Altcoin very Big problem

[youdacapt]

I am often skeptical of the cryptocurrency market because cryptocurrency has neither a worldwide community nor a rule to make coins, so my faith is not more than just 10%. This is because 2 3 Coins of the same name can also be made.  Ho and no one sends you any legal notice or banner and if 10 projects come in 1 month, then 8 of them are fake, if this problem is not solved then trust in this market will not increase...

Indeed there are no rules guiding creation of tokens on the blockchain and with smart contract successes of etherum, tron and other blockchain we have over a thousand littered projects everywhere on the crypto currency charts ; but that doesn't mean they are all fake. As an investor you should see this as a hurdle not a problem, if you can select the best projects for investment with proper researching skills, trust me you will enjoy your involvement with altcoins. But first you have to dyor

[FaucetKING]

I want to clarify somethings for you. When we talk about cryptocurrencies, we are mainly talking about decentralization which mean enabling people to launch their own projects, evading and running away of the centralized ecosystem. You want some authorities to control the process of launching new projects and if that takes place and they can put laws to prevent a cryptocurrency from being traded, do you really know what does that mean? It means that they can shut down or stop btc and the other altcoins, do you get satisfied if that happens? I must say no, you won't be happy. It's your responsibility to check and never do any financial transactions with parties that you don't really trust.

[JTripathy]

I think current situation is not good for invest in ALT. Because we all saw that how rapidly Bitcoin and Ethereum pumped... and also ALTs are not performing well at this time so it's quite risky to invest in ALT. Need to wait for the bitcoin to be stable.

[BDBitcoinExpart]

This is a big problem for newcomers.  Because newcomers do not understand the contract address well. There are many tokens whose names are almost the same but the contract address is different. The token exchange is sent just by looking at the name but the exchange does not go because the contract is different and the token is lost. One such token is the ZUM token.

[hulla]

I want to clarify somethings for you. When we talk about cryptocurrencies, we are mainly talking about decentralization which mean enabling people to launch their own projects, evading and running away of the centralized ecosystem. You want some authorities to control the process of launching new projects and if that takes place and they can put laws to prevent a cryptocurrency from being traded, do you really know what does that mean? It means that they can shut down or stop btc and the other altcoins, do you get satisfied if that happens? I must say no, you won't be happy. It's your responsibility to check and never do any financial transactions with parties that you don't really trust.

I think a lot of people still don't understand the fact that decentralization in crypto investment is the best thing and regulating the system will cause a lot of harm to the network than prevent crypto scammers and it better for every investor/user to improve their knowledge than hoping for regulation/centralization.
Nevertheless, Bitcoin cannot be shut down and cannot be centralized cause it founder on a decentralized system and I think to prevent future complication which may affect the Bitcoin network was the reason Satoshi make his identity to be unknown and also leave the Bitcoin duty for the community to handle.

[Fatunad]

I want to clarify somethings for you. When we talk about cryptocurrencies, we are mainly talking about decentralization which mean enabling people to launch their own projects, evading and running away of the centralized ecosystem. You want some authorities to control the process of launching new projects and if that takes place and they can put laws to prevent a cryptocurrency from being traded, do you really know what does that mean? It means that they can shut down or stop btc and the other altcoins, do you get satisfied if that happens? I must say no, you won't be happy. It's your responsibility to check and never do any financial transactions with parties that you don't really trust.

I think a lot of people still don't understand the fact that decentralization in crypto investment is the best thing and regulating the system will cause a lot of harm to the network than prevent crypto scammers and it better for every investor/user to improve their knowledge than hoping for regulation/centralization.
Nevertheless, Bitcoin cannot be shut down and cannot be centralized cause it founder on a decentralized system and I think to prevent future complication which may affect the Bitcoin network was the reason Satoshi make his identity to be unknown and also leave the Bitcoin duty for the community to handle.

Bitcoin existence was indeed a big success in terms of decentralization and anonymity which do really goes opposite into banking sector that people had been get used to since the beginning of time.
Even some projects had already been regulated or even with Bitcoin but doesnt mean it is happening internally, those are just on the platforms or companies that do get involved with it.
It isnt just right to presume that centralization will really happen to bitcoin but for some alts and stable coins then you would really be expecting something like this.

[hulla]

I want to clarify somethings for you. When we talk about cryptocurrencies, we are mainly talking about decentralization which mean enabling people to launch their own projects, evading and running away of the centralized ecosystem. You want some authorities to control the process of launching new projects and if that takes place and they can put laws to prevent a cryptocurrency from being traded, do you really know what does that mean? It means that they can shut down or stop btc and the other altcoins, do you get satisfied if that happens? I must say no, you won't be happy. It's your responsibility to check and never do any financial transactions with parties that you don't really trust.

I think a lot of people still don't understand the fact that decentralization in crypto investment is the best thing and regulating the system will cause a lot of harm to the network than prevent crypto scammers and it better for every investor/user to improve their knowledge than hoping for regulation/centralization.
Nevertheless, Bitcoin cannot be shut down and cannot be centralized cause it founder on a decentralized system and I think to prevent future complication which may affect the Bitcoin network was the reason Satoshi make his identity to be unknown and also leave the Bitcoin duty for the community to handle.

Bitcoin existence was indeed a big success in terms of decentralization and anonymity which do really goes opposite into banking sector that people had been get used to since the beginning of time.

Bitcoin existence was a huge thrive and the perfect sample of a good monetary system which make IMF advised Central Banks to create Digital National currency but Bitcoin is pseudonymity and never anonymity, to make it anonymous it requires some other third parties service (tumblers).

Even some projects had already been regulated or even with Bitcoin but doesnt mean it is happening internally, those are just on the platforms or companies that do get involved with it.

That's not regulation of Bitcoin but regulation of a certain platform(exchange sites etc) licensed by the government and Bitcoin can only be regulated if it not decentralized.

[olabiyijummy02]

Indeed, even alot of this projects analyze each other, from their whitepapers to the roadmaps. It is reorder with no further contributions concerning what to seek after in building up the projects. The rate by which this projects go to the markets is disturbing for me as well. There is no keeps an eye on them to see which are fake or not. The nonattendance of that has driven a more prominent number of individuals falling prey to scammers. I think there should be limitations in order to have the option to restrict the rate at which new projects are set up every day as well.

ICO projects ought to be creative and present new freedoms, yet most projects dont do that.

[hari9981]

I am often skeptical of the cryptocurrency market because cryptocurrency has neither a worldwide community nor a rule to make coins, so my faith is not more than just 10%. This is because 2 3 Coins of the same name can also be made.  Ho and no one sends you any legal notice or banner and if 10 projects come in 1 month, then 8 of them are fake, if this problem is not solved then trust in this market will not increase...

Altcoin projects are mostly scammers, without legality a project can be created whenever they want,
and that makes a lot of scammers in altcoin, of course it's a big problem for altcoins if this continues.

Crypotocurrency was designed to be decentralized, so most of them must be without legality since they are not built on a country but from any place worldwide.
Scammers will be always the problem, in crypto nor real life. The same behaviour is scammer always try to convince the victim with high return in the future, we should avoid this kind offer.

[Squezzi55]

I am often skeptical of the cryptocurrency market because cryptocurrency has neither a worldwide community nor a rule to make coins, so my faith is not more than just 10%. This is because 2 3 Coins of the same name can also be made.  Ho and no one sends you any legal notice or banner and if 10 projects come in 1 month, then 8 of them are fake, if this problem is not solved then trust in this market will not increase...

It's why many have been screaming for regulations in crypto space but I personally don't see how it will help make a difference, not all projects and platforms can be regulated most especially those DeFi projects, as a crypto investor you should understand that you are on your own, do your own research and plan yourself

[Princejebs]

I think current situation is not good for invest in ALT. Because we all saw that how rapidly Bitcoin and Ethereum pumped... and also ALTs are not performing well at this time so it's quite risky to invest in ALT. Need to wait for the bitcoin to be stable.

Crypto isn't how it used to be in the past. They now easily recover because of their their real use case and Interest from this retailers. So, whenever bitcoin plummet, Altcoins follow and bleed heavily but as soon as bitcoin stabilize, they easily bounce back to their previous highs.
History doesn't mean, it has to happen. Crypto is pumping that doesn't mean it wouldn't crash next year.

[kokrokok]

I think that's not a problem because even though they have the same name but they have a different contract address, just need accuracy for that

[seleme]

This is a big problem for the crypto market decentralized crypto is not something that can be controlled and the number of scammers cannot be reduced. As the demand for crypto increases so does the number of scammers. While cryptocurrency is a problem for every Altcoin it cannot be applied in real life that's why you have to be careful before investing in Altcoin and it is better to stay away if any new site is added this will solve the problem.

Probably due to scammers, many do not dare to place bets on new coins. And what is the way out of this situation? Trust only old projects? Then all new projects will be doomed to failure due to mistrust and insufficient funding.
It is just necessary to develop new requirements for crypto projects that will prove their honesty and viability.

It is called experience to find the paying projects and stay away from collectors, the rest will be done by the market flow. Catching the altcoin is not enough, chasing the right moment and selling in the higher orders are consequences of having market skills. Scammers are not a problem in this industry, they are part of the whole process.

I think current situation is not good for invest in ALT. Because we all saw that how rapidly Bitcoin and Ethereum pumped... and also ALTs are not performing well at this time so it's quite risky to invest in ALT. Need to wait for the bitcoin to be stable.

Crypto isn't how it used to be in the past. They now easily recover because of their their real use case and Interest from this retailers. So, whenever bitcoin plummet, Altcoins follow and bleed heavily but as soon as bitcoin stabilize, they easily bounce back to their previous highs.
History doesn't mean, it has to happen. Crypto is pumping that doesn't mean it wouldn't crash next year.

The correlation is the factor that affects the connections between all altcoins and top cryptocurrencies. The pump today means dump tomorrow but the 1-week pump can add a %600 to the total marketcap while 1 single dump can be a bloody %1200 loss in a day. Surely, if BTC price goes down the altcoins will plummet immediately.

[Jackl87]

I totally understand the skepticism of the op. The whole cryptocurrency sphere and esspecially the altcoin area is like the wild West where everyone can create anything with little effort. Nowadays there are like 10 New projects launching every day, therefore the chances to Pick the right one for your investment are pretty slim.