like papers though AFAIK they did released their mainnet already. And DOT offers solution to both interoperability and scalability though so thats one thign that investors might just be investing.

Precisely that is why it is in the top to invest.

Nothing is impossible, Tezos and EOS used to be in the TOP 10 when the source code was still in development. There are no clear products yet and the value is temporary. At least Polkadot already has a few projects working on its platform.

So it's almost a repetitive who wants to outperform ethereum? so he increases their capitalization to attract investors.

Polkadot was created by Ethereum co-founder Gavin Wood. This does not look like just another money grab to me. I think they are trying to build a better smart contract platform.

So it's still a crypto that wants to outperform ethereum? with almost the same function as ethereum, too bad this is not a new operation.

Polkadot was created by Ethereum co-founder Gavin Wood. This does not look like just another money grab to me. I think they are trying to build a better smart contract platform.

when you browse their website, seems that they are really working on this platform. not a scam in my opinion. they have real technology in the making here. also, you can check the teams building on polkadot and they have good list also including popular  projects oceanprotocol and chainlink.
 their position is justifiable from my end. but if you are a serious investor, you need to open your eyes for what this project is working on.

Yes it's a nice project but I find it a shame that they artificially increased the capitalization to outperform the other projects why not just do it correctly like bitcoin at the start?

I am undecided to invest at the moment

[wowz2010]

I would like to have your opinions
Coinmarketcap:
https://coinmarketcap.com/en/currencies/polkadot-new/
Website:
https://polkadot.network/
Polkadot How does this crypto coming out of nowhere appear in 7th position even though it was in 5th or 6th position when it is currently going down? it's a Pump and dump.
Or is it a crypto that will one day be reliable with a good future
is it a standalone crypto that has not been launched on ethereum?

It looks more like a EOS project and its history started quite similar.
I bet there was a private presentation among whale investors and they agreed on buying out a lot of DOT coins.
And imagine knowing that good project will start in X days/weeks before anyone, buying coins for $1-$2 and now its above $4 so at least 200% profit for those investors and we can see they're not cashing out just yet.

[darktor]

I would like to have your opinions
Coinmarketcap:
https://coinmarketcap.com/en/currencies/polkadot-new/
Website:
https://polkadot.network/
Polkadot How does this crypto coming out of nowhere appear in 7th position even though it was in 5th or 6th position when it is currently going down? it's a Pump and dump.
Or is it a crypto that will one day be reliable with a good future
is it a standalone crypto that has not been launched on ethereum?

It looks more like a EOS project and its history started quite similar.
I bet there was a private presentation among whale investors and they agreed on buying out a lot of DOT coins.
And imagine knowing that good project will start in X days/weeks before anyone, buying coins for $1-$2 and now its above $4 so at least 200% profit for those investors and we can see they're not cashing out just yet.

Until the day when they will collect the money, the coin will therefore risk falling? it is similar to Algorand the price was very expensive for an auction then the investors in sold their coins and the crypto to start to descend downwards

[masterrex]

IMHO, I think its too early to say any conclusion about Polkadot token's sudden rise of price and CMC ranking. and it's very hard to distinguish now which is the genuine or fake because the market has thousands of listed cryptocurrencies and you need to check it carefully and it takes time, so let us conclude that the community behind Polkadot is very supportive thats why they are gaining such momentum, for now, but it doesn't mean that they will stay in that ranking forever.  

[darktor]

IMHO, I think its too early to say any conclusion about Polkadot token's sudden rise of price and CMC ranking. and it's very hard to distinguish now which is the genuine or fake because the market has thousands of listed cryptocurrencies and you need to check it carefully and it takes time, so let us conclude that the community behind Polkadot is very supportive thats why they are gaining such momentum, for now, but it doesn't mean that they will stay in that ranking forever.  

Yes every month a crypto news suddenly pops up out of nowhere on the top, Cosmos was a good project but the boss and gone.

No wallet ledger soon in the future will he be staking? Polkadot?

[dre1982]

IMHO, I think its too early to say any conclusion about Polkadot token's sudden rise of price and CMC ranking. and it's very hard to distinguish now which is the genuine or fake because the market has thousands of listed cryptocurrencies and you need to check it carefully and it takes time, so let us conclude that the community behind Polkadot is very supportive thats why they are gaining such momentum, for now, but it doesn't mean that they will stay in that ranking forever.  

The number of coins is getting to big :p Just remember the days when there were just a few altcons. It was a lot easier to pick the most promising coins. Now it became a jungle of coins.

[niksdt101]

Polkadot  seems to be good project and some where even saying it may challenge ETH. Only time can tell its a good one or not . Too many projects coming up these days .