Dissapointments of the creation of the thousands of failed altcoins.

[slaman29]

Broken "communities" full of wen moon lambo people and scammers is not a healthy community. Communities that don't even last a year when tokens dump, isn't going to help mass adoption.

Of course, I do agree, we should guide the newcomers to the right path. Nevertheless, we can't help them all the time, noting there is a lot of thoughtful learning material available. Meanwhile, yet people still get scammed because of a lack of critical thinking.

Also, I'm not implying to let all the shitcoins creator giving all the promises they want, but basic foundational thinking and as the old saying goes about DYOR and DWYOR should be a basic thing that newcomers have.

I personally think we can't stop the shitcoins from popping everywhere and giving false promises nor marketing. There will be always someone that gets lured. I do actually think it might be because people that come to this space have a mindset to get rich quickly.

For sure, education is always best self-served. But at the same time, people are people, and if you attract more of the wrong type of audience, then you also are responsible for nurturing and keeping that vicious cycle of misinformation... making it harder for genuine newbies to find the right information, and coming to the wrong conclusions.

DYOR is now a mere disclaimer like projects just washing their hands off responsibility and accountability.

[1714797545]

1714797545

[1714797545]

1714797545

[1714797545]

1714797545

[1714797545]

1714797545

[Kelvinid]

Failed altcoins are generally scammers, but it seems difficult for everyone to analyze which project is a scam. Many people invest with everyone without thinking about themselves, and there are also many scammers who will find people with fans to make hype and publicity, so that everyone will usually be deceived. There are still many copycats that are issued normally, but no one pays attention or purchases them, so they will slowly die.

It's quite easy to analyze which project was a scam. So many people never try to did a deep research and they were only following others to invest in the coin.
The herding has become the main reason why so many scam token can got the victim even the idea that used by this scam token was totally non sense thing.
They lack of knowledge about how to determine the scam token or they were short term betting on it

I'd never think that was so easy to analyze if that particular project is a scam or not coz if that only happens in real life, I'm sure nobody had fallen into this kind of business but are a lot of noobs become victims and the problem still doesn't have a solution.

my honest take to this is that we can't simply recognize a possible scam unless if that is very obvious. But scammers are smart enough to hide their true color and really win. If we are frustrated or disappointed with the market situation, it was best to invest only in reliable coins.

[poodle63]

Failed altcoins are generally scammers, but it seems difficult for everyone to analyze which project is a scam. Many people invest with everyone without thinking about themselves, and there are also many scammers who will find people with fans to make hype and publicity, so that everyone will usually be deceived. There are still many copycats that are issued normally, but no one pays attention or purchases them, so they will slowly die.

Aside from that most of failed Altcoins also due to the team hardly able to keep up with the project or even the project itself stuck on its popularity not gaining traction in the market.
With failed coins that are because of rugpull they usually grown in popularity but the dev just decide to rugpull, but most of people overlook coins that consistently giving update but it become unsustainable when the project didn't get popular.

[iTradeChips]

Well for me, cryptocurrency is one big experiment with millions of participants, each vying to make lots of money, either by trading, investing, mining, staking, developing coins and tokens, or becoming the startup company and becoming a businessman which started the ICO craze in 2017. Thousands of tokens and coins were created, marketed, and advertised to millions of cryptocurrency enthusiasts.  So far I seldom hear any success stories from people who solely invested in alts.

[carlisle1]

Failed altcoins are generally scammers, but it seems difficult for everyone to analyze which project is a scam. Many people invest with everyone without thinking about themselves, and there are also many scammers who will find people with fans to make hype and publicity, so that everyone will usually be deceived. There are still many copycats that are issued normally, but no one pays attention or purchases them, so they will slowly die.

Aside from that most of failed Altcoins also due to the team hardly able to keep up with the project or even the project itself stuck on its popularity not gaining traction in the market.
With failed coins that are because of rugpull they usually grown in popularity but the dev just decide to rugpull, but most of people overlook coins that consistently giving update but it become unsustainable when the project didn't get popular.

Simply because the team is not really after to anything but just to get the money out from the wallet of the investors, the intentions is to get the

attentions and once they'll already gained the target amount, they'll just disappear and runaway with the money.

Influencers affects the decision making of some investors and traders, the impact shown inside the project is simply temporary, it will die along the way.

[dezoel]

Altcoins has been a confusion in the market. I have seen newbies that are confused as to which coins that they should invest their money in because there are so many, thousands of them. So, I think in a situation whereby you don’t know what you’re going to invest in, the best thing is to just look for those altcoins that are popular and has big market cap. Those are the ones that are much reliable.

If you’re someone that’s starting newly, you can start with Bitcoin which is the main coin, and then altcoins like Ethereum, ADA, etc. That way you’re sure that you’re very safe and won’t be losing your money in the investment you’re about to make. There are lots of scammers these days and you have to do your best to avoid them. If you’re going to invest in a new token, you should get to know the team and verify that they are who they all claim to be by checking their social media profiles. And also be sure that they are the ones behind the project.

[vv181]

~snip

Yeah, I get the point that if the communities are filled with falses promises or bad intentions without anyone correcting it, then it going to be miserable. I do agree, although we can't stop such unreasonable/scam projects keep popping up, we need to guide the newcomers to the rightful thing. in consequence even if the number of scamming keep adding up, the good will be outweighed the bad.

[Shallow]

I think it is important to know that any altcoin or rather any team developing an altcoin and promising users or investors good return, such altcoin should either be avoided or taken with very high level of carefulness. The reason for this is, the crypto market is controlled by a lot of forces and factors and as such no team can really say or promise their investors a certain gain within a particular time. I have seen such altcoins whose team promised such but investors only ended up being dumped on, in fact a lot of altcoins are currently in such way.
On that other hand, what a user or investor ought to focus on is what actually they team are capable of doing, developing and promoting, once the team gets this right, that altcoin will have enough room to grow in the future. So lastly, i think it is not advisable for anyone to bank on any promises from the team but rather their capabilities and potential.

[seleme]

I don't see any reason to invest in scam projects even if you know it is going to be profitable unless you keep holding it. At one point you will be able to sell it in profit and that is what matters for the majority of market participants. New projects are like a lottery, better not to mess with new projects unless you know what you are doing.

[slaman29]

~snip

Yeah, I get the point that if the communities are filled with falses promises or bad intentions without anyone correcting it, then it going to be miserable. I do agree, although we can't stop such unreasonable/scam projects keep popping up, we need to guide the newcomers to the rightful thing. in consequence even if the number of scamming keep adding up, the good will be outweighed the bad.

I don't believe in karma and all that, but yeah, even in this kind of industry, which is so new and which is so fragile still, it's not easy to nurture and if you don't do your bit, and if projects also don't do their bit, they're going to end up doing so much harm. People will begin to see it as a scammy place, the way we all view ponzis and HYIPs now. And when that happens, the only new people coming in are speculators, not users.

[Cameron1Love]

They are failed because of the money, They are making and making of many alt coins without use-case things. They build because of money that they can earn upon hyping a crypto. Its all scam. So I prepared my self on the alt coin that has many things that can use in the future. Like farming, earnings. Etc.

[rozak]

I don't see any reason to invest in scam projects even if you know it is going to be profitable unless you keep holding it. At one point you will be able to sell it in profit and that is what matters for the majority of market participants. New projects are like a lottery, better not to mess with new projects unless you know what you are doing.

some new projects are just taking advantage of the hype in the market. they hang fast but also seem to disappear quickly. It's a shame for projects like this because even if we hold the token in the long term, we won't get any profit.

but we also have to realize, the existence of a new project also results in fairly good adoption in the crypto market. when there are hot new projects, the absorption of market adoption of crypto assets will increase. it is building its own strength in the crypto market.

[Dewajuna09]

Many alt coin projects have sprung up and most of them disappoint and end up rug pulls. this problem needs to be taken seriously and there must be regulations governing the alt coin project. so that in the future no one will be harmed in investing with new alt coins. basically every new project must be reported and audited.

[Dump3er]

~snip

Yeah, I get the point that if the communities are filled with falses promises or bad intentions without anyone correcting it, then it going to be miserable. I do agree, although we can't stop such unreasonable/scam projects keep popping up, we need to guide the newcomers to the rightful thing. in consequence even if the number of scamming keep adding up, the good will be outweighed the bad.

I don't believe in karma and all that, but yeah, even in this kind of industry, which is so new and which is so fragile still, it's not easy to nurture and if you don't do your bit, and if projects also don't do their bit, they're going to end up doing so much harm. People will begin to see it as a scammy place, the way we all view ponzis and HYIPs now. And when that happens, the only new people coming in are speculators, not users.

But you have that in all areas of the financial industry. Just take the bundled faulty mortgages that were sold as triple A assets and many other financial products that are being sold on a daily basis and are totally useless and will almost guaranteed never bring you any returns. In a certain sense it is the same scammer shit that we see is going on in crypto. The banks also get away with it, that's the worst because you can even identify who sold it and yet retail investors buy at their own risk as it is called.

[slaman29]

I don't believe in karma and all that, but yeah, even in this kind of industry, which is so new and which is so fragile still, it's not easy to nurture and if you don't do your bit, and if projects also don't do their bit, they're going to end up doing so much harm. People will begin to see it as a scammy place, the way we all view ponzis and HYIPs now. And when that happens, the only new people coming in are speculators, not users.

But you have that in all areas of the financial industry. Just take the bundled faulty mortgages that were sold as triple A assets and many other financial products that are being sold on a daily basis and are totally useless and will almost guaranteed never bring you any returns. In a certain sense it is the same scammer shit that we see is going on in crypto. The banks also get away with it, that's the worst because you can even identify who sold it and yet retail investors buy at their own risk as it is called.

You're not wrong. But look what happened to those sectors of finance now. Subprime mortgages are no longer a thing, even banned in some places now.

So this is what I'm saying, if we don't watch ourselves and continue to promote shitcoins and shitsectors like defi, it's going to fall apart, and then it'll never be allowed to grow again.

[xiboothrezi]

~
On that other hand, what a user or investor ought to focus on is what actually they team are capable of doing, developing and promoting, once the team gets this right, that altcoin will have enough room to grow in the future. So lastly, i think it is not advisable for anyone to bank on any promises from the team but rather their capabilities and potential.

Basically knowledge is an investment that must come first before money. with knowledge we will better understand the best strategy to invest, we will have anticipatory steps so as not to get caught in a loss, because the crypto market is very volatile and full of surprises.

as the popularity of crypto increases, there will be many fraudsters who take advantage of the weaknesses of many people, one of which is "greed" and "hasty". we must be able to control it so as not to be trapped by scammers. at least we have to really know the project that we will invest.

new projects and scams will always be around and keep popping up, because we can't prevent them, at least arm ourselves with the knowledge and warnings of others as best we can.

[Dump3er]

I don't believe in karma and all that, but yeah, even in this kind of industry, which is so new and which is so fragile still, it's not easy to nurture and if you don't do your bit, and if projects also don't do their bit, they're going to end up doing so much harm. People will begin to see it as a scammy place, the way we all view ponzis and HYIPs now. And when that happens, the only new people coming in are speculators, not users.

But you have that in all areas of the financial industry. Just take the bundled faulty mortgages that were sold as triple A assets and many other financial products that are being sold on a daily basis and are totally useless and will almost guaranteed never bring you any returns. In a certain sense it is the same scammer shit that we see is going on in crypto. The banks also get away with it, that's the worst because you can even identify who sold it and yet retail investors buy at their own risk as it is called.

You're not wrong. But look what happened to those sectors of finance now. Subprime mortgages are no longer a thing, even banned in some places now.

So this is what I'm saying, if we don't watch ourselves and continue to promote shitcoins and shitsectors like defi, it's going to fall apart, and then it'll never be allowed to grow again.

Although I get your point and it is an important point you are making that I wish more people in the industry would pay attention to, I disagree that scam projects will lead to cryptocurrencies being banned. They might be further regulated and most certainly will, but you can't ban them anyway. That's quite a bit different compared to subprime mortgage style investments sold by banks.
Anyway, what you say is valid: promoting shit coins just to make money on a single pump will ultimately lead to more harm than good for crypto as a whole.

[MoneyJ]

Many of us have at least feel this way, but in life there will be always something like this . Cryptocurrency is at early stage and people like to take advantage of it be it in a good way or bad. The best thing to is for us to be educated. Learn the curves, every nook and cranny. The way how projects are being presented. Slowly minimizing the possibilities of getting rekt.Trust no one's knowledge but yourself. Things are pretty much complicated in the world of blockchain. Passion keeps us informed so , learn it by heart.

[armanhusni]

actually we have contribution to shitcoin project since we didn't care about project quality. there are alot good project that build their ecosystem and utility token, But we prefer invest in pump and dump coins. If we more care about the quality of project maybe fake dev team will have no idea to SCAME us

[southerngentuk]

Many of us have at least feel this way, but in life there will be always something like this . Cryptocurrency is at early stage and people like to take advantage of it be it in a good way or bad. The best thing to is for us to be educated. Learn the curves, every nook and cranny. The way how projects are being presented. Slowly minimizing the possibilities of getting rekt.Trust no one's knowledge but yourself. Things are pretty much complicated in the world of blockchain. Passion keeps us informed so , learn it by heart.

The big problem is that they don't force us to take it, but usually we make our own mistakes and blame something else. If we had enough knowledge about it whether we would act like that, this issue makes me think about it.
But honestly, in my opinion, every area has points that we are not satisfied with, instead of blaming, let's learn how to solve it and build it better.